Document:

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                                                                [EXECUTION COPY]
                                                       [REFERENCE NO. CB08-856A]

                                      ISDA
              International Swaps and Derivatives Association, Inc.

                              2002 MASTER AGREEMENT

                            dated as of April 18,2005

                                     between
            CITIBANK, N.A.             and      WRIGHT EXPRESS CORPORATION
              ("Party A")                               ("Party B")

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this 2002 Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties or otherwise
effective for the purpose of confirming or evidencing those Transactions. This
2002 Master Agreement and the Schedule are together referred to as this "Master
Agreement".

Accordingly, the parties agree as follows:--

1.    INTERPRETATION

(a) DEFINITIONS. The terms defined in Section 14 and elsewhere in this Master
Agreement will have the meanings therein specified for the purpose of this
Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement, such Confirmation will prevail for the
purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement), and the parties would
not otherwise enter into any Transactions.

2.    OBLIGATIONS

(a)   GENERAL CONDITIONS.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement, (ii) Payments under this Agreement will be made on the due
      date for value on that date in the place of the account specified in the
      relevant Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

   Copyright (C) 2002 by International Swaps and Derivatives Association, Inc.
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      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other condition specified in this Agreement to be a condition
      precedent for the purpose of this Section 2(a)(iii).

(b) CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the Scheduled Settlement Date for the payment or delivery
to which such change applies unless such other party gives timely notice of a
reasonable objection to such change.

(c)   NETTING OF PAYMENTS. If on any date amounts would otherwise be payable:--

      (i)   in the same currency; and

      (ii)  in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by which the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
and payment obligation will be determined in respect of all amounts payable on
the same date in the same currency in respect of those Transactions, regardless
of whether such amounts are payable in respect of the same Transaction. The
election may be made in the Schedule or any Confirmation by specifying that
"Multiple Transaction Payment Netting" applies to the Transactions identified as
being subject to the election (in which case clause (ii) above will not apply to
such Transactions). If Multiple Transaction Payment Netting is applicable to
Transactions, it will apply to those Transactions with effect from the starting
date specified in the Schedule or such Confirmation, or, if a starting date is
not specified in the Schedule or such Confirmation, the starting date otherwise
agreed by the parties in writing. This election may be made separately for
different groups of Transactions and will apply separately to each pairing of
Offices through which the parties make and receive payments or deliveries.

(d)   DEDUCTION OR WITHHOLDING FOR TAX.

      (i) GROSS-UP. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect If a party is so required to deduct or withhold, then that party
      ("X") will:--

            (1) promptly notify the other party ("Y") of such requirement;

            (2) pay to the relevant authorities the full amount required to be
            deducted or withheld (including the full amount required to be
            deducted or withheld from any additional amount paid by X to Y under
            this Section 2(d)) promptly upon the earlier of determining that
            such deduction or withholding is required or receiving notice that
            such amount has been assessed against Y;

            (3) promptly forward to Y an official receipt (or a certified copy),
            or other documentation reasonably acceptable to Y, evidencing such
            payment to such authorities; and

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            (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
            the payment to which Y is otherwise entitled under this Agreement,
            such additional amount as is necessary to ensure that the net amount
            actually received by Y (free and clear of Indemnifiable Taxes,
            whether assessed against X or Y) will equal the full amount Y would
            have received had no such deduction or withholding been required.
            However, X will not be required to pay any additional amount to Y to
            the extent that it would not be required to be paid but for:--

                  (A) the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B) the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction,
                  after a Transaction is entered into (regardless of whether
                  such action is taken or brought with respect to a party to
                  this Agreement) or (II) a Change in Tax Law.

      (ii)  LIABILITY. If:--

            (1) X is required by any applicable law, as modified by the practice
            of any relevant governmental revenue authority, to make any
            deduction or withholding in respect of which X would not be required
            to pay an additional amount to Y under Section 2(d)(i)(4);

            (2) X does not so deduct or withhold; and

            (3) a liability resulting from such Tax is assessed directly against
            X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

3.    REPRESENTATIONS

Each party makes the representations contained in Sections 3(a), 3(b), 3(c),
3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the
other party (which representations will be deemed to be repeated by each party
on each date on which a Transaction is entered into and, in the case of the
representations in Section 3(f), at all times until the termination of this
Agreement). If any "Additional Representation" is specified in the Schedule or
any Confirmation as applying, the party or parties specified for such Additional
Representation will make and, if applicable, be deemed to repeat such Additional
Representation at the time or times specified for such Additional
Representation.

(a)   BASIC REPRESENTATIONS.

      (i) STATUS. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii) POWERS. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

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      (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv) CONSENTS. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in full
      force and effect and all conditions of any such consents have been
      complied with; and

      (v) OBLIGATIONS BINDING. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal, valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganisation, insolvency,
      moratorium or similar laws affecting creditors' rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

(b) ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) ABSENCE OF LITIGATION. There is not pending or, to its knowledge, threatened
against it, any of its Credit Support Providers or any of its applicable
Specified Entities any action, suit or proceeding at law or in equity or before
any court, tribunal, governmental body, agency or official or any arbitrator
that is likely to affect the legality, validity or enforceability against it of
this Agreement or any Credit Support Document to which it is a party or its
ability to perform its obligations under this Agreement or such Credit Support
Document

(d) ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect

(e) PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

(g) No AGENCY. It is entering into this Agreement, including each Transaction,
as principal and not as agent of any person or entity.

4.    AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
certain cases under clause (iii) below, to such government or taxing authority
as the other party reasonably directs:--

      (i) any forms, documents or certificates relating to taxation specified in
      the Schedule or any Confirmation;

      (ii) any other documents specified in the Schedule or any Confirmation;
      and

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      (iii) upon reasonable demand by such other party, any form or document
      that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under
      this Agreement or any applicable Credit Support Document without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate (so long as the completion,
      execution or submission of such form or document would not materially
      prejudice the legal or commercial position of the party in receipt of such
      demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and
      to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) TAX AGREEMENT. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organised, managed and
controlled or considered to have its seat, or where an Office through which it
is acting for the purpose of this Agreement is located ("Stamp Tax
Jurisdiction"), and will indemnify the other party against any Stamp Tax levied
or imposed upon the other party or in respect of the other party's execution or
performance of this Agreement by any such Stamp Tax Jurisdiction which is not
also a Stamp Tax Jurisdiction with respect to the other party.

5.    EVENTS OF DEFAULT AND TERMINATION EVENTS

(a) EVENTS OF DEFAULT. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes (subject to Sections 5(c)
and 6(e)(iv)) an event of default (an "Event of Default") with respect to such
party:--

      (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when due, any
      payment under this Agreement or delivery under Section 2(a)(i) or
      9(h)(i)(2) or (4) required to be made by it if such failure is not
      remedied on or before the first Local Business Day in the case of any such
      payment or the first Local Delivery Day in the case of any such delivery
      after, in each case, notice of such failure is given to the party;

      (ii)  BREACH OF AGREEMENT; REPUDIATION OF AGREEMENT.

            (1) Failure by the party to comply with or perform any agreement or
            obligation (other than an obligation to make any payment under this
            Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or
            to give notice of a Termination Event or any agreement or obligation
            under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or
            performed by the party in accordance with this Agreement if such
            failure is not remedied within 30 days after notice of such failure
            is given to the party; or

            (2) the party disaffirms, disclaims, repudiates or rejects, in whole
            or in part, or challenges the validity of, this Master Agreement,
            any Confirmation executed and delivered by that party or any

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            Transaction evidenced by such a Confirmation (or such action is
            taken by any person or entity appointed or empowered to operate it
            or act on its behalf);

      (iii) CREDIT SUPPORT DEFAULT.

            (1) Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2) the expiration or termination of such Credit Support Document or
            the failing or ceasing of such Credit Support Document, or any
            security interest granted by such party or such Credit Support
            Provider to the other party pursuant to any such Credit Support
            Document, to be in full force and effect for the purpose of this
            Agreement (in each case other than in accordance with its terms)
            prior to the satisfaction of all obligations of such party under
            each Transaction to which such Credit Support Document relates
            without the written consent of the other party; or

            (3) the party or such Credit Support Provider disaffirms, disclaims,
            repudiates or rejects, in whole or in part, or challenges the
            validity of, such Credit Support Document (or such action is taken
            by any person or entity appointed or empowered to operate it or act
            on its behalf);

      (iv) MISREPRESENTATION. A representation (other than a representation
      under Section 3(e) or 3(f)) made or repeated or deemed to have been made
      or repeated by the party or any Credit Support Provider of such party in
      this Agreement or any Credit Support Document proves to have been
      incorrect or misleading in any material respect when made or repeated or
      deemed to have been made or repeated;

      (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
      Provider of such party or any applicable Specified Entity of such party:--

            (1) defaults (other than by failing to make a delivery) under a
            Specified Transaction or any credit support arrangement relating to
            a Specified Transaction and, after giving effect to any applicable
            notice requirement or grace period, such default results in a
            liquidation of, an acceleration of obligations under, or an early
            termination of, that Specified Transaction;

            (2) defaults, after giving effect to any applicable notice
            requirement or grace period, in making any payment due on the last
            payment or exchange date of, or any payment on early termination of,
            a Specified Transaction (or, if there is no applicable notice
            requirement or grace period, such default continues for at least one
            Local Business Day);

            (3) defaults in making any delivery due under (including any
            delivery due on the last delivery or exchange date of) a Specified
            Transaction or any credit support arrangement relating to a
            Specified Transaction and, after giving effect to any applicable
            notice requirement or grace period, such default results in a
            liquidation of, an acceleration of obligations under, or an early
            termination of, all transactions outstanding under the documentation
            applicable to that Specified Transaction; or

            (4) disaffirms, disclaims, repudiates or rejects, in whole or in
            part, or challenges the validity of, a Specified Transaction or any
            credit support arrangement relating to a Specified Transaction that
            is, in either case, confirmed or evidenced by a document or other
            confirming evidence executed and delivered by that party, Credit
            Support Provider or Specified Entity (or such action is taken by any
            person or entity appointed or empowered to operate it or act on its
            behalf);

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      (vi) CROSS-DEFAULT. If "Cross-Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of:--

            (1) a default, event of default or other similar condition or event
            (however described) in respect of such party, any Credit Support
            Provider of such party or any applicable Specified Entity of such
            party under one or more agreements or instruments relating to
            Specified Indebtedness of any of them (individually or collectively)
            where the aggregate principal amount of such agreements or
            instruments, either alone or together with the amount, if any,
            referred to in clause (2) below, is not less than the applicable
            Threshold Amount (as specified in the Schedule) which has resulted
            in such Specified Indebtedness becoming, or becoming capable at such
            time of being declared, due and payable under such agreements or
            instruments before it would otherwise have been due and payable; or

            (2) a default by such party, such Credit Support Provider or such
            Specified Entity (individually or collectively) in making one or
            more payments under such agreements or instruments on the due date
            for payment (after giving effect to any applicable notice
            requirement or grace period) in an aggregate amount, either alone or
            together with the amount, if any, referred to in clause (1) above,
            of not less than the applicable Threshold Amount;

      (vii) BANKRUPTCY. The party, any Credit Support Provider of such party or
      any applicable Specified Entity of such party:--

            (1) is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4)(A) institutes or has instituted against it, by a regulator,
            supervisor or any similar official with primary insolvency,
            rehabilitative or regulatory jurisdiction over it in the
            jurisdiction of its incorporation or organisation or the
            jurisdiction of its head or home office, a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation by it or such regulator, supervisor or similar official,
            or (B) has instituted against it a proceeding seeking a judgment of
            insolvency or bankruptcy or any other relief under any bankruptcy or
            insolvency law or other similar law affecting creditors' rights, or
            a petition is presented for its winding-up or liquidation, and such
            proceeding or petition is instituted or presented by a person or
            entity not described in clause (A) above and either (I) results in a
            judgment of insolvency or bankruptcy or the entry of an order for
            relief or the making of an order for its winding-up or liquidation
            or (II) is not dismissed, discharged, stayed or restrained in each
            case within 15 days of the institution or presentation thereof; (5)
            has a resolution passed for its winding-up, official management or
            liquidation (other than pursuant to a consolidation, amalgamation or
            merger); (6) seeks or becomes subject to the appointment of an
            administrator, provisional liquidator, conservator, receiver,
            trustee, custodian or other similar official for it or for all or
            substantially all its assets; (7) has a secured party take
            possession of all or substantially all its assets or has a distress,
            execution, attachment, sequestration or other legal process levied,
            enforced or sued on or against all or substantially all its assets
            and such secured party maintains possession, or any such process is
            not dismissed, discharged, stayed or restrained, in each case within
            15 days thereafter; (8) causes or is subject to any event with
            respect to it which, under the applicable laws of any jurisdiction,
            has an analogous effect to any of the events specified in clauses
            (1) to (7) above (inclusive); or (9) takes any action in furtherance
            of, or indicating its consent to, approval of, or acquiescence in,
            any of the foregoing acts; or

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      (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider
      of such party consolidates or amalgamates with, or merges with or into, or
      transfers all or substantially all its assets to, or reorganises,
      reincorporates or reconstitutes into or as, another entity and, at the
      time of such consolidation, amalgamation, merger, transfer,
      reorganisation, reincorporation or reconstitution:--

            (1) the resulting, surviving or transferee entity fails to assume
            all the obligations of such party or such Credit Support Provider
            under this Agreement or any Credit Support Document to which it or
            its predecessor was a party; or

            (2) the benefits of any Credit Support Document fail to extend
            (without the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b) TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes (subject to Section 5(c))
an Illegality if the event is specified in clause (i) below, a Force Majeure
Event if the event is specified in clause (ii) below, a Tax Event if the event
is specified in clause (iii) below, a Tax Event Upon Merger if the event is
specified in clause (iv) below, and, if specified to be applicable, a Credit
Event Upon Merger if the event is specified pursuant to clause (v) below or an
Additional Termination Event if the event is specified pursuant to clause (vi)
below:--

      (i) ILLEGALITY. After giving effect to any applicable provision,
      disruption fallback or remedy specified in, or pursuant to, the relevant
      Confirmation or elsewhere in this Agreement, due to an event or
      circumstance (other than any action taken by a party or, if applicable,
      any Credit Support Provider of such party) occurring after a Transaction
      is entered into, it becomes unlawful under any applicable law (including
      without limitation the laws of any country in which payment, delivery or
      compliance is required by either party or any Credit Support Provider, as
      the case may be), on any day, or it would be unlawful if the relevant
      payment, delivery or compliance were required on that day (in each case,
      other than as a result of a breach by the party of Section 4(b)):--

            (1) for the Office through which such party (which will be the
            Affected Party) makes and receives payments or deliveries with
            respect to such Transaction to perform any absolute or contingent
            obligation to make a payment or delivery in respect of such
            Transaction, to receive a payment or delivery in respect of such
            Transaction or to comply with any other material provision of this
            Agreement relating to such Transaction; or

            (2) for such party or any Credit Support Provider of such party
            (which will be the Affected Party) to perform any absolute or
            contingent obligation to make a payment or delivery which such party
            or Credit Support Provider has under any Credit Support Document
            relating to such Transaction, to receive a payment or delivery under
            such Credit Support Document or to comply with any other material
            provision of such Credit Support Document;

      (ii) FORCE MAJEURE EVENT. After giving effect to any applicable provision,
      disruption fallback or remedy specified in, or pursuant to, the relevant
      Confirmation or elsewhere in this Agreement, by reason of force majeure or
      act of state occurring after a Transaction is entered into, on any day:--

            (1) the Office through which such party (which will be the Affected
            Party) makes and receives payments or deliveries with respect to
            such Transaction is prevented from performing any absolute or
            contingent obligation to make a payment or delivery in respect of
            such Transaction, from receiving a payment or delivery in respect of
            such Transaction or from complying with any other material provision
            of this Agreement relating to such Transaction (or would be so
            prevented if such payment, delivery or compliance were required on
            that day), or it becomes impossible or

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            impracticable for such Office so to perform, receive or comply (or
            it would be impossible or impracticable for such Office so to
            perform, receive or comply if such payment, delivery or compliance
            were required on that day); or

            (2) such party or any Credit Support Provider of such party (which
            will be the Affected Party) is prevented from performing any
            absolute or contingent obligation to make a payment or delivery
            which such party or Credit Support Provider has under any Credit
            Support Document relating to such Transaction, from receiving a
            payment or delivery under such Credit Support Document or from
            complying with any other material provision of such Credit Support
            Document (or would be so prevented if such payment, delivery or
            compliance were required on that day), or it becomes impossible or
            impracticable for such party or Credit Support Provider so to
            perform, receive or comply (or it would be impossible or
            impracticable for such party or Credit Support Provider so to
            perform, receive or comply if such payment, delivery or compliance
            were required on that day),

      so long as the force majeure or act of state is beyond the control of such
      Office, such party or such Credit Support Provider, as appropriate, and
      such Office, party or Credit Support Provider could not, after using all
      reasonable efforts (which will not require such party or Credit Support
      Provider to incur a loss, other than immaterial, incidental expenses),
      overcome such prevention, impossibility or impracticability;

      (iii) TAX EVENT. Due to (1) any action taken by a taxing authority, or
      brought in a court of competent jurisdiction, after a Transaction is
      entered into (regardless of whether such action is taken or brought with
      respect to a party to this Agreement) or (2) a Change in Tax Law, the
      party (which will be the Affected Party) will, or there is a substantial
      likelihood that it will, on the next succeeding Scheduled Settlement Date
      (A) be required to pay to the other party an additional amount in respect
      of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
      interest under Section 9(h)) or (B) receive a payment from which an amount
      is required to be deducted or withheld for or on account of a Tax (except
      in respect of interest under Section 9(h)) and no additional amount is
      required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
      than by reason of Section 2(d)(i)(4)(A) or (B));

      (iv) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the next
      succeeding Scheduled Settlement Date will either (1) be required to pay an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2)
      receive a payment from which an amount has been deducted or withheld for
      or on account of any Tax in respect of which the other party is not
      required to pay an additional amount (other than by reason of Section
      2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating
      or amalgamating with, or merging with or into, or transferring all or
      substantially all its assets (or any substantial part of the assets
      comprising the business conducted by it as of the date of this Master
      Agreement) to, or reorganising, reincorporating or reconstituting into or
      as, another entity (which will be the Affected Party) where such action
      does not constitute a Merger Without Assumption;

      (v) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is specified
      in the Schedule as applying to the party, a Designated Event (as defined
      below) occurs with respect to such party, any Credit Support Provider of
      such party or any applicable Specified Entity of such party (in each case,
      "X") and such Designated Event does not constitute a Merger Without
      Assumption, and the creditworthiness of X or, if applicable, the
      successor, surviving or transferee entity of X, after taking into account
      any applicable Credit Support Document, is materially weaker immediately
      after the occurrence of such Designated Event than that of X immediately
      prior to the occurrence of such Designated Event (and, in any such event,
      such party or its successor, surviving or transferee entity, as
      appropriate, will be the Affected Party). A "Designated Event" with
      respect to X means that:--

            (1) X consolidates or amalgamates with, or merges with or into, or
            transfers all or substantially all its assets (or any substantial
            part of the assets comprising the business conducted by X as of the

                                       9                            ISDA(R) 2002
<PAGE>
            date of this Master Agreement) to, or reorganises, reincorporates or
            reconstitutes into or as, another entity;

            (2) any person, related group of persons or entity acquires directly
            or indirectly the beneficial ownership of (A) equity securities
            having the power to elect a majority of the board of directors (or
            its equivalent) of X or (B) any other ownership interest enabling it
            to exercise control of X; or

            (3) X effects any substantial change in its capital structure by
            means of the issuance, incurrence or guarantee of debt or the
            issuance of (A) preferred stock or other securities convertible into
            or exchangeable for debt or preferred stock or (B) in the case of
            entities other than corporations, any other form of ownership
            interest; or

      (vi) ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event"
      is specified in the Schedule or any Confirmation as applying, the
      occurrence of such event (and, in such event, the Affected Party or
      Affected Parties will be as specified for such Additional Termination
      Event in the Schedule or such Confirmation).

(c)   HIERARCHY OF EVENTS.

      (i) An event or circumstance that constitutes or gives rise to an
      Illegality or a Force Majeure Event will not, for so long as that is the
      case, also constitute or give rise to an Event of Default under Section
      5(a)(i), 5(a)(ii)(l) or 5(a)(iii)(l) insofar as such event or circumstance
      relates to the failure to make any payment or delivery or a failure to
      comply with any other material provision of this Agreement or a Credit
      Support Document, as the case may be.

      (ii) Except in circumstances contemplated by clause (i) above, if an event
      or circumstance which would otherwise constitute or give rise to an
      Illegality or a Force Majeure Event also constitutes an Event of Default
      or any other Termination Event, it will be treated as an Event of Default
      or such other Termination Event, as the case may be, and will not
      constitute or give rise to an Illegality or a Force Majeure Event.

      (iii) If an event or circumstance which would otherwise constitute or give
      rise to a Force Majeure Event also constitutes an Illegality, it will be
      treated as an Illegality, except as described in clause (ii) above, and
      not a Force Majeure Event.

(d) DEFERRAL OF PAYMENTS AND DELIVERIES DURING WAITING PERIOD. If an Illegality
or a Force Majeure Event has occurred and is continuing with respect to a
Transaction, each payment or delivery which would otherwise be required to be
made under that Transaction will be deferred to, and will not be due until:--

      (i) the first Local Business Day or, in the case of a delivery, the first
      Local Delivery Day (or the first day that would have been a Local Business
      Day or Local Delivery Day, as appropriate, but for the occurrence of the
      event or circumstance constituting or giving rise to that Illegality of
      Force Majeure Event) following the end of any applicable Waiting Period in
      respect of that Illegality or Force Majeure Event, as the case may be; or

      (ii) if earlier, the date on which the event or circumstance constituting
      or giving rise to that Illegality or Force Majeure Event ceases to exist
      or, if such date is not a Local Business Day or, in the case of a
      delivery, a Local Delivery Day, the first following day that is a Local
      Business Day or Local Delivery Day, as appropriate.

(e) INABILITY OF HEAD OR HOME OFFICE TO PERFORM OBLIGATIONS OF BRANCH. If (i) an
Illegality or a Force Majeure Event occurs under Section 5(b)(i)(l) or
5(b)(ii)(l) and the relevant Office is not the Affected Party's head or home
office, (ii) Section 10(a) applies, (iii) the other party seeks performance of
the relevant obligation or

                                       10                           ISDA(R) 2002
<PAGE>
compliance with the relevant provision by the Affected Party's head or home
office and (iv) the Affected Party's head or home office fails so to perform or
comply due to the occurrence of an event or circumstance which would, if that
head or home office were the Office through which the Affected Party makes and
receives payments and deliveries with respect to the relevant Transaction,
constitute or give rise to an Illegality or a Force Majeure Event, and such
failure would otherwise constitute an Event of Default under Section 5(a)(i) or
5(a)(iii)(l) with respect to such party, then, for so long as the relevant event
or circumstance continues to exist with respect to both the Office referred to
in Section 5(b)(i)(l) or 5(b)(ii)(l), as the case may be, and the Affected
Party's head or home office, such failure will not constitute an Event of
Default under Section 5(a)(i) or 5(a)(iii)(l).

6.    EARLY TERMINATION; CLOSE-OUT NETTING

(a) RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(l), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)   RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

      (i) NOTICE. If a Termination Event other than a Force Majeure Event
      occurs, an Affected Party will, promptly upon becoming aware of it, notify
      the other party, specifying the nature of that Termination Event and each
      Affected Transaction, and will also give the other party such other
      information about that Termination Event as the other party may reasonably
      require. If a Force Majeure Event occurs, each party will, promptly upon
      becoming aware of it, use all reasonable efforts to notify the other
      party, specifying the nature of that Force Majeure Event, and will also
      give the other party such other information about that Force Majeure Event
      as the other party may reasonably require.

      (ii) TRANSFER TO AVOID TERMINATION EVENT. If a Tax Event occurs and there
      is only one Affected Party, or if a Tax Event Upon Merger occurs and the
      Burdened Party is the Affected Party, the Affected Party will, as a
      condition to its right to designate an Early Termination Date under
      Section 6(b)(iv), use all reasonable efforts (which will not require such
      party to incur a loss, other than immaterial, incidental expenses) to
      transfer within 20 days after it gives notice under Section 6(b)(i) all
      its rights and obligations under this Agreement in respect of the Affected
      Transactions to another of its Offices or Affiliates so that such
      Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
      notice to the other party to that effect within such 20 day period,
      whereupon the other party may effect such a transfer within 30 days after
      the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
      to and conditional upon the prior written consent of the other party,
      which consent will not be withheld if such other party's policies in
      effect at such time would permit it to enter into transactions with the
      transferee on the terms proposed.

      (iii) TWO AFFECTED PARTIES. If a Tax Event occurs and there are two
      Affected Parties, each party will use all reasonable efforts to reach
      agreement within 30 days after notice of such occurrence is given under
      Section 6(b)(i) to avoid that Termination Event

                                       11                           ISDA(R) 2002
<PAGE>
      (iv)  RIGHT TO TERMINATE.

            (1)   If:--

                  (A) a transfer under Section 6(b)(ii) or an agreement under
                  Section 6(b)(iii), as the case may be, has not been effected
                  with respect to all Affected Transactions within 30 days after
                  an Affected Party gives notice under Section 6(b)(i); or

                  (B) a Credit Event Upon Merger or an Additional Termination
                  Event occurs, or a Tax Event Upon Merger occurs and the
                  Burdened Party is not the Affected Party,

            the Burdened Party in the case of a Tax Event Upon Merger, any
            Affected Party in the case of a Tax Event or an Additional
            Termination Event if there are two Affected Parties, or the
            Non-affected Party in the case of a Credit Event Upon Merger or an
            Additional Termination Event if there is only one Affected Party
            may, if the relevant Termination Event is then continuing, by not
            more than 20 days notice to the other party, designate a day not
            earlier than the day such notice is effective as an Early
            Termination Date in respect of all Affected Transactions.

            (2) If at any time an Illegality or a Force Majeure Event has
            occurred and is then continuing and any applicable Waiting Period
            has expired:--

                  (A) Subject to clause (B) below, either party may, by not more
                  than 20 days notice to the other party, designate (I) a day
                  not earlier than the day on which such notice becomes
                  effective as an Early Termination Date in respect of all
                  Affected Transactions or (II) by specifying in that notice the
                  Affected Transactions in respect of which it is designating
                  the relevant day as an Early Termination Date, a day not
                  earlier than two Local Business Days following the day on
                  which such notice becomes effective as an Early Termination
                  Date in respect of less than all Affected Transactions. Upon
                  receipt of a notice designating an Early Termination Date in
                  respect of less than all Affected Transactions, the other
                  party may, by notice to the designating party, if such notice
                  is effective on or before the day so designated, designate
                  that same day as an Early Termination Date in respect of any
                  or all other Affected Transactions.

                  (B) An Affected Party (if the Illegality or Force Majeure
                  Event relates to performance by such party or any Credit
                  Support Provider of such party of an obligation to make any
                  payment or delivery under, or to compliance with any other
                  material provision of, the relevant Credit Support Document)
                  will only have the right to designate an Early Termination
                  Date under Section 6(b)(iv)(2)(A) as a result of an Illegality
                  under Section 5(b)(i)(2) or a Force Majeure Event under
                  Section 5(b)(ii)(2) following the prior designation by the
                  other party of an Early Termination Date, pursuant to Section
                  6(b)(iv)(2)(A), in respect of less than all Affected
                  Transactions.

(c)   EFFECT OF DESIGNATION.

      (i) If notice designating an Early Termination Date is given under Section
      6(a) or 6(b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

      (ii) Upon the occurrence or effective designation of an Early Termination
      Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i)
      in respect of the Terminated Transactions will be required to be made, but
      without prejudice to the other provisions of this Agreement. The amount,
      if any, payable in respect of an Early Termination Date will be determined
      pursuant to Sections 6(e) and 9(h)(ii).

                                       12                           ISDA(R) 2002
<PAGE>
(d)   CALCULATIONS; PAYMENT DATE.

      (i) STATEMENT. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including any quotations, market data or information
      from internal sources used in making such calculations), (2) specifying
      (except where there are two Affected Parties) any Early Termination Amount
      payable and (3) giving details of the relevant account to which any amount
      payable to it is to be paid. In the absence of written confirmation from
      the source of a quotation or market data obtained in determining a
      Close-out Amount, the records of the party obtaining such quotation or
      market data will be conclusive evidence of the existence and accuracy of
      such quotation or market data.

      (ii) PAYMENT DATE. An Early Termination Amount due in respect of any Early
      Termination Date will, together with any amount of interest payable
      pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice
      of the amount payable is effective in the case of an Early Termination
      Date which is designated or occurs as a result of an Event of Default and
      (2) on the day which is two Local Business Days after the day on which
      notice of the amount payable is effective (or, if there are two Affected
      Parties, after the day on which the statement provided pursuant to clause
      (i) above by the second party to provide such a statement is effective) in
      the case of an Early Termination Date which is designated as a result of a
      Termination Event.

(e) PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
amount, if any, payable in respect of that Early Termination Date (the "Early
Termination Amount") will be determined pursuant to this Section 6(e) and will
be subject to Section 6(f).

      (i) EVENTS OF DEFAULT. If the Early Termination Date results from an Event
      of Default, the Early Termination Amount will be an amount equal to (1)
      the sum of (A) the Termination Currency Equivalent of the Close-out Amount
      or Close-out Amounts (whether positive or negative) determined by the Non-
      defaulting Party for each Terminated Transaction or group of Terminated
      Transactions, as the case may be, and (B) the Termination Currency
      Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less
      (2) the Termination Currency Equivalent of the Unpaid Amounts owing to the
      Defaulting Party. If the Early Termination Amount is a positive number,
      the Defaulting Party will pay it to the Non-defaulting Party; if it is a
      negative number, the Non-defaulting Party will pay the absolute value of
      the Early Termination Amount to the Defaulting Party.

      (ii) TERMINATION EVENTS. If the Early Termination Date results from a
      Termination Event:--

            (1) One Affected Party. Subject to clause (3) below, if there is one
            Affected Party, the Early Termination Amount will be determined in
            accordance with Section 6(e)(i), except that references to the
            Defaulting Party and to the Non-defaulting Party will be deemed to
            be references to the Affected Party and to the Non-affected Party,
            respectively.

            (2) Two Affected Parties. Subject to clause (3) below, if there are
            two Affected Parties, each party will determine an amount equal to
            the Termination Currency Equivalent of the sum of the Close-out
            Amount or Close-out Amounts (whether positive or negative) for each
            Terminated Transaction or group of Terminated Transactions, as the
            case may be, and the Early Termination Amount will be an amount
            equal to (A) the sum of (I) one-half of the difference between the
            higher amount so determined (by party "X") and the lower amount so
            determined (by party "Y") and (II) the Termination Currency
            Equivalent of the Unpaid Amounts owing to X less (B) the Termination
            Currency Equivalent of the Unpaid Amounts owing to Y. If the Early
            Termination Amount is a positive number, Y will pay it to X; if it
            is a negative number, X will pay the absolute value of the Early
            Termination Amount to Y.

                                       13                           ISDA(R) 2002
<PAGE>
            (3) Mid-Market Events. If that Termination Event is an Illegality or
            a Force Majeure Event, then the Early Termination Amount will be
            determined in accordance with clause (1) or (2) above, as
            appropriate, except that, for the purpose of determining a Close-out
            Amount or Close-out Amounts, the Determining Party will:--

                  (A) if obtaining quotations from one or more third parties (or
                  from any of the Determining Party's Affiliates), ask each
                  third party or Affiliate (I) not to take account of the
                  current creditworthiness of the Determining Party or any
                  existing Credit Support Document and (II) to provide
                  mid-market quotations; and

                  (B) in any other case, use mid-market values without regard to
                  the creditworthiness of the Determining Party.

      (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
      Termination Date occurs because Automatic Early Termination applies in
      respect of a party, the Early Termination Amount will be subject to such
      adjustments as are appropriate and permitted by applicable law to reflect
      any payments or deliveries made by one party to the other under this
      Agreement (and retained by such other party) during the period from the
      relevant Early Termination Date to the date for payment determined under
      Section 6(d)(ii).

      (iv) ADJUSTMENT FOR ILLEGALITY OR FORCE MAJEURE EVENT. The failure by a
      party or any Credit Support Provider of such party to pay, when due, any
      Early Termination Amount will not constitute an Event of Default under
      Section 5(a)(i) or 5(a)(iii)(l) if such failure is due to the occurrence
      of an event or circumstance which would, if it occurred with respect to
      payment, delivery or compliance related to a Transaction, constitute or
      give rise to an Illegality or a Force Majeure Event. Such amount will (1)
      accrue interest and otherwise be treated as an Unpaid Amount owing to the
      other party if subsequently an Early Termination Date results from an
      Event of Default, a Credit Event Upon Merger or an Additional Termination
      Event in respect of which all outstanding Transactions are Affected
      Transactions and (2) otherwise accrue interest in accordance with Section
      9(h)(ii)(2).

      (v) PRE-ESTIMATE. The parties agree that an amount recoverable under this
      Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such
      amount is payable for the loss of bargain and the loss of protection
      against future risks, and, except as otherwise provided in this Agreement,
      neither party will be entitled to recover any additional damages as a
      consequence of the termination of the Terminated Transactions.

(f) SET-OFF. Any Early Termination Amount payable to one party (the "Payee") by
the other party (the "Payer"), in circumstances where there is a Defaulting
Party or where there is one Affected Party in the case where either a Credit
Event Upon Merger has occurred or any other Termination Event in respect of
which all outstanding Transactions are Affected Transactions has occurred, will,
at the option of the Non-defaulting Party or the Non-affected Party, as the case
may be ("X") (and without prior notice to the Defaulting Party or the Affected
Party, as the case may be), be reduced by its set-off against any other amounts
("Other Amounts") payable by the Payee to the Payer (whether or not arising
under this Agreement, matured or contingent and irrespective of the currency,
place of payment or place of booking of the obligation). To the extent that any
Other Amounts are so set off, those Other Amounts will be discharged promptly
and in all respects. X will give notice to the other party of any set-off
effected under this Section 6(f).

For this purpose, either the Early Termination Amount or the Other Amounts (or
the relevant portion of such amounts) may be converted by X into the currency in
which the other is denominated at the rate of exchange at which such party would
be able, in good faith and using commercially reasonable procedures, to purchase
the relevant amount of such currency.

                                       14                           ISDA(R) 2002
<PAGE>
If an obligation is unascertained, X may in good faith estimate that obligation
and set off in respect of the estimate, subject to the relevant party accounting
to the other when the obligation is ascertained.

Nothing in this Section 6(f) will be effective to create a charge or other
security interest. This Section 6(f) will be without prejudice and in addition
to any right of set-off, offset, combination of accounts, lien, right of
retention or withholding or similar right or requirement to which any party is
at any time otherwise entitled or subject (whether by operation of law, contract
or otherwise).

7.    TRANSFER

Subject to Section 6(b)(ii) and to the extent permitted by applicable law,
neither this Agreement nor any interest or obligation in or under this Agreement
may be transferred (whether by way of security or otherwise) by either party
without the prior written consent of the other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
Early Termination Amount payable to it by a Defaulting Party, together with any
amounts payable on or with respect to that interest and any other rights
associated with that interest pursuant to Sections 8, 9(h) and 11.

Any purported transfer that is not in compliance with this Section 7 will be
void.

8.    CONTRACTUAL CURRENCY

(a) PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in good faith and using
commercially reasonable procedures in converting the currency so tendered into
the Contractual Currency, of the full amount in the Contractual Currency of all
amounts payable in respect of this Agreement. If for any reason the amount in
the Contractual Currency so received falls short of the amount in the
Contractual Currency payable in respect of this Agreement, the party required to
make the payment will, to the extent permitted by applicable law, immediately
pay such additional amount in the Contractual Currency as may be necessary to
compensate for the shortfall. If for any reason the amount in the Contractual
Currency so received exceeds the amount in the Contractual Currency payable in
respect of this Agreement, the party receiving the payment will refund promptly
the amount of such excess.

(b) JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in clause (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purpose of such
judgment or order and the rate of exchange at which such party is able, acting
in good faith and using

                                       15                           ISDA(R) 2002
<PAGE>
commercially reasonable procedures in converting the currency received into the
Contractual Currency, to purchase the Contractual Currency with the amount of
the currency of the judgment or order actually received by such party.

(c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, the
indemnities in this Section 8 constitute separate and independent obligations
from the other obligations in this Agreement, will be enforceable as separate
and independent causes of action, will apply notwithstanding any indulgence
granted by the party to which any payment is owed and will not be affected by
judgment being obtained or claim or proof being made for any other sums payable
in respect of this Agreement

(d) EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

9.    MISCELLANEOUS

(a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter. Each of the
parties acknowledges that in entering into this Agreement it has not relied on
any oral or written representation, warranty or other assurance (except as
provided for or referred to in this Agreement) and waives all rights and
remedies which might otherwise be available to it in respect thereof, except
that nothing in this Agreement will limit or exclude any liability of a party
for fraud.

(b) AMENDMENTS. An amendment, modification or waiver in respect of this
Agreement will only be effective if in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or by an exchange of electronic messages on an electronic
messaging system.

(c) SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e)   COUNTERPARTS AND CONFIRMATIONS.

      (i) This Agreement (and each amendment, modification and waiver in respect
      of it) may be executed and delivered in counterparts (including by
      facsimile transmission and by electronic messaging system), each of which
      will be deemed an original.

      (ii) The parties intend that they are legally bound by the terms of each
      Transaction from the moment they agree to those terms (whether orally or
      otherwise). A Confirmation will be entered into as soon as practicable and
      may be executed and delivered in counterparts (including by facsimile
      transmission) or be created by an exchange of telexes, by an exchange of
      electronic messages on an electronic messaging system or by an exchange of
      e-mails, which in each case will be sufficient for all purposes to
      evidence a binding supplement to this Agreement The parties will specify
      therein or through another effective means that any such counterpart,
      telex, electronic message or e-mail constitutes a Confirmation.

(f) NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

                                       16                           ISDA(R) 2002
<PAGE>
(h)   INTEREST AND COMPENSATION.

      (i) PRIOR TO EARLY TERMINATION. Prior to the occurrence or effective
      designation of an Early Termination Date in respect of the relevant
      Transaction:--

            (1) Interest on Defaulted Payments. If a party defaults in the
            performance of any payment obligation, it will, to the extent
            permitted by applicable law and subject to Section 6(c), pay
            interest (before as well as after judgment) on the overdue amount to
            the other party on demand in the same currency as the overdue
            amount, for the period from (and including) the original due date
            for payment to (but excluding) the date of actual payment (and
            excluding any period in respect of which interest or compensation in
            respect of the overdue amount is due pursuant to clause (3)(B) or
            (C) below), at the Default Rate.

            (2) Compensation for Defaulted Deliveries. If a party defaults in
            the performance of any obligation required to be settled by
            delivery, it will on demand (A) compensate the other party to the
            extent provided for in the relevant Confirmation or elsewhere in
            this Agreement and (B) unless otherwise provided in the relevant
            Confirmation or elsewhere in this Agreement, to the extent permitted
            by applicable law and subject to Section 6(c), pay to the other
            party interest (before as well as after judgment) on an amount equal
            to the fair market value of that which was required to be delivered
            in the same currency as that amount, for the period from (and
            including) the originally scheduled date for delivery to (but
            excluding) the date of actual delivery (and excluding any period in
            respect of which interest or compensation in respect of that amount
            is due pursuant to clause (4) below), at the Default Rate. The fair
            market value of any obligation referred to above will be determined
            as of the originally scheduled date for delivery, in good faith and
            using commercially reasonable procedures, by the party that was
            entitled to take delivery.

            (3)   Interest on Deferred Payments. If:--

                  (A) a party does not pay any amount that, but for Section
                  2(a)(iii), would have been payable, it will, to the extent
                  permitted by applicable law and subject to Section 6(c) and
                  clauses (B) and (C) below, pay interest (before as well as
                  after judgment) on that amount to the other party on demand
                  (after such amount becomes payable) in the same currency as
                  that amount, for the period from (and including) the date the
                  amount would, but for Section 2(a)(iii), have been payable to
                  (but excluding) the date the amount actually becomes payable,
                  at the Applicable Deferral Rate;

                  (B) a payment is deferred pursuant to Section 5(d), the party
                  which would otherwise have been required to make that payment
                  will, to the extent permitted by applicable law, subject to
                  Section 6(c) and for so long as no Event of Default or
                  Potential Event of Default with respect to that party has
                  occurred and is continuing, pay interest (before as well as
                  after judgment) on the amount of the deferred payment to the
                  other party on demand (after such amount becomes payable) in
                  the same currency as the deferred payment, for the period from
                  (and including) the date the amount would, but for Section
                  5(d), have been payable to (but excluding) the earlier of the
                  date the payment is no longer deferred pursuant to Section
                  5(d) and the date during the deferral period upon which an
                  Event of Default or Potential Event of Default with respect to
                  that party occurs, at the Applicable Deferral Rate; or

                  (C) a party fails to make any payment due to the occurrence of
                  an Illegality or a Force Majeure Event (after giving effect to
                  any deferral period contemplated by clause (B) above), it
                  will, to the extent permitted by applicable law, subject to
                  Section 6(c) and for so long as the event or circumstance
                  giving rise to that Illegality or Force Majeure Event

                                       17                           ISDA(R) 2002
<PAGE>
                  continues and no Event of Default or Potential Event of
                  Default with respect to that party has occurred and is
                  continuing, pay interest (before as well as after judgment) on
                  the overdue amount to the other party on demand in the same
                  currency as the overdue amount, for the period from (and
                  including) the date the party fails to make the payment due to
                  the occurrence of the relevant Illegality or Force Majeure
                  Event (or, if later, the date the payment is no longer
                  deferred pursuant to Section 5(d)) to (but excluding) the
                  earlier of the date the event or circumstance giving rise to
                  that Illegality or Force Majeure Event ceases to exist and the
                  date during the period upon which an Event of Default or
                  Potential Event of Default with respect to that party occurs
                  (and excluding any period in respect of which interest or
                  compensation in respect of the overdue amount is due pursuant
                  to clause (B) above), at the Applicable Deferral Rate.

            (4)   Compensation for Deferred Deliveries. If:--

                  (A) a party does not perform any obligation that, but for
                  Section 2(a)(iii), would have been required to be settled by
                  delivery;

                  (B) a delivery is deferred pursuant to Section 5(d); or

                  (C) a party fails to make a delivery due to the occurrence of
                  an Illegality or a Force Majeure Event at a time when any
                  applicable Waiting Period has expired,

            the party required (or that would otherwise have been required) to
            make the delivery will, to the extent permitted by applicable law
            and subject to Section 6(c), compensate and pay interest to the
            other party on demand (after, in the case of clauses (A) and (B)
            above, such delivery is required) if and to the extent provided for
            in the relevant Confirmation or elsewhere in this Agreement.

      (ii) EARLY TERMINATION. Upon the occurrence or effective designation of an
      Early Termination Date in respect of a Transaction:--

            (1) Unpaid Amounts. For the purpose of determining an Unpaid Amount
            in respect of the relevant Transaction, and to the extent permitted
            by applicable law, interest will accrue on the amount of any payment
            obligation or the amount equal to the fair market value of any
            obligation required to be settled by delivery included in such
            determination in the same currency as that amount, for the period
            from (and including) the date the relevant obligation was (or would
            have been but for Section 2(a)(iii) or 5(d)) required to have been
            performed to (but excluding) the relevant Early Termination Date, at
            the Applicable Close-out Rate.

            (2) Interest on Early Termination Amounts. If an Early Termination
            Amount is due in respect of such Early Termination Date, that amount
            will, to the extent permitted by applicable law, be paid together
            with interest (before as well as after judgment) on that amount in
            the Termination Currency, for the period from (and including) such
            Early Termination Date to (but excluding) the date the amount is
            paid, at the Applicable Close-out Rate.

      (iii) INTEREST CALCULATION. Any interest pursuant to this Section 9(h)
      will be calculated on the basis of daily compounding and the actual number
      of days elapsed.

                                       18                           ISDA(R) 2002
<PAGE>
10.   OFFICES; MULTIBRANCH PARTIES

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to and agrees with the other party that, notwithstanding the place of
booking or its jurisdiction of incorporation or organisation, its obligations
are the same in terms of recourse against it as if it had entered into the
Transaction through its head or home office, except that a party will not have
recourse to the head or home office of the other party in respect of any payment
or delivery deferred pursuant to Section 5(d) for so long as the payment or
delivery is so deferred. This representation and agreement will be deemed to be
repeated by each party on each date on which the parties enter into a
Transaction.

(b) If a party is specified as a Multibranch Party in the Schedule, such party
may, subject to clause (c) below, enter into a Transaction through, book a
Transaction in and make and receive payments and deliveries with respect to a
Transaction through any Office listed in respect of that party in the Schedule
(but not any other Office unless otherwise agreed by the parties in writing).

(c) The Office through which a party enters into a Transaction will be the
Office specified for that party in the relevant Confirmation or as otherwise
agreed by the parties in writing, and, if an Office for that party is not
specified in the Confirmation or otherwise agreed by the parties in writing, its
head or home office. Unless the parties otherwise agree in writing, the Office
through which a party enters into a Transaction will also be the Office in which
it books the Transaction and the Office through which it makes and receives
payments and deliveries with respect to the Transaction. Subject to Section
6(b)(ii), neither party may change the Office in which it books the Transaction
or the Office through which it makes and receives payments or deliveries with
respect to a Transaction without the prior written consent of the other party.

11.   EXPENSES

A Defaulting Party will on demand indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees,
execution fees and Stamp Tax, incurred by such other party by reason of the
enforcement and protection of its rights under this Agreement or any Credit
Support Document to which the Defaulting Party is a party or by reason of the
early termination of any Transaction, including, but not limited to, costs of
collection.

12.   NOTICES

(a) EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner described below (except that a notice or
other communication under Section 5 or 6 may not be given by electronic
messaging system or e-mail) to the address or number or in accordance with the
electronic messaging system or e-mail details provided (see the Schedule) and
will be deemed effective as indicated:--

      (i) if in writing and delivered in person or by courier, on the date it is
      delivered;

      (ii) if sent by telex, on the date the recipient's answerback is received;

      (iii) if sent by facsimile transmission, on the date it is received by a
      responsible employee of the recipient in legible form (it being agreed
      that the burden of proving receipt will be on the sender and will not be
      met by a transmission report generated by the sender's facsimile machine);

      (iv) if sent by certified or registered mail (airmail, if overseas) or the
      equivalent (return receipt requested), on the date it is delivered or its
      delivery is attempted;

      (v) if sent by electronic messaging system, on the date it is received; or

                                       19                           ISDA(R) 2002
<PAGE>
      (vi) if sent by e-mail, on the date it is delivered,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication will be deemed given and
effective on the first following day that is a Local Business Day.

(b) CHANGE OF DETAILS. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system or e-mail
details at which notices or other communications are to be given to it.

13.   GOVERNING LAW AND JURISDICTION

(a) GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) JURISDICTION. With respect to any suit, action or proceedings relating to
any dispute arising out of or in connection with this Agreement ("Proceedings"),
each party irrevocably:--

      (i)   submits:--

            (1) if this Agreement is expressed to be governed by English law, to
            (A) the non-exclusive jurisdiction of the English courts if the
            Proceedings do not involve a Convention Court and (B) the exclusive
            jurisdiction of the English courts if the Proceedings do involve a
            Convention Court; or

            (2) if this Agreement is expressed to be governed by the laws of the
            State of New York, to the non-exclusive jurisdiction of the courts
            of the State of New York and the United States District Court
            located in the Borough of Manhattan in New York City;

      (ii) waives any objection which it may have at any time to the laying of
      venue of any Proceedings brought in any such court, waives any claim that
      such Proceedings have been brought in an inconvenient forum and further
      waives the right to object, with respect to such Proceedings, that such
      court does not have any jurisdiction over such party; and

      (iii) agrees, to the extent permitted by applicable law, that the bringing
      of Proceedings in any one or more jurisdictions will not preclude the
      bringing of Proceedings in any other jurisdiction.

(c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent, if
any, specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party's
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv).
Nothing in this Agreement will affect the right of either party to serve process
in any other manner permitted by applicable law.

(d) WAIVER OF IMMUNITIES. Each party irrevocably waives, to the extent permitted
by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction or order for specific performance or
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

                                       20                           ISDA(R) 2002
<PAGE>
14.   DEFINITIONS

As used in this Agreement:--

"ADDITIONAL REPRESENTATION" has the meaning specified in Section 3.

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Force Majeure Event, Tax Event or Tax Event Upon
Merger, all Transactions affected by the occurrence of such Termination Event
(which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure
Event under Section 5(b)(ii)(2), means all Transactions unless the relevant
Credit Support Document references only certain Transactions, in which case
those Transactions and, if the relevant Credit Support Document constitutes a
Confirmation for a Transaction, that Transaction) and (b) with respect to any
other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity mat
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"AGREEMENT" has the meaning specified in Section l(c).

"APPLICABLE CLOSE-OUT RATE" means:--

(a)   in respect of the determination of an Unpaid Amount:--

      (i) in respect of obligations payable or deliverable (or which would have
      been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

      (ii) in respect of obligations payable or deliverable (or which would have
      been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
      Rate;

      (iii) in respect of obligations deferred pursuant to Section 5(d), if
      there is no Defaulting Party and for so long as the deferral period
      continues, the Applicable Deferral Rate; and

      (iv) in all other cases following the occurrence of a Termination Event
      (except where interest accrues pursuant to clause (iii) above), the
      Applicable Deferral Rate; and

(b)   in respect of an Early Termination Amount:--

      (i) for the period from (and including) the relevant Early Termination
      Date to (but excluding) the date (determined in accordance with Section
      6(d)(ii)) on which that amount is payable:--

            (1) if the Early Termination Amount is payable by a Defaulting
            Party, the Default Rate;

            (2) if the Early Termination Amount is payable by a Non-defaulting
            Party, the Non-default Rate; and

            (3) in all other cases, the Applicable Deferral Rate; and

                                       21                           ISDA(R) 2002
<PAGE>
      (ii) for the period from (and including) the date (determined in
      accordance with Section 6(d)(ii)) on which that amount is payable to (but
      excluding) the date of actual payment:--

            (1) if a party fails to pay the Early Termination Amount due to the
            occurrence of an event or circumstance which would, if it occurred
            with respect to a payment or delivery under a Transaction,
            constitute or give rise to an Illegality or a Force Majeure Event,
            and for so long as the Early Termination Amount remains unpaid due
            to the continuing existence of such event or circumstance, the
            Applicable Deferral Rate;

            (2) if the Early Termination Amount is payable by a Defaulting Party
            (but excluding any period in respect of which clause (1) above
            applies), the Default Rate;

            (3) if the Early Termination Amount is payable by a Non-defaulting
            Party (but excluding any period in respect of which clause (1) above
            applies), me Non-default Rate; and

            (4) in all other cases, the Termination Rate.

"APPLICABLE DEFERRAL RATE" means:--

(a) for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant
payer to be a rate offered to the payer by a major bank in a relevant interbank
market for overnight deposits in the applicable currency, such bank to be
selected in good faith by the payer for the purpose of obtaining a
representative rate that will reasonably reflect conditions prevailing at the
time in that relevant market;

(b) for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition
of Applicable Close-out Rate, the rate certified by the relevant payer to be a
rate offered to prime banks by a major bank in a relevant interbank market for
overnight deposits in the applicable currency, such bank to be selected in good
faith by the payer after consultation with the other party, if practicable, for
the purpose of obtaining a representative rate that will reasonably reflect
conditions prevailing at the time in that relevant market; and

(c) for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and
(b)(ii)(l) of the definition of Applicable Close-out Rate, a rate equal to the
arithmetic mean of the rate determined pursuant to clause (a) above and a rate
per annum equal to the cost (without proof or evidence of any actual cost) to
the relevant payee (as certified by it) if it were to fund or of funding the
relevant amount.

"AUTOMATIC EARLY TERMINATION" has the meaning specified in Section 6(a).

"BURDENED PARTY" has the meaning specified in Section 5(b)(iv).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs after the parties enter into the relevant
Transaction.

"CLOSE-OUT AMOUNT" means, with respect to each Terminated Transaction or each
group of Terminated Transactions and a Determining Party, the amount of the
losses or costs of the Determining Party that are or would be incurred under
then prevailing circumstances (expressed as a positive number) or gains of the
Determining Party that are or would be realised under then prevailing
circumstances (expressed as a negative number) in replacing, or in providing for
the Determining Party the economic equivalent of, (a) the material terms of that
Terminated Transaction or group of Terminated Transactions, including the
payments and deliveries by the parties under Section 2(a)(i) in respect of that
Terminated Transaction or group of Terminated Transactions that would, but for
the occurrence of the relevant Early Termination Date, have been required after
that date (assuming satisfaction of the conditions precedent in

                                       22                           ISDA(R) 2002
<PAGE>
Section 2(a)(iii)) and (b) the option rights of the parties in respect of that
Terminated Transaction or group of Terminated Transactions.

Any Close-out Amount will be determined by the Determining Party (or its agent),
which will act in good faith and use commercially reasonable procedures in order
to produce a commercially reasonable result. The Determining Party may determine
a Close-out Amount for any group of Terminated Transactions or any individual
Terminated Transaction but, in the aggregate, for not less than all Terminated
Transactions. Each Close-out Amount will be determined as of the Early
Termination Date or, if that would not be commercially reasonable, as of the
date or dates following the Early Termination Date as would be commercially
reasonable.

Unpaid Amounts in respect of a Terminated Transaction or group of Terminated
Transactions and legal fees and out-of-pocket expenses referred to in Section 11
are to be excluded in all determinations of Close-out Amounts.

In determining a Close-out Amount, the Determining Party may consider any
relevant information, including, without limitation, one or more of the
following types of information:--

(i) quotations (either firm or indicative) for replacement transactions supplied
by one or more third parties that may take into account the creditworthiness of
the Determining Party at the time the quotation is provided and the terms of any
relevant documentation, including credit support documentation, between the
Determining Party and the third party providing the quotation;

(ii) information consisting of relevant market data in the relevant market
supplied by one or more third parties including, without limitation, relevant
rates, prices, yields, yield curves, volatilities, spreads, correlations or
other relevant market data in the relevant market; or

(iii) information of the types described in clause (i) or (ii) above from
internal sources (including any of the Determining Party's Affiliates) if that
information is of the same type used by the Determining Party in the regular
course of its business for the valuation of similar transactions.

The Determining Party will consider, taking into account the standards and
procedures described in this definition, quotations pursuant to clause (i) above
or relevant market data pursuant to clause (ii) above unless the Determining
Party reasonably believes in good faith that such quotations or relevant market
data are not readily available or would produce a result that would not satisfy
those standards. When considering information described in clause (i), (ii) or
(iii) above, the Determining Party may include costs of funding, to the extent
costs of funding are not and would not be a component of the other information
being utilised. Third parties supplying quotations pursuant to clause (i) above
or market data pursuant to clause (ii) above may include, without limitation,
dealers in the relevant markets, end-users of the relevant product, information
vendors, brokers and other sources of market information.

Without duplication of amounts calculated based on information described in
clause (i), (ii) or (iii) above, or other relevant information, and when it is
commercially reasonable to do so, the Determining Party may in addition consider
in calculating a Close-out Amount any loss or cost incurred in connection with
its terminating, liquidating or re-establishing any hedge related to a
Terminated Transaction or group of Terminated Transactions (or any gain
resulting from any of them).

Commercially reasonable procedures used in determining a Close-out Amount may
include the following:--

(1) application to relevant market data from third parties pursuant to clause
(ii) above or information from internal sources pursuant to clause (iii) above
of pricing or other valuation models that are, at the time of the determination
of the Close-out Amount, used by the Determining Party in the regular course of
its business in pricing or valuing transactions between the Determining Party
and unrelated third parties that are similar to the Terminated Transaction or
group of Terminated Transactions; and

                                       23                           ISDA(R) 2002
<PAGE>
(2) application of different valuation methods to Terminated Transactions or
groups of Terminated Transactions depending on the type, complexity, size or
number of the Terminated Transactions or group of Terminated Transactions.

"CONFIRMATION" has the meaning specified in the preamble.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CONTRACTUAL CURRENCY" has the meaning specified in Section 8(a).

"CONVENTION COURT" means any court which is bound to apply to the Proceedings
either Article 17 of the 1968-Brussels Convention on Jurisdiction and the
Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the
1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil
and Commercial Matters.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"CROSS-DEFAULT" means the event specified in Section 5(a)(vi).

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"DESIGNATED EVENT" has the meaning specified in Section 5(b)(v).

"DETERMINING-PARTY" means the party determining a Close-out Amount.

"EARLY TERMINATION AMOUNT" has the meaning specified in Section 6(e).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"ELECTRONIC MESSAGES" does not include e-mails but does include documents
expressed in markup languages, and "ELECTRONIC MESSAGING SYSTEM" will be
construed accordingly.

"ENGLISH LAW" means the law of England and Wales, and "ENGLISH" will be
construed accordingly.

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"FORCE MAJEURE EVENT" has the meaning specified in Section 5(b).

"GENERAL BUSINESS DAY" means a day on which commercial banks are open for
general business (including dealings in foreign exchange and foreign currency
deposits).

"ILLEGALITY" has the meaning specified in Section 5(b).

                                       24                           ISDA(R) 2002
<PAGE>
"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority),
and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means (a) in relation to any obligation under Section
2(a)(i), a General Business Day in the place or places specified in the relevant
Confirmation and a day on which a relevant settlement system is open or
operating as specified in the relevant Confirmation or, if a place or a
settlement system is not so specified, as otherwise agreed by the parties in
writing or determined pursuant to provisions contained, or incorporated by
reference, in this Agreement, (b) for the purpose of determining when a Waiting
Period expires, a General Business Day in the place where the event or
circumstance that constitutes or gives rise to the Illegality or Force Majeure
Event, as the case may be, occurs, (c) in relation to any other payment, a
General Business Day in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment and, if that currency does not have a single recognised principal
financial centre, a day on which the settlement system necessary to accomplish
such payment is open, (d) in relation to any notice or other communication,
including notice contemplated under Section 5(a)(i), a General Business Day (or
a day that would have been a General Business Day but for the occurrence of an
event or circumstance which would, if it occurred with respect to payment,
delivery or compliance related to a Transaction, constitute or give rise to an
Illegality or a Force Majeure Event) in the place specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant
locations for performance with respect to such Specified Transaction.

"LOCAL DELIVERY DAY" means, for purposes of Sections 5(a)(i) and 5(d), a day on
which settlement systems necessary to accomplish the relevant delivery are
generally open for business so that the delivery is capable of being
accomplished in accordance with customary market practice, in the place
specified in the relevant Confirmation or, if not so specified, in a location as
determined in accordance with customary market practice for the relevant
delivery.

"MASTER AGREEMENT" has the meaning specified in the preamble.

"MERGER WITHOUT ASSUMPTION" means the event specified in Section 5(a)(viii).

"MULTIPLE TRANSACTION PAYMENT NETTING" has the meaning specified in Section
2(c).

"NON-AFFECTED PARTY" means, so long as there is only one Affected Party, the
other party.

"NON-DEFAULT RATE" means the rate certified by the Non-defaulting Party to be a
rate offered to the Non-defaulting Party by a major bank in a relevant interbank
market for overnight deposits in the applicable currency, such bank to be
selected in good faith by the Non-defaulting Party for the purpose of obtaining
a representative rate that will reasonably reflect conditions prevailing at the
time in that relevant market.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"OTHER AMOUNTS" has the meaning specified in Section 6(f).

                                      25                             ISDA(R)2002
<PAGE>
"PAYEE" has the meaning specified in Section 6(f).

"PAYER" has the meaning specified in Section 6(f).

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"PROCEEDINGS" has the meaning specified in Section 13(b).

"PROCESS AGENT" has the meaning specified in the Schedule.

"RATE OF EXCHANGE" includes, without limitation, any premiums and costs of
exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULE" has the meaning specified in the preamble.

"SCHEDULED SETTLEMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

 "SPECIFIED ENTITY" has the meaning specified in the Schedule.

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect to any such transaction) now existing or
hereafter entered into between one party to this Agreement (or any Credit
Support Provider of such party or any applicable Specified Entity of such party)
and the other party to this Agreement (or any Credit Support Provider of such
other party or any applicable Specified Entity of such other party) which is not
a Transaction under this Agreement but (i) which is a rate swap transaction,
swap option, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option, credit protection transaction, credit swap,
credit default swap, credit default option, total return swap, credit spread
transaction, repurchase transaction, reverse repurchase transaction,
buy/sell-back transaction, securities lending transaction, weather index
transaction or forward purchase or sale of a security, commodity or other
financial instrument or interest (including any option with respect to any of
these transactions) or (ii) which is a type of transaction that is similar to
any transaction referred to in clause (i) above that is currently, or in the
future becomes, recurrently entered into in the financial markets (including
terms and conditions incorporated by reference in such agreement) and which is a
forward, swap, future, option or other derivative on one or more rates,
currencies, commodities, equity securities or other equity instruments, debt
securities or other debt instruments, economic indices or measures of economic
risk or value, or other benchmarks against which payments or deliveries are to
be made, (b) any combination of these transactions and (c) any other transaction
identified as a Specified Transaction in this Agreement or the relevant
confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"STAMP TAX JURISDICTION" has the meaning specified in Section 4(e).

                                      26                             ISDA(R)2002
<PAGE>
"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means, with respect to any Early Termination Date, (a)
if resulting from an Illegality or a Force Majeure Event, all Affected
Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if
resulting from any other Termination Event, all Affected Transactions and (c) if
resulting from an Event of Default, all Transactions in effect either
immediately before the effectiveness of the notice designating that Early
Termination Date or, if Automatic Early Termination applies, immediately before
that Early Termination Date.

"TERMINATION CURRENCY" means (a) if a Termination Currency is specified in the
Schedule and that currency is freely available, that currency, and (b)
otherwise, euro if this Agreement is expressed to be governed by English law or
United States Dollars if this Agreement is expressed to be governed by the laws
of the State of New York.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Close-out Amount is determined as of a later date, that later date,
with the Termination Currency at the rate equal to the spot exchange rate of the
foreign exchange agent (selected as provided below) for the purchase of such
Other Currency with the Termination Currency at or about 11:00 a.m. (in the city
in which such foreign exchange agent is located) on such date as would be
customary for the determination of such a rate for the purchase of such Other
Currency for value on the relevant Early Termination Date or that later date.
The foreign exchange agent will, if only one party is obliged to make a
determination under Section 6(e), be selected in good faith by that party and
otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Force Majeure Event, a Tax Event, a
Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon
Merger or an Additional Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"THRESHOLD AMOUNT" means the amount, if any, specified as such in the Schedule.

"TRANSACTION" has the meaning specified in the preamble.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or
2(d)(i)(4) on or prior to such Early Termination Date and which remain unpaid as
at such Early Termination Date, (b) in respect of each Terminated Transaction,
for each obligation under Section 2(a)(i) which was (or would have been but for
Section 2(a)(iii) or 5(d)) required to be settled by delivery to such party on
or prior to such Early Termination Date and which has not been so settled as at
such Early Termination Date, an amount equal to the fair market value of that
which was (or would have been) required to be delivered and (c) if the Early
Termination Date results from an Event of Default, a Credit Event Upon Merger or
an Additional Termination Event in respect of which all outstanding Transactions
are Affected Transactions, any Early Termination Amount due prior to such Early
Termination Date and which remains unpaid as of such Early Termination Date, in
each case together with any amount of interest accrued or other

                                      27                             ISDA(R)2002
<PAGE>
compensation in respect of that obligation or deferred obligation, as the case
may be, pursuant to Section 9(h)(ii)(l) or (2), as appropriate. The fair market
value of any obligation referred to in clause (b) above will be determined as of
the originally scheduled date for delivery, in good faith and using commercially
reasonable procedures, by the party obliged to make the determination under
Section 6(e) or, if each party is so obliged, it will be the average of the
Termination Currency Equivalents of the fair market values so determined by both
parties.

"WAITING PERIOD" means:

(a) in respect of an event or circumstance under Section 5(b)(i), other than in
the case of Section 5(b)(i)(2) where the relevant payment, delivery or
compliance is actually required on the relevant day (in which case no Waiting
Period will apply), a period of three Local Business Days (or days that would
have been Local Business Days but for the occurrence of that event or
circumstance) following the occurrence of that event or circumstance; and

(b) in respect of an event or circumstance under Section 5(b)(ii), other than in
the case of Section 5(b)(ii)(2) where the relevant payment, delivery or
compliance is actually required on the relevant day (in which case no Waiting
Period will apply), a period of eight Local Business Days (or days that would
have been Local Business Days but for the occurrence of that event or
circumstance) following the occurrence of that event or circumstance.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

 CITIBANK, N.A.                                  WRIGHT EXPRESS CORPORATION

By:                                              By:
   ----------------------------                     ----------------------------
   Name:                                            Name:
   Title:                                           Title:
   Date:                                            Date:

   Copyright (C) 2002 by International Swaps and Derivatives Association, Inc.
<PAGE>
                                                                [Execution Copy]
                                                        [Reference No.CB08-856A]

                                    SCHEDULE

                                     to the

                           ISDA 2002 Master Agreement

                           dated as of April 18, 2005,

                                     between

                                 CITIBANK, N.A.,
  a national banking association organized under the laws of the United States
                                   ("Party A")

                                       and

                           WRIGHT EXPRESS CORPORATION
                      a corporation organized and existing
                     under the laws of the State of Delaware
                                   ("Party B")

                                     Part 1

                             Termination Provisions

In this Agreement:

            (a) "SPECIFIED ENTITY" means for the purpose of Section 5(a)(v) of
this Agreement, (i) in relation to Party A, Citigroup Global Markets Limited,
Citigroup Global Markets Inc., Citigroup Forex Inc., Citigroup Global Markets
Commercial Corp., Citicorp Securities Services, Inc., Citigroup Financial
Products Inc., Citigroup Energy Inc., and Citigroup Global Markets Deutschland
AG (individually a "Section 5(a)(v) Affiliate"), and (ii) in relation to Party
B, none.

            (b) "SPECIFIED TRANSACTION" will have the meaning specified in
Section 14 of this Agreement. For purposes of clause (c) of such definition,
Specified Transaction includes any securities options, margin loans, short
sales, and any other similar transaction now existing or hereafter entered into
between Party A (or any Section 5(a)(v) Affiliate) and Party B.

                                       29
<PAGE>
            (c) The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to
Party A and will apply to Party B, in each case subject to (i) the deletion of
the words "or being capable at such time of being declared" from Clause (1) of
Section 5(a)(vi) and (ii) the addition of the following after the semicolon at
the end of Section 5(a)(vi):

             "provided, however, that notwithstanding the foregoing, an Event of
             Default shall not occur under either (1) or (2) above if (i) the
             default, event of default or other similar condition or event
             referred to in (1) or the failure to pay referred to in (2) is a
             failure to pay caused by an omission of an administrative or
             operational nature; and (ii) funds were available to such party to
             enable it to make the relevant payment when due; and (iiii) such
             relevant payment is made within three Business Days following the
             error or failure being discovered."

             For purposes of Section 5(a)(vi), the following provisions apply:

             "SPECIFIED INDEBTEDNESS" shall have the meaning set forth in
             Section 14 of this Agreement, provided, however, that Specified
             Indebtedness shall not include deposits received in the course of a
             party's ordinary banking business.

             "THRESHOLD AMOUNT" means

                  (i)   with respect to Party A, 2% of the stockholders' equity
                        of Party A; and

                  (ii)  with respect to Party B, $5,000,000;

             including the U.S. Dollar equivalent on the date of any default,
             event of default or other similar condition or event of any
             obligation stated in any other currency.

             For purposes of the above, stockholders' equity shall be determined
             by reference to the relevant party's most recent consolidated
             (quarterly, in the case of a U.S. incorporated party) balance sheet
             and shall include, in the case of a U.S. incorporated party, legal
             capital, paid-in capital, retained earnings and cumulative
             translation adjustments. Such balance sheet shall be prepared in
             accordance with accounting principles that are generally accepted
             in such party's country of organization.

            (d) The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(v) of
this Agreement will apply to Party A and will apply to Party B.

            (e) The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a)
will not apply to Party A and will not apply to Party B; provided, however, that
with respect to a party, where the Event of Default specified in Section
5(a)(vii)(l), (3), (4), (5), (6) or to the extent analogous thereto, (8) is
governed by a system of law which does not permit termination to take place
after the occurrence of the relevant Event of Default, then the Automatic Early
Termination provisions of Section 6(a) will apply to such party.

                                       30
<PAGE>
            (f) "TERMINATION CURRENCY" will have the meaning specified in
Section 14 of this Agreement.

            (g) "ADDITIONAL TERMINATION EVENT" will not apply.

                                   Part 2

                               Tax Representations

            (a) PAYER REPRESENTATIONS. For the purpose of Section 3(e) of this
Agreement, Party A will make the following representation and Party B will make
the following representation:

It is not required by any applicable law, as modified by the practice of any
relevant governmental revenue authority, of any Relevant Jurisdiction to make
any deduction or withholding for or on account of any Tax from any payment
(other than interest under Section 9(h) of this Agreement) to be made by it to
the other party under this Agreement. In making this representation, it may rely
on (i) the accuracy of any representations made by the other party pursuant to
Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained
in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and
effectiveness of any document provided by the other party pursuant to Section
4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the
agreement of the other party contained in Section 4(d) of this Agreement, except
that it will not be a breach of this representation where reliance is placed on
clause (ii) above and the other party does not deliver a form or documents under
Section 4(a)(iii) by reason of material prejudice to its legal or commercial
position.

            (b) PAYEE REPRESENTATIONS. For the purpose of Section 3(f) of the
Agreement, Party A and Party B make the representations specified below, if any:

       The following representation will apply to Party A:

       It is a national banking association organized under the laws of the
       United States and its U.S. taxpayer identification number is 13-5266470.
       It is "exempt" within the meaning of Treasury Regulation sections
       1.6041-3(p) and 1.6049-4(c) from information reporting on Form 1099 and
       backup withholding.

       The following representation will apply to Party B:

       It is a corporation created or organized in the United States or under
       the laws of the United States and its U.S. taxpayer identification number
       is 01-0526993. It is "exempt" within the meaning of Treasury Regulation
       sections 1.6041-3(p) and 1.6049-4(c) from information reporting on Form
       1099 and backup withholding.

                                       31
<PAGE>
                                     Part 3

                         Agreement to Deliver Documents

               For the purpose of Section 4(a) of this Agreement:

            I. Tax forms, documents or certificates to be delivered are:

<TABLE>
<CAPTION>
Party required to            Form/Document/                                Date by which to
deliver document             Certificate                                   Be delivered
----------------             -----------                                   ------------
<S>                          <C>                                           <C>
(i) Party A and Party B      As required under Section 4(a)(i)             Promptly upon execution of this
                             of the Agreement, IRS Form W-9,               Agreement; and promptly upon
                             which in the case of Party A                  learning that any form
                             shall be provided for each of                 previously provided by Party B
                             Party A's offices identified in               has become obsolete or
                             Part 4(d) of this Agreement.                  incorrect.
</TABLE>

            II. Other documents to be delivered are:

<TABLE>
<CAPTION>
  Party required        Form/Document/          Date by which to         Covered by
  to deliver document   Certificate             be delivered             Section 3(d)
  --------------------  -----------             ------------             ------------
<S>                     <C>                     <C>                      <C>
  (a) Party A and       Evidence reasonably     As soon as               Yes
      Party B           satisfactory to the     practicable after
                        other party of the      execution of this
                        (i) authority of such   Agreement and, if
                        party to enter into     requested by the
                        the Agreement and any   other party, as soon
                        Transactions and (ii)   as practicable after
                        the authority and       execution of any
                        genuine signature of    Confirmation of any
                        the individual          other Transaction.
                        signing the Agreement
                        on behalf of such
                        party to execute the
                        same.
</TABLE>

                                       32

<PAGE>
<TABLE>
<CAPTION>
Party required
to deliver          Form/Document/            Date by which to             Covered by
document            Certificate               be delivered                 Section 3(d)
--------            -----------               ------------                 ------------
<S>                 <C>                       <C>                          <C>
(b) Party A and B   The party's annual        With regard to Party A,      Yes
                    report containing         upon request. With
                    audited consolidated      regard to Party B, as
                    financial statements      soon as available and in
                    prepared in accordance    any event within 120
                    with accounting           days (or as soon as
                    principles that are       practicable after
                    generally accepted in     becoming publicly
                    such party's country of   available) after the end
                    organization and          of each of its fiscal
                    certified by              years, provided,
                    independent certified     however, that each
                    public accountants for    party shall be deemed
                    each fiscal year.         to have satisfied such
                                              delivery requirement by
                                              making such report
                                              available to the general
                                              public by publication
                                              thereof on its website
                                              or on the U.S.
                                              Securities and
                                              Exchange Commission
                                              EDGAR information
                                              retrieval system.
</TABLE>

                                       33
<PAGE>
<TABLE>
<CAPTION>
Party required
to deliver              Fonn/Document/             Date by which to             Covered by
document                Certificate                be delivered                 Section 3(d)
--------                -----------                ------------                 ------------
<S>                     <C>                        <C>                          <C>
(c)   Party A and B     The party's unaudited      With regard to Party A,      Yes
                        consolidated financial     upon request. With
                        statements, the            regard to Party B, as
                        consolidated balance       soon as available and in
                        sheet and related          any event within 60
                        statements of income       days (or as soon as
                        for each fiscal quarter    practicable after
                        prepared in accordance     becoming publicly
                        with accounting            available) after the end
                        principles that are        of each of its first three
                        generally accepted in      fiscal quarters,
                        such party's country of    provided, however,
                        organization.              that each party shall be
                                                   deemed to have
                                                   satisfied such delivery
                                                   requirement by making
                                                   such report available to
                                                   the general public by
                                                   publication thereof on
                                                   its website or on the
                                                   U.S. Securities and
                                                   Exchange Commission
                                                   EDGAR information
                                                   retrieval system.
</TABLE>

                                     Part 4

                                  Miscellaneous

            (a) ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this
Agreement:

ADDRESS FOR NOTICES OR COMMUNICATIONS TO PARTY A:

Address:          250 West Street
                  10th Floor
                  New York, New York 10013

Attention:        Director Derivatives Operations

Facsimile No.:    212 723 2956

                                       34
<PAGE>
(For all purposes)

In addition, in the case of notices or communications relating to Section 5, 6,
11 or 13 of this Agreement, a second copy of any such notice or communication
shall be addressed to the attention of Party A's legal department as follows:

Address:          Legal Department
                  77 Water Street
                  9th Floor
                  New York, New York 10004

Attention:        Department Head

Facsimile No.:    212 657 1452

 ADDRESS FOR NOTICES OR COMMUNICATIONS TO PARTY B:

Address:         197 Darling Avenue
                 South Portland, Maine 04106

Attention:       Melissa D. Goodwin, Chief Financial Officer

Facsimile No:    207 523 7797

            (b) PROCESS AGENT. For the purpose of Section 13(c) of this
Agreement:
            Party B appoints as its Process Agent: none.

            (c) OFFICES. The provisions of Section 10(a) will apply to this
Agreement.

            (d) MULTIBRANCH PARTY. For the purpose of Section 10(b) of this
Agreement:

            Party A is a Multibranch Party and may enter into a Transaction
            through any of the following offices: New York, London and Tokyo.

            Party B is not a Multibranch Party.

            (e) CALCULATION AGENT. The Calculation Agent will be Party A unless
otherwise specified in a Confirmation in reference to the relevant Transaction.

            (f) CREDIT SUPPORT DOCUMENT. None.

            (g) CREDIT SUPPORT PROVIDER. Not Applicable.

                                       35
<PAGE>
            (h) GOVERNING LAW. This Agreement will be governed by and construed
in accordance with the laws of the State of New York.

            (i) JURISDICTION. Section 13(b)(i) of the Agreement is hereby
amended by deleting in line 2 of paragraph 2 the word "non-" and by deleting
paragraph (iii) thereof. The following shall be added at the end of Section
13(b): "Nothing in this provision shall prohibit a party from bringing an action
to enforce a money judgment in any other jurisdiction."

            (j) "AFFILIATE" will have the meaning specified in Section 14 of
this Agreement.

            (k) ABSENCE OF LITIGATION. For the purpose of Section 3(c):
"Specified Entity" means in relation to Party A, any Affiliate of Party A, and
in relation to Party B, any Affiliate of Party B.

            (l) NO AGENCY. The provisions of Section 3(g) will apply to this
Agreement.

            (m) ADDITIONAL REPRESENTATION will apply. For the purpose of Section
3 of this Agreement, the following will constitute an Additional Representation:

            "(h) RELATIONSHIP BETWEEN PARTIES. Each party will be deemed to
            represent to the other party on the date on which it enters into a
            Transaction that (absent a written agreement between the parties
            that expressly imposes affirmative obligations to the contrary for
            that Transaction):

            (1) NO RELIANCE. It is acting for its own account, and it has made
            its own independent decisions to enter into that Transaction and as
            to whether that Transaction is appropriate or proper for it based
            upon its own judgment and upon advice from such advisors as it has
            deemed necessary. It is not relying on any communication (written or
            oral) of the other party as investment advice or as a recommendation
            to enter into that Transaction; it being understood that information
            and explanations related to the terms and conditions of a
            Transaction shall not be considered investment advice or a
            recommendation to enter into that Transaction. It has not received
            from the other party any assurance or guarantee as to the expected
            results of that Transaction.

            (2) EVALUATION AND UNDERSTANDING. It is capable of evaluating and
            understanding (on its own behalf or through independent professional
            advice), and understands and accepts, the terms, conditions and
            risks of that Transaction. It is also capable of assuming, and
            assumes, the financial and other risks of that Transaction.

                                       36
<PAGE>
               (3) STATUS OF PARTIES. The other party is not acting as a
            fiduciary for or an advisor to it in respect of that Transaction.

            (i) RISK MANAGEMENT. Party B alone represents that this Agreement
            has been, and each Transaction hereunder has been or will be, as the
            case may be, entered into for the purpose of managing its borrowings
            or investments, hedging its underlying assets or liabilities or in
            connection with its line of business and not for the purpose of
            speculation, and that each Transaction under this Agreement is a
            "Hedging Agreement" as defined in the Credit Agreement.

            (j) ELIGIBLE CONTRACT PARTICIPANT. Each party will be deemed to
            represent to the other party on the date on which it enters into a
            Transaction that: (a) It is an "eligible contract participant"
            within the meaning of Section l(a)(12) of the Commodity Exchange
            Act, as amended (the "CEA"), (b) this Agreement and each Transaction
            is subject to individual negotiation by each party, and (c) neither
            this Agreement nor any Transaction will be executed or traded on a
            "trading facility" within the meaning of Section la(33) of the CEA.

            (k) FINANCIAL INSTITUTION. Party A alone represents that it is a
            "financial institution" as defined in the Federal Deposit Insurance
            Corporation Improvement Act of 1991 or Regulation EE promulgated by
            the Federal Reserve Board thereunder.

            (l) ERISA. The assets that are used in connection with the
            execution, delivery and performance of this Agreement and the
            Transactions entered into pursuant hereto are not the assets of an
            employee benefit or other plan subject to Title I of the Employee
            Retirement Income Security Act of 1974, as amended ("ERISA"), a plan
            described in Section 4975 of the Internal Revenue Code of 1986, as
            amended (the "Code"), an entity whose underlying assets include
            "plan assets" by reason of Department of Labor regulation section
            2510.3-101, or a governmental plan that is subject to any federal,
            state, or local law that is substantially similar to the provisions
            of Section 406 of ERISA or Section 4975 of the Code."

            (n) "NETTING OF PAYMENTS" Either party may notify the other in
writing, not less than one Local Business Day in advance of one or more
Scheduled Payment Dates, that with regard to payments due on that date, Multiple
Transaction Payment Netting will apply. Except to the extent that such advance
written notice shall have been given, subparagraph Multiple Transaction Payment
Netting will not apply for purposes of Section 2(c) of this Agreement. Provided
however, that for each of the following groups of Transactions, Party A and
Party B hereby elect to net payments of all amounts payable on the same day in
the same currency (and through the same Office of Party A) by specifying that
Section 2(c) of the Agreement will apply with respect to each of the following
groups of Transactions:

                                       37
<PAGE>
            (i)   FX Transactions entered into by the parties; and

            (ii)  Currency Option Transactions entered into by the parties.

            The starting date for the election commences upon entering the first
Transaction under the Agreement with respect to either of the above groups of
Transactions.

                                     Part 5

                                Other Provisions

            (a) WAIVER OF RIGHT TO TRIAL BY JURY. Each party hereby irrevocably
waives, to the fullest extent permitted by applicable law, any right it may have
to a trial by jury in respect of any suit, action or proceeding relating to this
Agreement.

            (b) SEVERABILITY. Except as otherwise provided in Sections 5(b)(i)
or 5(b)(ii) in the event that any one or more of the provisions contained in
this Agreement should be held invalid, illegal, or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or impaired
thereby. The parties shall endeavor, in good faith negotiations, to replace the
invalid, illegal or unenforceable provisions with valid provisions, the economic
effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions.

            (c) NETTING, in the event that any Terminated Transaction cannot be
aggregated and netted against all other Terminated Transactions under Section
6(e) of the Agreement, such excluded Terminated Transactions shall be aggregated
and netted amongst themselves to the fullest extent permitted by law.

            (d) CONFIRMATION PROCEDURES. For each Transaction that Party A and
Party B enter hereunder, Party A shall promptly send to Party B a Confirmation
setting forth the terms of such Transaction. Party B shall execute and return
the Confirmation to Party A or request correction of any error within five
Business Days of receipt. Failure of Party B to respond within such period shall
not affect the validity or enforceability of such Transaction and shall be
deemed to be an affirmation and acceptance of such terms.

            (e) ESCROW PAYMENTS. If by reason of the time difference between the
cities in which payments are to be made, it is not possible for simultaneous
payments to be made on any date on which both parties are required to make
payments hereunder, either party may at its option and in its sole discretion
notify the other party that payments on that date are to be made in escrow, in
this case the deposit of the payment due earlier on that date shall be made by
2:00 p.m. (local time at the place for the earlier payment) on that date with an
escrow agent selected by the party giving the notice, accompanied by irrevocable
payment instructions (i) to release the deposited payment to the intended
recipient upon receipt by the escrow agent of the required

                                       38
<PAGE>
 deposit of the corresponding payment from the other party on the same date
 accompanied by the irrevocable payment instructions to the same effect or (ii)
 if the required deposit of the corresponding payment is not made on that same
 date, to return the payment deposited to the party that paid it into escrow.
 The party that elects to have payments made in escrow shall pay the costs of
 the escrow arrangements and shall cause those arrangements to provide that the
 intended recipient of the payment due to be deposited first shall be entitled
 to interest on that deposited payment for each day in the period of its deposit
 at the rate offered by the escrow agent for that day for overnight deposits in
 the relevant currency in the office where it holds that deposited payment (at
 11:00 am. local time on that day) if that payment is not released by 5:00 p.m.
 on the date it is deposited for any reason other than the intended recipients'
 failure to make the escrow deposit it is required to make hereunder in a timely
 fashion.

            (f) RECORDING OF CONVERSATIONS. Each party hereto consents to the
recording of its telephone conversations relating to this Agreement or any
potential Transaction. To the extent that one party records telephone
conversations (the "Recording Party") and the other party does not (the
"Non-Recording Party"), the Recording Party shall, in the event of any dispute,
make a complete and unedited copy of such party's tape of the entire day's
conversations with the Non-Recording Party's personnel available to the
Non-Recording Party. The Recording Party's tapes may be used by either party in
any forum in which a dispute is sought to be resolved and the Recording Party
will retain tapes for a consistent period of time in accordance with the
Recording Party's policy unless one party notifies the other that a particular
transaction is under review and warrants further retention.

            (g) LIMITATION OF LIABILITY. No party shall be required to pay or be
liable to the other party for any consequential, indirect or punitive damages,
opportunity costs or lost profits.

            (h) 2002 MASTER AGREEMENT PROTOCOL. The parties agree that the
definitions and provisions contained in Annexes 1 to 16 and Section 6 of the
2002 Master Agreement Protocol published by the International Swaps and
Derivatives Association, Inc. on 15th July, 2003 are incorporated into and apply
to this Agreement.

            (i) ADDITIONAL DEFINITIONS. Section 14 is hereby amended by
inserting the following definitions:

       "Credit Agreement" shall mean the Credit Agreement dated as of February
       22,2005 among Wright Express Corporation, as Borrower, Citicorp North
       America, Inc. as Syndication Agent, the various Lenders named therein and
       JP Morgan Chase Bank, N.A., as Administrative Agent, (as may be amended,
       restated and supplemented from time to time) and without regard to (1)
       any expiration, termination or cancellation thereof or if the agreement
       otherwise ceases to be in full force and effect (each such event, a
       "CANCELLATION EVENT"), in each case, whether by reason of payment of all
       indebtedness incurred thereunder or otherwise.

       For clarification, if a Cancellation Event occurs in respect of the
       Credit Agreement, then the defined terms listed in such Credit Agreement
       and used herein shall remain in full

                                       39
<PAGE>
       force and effect for purposes of this Agreement as though set forth in
       full herein until the date on which all of Party B's liabilities, duties
       and obligations under this Agreement are fully performed and the
       Transactions are terminated. Such defined terms shall be those that exist
       prior to the occurrence of any such Cancellation Event.

                                       40
<PAGE>
                                     PART 6

                FX Transactions and Currency Option Transactions

(a) The 1998 FX and Currency Option Definitions.

      (1)   The provisions of the 1998 FX and Currency Option Definitions as
            published by ISDA, Emerging Markets Traders Association and The
            Foreign Exchange Committee (the "FX Definitions"), are hereby
            incorporated herein in its entirety and shall apply to FX
            Transactions and Currency Option Transactions entered into by the
            Offices of the parties specified in Part 4 of this Schedule. FX
            Transactions and Currency Option Transactions are each deemed to be
            "Transactions" pursuant to the ISDA Master Agreement.

      (2)   Unless otherwise agreed to by the parties, all FX and Currency
            Option Transactions entered into between the parties prior to the
            date of this Agreement shall be deemed to be Transactions for
            purposes of this Agreement. The confirmation of all FX and Currency
            Option Transactions via any electronic media, telex, facsimile or
            writing shall constitute a "Confirmation" as referred to in this
            Agreement even where not so specified in the Confirmation. Such
            Confirmations will supplement, form a part of, and be subject to
            this Agreement.

(b) Article 3 General Terms Relating to Currency Option Transactions.

            The FX Definitions are hereby amended by adding the following new
            Section 3.9:

            Section 3.9 Discharge and Termination of Options. Unless otherwise
            agreed, any Call or Put written by a party will automatically be
            terminated and discharged, in whole or in part, as applicable,
            against a Call or Put, respectively, written by the other party,
            such termination and discharge to occur automatically upon the
            payment in full of the last Premium payable in respect of such
            Currency Option Transaction; provided that such termination and
            discharge may only occur in respect of Currency Option Transactions
            with the same material terms, including but not limited to:

            (a)   each being with respect to the same Put and the same Call
                  (i.e., a Put may only be discharged against another Put and
                  not against a Call);

            (b)   each having the same Expiration Date and Expiration Time;

            (c)   each being of the same style (i.e., either both being of
                  American or European Style);

            (d)   each having the same Strike Price;

            (e)   neither of which shall have been exercised;

            (f)   each of which has been entered into by the same pair of
                  Designated Netting Offices of the parties; and

                                       41
<PAGE>
            (g)   each having the same procedures for exercise;

            and, upon the occurrence of such termination and discharge, neither
            party shall have any further obligation to the other party in
            respect of the relevant Currency Option Transactions terminated and
            discharged. In the case of a partial termination and discharge
            (i.e., where the relevant Currency Option Transactions are for
            different amounts of the Currency Pair), the remaining portion of
            the Currency Option Transaction shall continue to be a Currency
            Option Transaction for all purposes hereunder.

 IN WITNESS WHEREOF the parties have executed this document on the respective
 dates specified below with effect from the date specified on the first page of
 this document.

 CITIBANK, N.A.                              WRIGHT EXPRESS CORPORATION

 By: ______________________________          By: _______________________________
     Name:                                       Name:

     Title:                                      Title:

                                       42EXHIBIT 10.2

                                                                [CITIGROUP LOGO]

Date: April 21, 2005

To: WRIGHT EXPRESS CORPORATION Attn: Coleen Laprise Phone 207-523-7105 Fax:
207-523-7104

From: Citibank N.A., New York
                     Confirmations Unit
                     333 West 34th Street, 2nd Floor
                     New York, NY 10001, USA

Phone:
1-212-615-8981
Fax:
1-212-615-8985

Our ref:
M052165
Your ref:

                                   TRANSACTION

The purpose of this letter agreement (this 'Confirmation') is to set forth the
terms and conditions of the Transaction entered into between WRIGHT EXPRESS
CORPORATION ('Counterparty') and Citibank N.A., New York ('Citibank') on the
Trade Date specified below (the 'Transaction').

1. The definitions and provisions contained in the 2000 ISDA Definitions (the
'Definitions') (as published by the International Swaps and Derivatives
Association, Inc.) are incorporated into this Confirmation. References herein to
a 'Transaction' shall be deemed to be references to a 'Swap Transaction' for the
purposes of the Definitions.

This Confirmation evidences a complete and binding agreement between you and us
as to the terms of the Transaction to which this Confirmation relates. In
addition, you and we agree to use all reasonable efforts promptly to negotiate,
execute and deliver an agreement in the form of an ISDA Master Agreement, with
such modifications as you and we will in good faith agree. Upon the execution by
you and us of such an agreement, this Confirmation will supplement, form part
of, and be subject to that agreement. All provisions contained in, or
incorporated by reference in, that agreement upon its execution will govern this
Confirmation except as expressly modified below. Until we execute and deliver
that agreement, this Confirmation, together with all other documents referring
to an ISDA Master Agreement (each a 'Confirmation') confirming transactions
(each a 'Transaction') entered into between us (notwithstanding anything to the
contrary in a Confirmation), shall supplement, form a part of, and be subject
to, a single agreement (the Agreement) in the pre-printed form of the 1992 ISDA
Master Agreement (Multicurrency Cross Border) (the ISDA Form) as if, on the
Trade Date of the first such Transaction between us, we had executed a single
agreement in such form (but without any Schedule except for the election of the
laws of the State of New York as the governing law, USD as the Termination
Currency, Credit Event Upon Merger, Second Method and Market Quotation as
applying and basic Set-Off provision contained in Section V A. of the User's
Guide to the 1992 ISDA Master Agreements 1993 Edition published by ISDA being
incorporated by reference). The Agreement shall contain such other modifications
(including additional elections) to the

                                      1/6

<PAGE>

                                                                [CITIGROUP LOGO]

ISDA Form (each, an Agreement Modification) as may be agreed by the parties from
time to time. Any Agreement Modification may be set forth in any Confirmation
(whether or not it would form part of the Schedule to the ISDA Master Agreement
and notwithstanding the termination or expiry of the Transaction(s) detailed in
any such Confirmation). To the extent of any inconsistency between the
provisions of the ISDA Form and this Confirmation, this Confirmation will
prevail for the purposes of this Transaction. To the extent of any inconsistency
between any Agreement Modification and a prior Agreement Modification, the terms
of the Agreement Modification set forth in the most recent Confirmation shall
govern.

THIS CONFIRMATION WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH

<PAGE>

THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE,
PROVIDED THAT THIS PROVISION WILL BE SUPERSEDED BY ANY CHOICE OF LAW PROVISION
IN THE MASTER AGREEMENT.

THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE
ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM
WITH RESPECT TO THESE COURTS

U.S. Federal law requires Citibank to obtain, verify and record customer
identification information.

2. The terms of the particular Transaction to which this Confirmation relates
are as follows:

      Trade Date:                April 20, 2005

      Effective Date:            April 22, 2005

      Termination Date:             April 23, 2007, subject to adjustment in
                                 accordance with the Modified Following Business
                                 Day Convention

FIXED AMOUNTS

      Fixed Rate Payer:          Counterparty

      Notional Amount:           With respect to each Calculation Period,
                                 the amount set forth in EXHIBIT I attached
                                 hereto opposite such Calculation Period under
                                 the heading 'Notional Amount'

      Fixed Rate Payer Payment Dates:
      The 22nd calendar day of each month commencing May 22, 2005 through and
      including the Termination Date

      Fixed Rate:                3.83800 percent

                                      2/6

<PAGE>

      Fixed Rate Day Count Fraction:

      Business Days:

      Business Day Convention:

FLOATING AMOUNTS

      Floating Rate Payer:

      Notional Amount:

      Floating Rate Payer Payment Dates:

      Floating Rate Option:

      Designated Maturity:

      Spread:

      Floating Rate Day Count Fraction:

      Reset Dates: Compounding:

<PAGE>

      Business Days: Actual/360

                                                                [CITIGROUP LOGO]

New York, London

Modified Following

Citibank

With respect to each Calculation Period, the amount set forth in EXHIBIT I
attached hereto opposite such Calculation Period under the heading 'Notional
Amount'

The 22nd calendar day of each month commencing May 22, 2005, through and
including the Termination Date

USD-LIBOR-BBA

One month

None

Actual/360

The first day of each Floating Rate Payer Calculation Period

Inapplicable

New York, London

                                      3/6

<PAGE>

                                                                [CITIGROUP LOGO]

      Business Day Convention: Modified Following

      Calculation Agent: As per Master Agreement.

3. Representations:

Each party represents to the other party that:

(a) Non-Reliance. It is acting for its own account, and it has made its own
independent decisions to enter into this Transaction and as to whether this
Transaction is appropriate or proper for it based upon its own judgment and upon
advice from such advisors as it has deemed necessary. It is not relying on any
communication (written or oral) of the other party as investment advice or as a
recommendation to enter into this Transaction; it being understood that
information and explanations related to the terms and conditions of this
Transaction shall not be considered investment advice or a recommendation to
enter into this Transaction. It has not received from the other party any
assurance or guarantee as to the expected results of this Transaction.

(b) Evaluation and Understanding. It is capable of evaluating and understanding
(on its own behalf or through independent professional advice), and understands
and accepts, the terms, conditions and risks of this Transaction. It is also
capable of assuming, and assumes, the financial and other risks of this
Transaction.

(c) Status of Parties. The other party is not acting as a fiduciary or an
advisor for it in respect of this Transaction.

(d) Risk Management. It has entered into this Transaction for the purpose of (i)
managing its borrowings or investments, (ii) hedging its underlying assets or
liabilities or (iii) in connection with its line of business.

4. Account Details

      Payments to Citibank
      in USD: CITIBANK N.A. NEW YORK
                                BIC:
                                ACCOUNT NO
                                ACCOUNT NAME: FINANCIAL FUTURES

      Payments to Counterparty: Please provide to expedite payment

                                      4/6

<PAGE>

                                                                [CITIGROUP LOGO]

If you have any questions regarding this letter agreement, please contact the
Swap Operations Department at the telephone numbers or the facsimile numbers
indicated on this Confirmation.

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                                      Very truly yours,
                                                      Citibank N.A., New York
                                                      SIGNATURE_MARK
                                                      By:______________________

Accepted and confirmed as
of the Trade Date:

WRIGHT EXPRESS CORPORATION

By: ____________________
    Authorized Signatory

                                      5/6

<PAGE>

                                                                [CITIGROUP LOGO]

             EXHIBIT I-AMORTIZATION SCHEDULE Our Reference: M052165

<TABLE>
<CAPTION>
Calculation Period*                                   USD
From and including       To but excluding        Notional Amount
<S>                      <C>                     <C>
22 Apr 2005                23 May 2005             70,000,000.00
23 May 2005                22 Jun 2005             70,000,000.00
22 Jun 2005                22 Jul 2005             70,000,000.00
22 Jul 2005                22 Aug 2005             70,000,000.00
22 Aug 2005                22 Sep 2005             70,000,000.00
22 Sep 2005                24 Oct 2005             70,000,000.00
24 Oct 2005                22 Nov 2005             60,000,000.00
22 Nov 2005                22 Dec 2005             60,000,000.00
22 Dec 2005                23 Jan 2006             60,000,000.00
23 Jan 2006                22 Feb 2006             60,000,000.00
22 Feb 2006                22 Mar 2006             60,000,000.00
22 Mar 2006                24 Apr 2006             60,000,000.00
24 Apr 2006                22 May 2006             50,000,000.00
22 May 2006                22 Jun 2006             50,000,000.00
22 Jun 2006                24 Jul 2006             50,000,000.00
24 Jul 2006                22 Aug 2006             50,000,000.00
22 Aug 2006                22 Sep 2006             50,000,000.00
22 Sep 2006                23 Oct 2006             50,000,000.00
23 Oct 2006                22 Nov 2006             40,000,000.00
22 Nov 2006                22 Dec 2006             40,000,000.00
22 Dec 2006                22 Jan 2007             40,000,000.00
22 Jan 2007                22 Feb 2007             40,000,000.00
22 Feb 2007                22 Mar 2007             40,000,000.00
22 Mar 2007                23 Apr 2007             40,000,000.00
</TABLE>

                                      6/6

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