Document:

<PAGE>

                                                                EXHIBIT 10.12(J)

                                                                  EXECUTION COPY

================================================================================

                 SERIES C CONVERTIBLE PREFERRED STOCK ISSUANCE
                          AND RESTRUCTURING AGREEMENT

                                  dated as of

                                April 12, 2002

                                 by and among

                            PLANVISTA CORPORATION,

              THE "LENDERS" LISTED ON THE SIGNATURE PAGES HERETO,

                                      and

                     WACHOVIA BANK, NATIONAL ASSOCIATION.
                            as Administrative Agent

================================================================================

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                         Page

                                   ARTICLE I
                                  DEFINITIONS
<S>                                                                      <C>
Section 1.1  Defined Terms................................................  2
Section 1.2  Miscellaneous................................................  6

                                   ARTICLE II
             ISSUANCE OF SERIES C PREFERRED STOCK AND RESTRUCTURING

Section 2.1  Authorization of Shares......................................  7
Section 2.2  Issuance of Series C Preferred Stock.........................  7
Section 2.3  Credit Agreement.............................................  7

                                  ARTICLE III
                               CLOSING, DELIVERY

Section 3.1  The Closing.................................................   7
Section 3.2  Delivery....................................................   7

                                   ARTICLE IV
                 REPRESENTATIONS AND WARRANTIES OF THE COMPANY

Section 4.1  Corporate Existence and Power...............................   8
Section 4.2  Subsidiaries................................................   8
Section 4.3  Capitalization; Voting Rights...............................   8
Section 4.4  Authorization; Binding Obligations..........................  10
Section 4.5  SEC Reports; Financial Statements...........................  10
Section 4.6  Offering Valid..............................................  11
Section 4.7  Certain Agreements or Obligations...........................  11
Section 4.8  Compliance with Law; Governmental Approvals.................  12
Section 4.9  Tax Returns and Payments....................................  12
Section 4.10  Franchises, Intellectual Property and Computer Equipment...  13
Section 4.11  Environmental Matters......................................  13
Section 4.12  ERISA......................................................  13
Section 4.13  Government Regulation......................................  14
Section 4.14  Material Contracts.........................................  14
Section 4.15  Employee Relations.........................................  14
Section 4.16  Burdensome Provisions......................................  14
Section 4.17  No Material Adverse Change; No Restricted Payment..........  14
Section 4.18  Titles to Properties; Real Property........................  15
Section 4.19  Liens......................................................  15
Section 4.20  Indebtedness and Guaranty Obligations......................  16
Section 4.21  Litigation.................................................  16
Section 4.22  Absence of Defaults........................................  16
</TABLE>

                                      -i-
<PAGE>

                               TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>

                                                                          Page
<S>                                                                       <C>
Section 4.23  No Broker..................................................  16
Section 4.24  Inactive Subsidiaries......................................  16
Section 4.25  Restructured Notes.........................................  16
Section 4.26  Accuracy and Completeness of Information...................  17
Section 4.27  Survival of Representations and Warranties, etc............  17

                                   ARTICLE V
                REPRESENTATIONS AND WARRANTIES OF THE INVESTORS

Section 5.1  Requisite Power and Authority...............................  17
Section 5.2  Investment Representations..................................  18
Section 5.3  Litigation..................................................  18
Section 5.4  No Broker...................................................  18

                                   ARTICLE VI
                   COVENANTS OF THE COMPANY AND THE INVESTORS

Section 6.1  Efforts.....................................................  18
Section 6.2  Reservation of Shares.......................................  18
Section 6.3  Regulatory and Other Authorizations; Notices and Consents...  19
Section 6.4  NYSE Listing................................................  19
Section 6.5  Appointment of Directors....................................  19
Section 6.6  Adjustment of Conversion Price..............................  19

                                  ARTICLE VII
                             CONDITIONS TO CLOSING

Section 7.1  Conditions to Obligations of the Investors..................  19
Section 7.2  Conditions to Obligations of the Company....................  21

                                  ARTICLE VIII
                                INDEMNIFICATION

Section 8.1  Survival of Representations and Warranties..................  22
Section 8.2  Indemnification.............................................  22
Section 8.3  Non-Exclusive Remedy........................................  23
Section 8.4  Certain Limitations.........................................  23

                                   ARTICLE IX
                                 MISCELLANEOUS

Section 9.1  Expenses....................................................  23
Section 9.2  No Guarantee of Indebtedness................................  23
Section 9.3  Notices.....................................................  24
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                                      -ii-
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                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                         Page
<S>                                                                      <C>
Section 9.4  No Waiver, Remedies Cumulative..............................  24
Section 9.5  Delays or Omissions.........................................  24
Section 9.6  Counterparts................................................  24
Section 9.7  Headings Descriptive........................................  24
Section 9.8  Entire Agreement; Supersedes Prior Agreement................  25
Section 9.9  Severability................................................  25
Section 9.10  Amendment or Waiver........................................  25
Section 9.11  Governing Law and Jurisdiction.............................  25
Section 9.12  Successors and Assigns.....................................  25
</TABLE>

                                       iii
<PAGE>

EXHIBITS
Exhibit A    -   Series C Certificate of Designation
Exhibit B    -   Amended and Restated Certificate of Incorporation
Exhibit C    -   Stockholders Agreement
Exhibit D    -   Bylaws
Exhibit E    -   Legal Opinions of Fowler White and McGuire Woods

SCHEDULES

Schedule 2.2     -   Issuance of Series C Preferred Stock
Schedule 4.2(a)  -   Subsidiaries
Schedule 4.2(b)  -   Investments
Schedule 4.3(c)  -   Equity Securities; Repurchase Obligations, Price
                     Adjustments
Schedule 4.7(a)  -   Certain Related Party Agreements
Schedule 4.7(b)  -   Indebtedness and Guarantee to and Contracts with Related
                     Parties
Schedule 4.8     -   Required Consents and Government Approvals
Schedule 4.12    -   ERISA matters
Schedule 4.14    -   Material Contracts
Schedule 4.15    -   Employee Matters
Schedule 4.18    -   Real Property Matters
Schedule 4.19    -   Liens
Schedule 4.20    -   Indebtedness and Guarantees
Schedule 4.21    -   Litigation
Schedule 4.23    -   No Broker
<PAGE>

                             PLANVISTA CORPORATION

                 SERIES C CONVERTIBLE PREFERRED STOCK ISSUANCE
                          AND RESTRUCTURING AGREEMENT

          SERIES C CONVERTIBLE PREFERRED STOCK ISSUANCE AND RESTRUCTURING
AGREEMENT (this "Agreement"), dated as of April 12, 2002, among PLANVISTA
CORPORATION (f/k/a HealthPlan Services Corporation), a Delaware corporation (the
"Company"), the "LENDERS" LISTED ON THE SIGNATURE PAGES HERETO (individually
referred to herein as a "Lender", collectively, the "Lenders") and WACHOVIA
BANK, NATIONAL ASSOCIATION, as administrative agent for and as representative on
behalf of the Lenders (in such capacity, the "Administrative Agent").

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

          WHEREAS, the Company has agreed on the terms set forth below to issue
to the Lenders (each Lender, in its capacity as a purchaser hereunder, an
"Investor," and collectively in such capacity, the "Investors") 29,000 shares of
Series C Convertible Preferred Stock, par value $0.01 per share  (the "Series C
Preferred Stock") in consideration for and in satisfaction of indebtedness in
the amount of $29,000,000 currently owing to the Lenders by the Company under
the Existing Credit Agreement (as defined below);

          WHEREAS, simultaneously and in connection with the issuance of such
shares of Series C Preferred Stock, the Lenders have agreed to amend and restate
the terms of the existing Second Amended and Restated Credit Agreement dated as
of June 8, 2000 between the Company, the Lenders and the Administrative Agent
(as amended through the date hereof and as such agreement or any provision
thereof may have otherwise been amended, restated, supplemented, waived or
otherwise modified from time to time prior to the date hereof, the "Existing
Credit Agreement");

          WHEREAS, the Company desires that the Lenders and the Administrative
Agent enter into the Third Amended and Restated Credit Agreement of even date
herewith (as amended, restated, supplemented or modified from time to time in
accordance with the terms thereof, the "Credit Agreement") among the Company,
PlanVista Solutions, Inc. (f/k/a National Preferred Provider Network, Inc.), a
New York corporation and wholly-owned subsidiary of the Company ("PVSI") (PVSI
and the Company being collectively referred to hereinafter as the "Borrowers"
and sometimes individually as a "Borrower"), the Lenders and the Administrative
Agent;

          WHEREAS, the execution and delivery of this Agreement is a condition
precedent to the Lenders' obligation to make Loans (as defined in the Credit
Agreement).

          NOW, THEREFORE, for good and valuable consideration, the receipt of
which are hereby acknowledged by the parties hereto, the parties hereto hereby
agree as follows:
<PAGE>

                                   ARTICLE I
                                  DEFINITIONS

          Section 1.1  Defined Terms.  All capitalized terms used herein and not
                       -------------
otherwise defined herein shall have the respective meanings ascribed to such
terms in the Credit Agreement. For purposes of this Agreement, the following
terms shall have the meanings herein specified unless the context requires
otherwise. Defined terms in this Agreement shall include in the singular number
the plural and in the plural the singular.

          "Administrative Agent" means Wachovia Bank, National Association, in
           --------------------
its capacity as  Administrative Agent for and as representative on behalf of the
Lenders, and any successor thereto appointed pursuant to the Credit Agreement.

          "Agreement" means this Agreement, as the same may be from time to time
           ---------
further modified, amended, amended and restated and/or supplemented together
with all Exhibits and Schedules attached hereto or expressly incorporated herein
by reference.

          "Applicable Law" means all applicable provisions of constitutions,
           --------------
laws, statutes, ordinances, rules, treaties, regulations, permits, licenses,
approvals, interpretations and orders of all Governmental Authorities and all
orders and decrees of all courts and arbitrators.

          "Board" means the Board of Directors of the Company.
           -----

          "Borrower" has the meaning provided in the Recitals to this Agreement.
           --------

          "Business Day" means for all purposes any day other than a Saturday,
           ------------
Sunday or legal holiday on which banks in Charlotte, North Carolina or New York,
New York, are open for the conduct of their commercial banking business.

          "Bylaws" has the meaning provided in Section 4.1.
           ------                              -----------

          "Certificate of Designation" has the meaning provided in Section 2.1.
           --------------------------                              -----------

          "Closing" has the meaning provided in Section 3.1.
           -------                              -----------

          "Closing Date" has the meaning provided in Section 3.1.
           ------------                              -----------

          "Code" means the Internal Revenue Code of 1986, and the rules and
           ----
regulations thereunder, each as amended, supplemented or otherwise modified.

          "Common Stock" has the meaning provided in Section 4.3.
           ------------                              -----------

          "Company" has the meaning provided in the Preamble to this Agreement.
           -------

          "Company Indemnitees" has the meaning provided in Section 8.2(b).
           -------------------                              --------------

          "Company Indemnitor" has the meaning provided in Section 8.2(b).
           ------------------                              --------------

                                       2
<PAGE>

          "control" (including the terms "controlled by" and "under common
           -------
control with"), with respect to the relationship between or among two or more
Persons, means the possession, directly or indirectly, of the power to direct or
cause the direction of the affairs or management of a Person, whether through
the ownership of voting securities, as trustee or executor, by contract or
otherwise.

          "Conversion Shares" has the meaning provided in Section 2.1.
           -----------------                              -----------

          "Credit Agreement" has the meaning provided in the Recitals to this
           ----------------
Agreement.

          "Damages" has the meaning provided in Section 8.2.
           -------                              -----------

          "Employee Benefit Plan" has the meaning assigned to such term in the
           ---------------------
Credit Agreement.

          "Encumbrance" means any security interest, pledge, mortgage, lien
           -----------
(statutory or other), charge, option to purchase, lease or otherwise acquire any
interest or any claim, restriction, covenant, title defect, hypothecation,
assignment, deposit arrangement or other encumbrance of any kind or any
preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever (including, without limitation, any conditional
sale or other title retention agreement).

          "Environmental Laws" means any and all federal, state and local laws,
           ------------------
statutes, ordinances, rules, regulations, permits, licenses, approvals,
interpretations and orders of courts or Governmental Authorities, relating to
the protection of the environment, including, but not limited to, requirements
pertaining to the manufacture, processing, distribution, use, treatment,
storage, disposal, transportation, handling, reporting, licensing, permitting,
investigation or remediation of Hazardous Materials.

          "Equity Securities" of a Person means any capital stock or other
           -----------------
equity interest, or other securities convertible into or exercisable or
exchangeable for capital stock or any other rights, warrants or options to
acquire any of the foregoing securities or to participate in the equity of such
Person, such as stock appreciation rights.

          "ERISA" means the Employee Retirement Income Security Act of 1974, and
           -----
the rules and regulations thereunder, each as amended, supplemented or otherwise
modified.

          "ERISA Affiliate" has the meaning assigned to such term in the Credit
           ---------------
Agreement.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended,
           ------------
and the rules and regulations of the SEC promulgated thereunder.

          "Existing Credit Agreement" has the meaning provided in the Recitals
           -------------------------
to this Agreement.

          "GAAP" means generally accepted accounting principles, as recognized
           ----
by the American Institute of Certified Public Accountants and the Financial
Accounting Standards

                                       3
<PAGE>

Board, consistently applied and maintained on a consistent basis for the Company
and its Subsidiaries throughout the period indicated and consistent with the
prior financial practice of the Company and its Subsidiaries.

          "Governmental Approvals" means all authorizations, consents,
           ----------------------
approvals, licenses and exemptions of, registrations and filings with, and
reports to, all Governmental Authorities.

          "Governmental Authority" means any nation, province, state or other
           ----------------------
political subdivision thereof, and any government or any Person exercising
executive, legislative, regulatory or administrative functions of or pertaining
to government, and any corporation or other entity owned or controlled, through
stock or capital ownership or otherwise, by any of the foregoing.

          "Group" has the meaning assigned to it in Section 13(d)(3) of the
           -----
Exchange Act.

          "Guaranty Obligation" has the meaning assigned to such term in the
           -------------------
Credit Agreement.

          "Hazardous Materials" means any substances or materials (a) which are
           -------------------
or become defined as hazardous wastes, hazardous substances, pollutants,
contaminants, chemical substances or mixtures or toxic substances under any
Applicable Law, (b) which are toxic, explosive, corrosive, flammable,
infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to human
health or the environment and are or become regulated by any Governmental
Authority, (c) the presence of which require investigation or remediation under
any Applicable Law, (d) the discharge or emission or release which requires a
permit or license under any Applicable Law or other Governmental Approval, (e)
which are deemed to constitute a nuisance, or trespass or pose a health or
safety hazard to person or neighboring properties, (f) which are materials
consisting of underground or aboveground storage tanks, whether empty, filled or
partially filled with any substance, or (g) which contain, without limitation,
asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation,
petroleum hydrocarbons, petroleum derived substances or waste, crude oil,
nuclear fuel, natural gas or synthetic gas.

          "Inactive Subsidiary" has the meaning assigned to such term in the
           -------------------
Credit Agreement.

          "Indebtedness" has the meaning assigned to such term in the Credit
           ------------
Agreement.

          "Indemnitees" has the meaning provided in Section 8.2(b).
           -----------                              --------------

          "Indemnitors" has the meaning provided in Section 8.2(b).
           -----------                              --------------

          "Initial Shares" means the 29,000 shares of Series C Preferred Stock
           --------------
to be issued to the Investors at the Closing hereunder.

          "Initial Share Consideration Amount" has the meaning provided in
           ----------------------------------
Section 2.2.
-----------

          "Intellectual Property" means all patents, trademarks, tradenames,
           ---------------------
copyrights, technology, know-how and processes used in or necessary for the
conduct of the business of the

                                       4
<PAGE>

Company and its Subsidiaries as currently conducted that are material to the
condition (financial or otherwise), business or operations of the Company and
its Subsidiaries, taken as a whole.

          "Investor Indemnitees" has the meaning provided in Section 8.2(a).
           --------------------                              --------------

          "Investor Indemnitor" has the meaning provided in Section 8.2(a).
           -------------------                              --------------

          "Investors" has the meaning provided in the Recitals to this
           ---------
Agreement.

          "Issuance of Series C Preferred Stock" has the meaning provided in
           ------------------------------------
Section 2.2.
-----------

          "Lenders" has the meaning provided in the Preamble to this Agreement.
           -------

          "Lien" means any lien, mortgage, pledge, assignment, security
           ----
interest, charge or encumbrance of any kind (including any conditional sale or
other title retention agreement, any lease in the nature thereof, and any
agreement to give any security interest) and any option, trust or other
preferential arrangement having the practical effect of any of the foregoing.

          "Loan Documents" has the meaning assigned to such term in the Credit
           --------------
Agreement.

          "Loans" has the meaning assigned to such term in the Credit Agreement.
           -----

          "Material Adverse Effect" means a material adverse effect upon (a) the
           -----------------------
business, condition (financial or otherwise), operations, performance, prospects
or properties of the Company or any Subsidiary of the Company or (b) the ability
of the Company to consummate the transactions contemplated by the Series C
Documents or perform its obligations thereunder.

          "Material Contract" has the meaning assigned to such term in the
           -----------------
Credit Agreement.

          "Multiemployer Plan" has the meaning assigned to such term in the
           ------------------
Credit Agreement.

          "NYSE" has the meaning provided in Section 6.4.
           ----                              -----------

          "Obligations" has the meaning assigned to such term in the Credit
           -----------
Agreement.

          "Person" means an individual, corporation, limited liability company,
           ------
partnership, association, trust, business trust, joint venture, joint stock
company, pool, syndicate, sole proprietorship, unincorporated organization,
Governmental Authority or any other form of entity or group thereof.

          "PIK Shares" means the shares of Series C Preferred Stock to be issued
           ----------
in payment of dividends on the Series C Preferred Stock upon the Company's
election to do so under the Certificate of Designation.

          "Preferred Stock" has the meaning provided in Section 4.3.
           ---------------                              -----------

                                       5
<PAGE>

          "Restated Certificate" has the meaning provided in Section 2.1.
           --------------------                              -----------

          "Restructured Notes" has the meaning provided in Section 7.1(l).
           ------------------                              --------------

          "Restructuring" has the meaning provided in Section 2.3.
           -------------                              -----------

          "Securities Act" means the Securities Act of 1933, as amended, and the
           --------------
rules and regulations of the SEC promulgated thereunder.

          "SEC" means, at any time, the Securities and Exchange Commission or
           ---
any other federal agency then administering the Securities Act and other federal
securities laws.

          "SEC Reports" has the meaning provided in Section 4.5(a).
           -----------                              --------------

          "Series C Documents" has the meaning provided in Section 4.8(a).
           ------------------                              --------------

          "Series C Preferred Stock" has the meaning provided in the Recitals to
           ------------------------
this Agreement.

          "Shares" means the Initial Shares and the PIK Shares.
           ------

          "Stock Option Plans" means the HealthPlan Services Corporation 1996
           ------------------
Employee Stock Option Plan, the Amended and Restated HealthPlan Services
Corporation 1996 Employee Stock Option Plan, the HealthPlan Services Corporation
1995 Incentive Equity Plan and the 1995 HealthPlan Services Corporation
Directors Stock Option Plan, together with all option agreements pursuant to
which stock options have been granted outside of such plans.

          "Stockholders Agreement" has the meaning provided in Section 4.1.
           ----------------------                              -----------

          "Subsidiary" means (i) any corporation of which a majority of the
           ----------
securities entitled to vote generally in the election of directors thereof, at
the time as of which any determination is being made, are owned by another
entity, either directly or indirectly, and (ii) any joint venture, general or
limited partnership, limited liability company or other legal entity in which an
entity is the record or beneficial owner, directly or indirectly, of a majority
of the voting interests or the general partner.

          "Taxes" means all taxes, charges, fees, levies, penalties or other
           -----
assessments imposed by any United States federal, state, local or foreign taxing
authority, including, but not limited to, income, excise, property, sales and
use, transfer, franchise, payroll, withholding, social security or other taxes,
including any interest, penalties or additions attributable thereto.

          "Tax Return" means any return, report, information return or other
           ----------
document (including any related or supporting information) filed or required to
be filed with any taxing authority with respect to Taxes.

          Section 1.2  Miscellaneous.  The words "hereof", "herein" and
                       -------------
"hereunder" and words of similar import when used in this Agreement shall refer
to this Agreement as a whole and not to any particular provision of this
Agreement. The use in this Agreement of the word

                                       6
<PAGE>

"include" or "including", when following any general statement, term or matter,
shall not be construed to limit such statement, term or matter to the specific
items or matters set forth immediately following such word or to similar items
or matters, whether or not nonlimiting language (such as "without limitation" or
"but not limited to" or words of similar import) is used with reference thereto,
but rather shall be deemed to refer to all other items or matters that fall
within the broadest possible scope of such general statement, term or matter.

                                  ARTICLE II
            ISSUANCE OF SERIES C PREFERRED STOCK AND RESTRUCTURING

          Section 2.1  Authorization of Shares.  The Company has authorized (i)
                       -----------------------
the issuance to the Investors of up to 40,000 shares of Series C Preferred Stock
comprising of the Initial Shares and the PIK Shares (collectively, the "Shares")
                                                                        ------
and (ii) the issuance of shares of Common Stock to be issued upon conversion of
the Shares (the "Conversion Shares").  The Shares shall have the rights,
                 ----------------
preferences, privileges and restrictions set forth in the Series C Certificate
of Designation of the Company in the form attached hereto as Exhibit A (the
                                                             ---------
"Certificate of Designation") and the Conversion Shares shall have the rights,
---------------------------
preferences, privileges and restrictions set forth in the Amended and Restated
Certificate of Incorporation of the Company, as amended through the date hereof,
attached hereto as Exhibit B (the "Restated Certificate").
                   ---------       --------------------

          Section 2.2  Issuance of Series C Preferred Stock.  Subject to the
                       ------------------------------------
terms and conditions hereof, at the Closing, the Company shall issue to the
Investors the Initial Shares (the "Issuance of Series C Preferred Stock") in
                                   ------------------------------------
consideration for and in satisfaction of indebtedness in the sum of $29,000,000
under the Existing Credit Agreement (the "Initial Share Consideration Amount").
                                          ----------------------------------
The number of Initial Shares to be issued to each Investor shall be equal to the
amount set forth opposite such Investor's name on Schedule 2.2 attached hereto.
                                                  ------------
The Company and the Investors agree to treat the Initial Shares as having a fair
market value of $29,000,000 for federal and state income tax purposes and to
file their respective Tax Returns consistently therewith.

          Section 2.3  Credit Agreement.  Subject to the terms and conditions
                       ----------------
hereof, at the Closing, the Company, each Investor and the Administrative Agent
hereby agree to enter into the Credit Agreement and the other Loan Documents
(the consummation of the transactions contemplated by the Credit Agreement and
the other Loan Documents together with the Issuance of Series C Preferred Stock
and the other transactions contemplated hereby, collectively referred to herein
as the "Restructuring").
        -------------

                                  ARTICLE III
                               CLOSING, DELIVERY

          Section 3.1  The Closing.  The closing of the Restructuring (the
                       -----------
"Closing") shall take place on April 12, 2002 (such date, the "Closing Date"),
 -------                                                       ------------
at the offices of O'Melveny & Myers LLP, 153 East 53rd Street, New York, NY, or
at such other location as may be mutually agreed by the Company and the
Investors.

                                       7
<PAGE>

     Section 3.2    Delivery.  At the Closing, subject to the terms and
                    --------
conditions hereof, the Company shall deliver to the Investors certificates
evidencing the Initial Shares to be issued to such Investor in accordance with
Section 2.2, registered in such Investor's or its nominee's name.
-----------

                                   ARTICLE IV
                 REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     The Company hereby represents and warrants to each Investor as follows:

     Section 4.1    Corporate Existence and Power.  Each of the Company and its
                    -----------------------------
Subsidiaries is a corporation or other entity duly organized, validly existing
and in good standing under the laws of the jurisdiction of incorporation or
formation, as the case may be, and has all requisite power and authority to own,
lease and operate its properties and assets and to carry on its business as
currently conducted.  The Company has all requisite corporate power and
authority to execute and deliver this Agreement and the Stockholders Agreement
in the form attached hereto as Exhibit C (the "Stockholders Agreement"), to
                               ---------       ----------------------
issue the Shares and the Conversion Shares and consummate the transactions
contemplated hereby and thereby and to perform its obligations hereunder and
thereunder.  Each of the Company and its Subsidiaries is duly qualified and is
authorized to do business and is in good standing as a foreign corporation or
other entity in all jurisdictions in which the character or location of its
activities and of the properties owned or operated by it makes such
qualification necessary except where the failure to be so qualified would not
have a Material Adverse Effect on the Company and its Subsidiaries.  The Company
has provided to the Investors a complete and correct copy of the Restated
Certificate and of its Bylaws, as amended through the date hereof, attached
hereto as Exhibit D (the "Bylaws").
          ---------       ------

     Section 4.2    Subsidiaries.
                    ------------

     (a) Schedule 4.2(a) accurately sets forth each Subsidiary of the Company,
         ---------------
including its name, place of incorporation or formation, and if not wholly owned
directly or indirectly by the Company, the record ownership as of the date of
this Agreement of all capital stock or other equity interests issued thereby.
All shares of capital stock or other equity interests of any Subsidiary directly
or indirectly owned by the Company have been duly authorized and validly issued,
are fully paid and nonassessable and are directly or indirectly owned by the
Company free and clear of any Encumbrance and have not been issued in violation
of, nor subject to, any preemptive, subscription or other similar rights.

     (b) Except for the Subsidiaries and as set forth on Schedule 4.2(b), the
                                                         ---------------
Company does not own any capital stock, membership interests, security or other
interest in any other Person, and except as set forth on Schedule 4.2(b),
                                                         ---------------
neither the Company nor any of its Subsidiaries has any written, or to the
knowledge of the Company, oral understanding or agreement to provide funds to,
or make any investment (in the form of a loan, capital contribution or
otherwise) in, any other Person.

                                       8
<PAGE>

     Section 4.3    Capitalization; Voting Rights.
                    -----------------------------

     (a) As of April 1, 2002, the capitalization of the Company consisted of the
following:  (i) 100,000,000 shares of Common Stock, par value $0.01 per share
(the "Common Stock"), (1) 15,907,486 shares of which were issued and
      ------------
outstanding, (2) 2,466,037 shares of which were reserved for future issuance
under the Stock Option Plans (of which 1,871,637 shares are reserved for
issuance pursuant to outstanding stock options and 594,400 shares are reserved
for issuance pursuant to stock options and other rights which may be granted in
the future, (3) 1,224,369 shares of which were reserved for issuance upon
conversion of the Restructured Notes referred to in Sections 7.1(l)(i) and
7.1(l)(iv) into shares of Common Stock in connection with the Restructuring, and
(4) ________ shares were reserved for issuance upon conversion of the
Restructured Notes referred to in Section 7.1(l)(ii) and upon exercise of
warrants issued in connection with the restructuring of such notes (the amounts
in the preceding clauses (3) and (4) being subject, nevertheless, to Section 6.6
hereof); (ii) 20,000,000 shares of Preferred Stock, par value $0.01 per share
(the "Preferred Stock"), none of which are issued and outstanding.  All
      ---------------
previously outstanding shares of Preferred Stock designated Series A Preferred
Stock and Series B Preferred Stock have been redeemed and retired, and restored
to the status of authorized, unissued and undesignated Preferred Stock.  The
rights, preferences, privileges and restrictions of the Preferred Stock are as
stated in the Restated Certificate and such other certificates of designations
as have been delivered to Investors on or prior to the date hereof.

     (b) All issued and outstanding shares of the Company's capital stock (i)
have been duly authorized and validly issued, (ii) are fully paid and
nonassessable, (iii) were issued in compliance with all applicable state and
federal laws concerning the issuance of securities and (iv) were not issued in
violation of, or subject to, any preemptive, subscription or other similar
rights of any other Person.

     (c) The Company has delivered to each Investor a copy of each of the
Company's Stock Option Plans.  Schedule 4.3(c) sets forth a true and complete
                               ---------------
summary of Equity Securities of the Company, including all options issued under
the Stock Option Plans, including the holder, issue date, exercise price and
vesting status of such option or other Equity Security.  Except as set forth on
Schedule 4.3(c), other than the 2,466,037 shares reserved for issuance upon the
---------------
exercise of options outstanding or to be granted under the Stock Option Plans,
the stock options issued pursuant to the Stock Option Plans, outstanding
warrants to purchase no shares of Common Stock, and except as may be granted
pursuant to this Agreement, there are no outstanding subscriptions, options,
calls, warrants, rights (including conversion or preemptive rights and rights of
first refusal), proxy or stockholder agreements, agreements or other Equity
Securities of any kind for the purchase or acquisition from the Company or any
Subsidiary of any of their securities, nor has the Company taken or agreed to
take any action to issue or grant the same.  Except as described in this
Agreement or set forth on Schedule 4.3(c), (x) there are no outstanding
                          ---------------
obligations of the Company or any of its Subsidiaries to repurchase, redeem or
otherwise acquire any securities of the Company or any voting or Equity
Securities or interests of any Subsidiary, (y) there is no voting trust, proxy,
stockholder or other agreements or understandings to which the Company or any of
its Subsidiaries or, to the knowledge of the Company, any of its stockholders is
a party or is bound with respect to the voting or transfer of the capital stock
or other voting securities of the Company or any of its Subsidiaries and (z)
there are no other subscriptions, options, calls, warrants or other rights
(including registration rights, whether demand or piggyback registration
rights), agreements, arrangements or commitments of any character relating to
the issued or unissued Equity Securities of the Company or any of its

                                       9
<PAGE>

Subsidiaries to which the Company or any of its Subsidiaries is a party.  Except
as set forth on Schedule 4.3(c), the consummation of the transactions
                ---------------
contemplated by this Agreement and the Stockholders Agreement will not trigger
the anti-dilution provisions or other price adjustment mechanisms of any
outstanding subscriptions, options, calls, warrants, commitments, contracts,
preemptive rights, rights of first refusal, demands, conversion rights or other
Equity Security agreements or arrangements of any character or nature whatsoever
under which the Company is or may be obligated to issue or acquire shares of any
of its capital stock.  The issuance of the Shares (including Conversion Shares)
is not and will not be subject to any preemptive rights, rights of first
refusal, subscription or similar rights that have not been properly waived.

     (d) The Shares have been duly and validly authorized and the Conversion
Shares have been duly and validly reserved for issuance.  Upon issuance of the
Initial Shares, any Shares issued as PIK Shares and the Conversion Shares in
accordance with the provisions of this Agreement and the Certificate of
Designation or the Restated Certificate, as the case may be, such shares will be
duly authorized, validly issued, fully paid and nonassessable, will be delivered
to each Investor free and clear of all Encumbrances (other than limitations on
transfer required by the Securities Act and those placed thereon pursuant to the
Stockholders Agreement) and will have the rights, preferences, privileges and
restrictions set forth in the Certificate of Designation or the Restated
Certificate, as the case may be.

     Section 4.4    Authorization; Binding Obligations.  All corporate action on
                    ----------------------------------
the part of the Company, its officers, directors and stockholders necessary for
the designation of the Series C Preferred Stock, the execution and delivery of
this Agreement, the Stockholders Agreement and the Loan Documents, the
consummation of the transactions contemplated hereby and thereby and the
performance of all obligations of the Company hereunder and thereunder as of the
Closing Date has been taken or will be taken prior to the Closing Date.  The
authorizations taken as described in the preceding sentence provide that neither
the Investors as a group nor any Investor will be an "interested stockholder" of
the Company (as that term is used in Section 203 of the Delaware General
Corporation Law) as a result of their acquisition of the Series C Preferred
Stock, the Conversion Shares, or the consummation of any of the transactions
contemplated by the Series C Documents.  This Agreement, the Stockholders
Agreement and the Loan Documents have been or will be duly executed and
delivered by the Company.  This Agreement is and the Stockholders Agreement and
Loan Documents will be (assuming in each case due execution and delivery by the
Investors), legal, valid and binding obligations of the Company enforceable
against it in accordance with their respective terms, subject to the effects of
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors' rights generally or by
general equitable principles (whether considered in a proceeding in equity or at
law).

     Section 4.5    SEC Reports; Financial Statements.
                    ---------------------------------

     (a) The Company has filed with the SEC all forms, reports, schedules, proxy
statements (collectively, and in each case including all exhibits and schedules
thereto and documents incorporated by reference therein, the "SEC Reports")
                                                              -----------
required to be filed by the Company with the SEC since January 1, 2001.  As of
its date of filing, each SEC Report complied in all material respects with the
requirements of the Exchange Act or the Securities Act  and none of such SEC
Reports (including any and all financial statements included therein)

                                      10
<PAGE>

contained when filed or (except to the extent revised or superceded by a
subsequent filing with the SEC prior to the date hereof) contains any untrue
statement of a material fact or omitted or omits to state a material fact
required to be stated therein or necessary to make the statements made therein,
in light of the circumstances under which they were made, not misleading.

     (b) The consolidated balance sheet of the Company and its Subsidiaries as
of December 31, 2001 and the related consolidated statements of income and
retained earnings and cash flows for the twelve-month period then ended, copies
of which have been furnished to the Investors (collectively, the "2001 Financial
Statements"), when read together with the other financial information pertaining
to the Company and its Subsidiaries which has heretofore been furnished in
writing to the Investors, fairly present the assets, liabilities and financial
position  of the Company and its Subsidiaries on a consolidated basis as at such
dates, and the results of the operations and changes of financial position on a
consolidated basis for the periods then ended.  All such financial statements,
including the related schedules and notes thereto, have been prepared in
accordance with GAAP applied consistently throughout the periods involved except
as indicated in the notes thereto and comply as to form, as of its date of
filing with the SEC (or, in the case of the 2001 Financial Statements, when
filed with the SEC together with the report of the Company's auditors thereon,
will comply) , in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto.  There
will be no material adjustments made to the 2001 Financial Statements prior to
their filing with the SEC.  Neither the Company nor any of its Subsidiaries has
any material Indebtedness, obligation or other unusual forward or long-term
commitment which is required to be reflected or reserved for and is not fairly
reflected or reserved for in the foregoing financial statements or in the notes
thereto.  Since the date of the most recent balance sheet included in the SEC
Reports, none of them has incurred liabilities or any other obligations
whatsoever that are material (individually or in the aggregate) to the Company
and its Subsidiaries, taken as a whole, except current liabilities incurred in
the ordinary course of business consistent with past practice and liabilities
related to the restructuring contemplated hereby.

     Section 4.6    Offering Valid.  Assuming the accuracy of the
                    --------------
representations and warranties of the Investors contained in Section 5.2 hereof,
                                                             -----------
the offer, sale and issuance of the Shares will be exempt from the registration
requirements of the Securities Act and will have been registered or qualified
(or are exempt from registration and qualification) under the registration,
permit or qualification requirements of all applicable state securities laws.

     Section 4.7    Certain Agreements or Obligations.
                    ---------------------------------

     (a) Except as set forth on Schedule 4.7(a) or disclosed in the SEC Reports,
                                ---------------
there are no contracts, agreements, understandings or proposed transactions
between the Company or any Subsidiary and any of its officers, directors or
Affiliates or any family member or Affiliate thereof that would be required to
be disclosed pursuant to Item 404 of Regulation S-K of the SEC.

     (b) Except as disclosed in the SEC Reports, there are no obligations of the
Company or any Subsidiary to their respective officers, directors, stockholders,
or employees or any family member or Affiliate thereof other than (a) for
payment of salary or directors fees for services rendered, (b) reimbursement for
reasonable expenses incurred on behalf of the Company

                                      11
<PAGE>

or Subsidiary and (c) for other standard employee benefits made generally
available to all employees (including stock option agreements outstanding under
the Stock Option Plans). Except as set forth on Schedule 4.7(b), neither the
                                                ---------------
Company nor any Subsidiary is a guarantor or indemnitor of any indebtedness of
any other Person. Except as disclosed in the SEC Reports or as set forth on
Schedule 4.7(b), neither the Company nor any Subsidiary is indebted, directly or
---------------
indirectly, to any of their respective officers, directors or stockholders or to
any family member or Affiliate thereof, in any amount whatsoever, other than for
normal travel advances or reimbursement for normal business expenses; and none
of such officers, directors or stockholders or any family member or Affiliate
thereof is indebted to the Company or any Subsidiary. Schedule 4.7(b) sets forth
                                                      --------------
a description of all transactions since January 1, 2001, between the Company and
any of its officers, directors and stockholders, and their respective spouses
and children in which such persons had a direct or indirect material interest
which are not disclosed in the SEC Reports.

     Section 4.8    Compliance with Law; Governmental Approvals.
                    -------------------------------------------

     (a) The execution and delivery by the Company of this Agreement, the
Certificate of Designation and the Stockholders Agreement (collectively, the
"Series C Documents") and the Loan Documents, and its performance of its
-------------------
obligations under the Series C Documents and the Loan Documents in accordance
with their respective terms, the issuance of the Series C Preferred Stock and
the consummation of the transactions contemplated hereby and thereby do not and
will not, by the passage of time, the giving of notice or otherwise, (i) require
any Governmental Approval not previously obtained and disclosed in writing to
the Investors or violate any Applicable Law relating to the Company or any of
its Subsidiaries, (ii) conflict with, result in a breach of or constitute a
default under the articles of incorporation, by-laws or other organizational
documents of the Company or any of its Subsidiaries or any indenture, agreement
or other instrument to which such Person is a party or by which any of its
properties may be bound or any Governmental Approval relating to such Person,
(iii) result in or require the creation or imposition of any Lien upon or with
respect to any property now owned or hereafter acquired by such Person, or (iv)
require any approval of stockholders or similar equity holders or any approval
or consent of any Person under any indenture, agreement or other instrument to
which such Person is a party or by which any of its properties may be bound,
except for such Governmental Approvals or other approvals or consents listed on
Schedule 4.8(a) which will be obtained on or before the Closing Date.
---------------

     (b) The Company and each of its Subsidiaries (i) have all Governmental
Approvals required by any Applicable Law for them to conduct their respective
business (except where the failure to have any such approval could not
reasonably be expected to have a Material Adverse Effect), each of which is in
full force and effect, is final and not subject to review on appeal and is not
the subject of any pending or, to the best of any of their knowledge, threatened
attack by direct or collateral proceeding, and (ii) are in compliance with each
Governmental Approval applicable to them and in all material respects with all
other Applicable Laws relating to them or any of their respective properties,
except where the failure to so comply could not reasonably be expected to have a
Material Adverse Effect.

     Section 4.9    Tax Returns and Payments.  The Company and its Subsidiaries
                    ------------------------
have duly filed or caused to be filed all federal, state, local and other tax
returns required by

                                      12
<PAGE>

Applicable Law to be filed, and, have paid, except to the extent permitted by
Section 8.4 of the Existing Credit Agreement, all federal, state, local and
-----------
other taxes, assessments and governmental charges or levies upon them and their
respective property, income, profits and assets which are due and payable. No
Governmental Authority has asserted any Lien or other claim against the Company
or any of its Subsidiaries with respect to unpaid taxes which has not been
discharged or resolved. The charges, accruals and reserves on the books of the
Company and each of its Subsidiaries in respect of federal, state, local and
other taxes for all fiscal years and portions thereof since the formation of
such Person are in the judgment of each such Person adequate, and the Company
and each of its Subsidiaries do not anticipate any additional taxes or
assessments for any of such years.

     Section 4.10   Franchises, Intellectual Property and Computer Equipment.
                    --------------------------------------------------------

     (a) Except where the failure to do so could not reasonably be expected to
have a Material Adverse Effect, the Company and each of its Subsidiaries own or
possess rights to use all franchises, licenses, copyrights, copyright
applications, patents, patent rights or licenses, patent applications,
trademarks, trademark rights, trade names, trade name rights, copyrights and
rights with respect to the foregoing which are required to conduct their
respective businesses as now and presently planned to be conducted without any
conflict with the rights of others.  No event has occurred which permits, or
after notice or lapse of time or both would permit, the revocation or
termination of any such rights, and neither the Company nor any of its
Subsidiaries is liable to any Person for infringement under Applicable Law with
respect to any such rights as a result of their business operations.

     (b) Except where the failure to do so could not reasonably be expected to
have a Material Adverse Effect, the Company and each of its Subsidiaries have
such title to or the right to use, by license or other agreement, all computer
software programs used thereby as are necessary to permit the Company and each
such Subsidiary to conduct their respective operations as currently conducted,
without any known conflict with the rights of others or any known use by others
which conflicts, in any material respect, with the rights of the Company or any
such Subsidiary.

     Section 4.11   Environmental Matters.  None of the Company, any of its
                    ---------------------
Subsidiaries, or any of their respective properties and operations is in
violation in any material respect of any applicable Environmental Law.  Without
limiting the generality of the preceding sentence, (i) none of the Company, any
of its Subsidiaries, or any of their respective properties and operations is
subject to any existing, pending or threatened investigation, inquiry or
proceeding by any Governmental Authority or to any remedial obligations under
any Environmental Law; and (ii) all material notices, permits, licenses or
similar authorizations, if any, required to be obtained or filed by the Company
and each of its Subsidiaries relating to Hazardous Materials, including, without
limitation, past or present treatment, storage, disposal or release of any
Hazardous Materials or solid waste by the Company or any of its Subsidiaries
into the environment, have been obtained or applications for such permits and
licenses have been filed and the Company and each of its Subsidiaries are in
full compliance in all material respects with the requirements of such permits,
licenses or authorizations.

                                      13
<PAGE>

     Section 4.12   ERISA.  Except as set forth on Schedule 4.12 as of the
                    -----                          -------------
Closing Date, the Company and each of its Subsidiaries and each ERISA Affiliate
are in compliance in all material respects with applicable provisions of ERISA
and the regulations and published interpretations thereunder with respect to all
Employee Benefit Plans except for any required amendments for which the remedial
amendment period as defined in Section 401(b) of the Code has not yet expired.
Each Employee Benefit Plan that is intended to be qualified under Section 401(a)
of the Code either has been determined by the Internal Revenue Service to be so
qualified or will be submitted to the IRS in a timely fashion to obtain such a
determination, and each trust related to each such plan either has been
determined to be exempt under Section 501(a) of the Code, or will be submitted
to the IRS in a timely fashion for a determination under Section 501(a) of the
Code.  No material liability has been incurred by the Company or any of its
Subsidiaries or any ERISA Affiliate which remains unsatisfied with respect to
any Employee Benefit Plan or any Multiemployer Plan.

     Section 4.13   Government Regulation.  Neither the Company nor any of its
                    ---------------------
Subsidiaries is an "investment company" or a company "controlled" by an
"investment company" (as each such term is defined or used in the Investment
Company Act of 1940, as amended) and neither the Company nor any of its
Subsidiaries is, or after giving effect to the consummation of the transactions
contemplated by the Series C Documents will be, subject to regulation under the
Public Utility Holding Company Act of 1935 or the Interstate Commerce Act, each
as amended, or any other Applicable Law which limits its ability to incur or
consummate the transactions contemplated hereby.

     Section 4.14   Material Contracts.  Schedule 4.14 sets forth a complete and
                    ------------------   -------------
accurate list of all Material Contracts of the Company and each of its
Subsidiaries in effect as of the Closing Date.  Other than as set forth in
Schedule 4.14, each Material Contract is, and after giving effect to the
-------------
consummation of the transactions contemplated by the Series C Documents and the
Loan Documents will be, in full force and effect in accordance with the terms
thereof; and there are no material defaults by the Company or any such
Subsidiary (other than as may be disclosed on Schedule 4.14 as of the Closing
                                              -------------
Date) or, to the best of the Company's knowledge after due inquiry, by any other
party under any such Material Contract.  To the extent requested by the
Administrative Agent, the Company has delivered to the Administrative Agent a
true and complete copy of each Material Contract required to be listed on
Schedule 4.14 and, no later than five (5) Business Days following the execution
-------------
thereof, (i) will deliver each other Material Contract entered into after the
Closing Date and (ii) supplement promptly Schedule 4.14 with a written notice to
                                          -------------
the Administrative Agent of an accurate and complete list of all new Material
Contracts.

     Section 4.15   Employee Relations.  The Company and each of its
                    ------------------
Subsidiaries have a stable work force in place and are not, except as set forth
on Schedule 4.15 as of the Closing Date, party to any collective bargaining
   -------------
agreement nor has any labor union been recognized as the representative of its
employees.  The Company knows of no pending, threatened or contemplated strikes,
work stoppage or other collective labor disputes involving its employees or the
employees of any of its Subsidiaries.

     Section 4.16   Burdensome Provisions.  Neither the Company nor any of its
                    ---------------------
Subsidiaries is a party to any indenture, agreement, lease or other instrument,
or subject to any

                                      14
<PAGE>

corporate or partnership restriction, Governmental Approval or Applicable Law
which is so unusual or burdensome as in the foreseeable future could have a
Material Adverse Effect. Neither the Company nor any of its Subsidiaries
presently anticipates that future expenditures needed to meet the provisions of
federal or state statutes, orders, rules or regulations of a Governmental
Authority will be so burdensome as to have a Material Adverse Effect.

     Section 4.17   No Material Adverse Change; No Restricted Payment.  Since
                    -------------------------------------------------
December 31, 2001, there has been no material adverse change in the properties,
businesses, results of operations, or financial or other condition of the
Company and its Subsidiaries taken as a whole, including, but not limited to,
any material adverse change resulting from any fire, explosion, accident,
drought, storm, hail, earthquake, embargo, act of God, or of the public enemy or
other casualty (whether or not covered by insurance).  Neither the Company nor
any of its Subsidiaries has directly or indirectly declared, ordered, paid or
made, or set apart any sum or property for, any payments, dividends or other
distributions prohibited by Section 10.7 of the Existing Credit Agreement or
                            ------------
agreed to do so.

     Section 4.18   Titles to Properties; Real Property.
                    -----------------------------------

     (a) The Company and its Subsidiaries have such title to the real property
owned in fee or leased by them as is appropriate to the conduct of their
respective businesses, and valid and legal title to all of their respective
personal property and assets, including, but not limited to, those reflected on
the consolidated financial statements of the Company and its Subsidiaries
delivered pursuant to Section 4.5(b) or in the most recent financial statements
                      --------------
delivered pursuant to Section 7.1 of the Existing Credit Agreement, except those
                      -----------
which have been disposed of subsequent to the date of such financial statements
in the ordinary course of business.

     (b) As of the Closing Date, Schedule 4.18 annexed hereto contains a true,
                                 -------------
accurate and complete list of (A) all interests owned by the Company or any of
its Subsidiaries in any real property and (B) all leases, subleases or
assignments of leases (together with all amendments, modifications, supplements,
renewals or extensions of any thereof) affecting any such interest of the
Company or any such Subsidiary, regardless of whether the Company or such
Subsidiary is the landlord or tenant (whether directly or as an assignee or
successor in interest) under such lease, sublease or assignment and regardless
of whether the Company or such Subsidiary is actually in possession or occupying
the demised premises under such lease, sublease or assignment.  Except as
specified in Schedule 4.18 annexed hereto, each agreement listed in clause (B)
             -------------
of the immediately preceding sentence is in full force and effect and the
Company does not have knowledge of any default that has occurred and is
continuing thereunder, and each such agreement constitutes the legally valid and
binding obligation of each of the Company and/or one or more of its
Subsidiaries, as applicable, enforceable against such Person in accordance with
its terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors'
rights generally or by equitable principles.

     Section 4.19   Liens.  Except for Liens existing on the Closing Date and
                    -----
described on Schedule 4.19, none of the properties and assets owned by the
             -------------
Company or any of its Subsidiaries is subject to any Lien, except Liens
permitted pursuant to Section 10.3 of the
                      ------------

                                      15
<PAGE>

Existing Credit Agreement. No financing statement under the Uniform Commercial
Code of any state which names the Company or any of its Subsidiaries or any of
their respective trade names or divisions as debtor and which has not been
terminated, has been filed in any state or other jurisdiction and neither the
Company nor any of its Subsidiaries has signed any such financing statement or
any security agreement authorizing any secured party thereunder to file any such
financing statement, except to perfect those Liens listed on Schedule 4.19.
                                                             -------------

     Section 4.20   Indebtedness and Guaranty Obligations.  Schedule 4.20 is a
                    -------------------------------------   -------------
complete and correct listing of all Indebtedness and Guaranty Obligations of the
Company and each of its Subsidiaries as of the Closing Date.  Except as set
forth on Schedule 4.20, (i) the Company and each of its Subsidiaries have
         -------------
performed and are in compliance with all of the terms of such Indebtedness and
Guaranty Obligations and all instruments and agreements relating thereto, and
(ii) no default or event of default, or event or condition which with notice or
lapse of time or both would constitute such a default or event of default on the
part of the Company or any of its Subsidiaries exists with respect to any such
Indebtedness or Guaranty Obligation.  To the extent requested by the
Administrative Agent, the Company has delivered to the Administrative Agent a
true and complete copy of each instrument and agreement evidencing such
Indebtedness and Guaranty Obligation.

     Section 4.21   Litigation.  Part A to Schedule 4.21 sets forth a complete
                    ----------             -------------
and accurate list of all actions, suits or proceedings at law or in equity
pending or, to the knowledge, threatened against or in any other way relating
adversely to or affecting the Company or any of its Subsidiaries or any of their
respective properties in any court or before any arbitrator of any kind or
before or by any Governmental Authority as of the Closing Date.  Except as set
forth on Part B to Schedule 4.21 as of the Closing Date, there are no actions,
                   -------------
suits or proceedings at law or in equity pending nor, to the knowledge of the
Company or any of its Subsidiaries, threatened against or in any other way
relating adversely to or affecting the Company or any of its Subsidiaries or any
of their respective properties in any court or before any arbitrator of any kind
or before or by any Governmental Authority which, if adversely determined, could
reasonably be expected to have a Material Adverse Effect.  There are no material
outstanding or unpaid judgments against the Company or any of its Subsidiaries.

     Section 4.22   Absence of Defaults.  (i)  No event has occurred or is
                    -------------------
continuing which constitutes a Default or an Event of Default (in each case, as
defined in the Credit Agreement) and (ii) no event has occurred and is
continuing which constitutes, or which with the passage of time or giving of
notice or both would constitute, a default or event of default by the Company or
any of its Subsidiaries under any Material Contract (other than the Credit
Agreement) or judgment, decree or order to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries or
any of their respective properties may be bound or which would require the
Company or any of its Subsidiaries to make any payment thereunder prior to the
scheduled maturity date therefor, any of which events referred to in this clause
(ii) could reasonably be expected to have a Material Adverse Effect.

     Section 4.23   No Broker.  Neither the Company nor any of its Subsidiaries
                    ---------
has employed any broker or finder, or incurred any liability for any brokerage
or finders' fees or any similar fees or commissions in connection with the
transactions contemplated by this Agreement,
<PAGE>

except for the restructuring fee payable in connection with the Credit Agreement
or as set forth on Schedule 4.23.
                   -------------

     Section 4.24   Inactive Subsidiaries.  No Inactive Subsidiary conducts any
                    ---------------------
business, has any assets or revenue or is obligated with respect to any
liabilities.

     Section 4.25   Restructured Notes.  The Company has furnished to the
                    ------------------
Investors true and complete copies of the instruments and documents relating to
the restructuring of the obligations of the Company under each of the
Restructured Notes.  No agreement or understanding exists with respect to the
obligations under the Restructured Notes that have not been disclosed to the
Investors.

     Section 4.26   Accuracy and Completeness of Information.  All written
                    ----------------------------------------
information, reports and other papers and data produced by or on behalf of the
Company and furnished to the Investors were, at the time the same were so
furnished, complete and correct in all material respects to the extent necessary
to give the recipient a true and accurate knowledge of the subject matter.  No
document furnished or written statement made to the Administrative Agent or the
Investors by the Company in connection with the negotiation, preparation or
execution of this Agreement, any of the other Series C Documents or any of the
Loan Documents contains or will contain any untrue statement of a fact or omits
or will omit to state a fact necessary in order to make the statements contained
therein not misleading.  The Company is not aware of any facts not disclosed in
writing to the Administrative Agent or the Investors which could reasonably be
expected to have a Material Adverse Effect.

     Section 4.27   Survival of Representations and Warranties, etc.  All
                    -----------------------------------------------
representations and warranties set forth in this Article IV and all
                                                 ----------
representations and warranties contained in any certificate, any of the Series C
Documents or any of the Loan Documents (in each case including but not limited
to any such representation or warranty made in or in connection with any
amendment thereto) shall constitute representations and warranties made under
this Agreement.  All representations and warranties made under this Agreement
shall be made or deemed to be made at and as of the Closing Date, shall survive
the Closing Date and shall not be waived by the execution and delivery of this
Agreement.

                                   ARTICLE V
                REPRESENTATIONS AND WARRANTIES OF THE INVESTORS

     Each Investor (as to itself only) hereby represents and warrants to the
Company as follows:

     Section 5.1    Requisite Power and Authority.  Such Investor has all
                    -----------------------------
requisite power and authority to execute and deliver this Agreement and the
Stockholders Agreement, to consummate the transactions contemplated hereby and
thereby and to perform its obligations hereunder and thereunder.  All action on
such Investor's part necessary for the execution and delivery of this Agreement
and the Stockholders Agreement, the consummation of the transactions
contemplated hereby and thereby and the performance of all obligations of such
Investor hereunder and thereunder as of the Closing Date has been or will be
effectively taken prior to the Closing Date.  This Agreement has been and the
Stockholders Agreement will be

                                      17
<PAGE>

duly executed and delivered by such Investor. This Agreement is and the
Stockholders Agreement will be (assuming in each case due execution and delivery
by the Company), legal, valid and binding obligations of such Investor,
enforceable against it in accordance with their terms, subject to the effects of
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors' rights generally or by
general equitable principles (whether considered in a proceeding in equity or at
law).

     Section 5.2    Investment Representations.  Such Investor acknowledges that
                    --------------------------
the Shares and the Conversion Shares have not been registered under the
Securities Act or under any state securities laws.  Such Investor (a) is
acquiring the Shares and the Conversion Shares for investment for its own
account, not as a nominee or agent, and not with the view to, or for resale in
connection with, any distribution thereof, (b) is an "accredited investor"
within the meaning of Regulation D, Rule 501(a), promulgated by the SEC, (c)
acknowledges that the Shares and the Conversion Shares must be held indefinitely
unless subsequently registered under the Securities Act or unless an exemption
from the registration requirements of the Securities Act is available and (d)
represents that by reason of its business or financial experience, such Investor
has the capacity to protect its own interests in connection with the
transactions contemplated by this Agreement and the Stockholders Agreement.
Such Investor has had an opportunity to discuss the Company's business,
management and financial affairs with the Company's management.  Such Investor
has had an opportunity to ask questions of and receive answers from, officers of
the Company.  Such Investor understands that such discussions, as well as any
other written information issued by the Company, were intended to describe
certain aspects of the Company's business and operations, but were not an
exhaustive description.

     Section 5.3    Litigation.  There is no action, suit or proceeding at law
                    ----------
or in equity pending, or to such Investor's knowledge, currently threatened
against such Investor which, if adversely determined, would, individually or in
the aggregate, reasonably be expected to have a material adverse effect on the
ability of such Investor to perform its obligations under this Agreement and the
Stockholders Agreement and to consummate the transactions contemplated hereby
and thereby.

     Section 5.4    No Broker.  Such Investor has not employed any broker or
                    ---------
finder, or incurred any liability for any brokerage or finders' fees or any
similar fees or commissions in connection with the transactions contemplated by
this Agreement.

                                  ARTICLE VI
                  COVENANTS OF THE COMPANY AND THE INVESTORS

     Section 6.1    Efforts.  Each party hereto agrees to use commercially
                    -------
reasonable efforts to take any and all actions required in order to consummate
the transactions contemplated in this Agreement and the Stockholders Agreement.

     Section 6.2    Reservation of Shares.  From and after the Closing, the
                    ---------------------
Company shall at all times reserve and keep available for issuance (a) 11,000
shares of Series C Preferred Stock for payment of the dividends on the Shares
and (b) such number of its authorized but unissued shares of Common Stock as
shall be sufficient to permit the issuance of all of the Conversion Shares.
Following the filing of the Certificate of Designation, the Company shall

                                      18
<PAGE>

(until the Shares have been converted or redeemed pursuant to their terms)
reserve 100,000 shares of Preferred Stock to be issued in payment of the
dividends on the Shares in the event that the number of shares reserved pursuant
to clause (a) of this Section 6.2 are insufficient to pay such dividends and if
                      -----------
necessary at any time, the Company will amend the Certificate of Designation to
provide for the increase in the authorized number of shares with respect to each
such series of Preferred Stock.

     Section 6.3    Regulatory and Other Authorizations; Notices and Consents.
                    ---------------------------------------------------------
Each of the parties hereto shall use their commercially reasonable efforts to
give such notices and obtain all other authorizations, consents, orders and
approvals of all governmental authorities and other third parties that may be or
become necessary for its execution and delivery of, and the performance of its
obligations pursuant to, this Agreement and the Stockholders Agreement and will
cooperate fully with the other parties hereto in promptly seeking to obtain all
such authorizations, consents, orders and approvals.

     Section 6.4    NYSE Listing.  The Company shall apply to list the
                    ------------
Conversion Shares on the New York Stock Exchange (the "NYSE") and shall
                                                       ----
diligently prosecute such application and obtain such listing.

     Section 6.5    Appointment of Directors.  Prior to the Closing, the Company
                    ------------------------
shall take all action (including adoption of any required amendment to the
Company's Bylaws) necessary to fix the size of the Board at seven directors, to
cause to occur three vacancies on the Board for the election of three Class B
Directors as provided in the Certificate of Designation upon the execution of
the Stockholders Agreement, and otherwise to implement the Board composition and
voting provisions of the Certificate of Designation.

     Section 6.6    Adjustment of Conversion Price.  The parties acknowledge
                    ------------------------------
that the determination of the Conversion Price (as defined in the Certificate of
Designation) of the Series C Preferred Stock as of the Closing Date was based on
the number of "Fully Diluted" shares of Common Stock (as defined in the
Certificate of Designation), outstanding on the assumption that the Restructured
Notes described in Sections 7.1(l)(i) and 7.1(l)(iv) would be converted in
950,000 shares and 274,369 shares, respectively, of Common Stock in connection
with the Restructuring and without taking into account the Common Stock issuable
upon conversion of or as payment of interest on the Restructured Notes referred
to in Section 7.1(l)(ii) or the exercise of warrants to purchase 200,000 shares
of Common Stock issued in connection with the restructuring of such notes.  Not
later than 10 days after the Closing Date, the Conversion Price shall be
redetermined, utilizing the actual number of Fully Diluted shares of Common
Stock outstanding on the Closing Date and, if necessary, the Conversion Price
shall be adjusted as required in accordance with Section 6(h) of the Certificate
of Designation.

                                  ARTICLE VII
                             CONDITIONS TO CLOSING

     Section 7.1    Conditions to Obligations of the Investors.  The obligations
                    ------------------------------------------
of the Investors to effect the Closing shall be subject to the following
conditions, except to the extent waived in writing by the Investors.

                                      19
<PAGE>

     (a) Representations and Warranties True; Performance of Obligations.  Each
         ---------------------------------------------------------------
of the representations and warranties of the Company contained in this Agreement
or the Loan Documents that is qualified as to materiality or Material Adverse
Effect shall be true and correct, and each of the representations and warranties
of the Company contained in this Agreement or the Loan Documents that is not so
qualified as to materiality or Material Adverse Effect shall be true and correct
in all material respects, in each case as of such Closing Date (except for those
representations and warranties which address matters only as of a particular
date, which shall be true and correct, or true and correct in all material
respects, as the case may be, as of such date). The Company shall have performed
in all material respects all agreements, obligations, covenants and conditions
herein or therein required to be performed or observed by it on or prior to such
Closing Date.

     (b) Legal Investment.  On such Closing Date, there shall not be in effect
         ----------------
any Applicable Law directing that the purchase and sale of the Shares and the
other transactions contemplated by this Agreement and the Stockholders Agreement
not be consummated or which has the effect of rendering it unlawful to
consummate such transactions.

     (c) Proceedings and Litigation.  No action, suit or proceeding at law or in
         --------------------------
equity shall have been commenced by any Governmental Authority against any party
hereto seeking to restrain or delay the purchase and sale of the Shares or the
other transactions contemplated by this Agreement and the Stockholders
Agreement.

     (d) Approvals.  All approvals, consents, permits and waivers of
         ---------
Governmental Authorities and of the third parties listed on Schedule 4.8(a)
                                                            ---------------
necessary or appropriate for consummation of the transactions contemplated by
this Agreement and the Stockholders Agreement shall have been obtained, and no
such approval, consent, permit or waiver of any Governmental Authority or such
other third party shall contain any term or condition that any Investor in its
reasonable discretion determines to be unduly burdensome. The NYSE shall have
approved the listing of the Conversion Shares, subject to official notice of
issuance.

     (e) Compliance Certificate; Secretary's Certificate.  The Company shall
         -----------------------------------------------
have delivered to the Investors a compliance certificate, executed by an
authorized officer, dated such Closing Date, to the effect that the conditions
specified in Section 7.1(a) have been satisfied.  The Company shall have
             --------------
delivered to the Investors a    certificate executed by the Secretary of the
Company, dated such Closing Date, certifying as to (i) the resolutions of the
Board evidencing approval of the consummation of the transactions contemplated
by this Agreement and the Stockholders Agreement and the authorization of the
named officer or officers to execute and deliver this Agreement and the
Stockholders Agreement and (ii) certain of the officers of the Company, their
titles and examples of their signatures.

     (f) Legal Opinions.  The Investors shall have received from legal counsel
         --------------
to the Company the opinions addressed to them, dated as of such Closing Date, in
the form attached hereto as Exhibit E.
                            ---------

     (g) Certificate of Designation. The Certificate of Designation shall have
         --------------------------
been filed with and certified by the Secretary of State of the State of
Delaware.

                                      20
<PAGE>

     (h) Stockholders Agreement.  The Stockholders Agreement shall have been
         ----------------------
executed and delivered by the Company.

     (i) Credit Agreement.  The Credit Agreement and the other Loan Documents
         ----------------
shall have been executed and delivered by the Borrowers.

     (j) Letter Agreement.  The Company shall have entered into a letter
         ----------------
agreement with DePrince Race & Zollo, Inc. ("DePrince") pursuant to which (i)
DePrince shall be granted the right to designate one member of the Board for
election by the holders of the Common Stock, (ii) DePrince shall agree to
exercise such right of designation and to designate John Race or another Person
satisfactory to the Investors, in each case as long as any Series C Preferred
Stock is outstanding, and (iii) the Investors shall be named as third-party
beneficiaries of such letter agreement.

     (k) Board of Directors.  The Company shall have taken all actions required
         ------------------
by Section 6.5.
   -----------

     (l) Restructured Notes.  The Company shall have restructured the
         ------------------
obligations under each of the following notes, in each case on terms and
pursuant to documentation in form and substance satisfactory to the Investors in
their sole discretion or, in the case of the note referred to in clause (i), all
amounts outstanding under such note, whether for principal, accrued but unpaid
interest, fees, or other amounts, shall have been converted into Common Stock
(collectively, and as they may hereafter be amended, restated or otherwise
modified pursuant to the terms hereof and thereof, the "Restructured Notes"):
                                                        ------------------
(i) that certain 6% Subordinated Secured Convertible Note dated as of June 18,
2001 made by the Company in favor of HealthPlan Holdings, Inc.; (ii) those
certain Convertible Promissory Notes dated as of June 16, 1998 made by the
Company in favor of Centra Benefit Services, Inc. in the aggregate original
principal amount of $4,000,000.00; (iii) those certain Subordinated Promissory
Notes dated May 18, 2001 made by the Company in favor of John D. Race and
William L. Bennett in the aggregate original principal amount of $500,000.00;
and (iv) that certain Promissory Note dated as of June 18, 2001 made by PVC in
favor of The New England Financial in the current aggregate amount (principal
plus accrued interest) of $2,400,000.00.

     Section 7.2  Conditions to Obligations of the Company.  The obligations of
                  ----------------------------------------
the Company to effect the Closing shall be subject to the following conditions,
except to the extent waived in writing by the Company.

     (a) Representations and Warranties True.  Each of the representations and
         -----------------------------------
warranties of the Investors contained in this Agreement shall be true and
correct in all material respects as of the Closing Date.  Each Investor shall
have performed in all material respects all agreements, obligations, covenants
and conditions herein required to be performed or observed by it on or prior to
the Closing Date.

     (b) Legal Investment.  On the Closing Date, there shall not be in effect
         ----------------
any Applicable Law directing that the purchase and sale of the Shares and the
other transactions contemplated by this Agreement and the Stockholders Agreement
not be consummated or which has the effect of rendering it unlawful to
consummate such transactions.

                                      21
<PAGE>

     (c) Proceedings and Litigation.  No action, suit or proceeding at law or in
         --------------------------
equity shall have been commenced by any Governmental Authority against any party
hereto seeking to restrain or delay the purchase and sale of the Shares or the
other transactions contemplated by this Agreement and the Stockholders
Agreement.

     (d) Approvals.  All approvals, consents, permits and waivers of
         ---------
Governmental Authorities and other third parties listed on Schedule 4.8(a)
                                                           ---------------
necessary or appropriate for consummation of the transactions contemplated by
this Agreement and the Stockholders Agreement shall have been obtained.

     (e) Stockholders Agreement.  The Stockholders Agreement shall have been
         ----------------------
executed and delivered by each Investor.

     (f) Credit Agreement.  The Credit Agreement and any other Loan Documents
         ----------------
requiring the signature of each Investor shall have been executed and delivered
by each Investor.

                                 ARTICLE VIII
                                INDEMNIFICATION

     Section 8.1   Survival of Representations and Warranties.
                   ------------------------------------------

     (a) The representations and warranties contained in Article IV of this
                                                         ----------
Agreement shall survive indefinitely.

     (b) The representations and warranties contained in Article V of this
                                                         ---------
Agreement shall survive until the 18-month anniversary of the Closing Date.

     (c) The representations and warranties contained in Article IV of this
                                                         ----------
Agreement, and the rights and remedies that may be exercised by any Person
seeking indemnification hereunder, shall not be limited or otherwise affected by
or as a result of any information furnished to, or any investigation made by,
any such Person or its representatives.

     (d) For purposes of this Agreement, each statement or other item of
information set forth by the Company on any Schedule hereto shall be deemed to
be a representation and warranty made by the Company in this Agreement.

     Section 8.2   Indemnification.
                   ---------------

     (a) From and after the Closing Date and subject to Sections 8.1 and 8.4,
                                                        ------------     ---
the Company (the "Investor Indemnitor") shall defend, indemnify and hold
                  -------------------
harmless each Investor and its respective Affiliates and each director, officer,
member, partner, employee and agent of such Persons (the "Investor Indemnitees")
                                                          --------------------
against any loss, damage, claim, liability, judgment or settlement of any nature
or kind, including all costs and expenses relating thereto, including without
limitation, interest, penalties and reasonable attorneys' fees (collectively,

"Damages"), arising out of, resulting from or relating to:
--------

         (1)       the breach of any representation or warranty contained in
Article IV of this Agreement or any certificate delivered by the Company
----------
pursuant hereto or thereto; and

                                      22
<PAGE>

         (2)  the breach by the Company of any covenant or agreement (whether
to be performed prior to or after the Closing) contained in this Agreement, the
Loan Documents or any certificate delivered by the Company pursuant hereto or
thereto.

     (b) From and after the Closing Date and subject to Sections 8.1 and 8.4,
                                                        ------------     ---
each Investor (a "Company Indemnitor" and collectively with the Investor
                  ------------------
Indemnitor, the "Indemnitors") shall defend, indemnify and hold harmless the
                 -----------
Company and its Affiliates and each director, officer, member, partner, employee
and agent of such Persons (the "Company Indemnitees" and collectively with the
                                -------------------
Investor Indemnitees, the "Indemnitees") against any Damages arising out of,
                           -----------
resulting from or relating to the breach of such Investor's representation or
warranty contained in Section 5.2.
                      -----------

     (c) The term "Damages" as used in this Article VIII is not limited to
                                            ------------
matters asserted by third parties against any Person entitled to be indemnified
under this Article VIII, but includes Damages incurred or sustained by any such
           ------------
Person in the absence of third party claims, and shall take into account such
Person's ownership or investment in the Company.

     Section 8.3    Non-Exclusive Remedy.  The indemnification remedies provided
                    --------------------
in this Article VIII shall not be deemed to be exclusive. Accordingly, the
        ------------
exercise by any Person of any of its rights under this Article VIII shall not be
                                                       ------------
deemed to be an election of remedies and shall not be deemed to prejudice, or to
constitute or operate as a waiver of, any other right or remedy that such Person
may be entitled to exercise (whether under this Agreement, under any other
contract, under any law or otherwise).

     Section 8.4    Certain Limitations.  The indemnification obligations of the
                    -------------------
Investors for any breach of a representation and warranty described in Section
                                                                       -------
5.2 of this Agreement shall survive for only the period applicable to such
---
representations and warranties as set forth in Section 8.1(b) of this Agreement,
                                               --------------
and thereafter all such representations and warranties of the applicable Company
Indemnitor under this Agreement shall be extinguished; provided, however, that
                                                       --------  -------
such indemnification obligation shall not be extinguished in the event of
Damages incurred as a result of an action, suit or proceeding at law or in
equity that was instituted or begun prior to the expiration of the applicable
survival period set forth in Section 8.1(b) if noticed in writing to the
                             --------------
applicable Company Indemnitor by the applicable Indemnitee within 30 days of
such Indemnitee receiving notice thereof.  Subject to the proviso at the end of
the immediately preceding sentence, no claim for the recovery of such Damages
may be asserted by a Company Indemnitee after such period.

                                  ARTICLE IX
                                 MISCELLANEOUS

     Section 9.1    Expenses.  The Company shall pay all costs and expenses that
                    --------
it incurs with respect to the negotiation, execution, delivery and performance
of this Agreement, the Stockholders Agreement and the Loan Documents.  In
addition, the Company shall, at or after the Closing, reimburse all reasonable
expenses of the Administrative Agent incurred in connection with the
consummation of the transactions contemplated by this Agreement, the
Stockholders Agreement and the Loan Documents, including the payment of the
reasonable fees,

                                      23
<PAGE>

disbursements and expenses payable to consultants, accountants and counsel to
the Administrative Agent.

     Section 9.2    No Guarantee of Indebtedness.  Neither this Agreement, nor
                    ----------------------------
anything herein contained, nor any obligation performed or to be performed
pursuant hereto by the Company shall be construed or deemed to constitute, a
direct or indirect guarantee by the Company to any person or entity of the
payment of the interest, principal or premium of any indebtedness, liability or
obligation whatsoever of the Borrower or any Subsidiary of the Borrower,
including, without limitation, the Loans.

     Section 9.3    Notices.  All notices required or permitted hereunder shall
                    -------
be in writing and shall be deemed effectively given:  (a) upon personal delivery
to the party to be notified; (b) when sent by confirmed telex or facsimile if
sent during normal business hours of the recipient, if not, then on the next
business day; (c) five days after having been sent by registered or certified
mail, return receipt requested, postage prepaid; or (d) one business day after
deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt; provided, however, that notices
                                                --------  -------
and communications to the Administrative Agent shall not be effective until
received by the Administrative Agent.  All communications shall be sent to the
parties at their respective addresses set forth, and in the manner specified, in
the Credit Agreement; or, at such other address as shall be designated by any
party in a written notice to the other parties hereto as provided in this
Section 9.3.
-----------

     Section 9.4    No Waiver, Remedies Cumulative.  No failure or delay on the
                    ------------------------------
part of any of the Investors or the Administrative Agent in exercising any
right, power or privilege hereunder and no course of dealing between the
Company, on the one hand, and any of the Investors or the Administrative Agent,
on the other, shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, power, or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or privilege
hereunder.  The rights and remedies herein expressly provided are cumulative and
not exclusive of any rights or remedies which any of the Investors or the
Administrative Agent would otherwise have.  No notice to or demand on the
Company in any case shall entitle the Company to any other or further notice or
demand in similar or other circumstances or constitute a waiver of the rights of
any of the Investors or the Administrative Agent to any other or further action
in any circumstances without notice or demand.

     Section 9.5    Delays or Omissions.  It is agreed that no delay or omission
                    -------------------
to exercise any right, power or remedy accruing to any party, upon any breach,
default or noncompliance by another party under this Agreement or the
Stockholders Agreement, shall impair any such right, power or remedy, nor shall
it be construed to be a waiver of any such breach, default or noncompliance, or
any acquiescence therein, or of or in any similar breach, default or
noncompliance thereafter occurring.  It is further agreed that any waiver,
permit, consent or approval of any kind or character on any Investor's part of
any breach, default or noncompliance under this Agreement or the Stockholders
Agreement or any waiver on such party's part of any provisions or conditions of
this Agreement or the Stockholders Agreement, must be in writing and shall be
effective only to the extent specifically set forth in such writing.  All
remedies, either under this Agreement or the Stockholders Agreement, by law, or
otherwise afforded to any party, shall be cumulative and not alternative.

                                      24
<PAGE>

     Section 9.6    Counterparts.  This Agreement may be executed in any number
                    ------------
of counterparts and by the different parties hereto on separate counterparts,
each of which when so executed and delivered shall be deemed an original, but
all of which shall together constitute one and the same instrument.

     Section 9.7    Headings Descriptive.  The headings of the several sections
                    --------------------
of this Agreement are inserted for convenience only and shall not in any way
affect the meaning or construction of any provision of this Agreement.

     Section 9.8    Entire Agreement; Supersedes Prior Agreement.  This
                    --------------------------------------------
Agreement and the Exhibits and Schedules hereto, the Stockholders Agreement and
the other documents delivered pursuant hereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects
hereof and no party shall be liable or bound to any other in any manner by any
representations, warranties, covenants and agreements except as specifically set
forth herein and therein.

     Section 9.9    Severability.  In case any provision of this Agreement shall
                    ------------
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby.

     Section 9.10   Amendment or Waiver.  Neither this Agreement nor any of the
                    -------------------
terms hereof may be amended, modified, supplemented, waived, discharged or
terminated unless such amendment, modification, supplement, waiver, discharge or
termination is in writing signed by the Company and the Administrative Agent
(with the consent of the Investors holding more than fifty percent of the Series
C Preferred Stock outstanding or, if such amendment, modification, supplement,
waiver, discharge or termination is proposed to be entered into prior to
Closing, with the consent of all of the Investors).  Any waiver or consent shall
be effective only in the specific instance or for the specific purpose for which
it was given.

     Section 9.11   Governing Law and Jurisdiction.  This Agreement, and the
                    ------------------------------
rights and obligations of the parties hereunder, shall be construed in
accordance with and governed by the law of the State of New York.  Any legal
action or proceeding with respect to this Agreement may be brought in the courts
of the State of New York or of the United States for the Southern District of
New York and, by execution and delivery of this Agreement, irrevocably accepts
for itself and in respect of its property, unconditionally, the jurisdiction of
the aforesaid courts with respect to any such action or proceeding.

     Section 9.12   Successors and Assigns.  This Agreement shall remain in full
                    ----------------------
force and effect and shall be binding in accordance with and to the extent of
its terms upon the Company and its successors and assigns, and shall inure to
the benefit of the Administrative Agent and the Investors, and their respective
successors and assigns, notwithstanding that from time to time during the term
of the Credit Agreement there may be no obligations outstanding.  The Company
acknowledges and agrees that this Agreement is made for the benefit of the
Administrative Agent and the Investors and that the Administrative Agent and/or
the Investors may enforce all of the obligations of the Company hereunder
directly against the Company.  The Company may not assign any of its rights or
obligations hereunder without the consent of the Administrative Agent and the
Investors.  The Company shall keep a complete record of any

                                      25
<PAGE>

assignments permitted hereunder and shall notify the Administrative Agent and
the Investors pursuant to the provisions of Section 9.3 within five (5) Business
                                            -----------
Days of any such assignment. The Administrative Agent or any Investor, as the
case may be, that assigns its rights and obligations under this Agreement shall
notify: (a) in the case of an assignment by the Administrative Agent, the
Company and the Investors; or (b) in the case of an assignment by any Investor,
the Company, the Administrative Agent and each of the other Investors, and in
each case pursuant to the provisions of Section 9.3 within five (5) Business
                                        -----------
Days of any such assignment.

                                      26
<PAGE>

          IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this agreement to be duly executed and delivered as of the date
first above written.

THE COMPANY:               PLANVISTA CORPORATION

                           By: /s/ Donald W. Schmeling
                              ------------------------------------------
                              Name:   Donald W. Schmeling
                              Title:  Chief Financial Officer

THE LENDERS:               WACHOVIA BANK, NATIONAL ASSOCIATION,
                           as a Lender, Investor and as Administrative Agent

                           By: /s/ Matthew Berk
                               -----------------------------------------
                               Name:    Matthew Berk
                               Title:   Authorized Officer

                           CREDIT LYONNAIS, NEW YORK BRANCH, as a Lender and
                           Investor

                           By:  /s/ John Charles Van Essche
                               -----------------------------------------
                               Name:     John Charles Van Essche
                               Title:    Vice President

                           SUNTRUST BANK, as a Lender and Investor

                           By:  /s/ Samuel M. Ballesteros
                               -----------------------------------------
                               Name:     Samuel M. Ballesteros
                               Title:    Director

                           FLEET NATIONAL BANK, as a Lender and Investor

                           By:  /s/ Fred P. Lucy, II
                               -----------------------------------------
                               Name:     Fred P. Lucy, II
                               Title:    Vice President

                                      S-1
<PAGE>

                            SOUTHTRUST BANK, as a Lender and Investor

                            By: /s/ B. E. Dishman
                                ----------------------------------------
                                Name:     B. E. Dishman
                                Title:    Group Vice President

                            COOPERATIEVE CENTRALE RAIFFEISEN-
                            BOERENLEEBANK BA "RABOBANK
                            NEDERLAND", NEW YORK BRANCH,
                            as a Lender and Investor

                            By: /s/ John McMahon
                                ----------------------------------------
                                Name:     John McMahon
                                Title:    Vice President

                            BANK OF AMERICA, N.A. , as a Lender and Investor

                            By: /s/ Joseph M. Martens
                                ----------------------------------------
                                Name:     Joseph M. Martens
                                Title:    Senior Vice President

                            AMSOUTH BANK, as a Lender and Investor

                            By: /s/ William R. Hoog
                                ----------------------------------------
                                Name:     William R. Hoog
                                Title:    Vice President

                            HIBERNIA NATIONAL BANK, as a Lender and Investor

                            By: /s/ Tammy Angelety
                                ----------------------------------------
                                Name:     Tammy Angelety
                                Title:    Vice President

                                      S-2
<PAGE>

                    FIFTH THIRD BANK, CENTRAL OHIO, as a
                    Lender and Investor

                    By: /s/ Mark Ransom
                        -------------------------------------
                        Name:    Mark Ransom
                        Title:   Vice President

                                      S-3<PAGE>

                                                               EXHIBIT 10.12(k)

                                                                  EXECUTION COPY

================================================================================

                             STOCKHOLDERS AGREEMENT

                                  dated as of

                                April 12, 2002

                                  by and among

                             PLANVISTA CORPORATION

                                      and

                   THE SERIES C STOCKHOLDERS SIGNATORY HERETO

================================================================================
<PAGE>

<TABLE>
<CAPTION>
                                   ARTICLE I
                                  DEFINITIONS

<S>         <C>                                                             <C>
Section 1.1  Certain Defined Terms..........................................   2
Section 1.2  Other Definitional Provisions..................................   7

                                   ARTICLE II
                               CORPORATE MATTERS

Section 2.1  Available Financial Information................................   7
Section 2.2  Access.........................................................   9
Section 2.3  Disclosure of Information; Confidentiality.....................   9
Section 2.4  Board Procedures...............................................  10
Section 2.5  D&O Liability Insurance........................................  10
Section 2.6  Side Letter Agreement..........................................  10

                                  ARTICLE III
            VOTING AND OTHER AGREEMENTS OF THE SERIES C STOCKHOLDERS

Section 3.1  Unanimous Consent to Election of Initial Preferred Directors...  11
Section 3.2  Voting.........................................................  11
Section 3.3  Credit Agreement Determinations Not Affected...................  11
Section 3.4  Group Filing...................................................  11
Section 3.5  Administrative Agent Under Subordination Agreements............  12

                                   ARTICLE IV
                              TRANSFERS OF SHARES

Section 4.1  Transfer Restrictions; Tag-along/Drag-along....................  14
Section 4.2  Condition of Transfer..........................................  16
Section 4.3  Stock Ledger and Transfer Records..............................  17
Section 4.4  Restrictive Legends............................................  17

                                   ARTICLE V
                              REGISTRATION RIGHTS

Section 5.1  Shelf Registration Statement...................................  18
Section 5.2  Incidental Registrations.......................................  18
Section 5.3  Registration Procedures........................................  20
Section 5.4  Information Supplied...........................................  23
Section 5.5  Restrictions on Disposition....................................  23
Section 5.6  Restrictions During Periods of Registered Sales by
             Certain Persons................................................  24
Section 5.7  Indemnification................................................  25
Section 5.8  Required Reports...............................................  28
Section 5.9  Selection of Counsel...........................................  28
Section 5.10 Holdback and Lockup Agreement..................................  28
Section 5.11 No Inconsistent Agreements.....................................  28
</TABLE>
<PAGE>

                                   ARTICLE VI
                                   STANDSTILL

Section 6.1  Acquisition of Additional Voting Securities...................  29

                                  ARTICLE VII
                                 MISCELLANEOUS

Section 7.1  Series C Stockholder Indemnification; Reimbursement
             of Expenses...................................................  29
Section 7.2  Termination...................................................  30
Section 7.3  Amendments and Waivers........................................  30
Section 7.4  Successors, Assigns and Transferees...........................  31
Section 7.5  Notices.......................................................  31
Section 7.6  Further Assurances............................................  31
Section 7.7  Entire Agreement..............................................  31
Section 7.8  Delays or Omissions...........................................  31
Section 7.9  Governing Law; Jurisdiction; Waiver of Jury Trial.............  32
Section 7.10 Severability..................................................  32
Section 7.11 Effective Date................................................  32
Section 7.12 Enforcement...................................................  32
Section 7.13 Titles and Subtitles..........................................  32
Section 7.14 No Recourse...................................................  32
Section 7.15 Counterparts; Facsimile Signatures............................  33

SCHEDULES

Schedule 5.6   Restrictions During Periods of Registered Sales by Certain
               Persons

                                      -2-
<PAGE>

                             PLANVISTA CORPORATION

                            STOCKHOLDERS AGREEMENT

     THIS STOCKHOLDERS AGREEMENT (this "Agreement") is entered as of April 12,
2002, among PLANVISTA CORPORATION, a Delaware corporation (the "Company") and
each of the SERIES C STOCKHOLDERS of the Company whose name appears on the
signature pages hereof (each a "Series C Stockholder" and collectively, the
"Series C Stockholders").

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

     WHEREAS, the Company and the Series C Stockholders have entered into a
Series C Convertible Preferred Stock Issuance and Restructuring Agreement, dated
as of the date hereof (the "Preferred Stock Issuance and Restructuring
Agreement"), pursuant to which the Series C Stockholders will receive 29,000
newly issued shares of Series C Convertible Preferred Stock (the "Series C
Preferred Stock"), in consideration for and in satisfaction of indebtedness in
excess of $29,000,000 currently owing to the Series C Stockholders by the
Company under the Existing Credit Agreement (described below);

     WHEREAS, the terms of the Series C Preferred Stock authorize the Company to
pay dividends on the Series C Preferred Stock by the issuance of additional
shares of Series C Preferred Stock (the "PIK Shares");

     WHEREAS, simultaneously and in connection with the issuance of such 29,000
shares of Series C Preferred Stock, the Series C Stockholders have agreed to
amend and restate the terms of the existing Second Amended and Restated Credit
Agreement dated as of June 8, 2000 between the Company, the "Lenders" signatory
thereto and Wachovia Bank, National Association, as administrative agent for and
representative of the Lenders (as amended through the date hereof and as such
agreement or any provision thereof may have otherwise been amended, restated,
supplemented, waived or otherwise modified from time to time prior to the date
hereof, the "Existing Credit Agreement") and to enter into a Third Amended and
Restated Credit Agreement, dated on or about the date hereof, among the Company
and PlanVista Solutions, Inc. (f/k/a National Preferred Provider Network, Inc.),
a New York corporation and wholly-owned subsidiary of the Company, as borrowers,
the Series C Stockholders, as the initial lenders, and the Administrative Agent
(as the same may be amended, restated, supplemented or modified from time to
time in accordance with the terms thereof, the "Credit Agreement");

     WHEREAS, the Series C Stockholders desire to enter into certain
arrangements among themselves relating to the ownership, voting and disposition
of the Series C Preferred Stock, and the Series C Stockholders and the Company
desire to enter into certain arrangements relating to the Company, to be
effective as of the date hereof.

     NOW, THEREFORE, for good and valuable consideration, the receipt of which
are hereby acknowledged by the parties hereto, the parties hereto hereby agree
as follows:
<PAGE>

                                   ARTICLE I
                                  DEFINITIONS

     Section 1.1    Certain Defined Terms.  As used herein, the following terms
                    ---------------------
shall have the following meanings:

     "Acquisition" has the meaning assigned to such term in Section 6.1(a).
      -----------                                           --------------

     "Acquisition Restrictions" has the meaning assigned to such term in Section
      ------------------------                                           -------
6.1(a).
------

     "Administrative Agent" means Wachovia Bank, National Association, as
      --------------------
Administrative Agent under the Credit Agreement, and its successors and assigns
in such capacity thereunder.

     "Affiliate" means, with respect to any Person, any other Person that
      ---------
directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with, such specified Person, for so
long as such Person remains so associated to the specified Person.

     "beneficial owner" or "beneficially own" has the meaning given such term in
      ----------------      ----------------
Rule 13d-3 under the Exchange Act and a Person's beneficial ownership of Common
Stock or Series C Preferred Stock or other Voting Securities of the Company
shall be calculated in accordance with the provisions of such Rule; provided,
                                                                    --------
however, that for purposes of determining beneficial ownership, (i) a Person
-------
shall be deemed to be the beneficial owner of any security which may be acquired
by such Person whether within 60 days or thereafter, upon the conversion,
exchange or exercise of any warrants, options, rights or other securities and
(ii) no Person shall be deemed to beneficially own any security solely as a
result of such Person's execution of this Agreement.

     "Board" means the Board of Directors of the Company.
      -----

     "Board Shift Event" has the meaning assigned to such term by the
      -----------------
Certificate of Designation.

     "Business Day" means for all purposes any day other than a Saturday, Sunday
      ------------
or legal holiday on which banks in Charlotte, North Carolina or New York, New
York, are open for the conduct of their commercial banking business.

     "Bylaws" means the Bylaws of the Company, as in effect on the date hereof
      ------
and as the same may be amended, supplemented or otherwise modified from time to
time in accordance with the terms thereof, the terms of the Restated Certificate
and the terms of this Agreement.

     "Capital Stock" means, with respect to any Person at any time, any and all
      -------------
shares, interests, participations or other equivalents (however designated,
whether voting or non-voting) of capital stock, partnership interests (whether
general or limited) or equivalent ownership

                                       2
<PAGE>

interests in or issued by such Person, and with respect to the Company includes,
without limitation, any and all shares of Common Stock and Series C Preferred
Stock.

     "Certificate of Designation" means the Certificate of Designation of Series
      --------------------------
and Determination of Rights and Preferences of Series C Convertible Preferred
Stock of the Company, as the same may be amended, restated, supplemented or
otherwise modified from time to time.

     "Change of Control" means (i) during any period of two consecutive years,
      -----------------
individuals who at the beginning of such period constituted the Directors
(together with any new Directors whose election by such Directors or whose
nomination for election by the stockholders of the Company was approved by a
vote of a majority of the Directors then still in office who were either
Directors at the beginning of such period or whose election or nomination for
election was previously so approved) cease for any reason to constitute a
majority of the Directors then in office, (ii) any merger or consolidation with
or into any other entity or any other similar transaction, whether in a single
transaction or series of related transactions where (A) the stockholders of the
Company immediately prior to such transaction in the aggregate cease to own at
least 50% of the voting securities of the entity surviving or resulting from
such transaction (or the ultimate parent thereof) or (B) any Person becomes the
owner of more than 50% of the voting securities of the entity surviving or
resulting from such transaction (or the ultimate parent thereof), (iii) any
transaction or series of related transactions in which in excess of 50% of the
Company's voting power is transferred to any Person or Group, (iv) the sale,
transfer, lease, assignment, conveyance, exchange, mortgage or other disposition
of all or substantially all of the assets of the Company and its Subsidiaries,
or (v) any liquidation, dissolution or winding-up of the Company.

     "Claims" has the meaning assigned to such term in Section 5.7(a).
      ------                                           --------------

     "Closing" has the meaning assigned to such term in the Preferred Stock
      -------
Issuance and Restructuring Agreement.

     "Closing Date" means the Closing Date under the Preferred Stock Issuance
      ------------
and Restructuring Agreement.

     "Common Stock" means the common stock, par value $0.01 per share, of the
      ------------
Company and any securities issued in respect thereof, or in substitution
therefor, in connection with any stock split, dividend or combination, or any
reclassification, recapitalization, merger, consolidation, exchange or other
similar reorganization.

     "Control" (including the terms "controlled by" and "under common control
      -------
with"), with respect to the relationship between or among two or more Persons,
means the possession, directly or indirectly, of the power to direct or cause
the direction of the affairs or management of a Person, whether through the
ownership of voting securities, as trustee or executor, by contract or
otherwise.

     "Conversion Shares" has the meaning assigned to such term in the Preferred
      -----------------
Stock Issuance and Restructuring Agreement.

                                       3
<PAGE>

     "Conversion Voting Event" means an event described in clause (i) of the
      -----------------------
definition of Board Shift Event in the Certificate of Designation.

     "Credit Agreement" has the meaning given in the Recitals to this Agreement.
      ----------------

     "Director" means any member of the Board, including any Preferred Director.
      --------

     "Equity Securities" has the meaning assigned to such term in the Preferred
      -----------------
Stock Issuance and Restructuring Agreement.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
      ------------
the rules and regulations of the SEC promulgated thereunder.

     "Existing Credit Agreement" has the meaning given in the Recitals to this
      -------------------------
Agreement.

     "Fully Diluted" has the meaning assigned to such term by the Certificate of
      -------------
Designation.

     "GAAP" means generally accepted accounting principles, as in effect in the
      ----
United States of America from time to time.

     "Group" has the meaning assigned to such term in Section 13(d)(3) of the
      -----
Exchange Act.

     "Holder" means a Series C Stockholder or a holder of Registrable Securities
      ------
(including any direct or indirect Transferees of a Series C Stockholder or its
Affiliates) entitled to the rights, and bound by the obligations, under this
Agreement in accordance with Section 4.2.
                             -----------

     "Indemnified Party" has the meaning assigned to such term in Section
      -----------------                                           -------
5.7(a).
------

     "Indemnifying Party" means any Person who provides indemnity to an
      ------------------
Indemnified Party.

     "Law" has the meaning assigned to such term in the Preferred Stock Issuance
      ---
and Restructuring Agreement.

     "Losses" has the meaning assigned to such term in Section 7.1.
      ------                                           -----------

     "NASD" means the National Association of Securities Dealers, Inc.
      ----

     "Nasdaq" means the NASD Automated Quotation System.
      ------

     "NYSE" means the New York Stock Exchange.
      ----

     "Other Holders" means Persons other than Holders who, by virtue of
      -------------
agreements with the Company, are entitled to include their securities in certain
registrations hereunder.

                                       4
<PAGE>

     "Other Securities" means securities of the Company, other than Registrable
      ----------------
Securities which, by virtue of agreements between Other Holders and the Company,
are entitled to be included in certain registrations hereunder.

     "Person" means any individual, corporation, limited liability company,
      ------
limited or general partnership, joint venture, association, joint-stock company,
trust, unincorporated organization, government or any agency or political
subdivisions thereof or any Group comprised of two or more of the foregoing.

     "PIK Shares" has the meaning assigned to such term in the Recitals to this
      ----------
Agreement.

     "Preferred Directors" means the Class B Directors provided for by the
      -------------------
Certificate of Designation.

     "Preferred Stock Issuance and Restructuring Agreement" has the meaning
      ----------------------------------------------------
assigned to such term in the Recitals to this Agreement.

     "Registrable Securities" means any of the following securities held by any
      ----------------------
Holder:  (i) the Conversion Shares, (ii) the Common Stock issued to the Lenders
in connection with the execution and delivery of the Third Amendment and Limited
Waiver dated as of July 2, 2001 to the Existing Credit Agreement, (iii) the
Common Stock issued to the Lenders as a restructuring fee in connection with the
execution and delivery of the Credit Agreement and (iv) any securities issued in
respect thereof, or in substitution therefor, in connection with any stock
split, dividend or combination, or any reclassification, recapitalization,
merger, consolidation, exchange or other similar reorganization but, in the case
of the Common Stock referred to in the preceding clauses (ii) and (iii), only to
the extent that such Common Stock has not be included in an effective
registration statement under the Securities Act pursuant to a separate agreement
between the Company and the Lenders.  As to any particular Registrable
Securities, once issued, such Registrable Securities shall cease to be
Registrable Securities when (a) a registration statement with respect to the
sale by the Holder of such securities shall have become effective under the
Securities Act and such securities shall have been disposed of in accordance
with such registration statement, (b) such securities shall have been
distributed to the public pursuant to Rule 144 (or any successor provision)
under the Securities Act, or (c) such securities shall have ceased to be
outstanding.  For purposes of this Agreement, any required calculation of the
amount of, or percentage of, Registrable Securities shall be based on the number
of shares of Common Stock which are Registrable Securities, including shares
issuable upon the conversion, exchange or exercise of any security convertible,
exchangeable or exercisable into Common Stock (including the Series C Preferred
Stock).  For the avoidance of doubt, any Registrable Securities that have been
included in an effective Registration Statement pursuant to Section 5.1 of this
                                                            -----------
Agreement but have not been disposed of shall continue to be Registrable
Securities for purposes of the registration rights provided by Section 5.2 of
                                                               -----------
this Agreement.

     "Registration Expenses" means any and all expenses incident to performance
      ---------------------
of or compliance with Article V of this Agreement, including (a) all SEC and
                      ---------
securities exchange or NASD registration and filing fees (including, if
applicable, the fees and expenses of any "qualified independent underwriter," as
such term is defined in the bylaws of the NASD, and of

                                       5
<PAGE>

its counsel), (b) all fees and expenses of complying with securities or blue sky
laws (including fees and disbursements of counsel for the underwriters in
connection with blue sky qualifications of the Registrable Securities), (c) all
printing, messenger and delivery expenses, (d) all fees and expenses incurred in
connection with the listing of the Registrable Securities on any securities
exchange or the NASD pursuant to Section 5.3(h)(i) and all rating agency fees,
                                 -----------------
(e) the fees and disbursements of counsel for the Company and of its independent
public accountants, including the expenses of any special audits and/or "cold
comfort" letters required by or incident to such performance and compliance, (f)
the reasonable fees and disbursements of counsel selected pursuant to Section
                                                                      -------
5.9, (g) any fees and disbursements of underwriters customarily paid by the
---
issuers or sellers of securities, including liability insurance if the Company
so desires or if the underwriters so require, and the reasonable fees and
expenses of any special experts retained in connection with the requested
registration, but excluding underwriting discounts and commissions and transfer
taxes, if any, and (h) expenses incurred in connection with any road show
(including the reasonable out-of-pocket expenses of the Series C Stockholders).

     "Restated Certificate" means the Restated Certificate of Incorporation of
      --------------------
the Company, as in effect on the date hereof and as the same may be amended,
supplemented or otherwise modified from time to time in accordance with the
terms thereof and the terms of this Agreement.

     "SEC" means the U.S. Securities and Exchange Commission or any other
      ---
federal agency then administering the Securities Act or the Exchange Act and
other federal securities laws.

     "Securities Act" means the Securities Act of 1933, as amended, and the
      --------------
rules and regulations of the SEC promulgated thereunder.

     "Series C Preferred Stock" has the meaning assigned to such term in the
      ------------------------
Recitals to this Agreement.

     "Series C Stockholder"  has the meaning assigned to such term in the
      --------------------
Recitals to this Agreement.

     "Series C Stockholder Bloc"  has the meaning assigned to such term in
      -------------------------
Section 3.4(a).
--------------

     "Series C Stockholder Indemnitee" has the meaning assigned to such term in
      -------------------------------
Section 7.1.
-----------

     "Subordination Agent" means Wachovia Bank, National Association, as the
      -------------------
Administrative Agent under the Subordination Agreements.

     "Subordination Agreements" means, collectively, (i) that certain Amended
      ------------------------
and Restated Subordination Agreement dated on or about the date hereof between
John D. Race and Wachovia Bank, National Association, as administrative agent
for the Lenders and Series C Stockholders, (ii) that certain Amended and
Restated Subordination Agreement dated on or about the date hereof between
William L. Bennett and Wachovia Bank, National Association, as

                                       6
<PAGE>

administrative agent for the Lenders and Series C Stockholders, and (iii) the
NJK/Centra Side Letter (as defined in the Credit Agreement).

     "Subsidiary" means (i) any corporation of which a majority of the
      ----------
securities entitled to vote generally in the election of directors thereof, at
the time as of which any determination is being made, are owned by another
entity, either directly or indirectly, and (ii) any joint venture, general or
limited partnership, limited liability company or other legal entity in which an
entity is the record or beneficial owner, directly or indirectly, of a majority
of the voting interests or the general partner.

     "Third Party" has the meaning assigned to such term in Section 6.1(b).
      -----------                                           --------------

     "Transfer" or "Transferred" means, directly or indirectly, to sell,
      --------      -----------
transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either
voluntarily or involuntarily, or to enter into any contract, option or other
arrangement or understanding with respect to the sale, transfer, assignment,
pledge, encumbrance, hypothecation or similar disposition of, any shares of
Equity Securities beneficially owned by a Person or any interest in any shares
of Equity Securities beneficially owned by a Person.

     "Transferee" means any Person to whom the Series C Stockholder and any of
      ----------
its  Affiliates or any Transferee thereof Transfers Equity Securities of the
Company in accordance with the terms hereof.

     "Voting Securities" means, at any time, shares of any class of Equity
      -----------------
Securities of the Company which are then entitled to vote generally in the
election of Directors.

     Section 1.2   Other Definitional Provisions.
                   -----------------------------

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

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

                                  ARTICLE II
                               CORPORATE MATTERS

     Section 2.1   Available Financial Information.
                   -------------------------------

     (a)  The Company will deliver, or will cause to be delivered, the following
to each holder of Series C Preferred Stock:

          (i)  as soon as practical after the end of each month and in any event
within the time specified in the Credit Agreement, a consolidated balance sheet
of the Company and its Subsidiaries as of the end of such month and consolidated
statements of income and cash flows of the Company and its Subsidiaries, for
each month and for the current fiscal year of the

                                       7
<PAGE>

Company to date, all subject to normal year-end audit adjustments, prepared in
accordance with GAAP and certified by the principal financial or accounting
officer of the Company, together with a comparison of such statements to the
corresponding periods of the prior fiscal year and to the Company's business
plan then in effect and approved by the Board;

          (ii)      an annual budget, a business plan and financial forecasts
for the Company for the next fiscal year of the Company, no later than forty-
five (45) days before the beginning of the Company's next fiscal year, in such
manner and form as approved by the Board, which shall include at least a
projection of income and a projected cash flow statement for each fiscal quarter
in such fiscal year and a projected balance sheet as of the end of each fiscal
quarter in such fiscal year. Any material changes in such business plan shall be
delivered to the Preferred Directors or the Series C Stockholders, as the case
may be, as promptly as practicable after such changes have been approved by the
Board; and

          (iii)     within fifteen (15) days following the end of each fiscal
quarter, a computation of the Company's Net Operating Cash Flow for such
quarter, determined in accordance with the Certificate of Designation.

     (b)  The Company will promptly deliver to the Series C Stockholders when
available one copy of each annual report on Form 10-K and quarterly report on
Form 10-Q of the Company, as filed with the SEC.  In the event an annual report
on Form 10-K or quarterly report on Form 10-Q is unavailable, the Company may,
in lieu of the requirements of the preceding sentence, deliver, or cause to be
delivered, the following to the Preferred Directors or the Series C
Stockholders, as the case may be:

          (i)       as soon as practicable after the end of each fiscal year of
the Company, and in any event within ninety (90) days thereafter, a consolidated
balance sheet of the Company and its Subsidiaries as of the end of such fiscal
year, and consolidated statements of income and cash flows of the Company and
its Subsidiaries for such year, prepared in accordance with GAAP and setting
forth in each case in comparative form the figures for the previous fiscal year,
all in reasonable detail and followed promptly thereafter (to the extent not
available) such financial statements accompanied by the opinion of independent
public accountants of recognized national standing selected by the Company, and
a Company-prepared comparison to the Company's business plan for such year as
approved by the Board; and

          (ii)      as soon as practicable after the end of the first, second
and third quarterly accounting periods in each fiscal year of the Company, and
in any event within forty-five (45) days thereafter, a consolidated balance
sheet of the Company and its Subsidiaries as of the end of each such quarterly
period, and consolidated statements of income and cash flows of the Company and
its Subsidiaries for such period and for the current fiscal year to date,
prepared in accordance with GAAP and setting forth in comparative form the
figures for the corresponding periods of the previous fiscal year and to the
Company's business plan then in effect and approved by the Board, subject to
changes resulting from normal year-end audit adjustments, all in reasonable
detail and certified by the principal financial or accounting officer of the
Company, except that such financial statements need not contain the notes
required by GAAP.

                                       8
<PAGE>

     (c)  The delivery pursuant to the Credit Agreement of any report, financial
statement, or other information required to be delivered by both the Credit
Agreement and this Agreement to a Person who is both a Lender and a Series
Stockholder shall also constitute delivery of such report, financial statement
or other information for purposes of this Agreement.

     (d)  The Company will deliver to each Series C Stockholder for its review
and comment a reasonable time prior to the filing thereof, a draft of any
information that describes or otherwise relates to terms or ownership of the
Series C Preferred Stock, the provisions of this Agreement or any other
agreement among the holders of the Series C Preferred Stock or between the
Company and such holders if such information is proposed to be included in any
periodic report to be filed by the Company  under the Exchange Act, any proxy
materials to be filed or distributed by the Company pursuant to the Exchange
Act, any registration statement to be filed by the Company under the Securities
Act, or any press release or public announcement to be issued by the Company.
Notwithstanding the foregoing, this Section 2.1(d) shall not require prior
                                    --------------
delivery of any such information that (i) relates solely to the Credit Agreement
and the terms thereof that is consistent with the Company's prior disclosure
policies and practices relating to the Existing Credit Agreement or (ii)
accurately reflects information provided to the Company by one or more Series C
Stockholders in response to a questionnaire or similar inquiry distributed by
the Company to its directors, officers and stockholders in connection with the
preparation of any such disclosure document or announcement.  The reasonable
comments and proposed changes to any such disclosure provided by any Series C
Stockholder will be incorporated into any such report, proxy statement,
registration statement or announcement prior to the filing or dissemination
thereof.

     Section 2.2   Access. The Company shall, and shall cause its Subsidiaries,
                   ------
Subsidiaries, officers, directors, employees, auditors and other agents to, (a)
afford the officers, employees, auditors and other agents of the Series C
Stockholders, during normal business hours reasonable access at all reasonable
times to its officers, employees, auditors, legal counsel, properties, offices,
plants and other facilities and to all books and records, (b) furnish the Series
C Stockholders with all financial, operating and other data and information as
the Series C Stockholders, through their officers, employees, agents or
representatives, may from time to time reasonably request and (c) afford the
Series C Stockholders the opportunity to discuss the Company's affairs, finances
and accounts with the Company's officers from time to time as the Series C
Stockholders may reasonably request.

     Section 2.3   Disclosure of Information; Confidentiality.  The Series C
                   ------------------------------------------
Stockholders shall hold all non-public information with respect to the Company
and its Subsidiaries obtained pursuant to this Agreement in accordance with
their customary procedures for handling confidential information; provided, that
                                                                  --------
the Administrative Agent may disclose information consisting of deal terms and
other information customarily found in bank trade industry publications to the
extent permitted by the Credit Agreement and provided further, that the Series C
                                             -------- -------
Stockholders may disclose any such information to their counsel and accountants
and to the extent they reasonably believe that such disclosure is required by
law or requested by any regulatory authority.  Any Series C Stockholder may, in
connection with any Transfer, proposed Transfer, participation or proposed
participation pursuant to Section 4.1 disclose to the Transferee, participant,
                          -----------
proposed Transferee or proposed participant, any information relating to the
Company and its Subsidiaries furnished to such Series C Stockholder by or on
behalf of the

                                       9
<PAGE>

Company and its Subsidiaries; provided, that prior to any such disclosure, each
                              --------
such Transferee, proposed Transferee, participant or proposed participant shall
agree with the Company or such Series C Stockholder to preserve the
confidentiality of any confidential information relating to the Company and its
Subsidiaries received from such Series C Stockholder. Each Series C Stockholder
acknowledges that pursuant to this Section 2.3 it "expressly agrees to maintain
                                   -----------
the disclosed information in confidence" within the meaning of Rule
100(b)(2)(ii) of Regulation FD issued by the SEC.

     Section 2.4   Board Procedures. Unless otherwise agreed by the parties
                   ----------------
hereto or approved by the Board with the consent of at least two Preferred
Directors, the Board shall follow the following procedures:

     (a)  Meetings.  Special Meetings of the Board may be held at any time
          --------
permitted pursuant to the Bylaws, by oral, telephonic, telegraphic or facsimile
notice duly given or sent, or by written notice sent by two-day courier, in each
case to be received at least two days before any actions to be taken by written
resolution, at least three days before any telephonic meeting and at least five
days before any in-person meeting to each director.  Reasonable efforts shall be
made to ensure that each Director actually receives timely notice of any
meeting, subject to the provisions of the Bylaws permitting waiver thereof.

     (b)  Agenda.  A reasonably detailed agenda shall be supplied to each
          ------
Director reasonably in advance of each meeting of the Board (and, in any event,
no later than the time of delivery of the notice required by Section 2.4(a)),
                                                             --------------
together with other appropriate documentation with respect to agenda items
calling for Board action, to inform adequately Directors regarding matters to
come before the Board. Any Director wishing to place a matter on the agenda for
any meeting of the Board may do so by communicating with the chairman of the
Board sufficiently in advance of the meeting of the Board so as to permit timely
dissemination to all Directors of information with respect to the agenda.

     (c)  Reimbursement of Expenses.  The Company shall reimburse the Preferred
          -------------------------
Directors for their reasonable out-of-pocket expenses incurred by them for the
purpose of attending meetings of the Board or committees thereof.

     Section 2.5   D&O Liability Insurance. The Company shall procure and
                   -----------------------
maintain in effect directors and officers insurance for its Directors in respect
of all liabilities arising from or relating to their services as members of the
Board of the Company or of any Subsidiary of the Company. Such insurance shall
be on such terms and in such amounts as are customarily maintained by comparable
publicly-held corporations and shall be maintained at all times that the
Certificate of Designation requires the election of Preferred Directors and for
a period of six years thereafter (including any period of "tail coverage").

     Section 2.6   Side Letter Agreement. Without the affirmative vote or
                   ---------------------
consent of the holders of a majority of the Series C Preferred Stock
outstanding, the Company will not (i) terminate, supplement, amend, or otherwise
modify the letter agreement of even date herewith between the Company and
DePrince Race & Zollo, Inc. ("DRZ") pursuant to which DRZ is entitled to
designate one member of the Board to be elected by the holders of the Common
Stock, or (ii) include in any slate of nominees for the Board to be elected by
the holders of

                                      10
<PAGE>

Common Stock any Person who is a designee of DRZ other than John Race or another
Person acceptable to the holders of the Series C Preferred Stock then
outstanding.

                                  ARTICLE III
           VOTING AND OTHER AGREEMENTS OF THE SERIES C STOCKHOLDERS

     Section 3.1    Unanimous Consent to Election of Initial Preferred
                    --------------------------------------------------
Directors.
---------

     By their execution of this Agreement, each of the undersigned holders of
the Series C Preferred Stock hereby consents, in lieu of convening a meeting of
the Series C Stockholders, to the election of David J. Ferrari, Christopher J.
Garcia, and Randy A. Sugarman as Preferred Directors of the Company, to serve in
each case until the next annual meeting of stockholders of the Company and until
their respective successors shall be elected and shall qualify.  For purposes of
the action referred to in this Section 3.1, the execution and delivery of this
                               -----------
Agreement shall have the same force and effect as an action taken at a duly
convened meeting of the holders of the Series C Preferred Stock at which all
such holders were present.  The Company shall file a copy of this Agreement or
an appropriate extract hereof, in the minute book records of the Company
evidencing the action taken pursuant to this Section 3.1.
                                             -----------

     Section 3.2    Voting.
                    ------

     (a) In connection with every meeting of the Series C Stockholders of the
Company and, at all times following a Conversion Voting Event, in connection
with every meeting of the stockholders of the Company, and at every adjournment
thereof, and on every action or approval by written consent of the Series C
Stockholders separately as a class or of the stockholders of the Company
generally, each Series C Stockholder irrevocably agrees that it shall cooperate
to the maximum extent with all other Series C Stockholders in the exercise of
such voting and consent rights in the best interest of the Series C Stockholders
and that, to such end, it shall attend each such meeting and vote, directly or
indirectly pursuant to Section 3.4, all shares of Series C Preferred Stock that
                       -----------
it beneficially owns on the record date of any such vote or action at each such
meeting or in connection with each such consent solicitation.

     (b) Without limiting the generality of Section 3.2(a), each of the Series C
                                            --------------
Stockholders agrees to vote, or act by written consent with respect to, any
Series C Preferred Stock beneficially owned by him or it, at each annual or
special meeting of the Series C Stockholders at which Preferred Directors are to
be elected and to take all actions by written consent in lieu of any such
meeting as are necessary:

         (i)   to elect to the Board the Preferred Directors of the Company, and

         (ii)  in the event that a vacancy in the number of Preferred Directors
is created at any time by a Board Shift Event or the death, disability,
retirement, resignation or removal (with or without cause) of any Preferred
Director, to fill such vacancy by the election of one or more additional
Preferred Directors.

     Section 3.3    Credit Agreement Determinations Not Affected.  The voting
                    --------------------------------------------
agreements contained in Sections 3.1 and 3.2 of this Agreement shall not be
                        --------------------
applicable to or bind any Series C Stockholder in such holder's capacity as a
lender under the Credit Agreement with

                                       11
<PAGE>

respect to any determination, vote or consent relating to a requested or
proposed waiver, amendment, restatement or other modification thereof.

     Section 3.4    Group Filing
                    ------------

     (a) Each Series C Stockholder acknowledges that under the Exchange Act as
presently in effect, such Series C Stockholder will become the beneficial owner
of the Conversion Shares issuable in respect of such Series C Stockholder's
Series C Preferred Stock not later than the 60th day prior to the 18-month
anniversary of the Closing Date.  Each Series C Stockholder hereby agrees that
any Schedule 13D required to be filed by reason of such beneficial ownership
with respect to the Common Stock of the Company and any amendments thereto shall
be filed on behalf of the Series C Stockholders as a Group by the Administrative
Agent pursuant to and in accordance with the provisions of Rule 13d-1(k)(1)
under the Exchange Act.  Each Series C Stockholder further agrees to be
responsible for the timely filing of the Schedule 13D and any amendments
thereto, and for the completeness and accuracy of the information concerning
itself contained therein, it being understood that no Series C Stockholder shall
be responsible for the completeness or accuracy of the information concerning
any other Series C Stockholder in such Schedule 13D or any amendment unless it
knows or has reason to believe that the information concerning such other Series
C Stockholder is inaccurate.  The initial Schedule 13D and any required
amendments shall be prepared by the Administrative Agent and shall be
distributed to all Series C Stockholders for review and comment prior to the
filing thereof.  Each Series C Stockholder agrees to promptly notify the
Administrative Agent of any information that would require the filing of an
amendment to the Schedule 13D including, without limitation, any increase in
such Series C Stockholder's beneficial ownership of Common Stock and any
material change in any other information required by Schedule 13D.

     (b) Each Series C Stockholder, for itself and each member of its Series C
Stockholder Bloc, and each Person who acquires any Series C Preferred Stock
after the date of this Agreement and becomes a party hereto, hereby appoints the
Administrative Agent as its agent and attorney-in-fact to execute and file with
the SEC and the NYSE or such other securities exchange on which the Common Stock
may be listed from time to time, and to deliver to the Company, a Statement on
Schedule 13D under the Exchange Act, and one or more amendments thereto, with
respect to the Common Stock of the Company

     (c) Notwithstanding Section 3.4(a) and 3.4(b), any Series C Stockholder may
                         -------------------------
file its own Schedule 13D pursuant to Rule 13d-1(k)(2) under the Exchange Act in
lieu of participating in such Group filing of Schedule 13D, provided that (i)
                                                            --------
such Series C Stockholder gives written notice of its decision not to
participate in the group filing to all of the other Series C Stockholders at
least ten (10) Business Days prior to the filing of its own Schedule 13D, (ii)
such notice is accompanied by a copy of a Schedule 13D in the form proposed to
be filed by such Series C Stockholder, and (iii) such Series C Stockholder
complies with its filing obligations under Section 13D of the Exchange Act
including, if applicable, identification of any Group pursuant to Rule 13d-
1(k)(2) under the Exchange Act.

                                       12
<PAGE>

     Section 3.5    Administrative Agent Under Subordination Agreements
                    ---------------------------------------------------

     (a) Each of the Series C Stockholders hereby irrevocably designates and
appoints the Administrative Agent as the Subordination Agent of such Series C
Stockholder under the Subordination Agreements and each such Series Stockholder
irrevocably authorizes the Subordination Agent, in such capacity, to take such
action on its behalf under the provisions of the Subordination Agreements, and
each of them, and to exercise such powers and perform such duties as are
expressly delegated to the Subordination Agent by the terms of the Subordination
Agreement, together with such other powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary elsewhere in this Agreement or the
Subordination Agreements, or any of them, the Subordination Agent shall not have
any duties or responsibilities, except those expressly set forth herein and
therein, or any fiduciary relationship with any Series C Stockholder, and no
implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Agreement or the Subordination Agreements,
or any of them, or otherwise exist against the Subordination Agent.  Each of the
Series C Stockholders acknowledges that the Subordination Agent is also acting
as the as the Administrative Agent under the Subordination Agreements on behalf
of the Lenders under the Credit Agreement and, as such, is obligated by the
Credit Agreement to apply any amounts received by it under the Subordination
Agreements to the Company's Obligations under the Credit Agreement until such
Obligations are paid in full in cash before applying any such amounts to the
Series C Preferred Stock, and each Series C Stockholder hereby consents to such
order of priority.  Each of the Series C Stockholders hereby authorizes the
Subordination Agent, on behalf of and for the benefit of the Series C
Stockholders, to enter into the Subordination Agreements as Administrative Agent
and to be the agent for and representative of the Series C Stockholders
thereunder, and hereby ratifies and approves the execution thereof by the
Subordination Agent.

     (b) In acting as Subordination Agent hereunder and under the Subordination
Agreements, the Subordination Agent shall have and may exercise all of the
rights, power and authority of the Administrative Agent set forth in Article XII
of the Credit Agreement, the provisions of which are incorporated by reference
herein, and shall have and be entitled to the exculpations, benefits and
privileges of the Administrative Agent thereunder including, without limitation,
the right of reliance and the right to delegate its duties set forth therein,
provided, however, that the Subordination Agent will not enter into or consent
--------
to any material modification, termination or waiver of any provision contained
in any Subordination Agreement without the consent of the holders of the
Requisite Majority (as defined in the Certificate of Designation) of the Series
C Preferred Stock, or, if any such amendment would have the effect of
subordinating any of the Company's obligations under the Series C Preferred
Stock to any Subordinated Indebtedness (as defined in the respective
Subordination Agreements), without the consent of the holders of the Requisite
Supermajority of the Series C Preferred Stock.

     (c) Without limiting the generality of the rights and privileges of the
Subordination Agent under Section 3.5(b), the Series C Stockholders agree to
                          --------------
indemnify the Subordination Agent in its capacity as such and (to the extent not
reimbursed by the Company or any Subsidiary and without limiting the obligation
of the Company and its Subsidiaries to do so), ratably according to their
respective ownership of Series C Preferred Stock, from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind whatsoever which may at any time be
imposed on, incurred by or asserted against the Subordination Agent in any way
relating to or arising out of

                                       13
<PAGE>

the Subordination Agreements, or any documents contemplated by or referred to
therein or in this Section 3.5 or the transactions contemplated by this Section
                   -----------                                          -------
3.5 or by the Subordination Agreements, or any action taken or omitted by the
---
Subordination Agent under or in connection with any of the foregoing; provided
                                                                      --------
that no Series C Stockholder shall be liable for the payment of any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements resulting solely from the Subordination
Agent's bad faith, gross negligence or willful misconduct. The agreements in
this Section 3.5(c) shall survive any redemption or conversion of the Series C
     --------------
Preferred Stock and the termination of this Agreement and the Subordination
Agreements.

                                   ARTICLE IV
                              TRANSFERS OF SHARES

          Section 4.1   Transfer Restrictions; Tag-along/Drag-along.
                        -------------------------------------------

          (a)   Transfers by the Series C Stockholders. No Series C Stockholder
                --------------------------------------
shall Transfer any of its Series C Preferred Stock except (i) in a transaction
in compliance with the registration requirements of the Securities Act and the
registration or qualification requirements of applicable state securities or
"blue sky" laws or, in each case, an applicable exemption from such
requirements, (ii) in compliance with the provisions of paragraph (b) of this
Section 4.1 and (iii) to a Person who shall agree to be bound by this Agreement
-----------
pursuant to Section 4.2.

          (b)   Tag-along/Drag-along Rights and Obligations.
                -------------------------------------------

          (i) Except as permitted by paragraph (c) of this Section 4.1, no
                                                           -----------
     Series C Stockholder (for purposes of this Section 4.1(b), a "Seller")
                                                --------------     ------
     shall

          (A)   accept an offer to purchase such Seller's Series C Preferred
                Stock from any Person (for purposes of this Section 4.1(b), a
                                                            --------------
                "Buyer"), unless such offer to purchase includes the Buyer's
                 -----
                agreement to purchase all (but not less than all) of the Series
                C Preferred Stock of any or all other Series C Stockholders who
                desire (or who, pursuant to paragraph (iv) of this Section
                                                                   -------
                4.1(b), become obligated) to sell their Series C Preferred Stock
                ------
                to such Buyer, or

          (B)   offer to sell its Series C Preferred Stock to, or solicit any
                offer to purchase such stock from, any Buyer, unless such offer
                to sell or purchase offer solicitation is subject to the
                condition (which may not be waived by any Seller or Buyer) that
                the Buyer also agree to purchase all (but not less than all) of
                the Series C Preferred Stock of any or all other Series C
                Stockholders who desire (or who, pursuant to paragraph (iv) of
                this Section 4.1(b), become obligated) to sell their Series C
                     --------------
                Preferred Stock to such Buyer,

     provided, however, that any such Buyer's agreement to acquire any shares of
     -----------------
     Series C Preferred Stock pursuant to either of the preceding clauses (A) or
     (B) may be subject to the condition that shares of the Series C Preferred
     Stock to be acquired by such Buyer,

                                      14
<PAGE>

     including the Seller's shares, equal, in the aggregate, at least 50.1% of
     the Series C Preferred Stock then outstanding.

          (ii)   Upon a Seller's receipt of a bona fide offer to purchase its
     Series C Preferred Stock or the acceptance of a Seller's offer to sell its
     Series C Preferred Stock, which offer to purchase or accepted offer to sell
     satisfies the conditions in paragraph (i) of this Section 4.1(b), the
                                                       --------------
     Seller shall send a notice (a "Seller's Notice") to the Administrative
                                    ---------------
     Agent and all other Series C Stockholders in accordance with the provisions
     of Section 7.5 hereof (except that such notice shall be sent only by
        -----------
     facsimile transmission, personal delivery or overnight courier).  The
     Seller's Notice shall (A) identify the Buyer, (B) provide the price and a
     description of all other material terms of the proposed sale and (C) state
     that each Series C Stockholder has the right (and could become obligated),
     pursuant to this Section 4.1(b), to sell all (but not less than all) of its
                      --------------
     Series C Preferred Stock to the Buyer upon the terms set forth in the
     Seller's Notice.  Not later than ten (10) Business Days following the date
     of the Seller's Notice, each Series C Stockholder shall send a notice (a
     "Tag-along Notice") to the Seller, with a copy to the Administrative Agent,
     -----------------
     stating whether such Series C Stockholder agrees to sell all (but not less
     than all) of its Series C Preferred Stock to the Buyer on the terms set
     forth in the Seller's Notice (any such Series C Stockholder sending a Tag-
     along Notice with such agreement to sell being an "Additional Seller").
                                                        -----------------
     Any such agreement to sell contained in a Tag-along Notice shall be final
     and binding on the Additional Seller sending such Tag-along Notice, and may
     be revoked only upon the Buyer's breach of its agreement to purchase the
     Series C Preferred Stock.  Any Series C Stockholder who fails to send a
     Tag-along Notice in response to a Seller's Notice shall be deemed to have
     elected not to sell its Series C Preferred Stock to the Buyer, subject,
     however to the provisions of paragraph (iv) of this Section 4.1(b).
                                                         --------------

          (iii)  If (A) the Buyer's agreement to purchase the Seller's Series C
     Preferred Stock was not subject to the condition set forth in the proviso
     to paragraph (i) of this Section 4.1(b) and (B) Seller shall not have
     received Tag-along Notices from Additional Sellers whose shares of Series C
     Preferred Stock, together with the Seller's shares constitute, in the
     aggregate, at least 50.1% of the Series C Preferred Stock then outstanding,
     the Seller, the Buyer and the Additional Sellers shall be free to
     consummate the purchase and sale of their shares of Series C Preferred
     Stock in accordance with paragraph (v) of this Section 4.1(b), but only on
                                                    --------------
     the terms set forth in the Seller's Notice.

          (iv)   In the event that the Seller shall receive Tag-along Notices
     from Additional Sellers whose shares of Series C Preferred Stock, together
     with the Seller's shares constitute, in the aggregate, at least 50.1% of
     the Series C Preferred Stock then outstanding, the Seller and the Buyer
     shall send a second notice (a "Drag-along Notice") to each Series C
                                    -----------------
     Stockholder who declined to sell its Series C Preferred Stock to the Buyer
     in response to the Seller's Notice or who did not issue a Tag-along Notice
     in response to such Seller's Notice, with a copy to the Administrative
     Agent.  The Drag-along Notice shall state that holders of not less than
     50.1% of the outstanding Series C Preferred Stock have agreed to sell their
     Series C Preferred Stock to Buyer, that Buyer has agreed to purchase such
     shares and that, by virtue of such agreements to sell and to

                                      15
<PAGE>

     purchase, all holders of Series C Preferred Stock are obligated by this
     Section 4.1 to sell all of their Series C Preferred Stock to the Buyer, at
     -----------
     the price and on the other terms set forth in the original Seller's Notice.
     The Drag-along Notice shall also set forth the date, time and place of the
     closing of the Buyer's purchase of the Series C Preferred Stock from all of
     the Series C Stockholders, which shall be not less than 10 Business Days
     nor more than 20 Business Days from the date of the Drag-along Notice.

          (v)    On the closing date specified in the Drag-along notice (or, if
     the purchase and sale are being closed pursuant to paragraph (iii) of this

     Section 4.1(b), on such closing date as shall be fixed by Buyer, Seller and
     --------------
     the Additional Sellers), the Buyer shall purchase, and the selling Series C
     Stockholders shall sell, the shares of Series C Preferred Stock to be
     purchased and sold pursuant to this Section 4.1(b).  Any such closing shall
                                         --------------
     be subject to the conditions set forth in clause (i) of paragraph (a) of
     this Section 4.1 and in Section 4.2, and may be subject to such additional
          -----------        -----------
     conditions (including, without limitation, the delivery of share
     certificates, duly endorsed for transfer or with executed stock powers
     annexed) as customarily accompany purchases and sales of shares of
     publicly-held companies.

          (vi)   Upon (A) a purchase and sale of less than all of the
     outstanding Series C Preferred Stock, or (B) the termination or
     cancellation of the purchase and sale of any or all Series C Preferred
     Stock, the Transferred Series C Preferred Stock or the Series C Preferred
     Stock that was the subject of such terminated or cancelled transaction,
     shall continue to be subject to the provisions of this Section 4.1.
                                                            -----------

          (c)    Affiliates and Assignees Under the Credit Agreement.  Without
                 ---------------------------------------------------
complying with Section 4.1(b), a Series C Stockholder may Transfer all or any
               --------------
part of its Series C Preferred Stock to (i) any of its Subsidiaries and
Affiliates or (ii) a Person who, simultaneously with such Transfer, receives an
assignment from the Transferor of a pro rata interest in the Company's
indebtedness to the Transferor under the Credit Agreement (including any portion
of such indebtedness relating to letters of credit issued by the Transferor for
the benefit of the Company or any Subsidiary) equal to the pro rata interest in
the Transferor's ownership of Series C Preferred Stock represented by the
Transferred shares, provided, that no Person shall, as a result of any Transfer
                    --------
permitted by this clause (ii), become the Beneficial Owner of a majority of the
outstanding Series C Preferred Stock.  Any Transfer permitted by this Section
                                                                      -------
4.1(c) shall be effected in compliance with Section 4.2 and the legends set
------                                      -----------
forth in Section 4.4.
         -----------

          (d)    Participations.  Nothing in this Section 4.1 shall limit the
                 --------------                   -----------
ability of a Series C Stockholder to create and sell participation interests in
the Company's indebtedness to it under the Credit Agreement, provided that such
participation interest shall not entitle the purchaser to become a Transferee of
any Series C Preferred Stock and, in the absence of a Transfer in accordance
with this Agreement, neither the Company nor any Series C Stockholder shall be
obligated to recognize any claim by the holder of such participation interest
with respect to the Series C Stock or under this Agreement.

          Section 4.2    Condition of Transfer.  Any Transferee of any Series C
                         ---------------------
Stockholder shall, unless this Agreement expressly provides otherwise, hold such
Transferred shares subject to all of the provisions of this Agreement and shall
make no further Transfers

                                      16
<PAGE>

except as permitted in this Agreement. As a condition precedent to any Transfer
of shares, including a transfer permitted by Section 4.1(c), (i) the Transferee
                                             --------------
shall agree in writing to become a party to and be bound by all of the
provisions of this Agreement including, without limitation, the power of
attorney set forth in Section 3.4, and (ii) if the Transfer is to be effected
                      -----------
pursuant to an exemption from registration under the Securities Act, the
Transferee shall make the representations and warranties set forth in Section
5.2 of the Preferred Stock Issuance and Restructuring Agreement. Any Transfer of
shares not in compliance with this Agreement shall be void and of no effect
whatsoever.

          Section 4.3    Stock Ledger and Transfer Records. The Company shall
                         ---------------------------------
keep or cause to be kept at its principal office, a register in which the
Company shall provide for the registration of the Series C Preferred Stock and
the Transfer of Series C Preferred Stock. Upon (i) surrender for registration of
Transfer of any certificate for Series C Preferred Stock at the office of the
Company designated for that purpose, duly endorsed or accompanied by a written
instrument of transfer in form satisfactory to the Note Issuer and the
Securities Registrar, duly executed by the holder thereof or his attorney duly
authorized in writing and (ii) evidence of compliance with the provisions of
this Agreement, the Company shall execute and deliver, in the name of the
designated Transferee or Transferees, one or more new certificates evidencing
the Transferred shares of Series C Preferred Stock. The Company shall keep a
complete record of any Transfers permitted hereunder and shall notify the
Administrative Agent and the Series C Stockholders pursuant to the provisions of
Section 7.5 within five (5) Business Days of any such Transfer. The
-----------
Administrative Agent or any Series C Stockholder, as the case may be, that
Transfers any Series C Stock shall notify: (a) in the case of a Transfer by the
Administrative Agent, the Company and the Series C Stockholders; or (b) in the
case of a Transfer by a Series C Stockholder, the Company, the Administrative
Agent and each of the other Series C Stockholders, and in each case pursuant to
the provisions of Section 7.5 within five (5) Business Days of any such
                  -----------
Transfer.

          Section 4.4    Restrictive Legends.
                         -------------------

          (a)  Each certificate representing shares of Series C Preferred Stock
shall be stamped or otherwise imprinted with a legend, which legend shall be
removed upon termination of this Agreement, in substantially the following form:

          THE VOTING, SALE, TRANSFER OR OTHER DISPOSITION OF THE SHARES
     EVIDENCED BY THIS CERTIFICATE IS RESTRICTED BY THE PROVISIONS OF A
     STOCKHOLDERS AGREEMENT (THE "AGREEMENT"), DATED AS OF APRIL 12, 2002.
     TRANSFEREES OF THE SHARES ARE BOUND BY THE TERMS OF THE AGREEMENT, A COPY
     OF WHICH MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF THE COMPANY OR
     OBTAINED FROM THE COMPANY AT NO CHARGE. ALL OF THE PROVISIONS OF THE
     AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE IN THIS CERTIFICATE.

          (b)  Each certificate representing shares of Series C Preferred Stock
also shall be stamped or otherwise imprinted with a legend in substantially the
following form, provided
                --------

                                      17
<PAGE>

that such legend shall not be placed upon any certificate evidencing Common
Stock upon the effectiveness of a registration statement relating to such Common
Stock:

          THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND
     SUCH SHARES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
     EXCEPT (1) PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
     TO, THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT OR (2) PURSUANT
     TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH
     CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
     UNITED STATES.

          (c)  Such certificates also may be stamped or otherwise imprinted with
any legend required by any other agreement between the Company and the Series C
Stockholders, or among the Series C Stockholders.

                                   ARTICLE V
                              REGISTRATION RIGHTS

          Section 5.1    Shelf Registration Statement.
                         ----------------------------

          (a)  Obligation to File. Prior to the 18-month anniversary of the
               ------------------
Closing, the Company shall file with the SEC a shelf registration on Form S-1 or
S-3 (or any successor form) covering the continuous sale pursuant to Rule 415
under the Securities Act, in the manner specified therein (provided that such
manner shall not include an underwritten public offering), of all of the
Registrable Securities, and shall use its commercially reasonable best efforts
to cause such registration statement to become effective under the Securities
Act no later than such 18-month anniversary date. No registration effected under
this Section 5.1 shall relieve the Company of its obligation to effect any
     -----------
registration of Registrable Securities under Section 5.2.
                                             -----------

          (b)  Expenses. The Company will pay all Registration Expenses in
               --------
connection with the registration pursuant to this Section 5.1.
                                                  -----------

          (c)  Duration of Effectiveness.  The Company shall maintain the
               -------------------------
effectiveness of the registration statement required by this Section 5.1 for a
                                                             -----------
period of 12 months from the later of (i) the 18-month anniversary of the
Closing and (ii) the date such registration statement is declared effective.
Such 12-month period shall be extended for a number of days equal to the
aggregate number of days during which Holders of Registrable Securities are
required to refrain from engaging in sales of such securities by Section 5.3(f)
                                                                 --------------
(provided that such aggregate number of days shall not exceed 90), Section
                                                                   -------
5.3(m) or Section 5.6(a).
------    --------------

          Section 5.2    Incidental Registrations.
                         ------------------------

          (a)  If the Company at any time after the 18-month anniversary of the
Closing proposes to register Equity Securities under the Securities Act (other
than a registration on Form S-4 or S-8, or any successor or other forms
promulgated for similar purposes), whether or not for

                                      18
<PAGE>

sale for its own account, in a manner which would permit registration of
Registrable Securities for sale to the public under the Securities Act, it will,
at each such time, give prompt written notice to all Holders of its intention to
do so and of such Holders' rights under this Article V. Upon the written request
                                             ---------
of any such Holder made within 20 days after the receipt of any such notice
(which request shall specify the Registrable Securities intended to be disposed
of by such Holder), the Company will use its commercially reasonable best
efforts to effect the registration under the Securities Act of all Registrable
Securities which the Company has been so requested to register by the Holders
thereof; provided, that (a) if such registration is to be effected at a time
         --------
when the registration statement required by Section 5.1(a) is effective, the
                                            --------------
Company shall be obligated to give such notice and to effect the registration of
Registrable Securities only if the proposed registration is to be effected as an
underwritten public offering, (b) if, at any time after giving written notice of
its intention to register any securities, the Company shall determine for any
reason not to proceed with the proposed registration of the securities to be
sold by it, the Company may, at its election, give written notice of such
determination to each Holder and, thereupon, shall be relieved of its obligation
to register any Registrable Securities in connection with such registration (but
not from its obligation to pay the Registration Expenses in connection
therewith), and (c) if such registration involves an underwritten offering, all
Holders requesting that their Registrable Securities be included in the
registration must sell their Registrable Securities to the underwriters selected
by the Company or the selling security holders requesting such registration, as
the case may be, on the same terms and conditions as apply to the Company or
such selling shareholders, with such differences, including any with respect to
indemnification and liability insurance, as may be customary or appropriate in
combined primary and secondary offerings. If a registration requested pursuant
to this Section involves an underwritten public offering, any Holder requesting
to be included in such registration may elect, in writing prior to the effective
date of the registration statement filed in connection with such registration,
not to register all or any part of such securities in connection with such
registration. Nothing in this Section shall operate to limit the right of any
Holder to request the registration of Common Stock issuable upon conversion,
exchange or exercise of securities held by such Holder notwithstanding the fact
that at the time of request such Holder does not hold the Common Stock
underlying such securities.

     (b)  Withdrawal of Registered Shares.  Concurrently with the declaration of
          -------------------------------
effectiveness of any registration statement for an underwritten offering that
includes Registrable Securities that are then included in an effective
registration statement filed pursuant to Section 5.1, the Company will file a
                                         -----------
post-effective amendment to such prior registration to withdraw therefrom the
Registrable Securities that have also been included in the registration
statement referred to in this Section 5.2.  Each Series C Stockholder consents
                              -----------
to the filing of such post-effective amendment and agrees to execute such other
instruments and documents as may be necessary to withdraw such Registrable
Securities from such prior registration statement.  If the underwritten offering
described in such registration statement is not completed for any reason (other
than the failure of any Holder of Registrable Shares to perform any obligation
or satisfy any condition required to be performed or satisfied by it in the
underwriting agreement), the Company shall, as soon as practicable thereafter,
file with the SEC a shelf registration statement meeting the requirements of
Section 5.1(a) covering the Registrable Securities intended to be sold in such
--------------
uncompleted offering and use its commercially reasonable best efforts to cause
such registration statement to be declared effective under the Securities Act
and to maintain the effectiveness of such registration until the expiration of
the period referred to in Section 5.1(c)
                          --------------

                                      19
<PAGE>

plus an additional number of days equal to the aggregate number of days during
which such Registrable Securities were not included in an effective registration
statement under the Securities Act. If the rules and policies of the SEC so
permit, any shelf registration statement required to be filed by this Section
                                                                      -------
5.2(b) may also be filed as a post-effective amendment to the registration
------
statement filed pursuant to Section 5.1(a).
                            --------------

     (c)  Expenses. The Company will pay all Registration Expenses in connection
          --------
with each registration of Registrable Securities requested pursuant to this

Section 5.2.
-----------

     (d)  Priority in Incidental Registrations.  If a registration pursuant to
          ------------------------------------
this Section 5.2 involves an underwritten offering and the managing underwriter
     -----------
advises the Company in writing that, in its opinion, the number of Registrable
Securities requested to be included in such registration would be likely to have
an adverse effect on the price, timing or distribution of the securities to be
offered in such offering as contemplated by the Company (other than the
Registrable Securities) or the Other Holders requesting such registration, as
the case may be, then the Company shall include in such registration (a) first,
                                                                         -----
100% of the securities the Company proposes to sell, if any, (b) second, any
                                                                 ------
Other Securities requested to be registered by any Other Holders exercising a
demand registration right, provided, that if the agreement or instrument
providing such demand registration rights provides for a different order of
priority between the Company and the holders of such Other Securities, such
agreement or instrument shall govern, and (c) third, to the extent of the amount
                                              -----
of Registrable Securities and Other Securities requested to be included in such
registration which, in the opinion of such managing underwriter, can be sold
without having the adverse effect referred to above, the amount of Registrable
Securities and Other Securities which the Holders and the Other Holders have
requested to be included in such registration, such amount to be allocated pro
rata among all requesting Holders and the Other Holders on the basis of the
relative amount of Registrable Securities and Other Securities then held by each
such Holder and Other Holder (provided, that any such amount thereby allocated
                              --------
to any such Holder or Other Holder that exceeds such Holder's or Other Holder's
request shall be reallocated among the remaining requesting Holders and Other
Holders in like manner).

     Section 5.3    Registration Procedures.
                    -----------------------

     If and whenever the Company is required to use its commercially reasonable
best efforts to effect or cause the registration of any Registrable Securities
under the Securities Act as provided in this Agreement, the Company will
promptly:

     (a)  except as required by Section 5.1(a), prepare and, in any event within
                                --------------
45 days after the end of the period within which a request for registration may
be given to the Company, file with the SEC a registration statement with respect
to such Registrable Securities and use its commercially reasonable best efforts
to cause such registration statement to become effective within ninety (90) days
of the initial filing;

     (b)  prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be
necessary to keep such registration statement effective for the period specified
in Section 5.1(c) (if applicable) or for a period not in excess of one (1) year
   --------------
(or any longer period required by the registration

                                      20
<PAGE>

rights relating to the Other Securities included in the registration statement,
as the case may be), and to comply with the provisions of the Securities Act and
the Exchange Act with respect to the disposition of all securities covered by
such registration statement during such period in accordance with the intended
methods of disposition by the seller or sellers thereof set forth in such
registration statement; provided, that before filing a registration statement or
                        --------
prospectus, or any amendments or supplements thereto in accordance with Sections
                                                                        --------
5.3(a) or (b), the Company will furnish to counsel selected pursuant to Section
------    ---                                                           -------
5.9 hereof copies of all documents proposed to be filed, which documents will be
---
subject to the review of such counsel;

     (c)  furnish to each seller of such Registrable Securities such number of
copies of such registration statement and of each amendment and supplement
thereto (in each case including all exhibits filed therewith, including any
documents incorporated by reference), such number of copies of the prospectus
included in such registration statement (including each preliminary prospectus
and summary prospectus), in conformity with the requirements of the Securities
Act, and such other documents as such seller may reasonably request in order to
facilitate the disposition of the Registrable Securities by such seller;

     (d)  use its commercially reasonable best efforts to register or qualify
such Registrable Securities covered by such registration in such jurisdictions
as each seller shall reasonably request, and do any and all other acts and
things which may be reasonably necessary or advisable to enable such seller to
consummate the disposition in such jurisdictions of the Registrable Securities
owned by such seller, except that the Company shall not for any such purpose be
required to qualify generally to do business as a foreign corporation in any
jurisdiction where, but for the requirements of this subsection (d), it would
not be obligated to be so qualified, to subject itself to taxation in any such
jurisdiction or to consent to general service of process in any such
jurisdiction;

     (e)  use its commercially reasonable best efforts to cause such Registrable
Securities covered by such registration statement to be registered with or
approved by such other governmental authorities as may be necessary to enable
the seller or sellers thereof to consummate the disposition of such Registrable
Securities;

     (f)  notify each seller of any such Registrable Securities covered by such
registration statement, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, of the Company's becoming
aware that the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing, and at
the request of any such seller, prepare and furnish to such seller a reasonable
number of copies of an amended or supplemental prospectus (which, in the case of
a registration statement on Form S-3, may be in the form of a Form 8-K or other
periodic report under the Exchange Act) as may be necessary so that, as
thereafter delivered to the purchasers of such Registrable Securities, such
prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing;

                                      21
<PAGE>

     (g) otherwise use its best efforts to comply with all applicable rules and
regulations of the SEC, and make available to its security holders, as soon as
reasonably practicable (but not more than 18 months) after the effective date of
the registration statement, an earnings statement which shall satisfy the
provisions of Section 11(a) of the Securities Act;

     (h) if such Registrable Securities are Common Stock (including Conversion
Shares or Common Stock otherwise issuable upon conversion, exchange or exercise
of another security), (i) use its commercially reasonable best efforts to list
such Registrable Securities on any securities exchange on which the Common Stock
is then listed if such Registrable Securities are not already so listed and if
such listing is then permitted under the rules of such exchange; and (ii) use
its best efforts to provide a transfer agent and registrar for such Registrable
Securities covered by such registration statement not later than the effective
date of such registration statement;

     (i) enter into such customary agreements (including an underwriting
agreement in customary form), which may include indemnification provisions in
favor of underwriters and other Persons in addition to, or in substitution for
the provisions of Section 5.7 hereof, and take such other actions as sellers of
                  -----------
a majority of shares of such Registrable Securities or the underwriters, if any,
reasonably requested in order to expedite or facilitate the disposition of such
Registrable Securities;

     (j) obtain a "cold comfort" letter or letters from the Company's
independent public accounts in customary form and covering matters of the type
customarily covered by "cold comfort" letters as the seller or sellers of a
majority of shares of such Registrable Securities shall reasonably request;

     (k) make available for inspection by any seller of such Registrable
Securities covered by such registration statement, by any underwriter
participating in any disposition to be effected pursuant to such registration
statement and by any attorney, accountant or other agent retained by any such
seller or any such underwriter, all pertinent financial and other records,
pertinent corporate documents and properties of the Company, and cause all of
the Company's officers, directors and employees to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or
agent in connection with such registration statement;

     (l) notify counsel (selected pursuant to Section 5.9 hereof) for the
                                              -----------
Holders of Registrable Securities included in such registration statement and
the managing underwriter or agent, immediately, and confirm the notice in
writing (i) when the registration statement, or any post-effective amendment to
the registration statement, shall have become effective, or any supplement to
the prospectus or any amendment to the prospectus shall have been filed, (ii) of
the receipt of any comments from the SEC, (iii) of any request of the SEC to
amend the registration statement or amend or supplement the prospectus or for
additional information, and (iv) of the issuance by the SEC of any stop order
suspending the effectiveness of the registration statement or of any order
preventing or suspending the use of any preliminary prospectus, or of the
suspension of the qualification of the registration statement for offering or
sale in any jurisdiction, or of the institution or threatening of any
proceedings for any of such purposes;

                                      22
<PAGE>

     (m) make every reasonable effort to prevent the issuance of any stop order
suspending the effectiveness of the registration statement or of any order
preventing or suspending the use of any preliminary prospectus and, if any such
order is issued, to obtain the withdrawal of any such order as soon as
practicable;

     (n) if requested by the managing underwriter or agent or any Holder of
Registrable Securities covered by the registration statement, promptly
incorporate in a prospectus supplement or post-effective amendment such
information as the managing underwriter or agent or such Holder reasonably
requests to be included therein, including, with respect to the number of
Registrable Securities being sold by such Holder to such underwriter or agent,
the purchase price being paid therefor by such underwriter or agent and with
respect to any other terms of the underwritten offering of the Registrable
Securities to be sold in such offering; and make all required filings of such
prospectus supplement or post-effective amendment as soon as practicable after
being notified of the matters incorporated in such prospectus supplement or
post-effective amendment;

     (o) cooperate with the Holders of Registrable Securities covered by the
registration statement and the managing underwriter or agent, if any, to
facilitate the timely preparation and delivery of certificates (not bearing any
restrictive legends) representing securities to be sold under the registration
statement, and enable such securities to be in such denominations and registered
in such names as the managing underwriter or agent, if any, or such Holders may
request;

     (p) obtain for delivery to the Holders of Registrable Securities being
registered and to the underwriter or agent an opinion or opinions from counsel
for the Company in customary form and in form, substance and scope reasonably
satisfactory to such Holders, underwriters or agents and their counsel;

     (q) cooperate with each seller of Registrable Securities and each
underwriter or agent participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required
to be made with the NYSE or any other securities exchange or quotation system on
which the Registrable Securities are now or hereafter may be listed; and

     (r) use its commercially reasonable best efforts to make available the
executive officers of the Company to participate with the Holders of Registrable
Securities and any underwriters in any "road shows" or other selling efforts
that may be reasonably requested by the Holders in connection with the methods
of distribution for the Registrable Securities.

     Section 5.4    Information Supplied.
                    --------------------

     The Company may require each seller of Registrable Securities as to which
any registration is being effected to furnish the Company with such information
regarding such seller required by the Securities Act in connection with the
registration of securities in secondary offerings and relating to the
registration and the distribution of such securities as the Company may from
time to time reasonably request.

                                      23
<PAGE>

          Section 5.5    Restrictions on Disposition.
                         ---------------------------

          Each Holder agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in Section 5.3(f), such will
                                                       --------------
forthwith discontinue disposition of Registrable Securities pursuant to the
registration statement covering such Registrable Securities until such Holder's
receipt of the copies of the supplemented or amended prospectus contemplated by
Section 5.3(f), and, if so directed by the Company, such Holder will deliver to
--------------
the Company (at the Company's expense) all copies, other than permanent file
copies then in such Holder's possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such notice.  In the
event the Company shall give any such notice, the period mentioned in Section
                                                                      -------
5.3(b) shall be extended by the number of days during the period from and
------
including the date of the giving of such notice pursuant to Section 5.3(f) and
                                                            --------------
to and including the date when each seller of Registrable Securities covered by
such registration statement shall have received the copies of the supplemented
or amended prospectus contemplated by Section 5.3(f).
                                      --------------

          Section 5.6    Restrictions During Periods of Registered Sales by
                         --------------------------------------------------
Certain Persons.
---------------

          (a) The Holders acknowledge the existence of that certain Registration
Rights Agreement between the Company and HealthPlan Holdings, Inc.  ("HPHI"),
dated June 18, 2001 (the "HPHI Registration Rights Agreement"), pursuant to
which the Company granted HPHI certain demand and incidental registration rights
with respect to shares of Common Stock held by HPHI and specifically covered by
the HPHI Registration Rights Agreement.   The Holders agree not to effect any
sale or distribution of any Registrable Securities during the ninety (90) days
prior to, and during the one hundred twenty (120)-day period beginning on, the
effective date of any demand registration effected pursuant to the HPHI
Registration Rights Agreement, including a sale pursuant to Rule 144 under the
Securities Act, except for sales pursuant to a demand registration under the
HPHI Registration Rights Agreement as permitted thereunder.  Further, the
Holders agree that they will not have the right, under any circumstance provided
in this Stockholders Agreement, to require the Company to suspend the sale,
require withdrawal, cut-back or otherwise reduce the number, of any securities
registered pursuant to any registration effected under the HPHI Registration
Rights Agreement, and that no right granted to the Holders hereunder shall be
superior to those granted to HPHI under the HPHI Registration Rights Agreement.

          (b) In consideration of the agreements of the Series C Stockholders in
Section 5.6(a), the Company represents and warrants to the Series C Stockholders
that:

          (i)  Schedule 5.6 to this Agreement contains a complete and correct
     list of all Common Stock which the Company is obligated to register
     pursuant to the HPHI Registration Rights Agreement, including (A) the
     number of shares of Common Stock or other securities (and, if other than
     Common Stock was issued, the number of shares of Common Stock issued or
     issuable upon conversion, exchange or exercise thereof), (B) the dates on
     which such securities were issued by the Company to HPHI and, if different,
     the commencement date of HPHI's holding period under Rule 144 under the
     Securities Act for the Common Stock issued or issuable in respect of such
     securities, and (C) whether such Common Stock constitutes "Purchased
     Shares" under the HPHI Registration Rights Agreement (the "HPHI Purchased
     Shares") or "Registrable

                                      24
<PAGE>

     Securities" under the HPHI Registration Rights Agreement (the "HPHI
     Registrable Shares");

          (ii)   the Company has no obligation to register any Common Stock
     owned by HPHI other than the HPHI Purchased Shares and the HPHI Registrable
     Shares and, except as contemplated by Sections 2.2(g) and 6.2 of the HPHI
     Registration Rights Agreement, the Company has no obligation, fixed or
     contingent, to issue Common Stock to HPHI;

          (iii)  the Company filed a registration statement with the SEC on
     August 1, 2001 with respect to the HPHI Purchased Shares then outstanding
     and certain other shares of Common Stock (the "HPHI Shelf Registration
                                                    -----------------------
     Statement"), which has not been declared effective.  Upon the amendment and
     ---------
     effectiveness of the HPHI Shelf Registration Statement as contemplated by
     this Section 5.6(b), HPHI shall cease to have any right to require the
          --------------
     registration of the HPHI Purchased Shares, under the HPHI Registration
     Rights Agreement or otherwise;

          (iv)   with respect to the HPHI Registrable Shares, the HPHI
     Registration Rights Agreement provides for up to two demand registrations
     upon request by HPHI ("HPHI Demand Registrations"), neither of which has
     been exercised by HPHI;

          (v)    HPHI's right to exercise the HPHI Demand Registrations will
     terminate on the second anniversary of the Rule 144 holding period
     commencement dates for the HPHI Registrable Shares shown on Schedule 5.6;
     and

          (vi)   HPHI is not an "affiliate" of the Company within the meaning of
     Rule 144 under the Securities Act.

          The Company further agrees that immediately following the execution
and delivery of this Agreement, the Company will commence preparation of one or
more amendments to the HPHI Shelf Registration Statement to register thereunder
all HPHI Purchased Shares not previously included in such registration statement
and any HPHI Registrable Shares requested to be included therein by HPHI, and to
include such information as is required to be included or incorporated therein
by the Securities Act and the rules and regulations thereunder. The Company will
file such amendment as soon as practicable after such execution and delivery,
will respond to all comments of the staff of the SEC as promptly as practicable
and will otherwise use its commercial best efforts to cause the HPHI Shelf
Registration Statement to become effective. The Company further agrees that it
will not (x) file any registration statement under the Securities Act with
respect to Common Stock owned by HPHI other than as require by the HPHI
Registration Rights Agreement, or (y) include in any registration statement
filed with respect to an HPHI Demand Registration any shares of Common Stock
owned by HPHI that are not then HPHI Registrable Shares In addition, from and
after the date hereof, the Company will not voluntarily engage in any act or
transaction pursuant to which HPHI would become an "affiliate" of the Company
within the meaning of Rule 144 under the Securities Act.

                                      25
<PAGE>

     Section 5.7    Indemnification.
                    ---------------

     (a) In the event of any registration of any securities of the Company under
the Securities Act pursuant to Section 5.1 or 5.2, the Company shall, and it
                               -----------    ---
hereby does, indemnify and hold harmless, to the extent permitted by law, the
seller of any Registrable Securities covered by such registration statement,
each Affiliate of such seller and their respective directors, officers, members
or general and limited partners (and any director, officer, and controlling
Person of any of the foregoing), each Person who participates as an underwriter
in the offering or sale of such securities and each other Person, if any, who
controls such seller or any such underwriter within the meaning of the
Securities Act (each an "Indemnified Party" and collectively, the "Indemnified
                         -----------------                         -----------
Parties"), against any and all losses, claims, damages or liabilities, joint or
-------
several, actions or proceedings (whether commenced or threatened) in respect
thereof ("Claims") and expenses (including reasonable attorney's fees and
          ------
reasonable expenses of investigation) to which such Indemnified Party may become
subject under the Securities Act, common law or otherwise, insofar as such
Claims or expenses arise out of, relate to or are based upon (a) any untrue
statement or alleged untrue statement of any material fact contained in any
registration statement under which such securities were registered under the
Securities Act, any preliminary, final or summary prospectus contained therein,
or any amendment or supplement thereto, or (b) any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to
make the statements therein (in the case of a prospectus, in light of the
circumstances under which they were made) not misleading; provided, that the
                                                          --------
Company shall not be liable to any Indemnified Party in any such case to the
extent that any such Claim or expense arises out of, relates to or is based
solely upon any untrue statement or alleged untrue statement or omission or
alleged omission made in such registration statement or amendment or supplement
thereto or in any such preliminary, final or summary prospectus in reliance upon
and in conformity with written information furnished to the Company by or on
behalf of such seller specifically stating that it is for use in the preparation
thereof.  Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of any Indemnified Party and shall survive
the Transfer of securities by any seller.

     (b) The Company may require, as a condition to including any Registrable
Securities in any registration statement filed in accordance with Section 5.1 or
                                                                  -----------
5.2 herein, that the Company shall have received an undertaking reasonably
---
satisfactory to it from the prospective seller of such Registrable Securities or
any underwriter to indemnify and hold harmless (in the same manner and to the
same extent as set forth in Section 5.7(a)) the Company and all other
                            --------------
prospective sellers or any underwriter, as the case may be, with respect to any
untrue statement or alleged untrue statement in or omission or alleged omission
from such registration statement, any preliminary, final or summary prospectus
contained therein, or any amendment or supplement thereto, if such untrue
statement or alleged untrue statement or omission or alleged omission was made
solely in reliance upon and in conformity with written information furnished to
the Company by or on behalf of such seller or underwriter specifically stating
that it is for use in the preparation of such registration statement,
preliminary, final or summary prospectus or amendment or supplement, or a
document incorporated by reference into any of the foregoing. Such indemnity
shall remain in full force and effect regardless of any investigation made by or
on behalf of the Company or any of the prospective sellers, or any of their
respective Affiliates, directors, officers or controlling Persons and shall
survive the Transfer of securities by any seller. In no event shall the
liability of any selling Holder of Registrable Securities hereunder be greater
in amount than the dollar amount of the proceeds received by such Holder upon
the sale of the Registrable Securities giving rise to such indemnification
obligation.

                                      26
<PAGE>

     (c) Promptly after receipt by an Indemnified Party hereunder of written
notice of the commencement of any action or proceeding with respect to which a
claim for indemnification may be made pursuant to this Section 5.7, such
                                                       -----------
Indemnified Party will, if a claim in respect thereof is to be made against an
Indemnifying Party, give written notice to the latter of the commencement of
such action or proceeding; provided, that the failure of the Indemnified Party
                           --------
to give notice as provided herein shall not relieve the Indemnifying Party of
its obligations under Section 5.7, except to the extent that the Indemnifying
                      -----------
Party is materially prejudiced by such failure to give notice.  In case any such
action or proceeding is brought against an Indemnified Party, unless in such
Indemnified Party's reasonable judgment a conflict of interest between such
Indemnified and Indemnifying Parties may exist in respect of such action or
proceeding (in which case the Indemnified Party shall have the right to assume
or continue its own defense and the Indemnifying Party shall be liable for any
reasonable expenses therefor, but in no event will bear the expenses for more
than one firm of counsel for all Indemnified Parties in each jurisdiction who
shall be approved by the majority of the participating Holders in the
registration in respect of which such indemnification is sought), the
Indemnifying Party will be entitled to participate in and to assume the defense
thereof (at its expense), jointly with any other Indemnifying Party similarly
notified to the extent that it may wish, with counsel reasonably satisfactory to
such Indemnified Party, and after notice from the Indemnifying Party to such
Indemnified Party of its election so to assume the defense thereof, except in
the case of a conflict of interest as aforesaid, the Indemnifying Party will not
be liable to such Indemnified Party for any legal or other expenses subsequently
incurred by the latter in connection with the defense thereof other than
reasonable costs of investigation and shall have no liability for any settlement
made by the Indemnified Party without the consent of the Indemnifying Party,
such consent not to be unreasonably withheld.  No Indemnifying Party will settle
any action or proceeding or consent to the entry of any judgment without the
prior written consent of the Indemnified Party, unless such settlement or
judgment (i) includes as an unconditional term thereof the giving by the
claimant or plaintiff of a release to such Indemnified Party from all liability
in respect of such action or proceeding, and (ii) does not involve the
imposition of equitable remedies or the imposition of any obligations on such
Indemnified Party and does not otherwise adversely affect such Indemnified
Party, other than as a result of the imposition of financial obligations for
which such Indemnified Party will be indemnified hereunder.

     (d) (i)  If the indemnification provided for in this Section 5.7 from
                                                          -----------
the Indemnifying Party is unavailable to an Indemnified Party hereunder in
respect of any Claim or expenses referred to herein, then the Indemnifying
Party, in lieu of indemnifying such Indemnified Party, shall contribute to the
amount paid or payable by such Indemnified Party as a result of such Claim or
expenses in such proportion as is appropriate to reflect the relative fault of
the Indemnifying Party and Indemnified Party in connection with the actions
which resulted in such Claim or expenses, as well as any other relevant
equitable considerations.  The relative fault of such Indemnifying Party and
Indemnified Party shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact, has
been made by, or relates to information supplied by, such Indemnifying Party or
Indemnified Party, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such action.  The amount paid
or payable by a party under this Section 5.7(d) as a result of the Claim and
                                 --------------
expenses referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such party in connection with any action or
proceeding.

                                      27
<PAGE>

         (ii) The parties hereto agree that it would not be just and equitable
if contribution pursuant to this Section 5.7(d) were determined by pro rata
                                 --------------
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in Section 5.7(d)(i).  No Person guilty
                                            -----------------
of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation.

     (e) Indemnification similar to that specified in this Section 5.7 (with
                                                           -----------
appropriate modifications) shall be given by the Company and each seller of
Registrable Securities with respect to any required registration or other
qualification of securities under any Law or with any governmental authority
other than as required by the Securities Act.

     (f) The obligations of the parties under this Section 5.7 shall be in
                                                   -----------
addition to any liability which any party may otherwise have to any other party.

     Section 5.8    Required Reports.  The Company covenants that it will use
                    ----------------
reasonable commercial efforts to file the reports required to be filed by it
under the Securities Act and the Exchange Act (or, if the Company is not
required to file such reports, it will, upon the request of any Holder, make
publicly available such information), and it will take such further action as
any Holder may reasonably request, all to the extent required from time to time
to enable such Holder to sell shares of Registrable Securities without
registration under the Securities Act within the limitation of the exemptions
provided by (a) Rule 144 under the Securities Act, as such Rule may be amended
from time to time, or (b) any similar rule or regulation hereafter adopted by
the SEC.  Upon the request of any Holder, the Company will deliver to such
Holder a written statement as to whether it has complied with such requirements.

     Section 5.9    Selection of Counsel.  In connection with any registration
                    --------------------
of Registrable Securities pursuant to Sections 5.1 or 5.2 hereof, the Holders of
                                      -------------------
a majority of the Registrable Securities covered by any such registration may
select one counsel to represent all Holders of Registrable Securities covered by
such registration; provided, however, that in the event that the counsel
                   --------  -------
selected as provided above is also acting as counsel to the Company in
connection with such registration, the remaining Holders shall be entitled to
select one additional counsel to represent all such remaining Holders.

     Section 5.10   Holdback and Lockup Agreement.  If any registration
                    -----------------------------
hereunder shall be in connection with an underwritten public offering, each
Holder agrees not to effect any public sale or distribution, including any sale
pursuant to Rule 144 under the Securities Act, of any Equity Securities of the
Company (in each case, other than as part of such underwritten public offering),
within seven days before the effective date of such registration (except as part
of such registration), and the Company hereby also agrees and agrees to use its
commercially reasonable efforts to have each Other Holder of any Equity Security
of the Company purchased from the Company (at any time other than in a public
offering) to so agree.  Additionally, if requested by the Underwriters in any
underwritten offering,  the Holders will refrain from selling any Registrable
Securities for a period not to exceed 90 days after such registration becomes
effective.

                                      28
<PAGE>

     Section 5.11   No Inconsistent Agreements.  The Company represents and
                    --------------------------
warrants that it will not enter into, or cause or permit any of its Subsidiaries
to enter into, any agreement which conflicts with or limits or prohibits the
exercise of the rights granted to the Holders of Registrable Securities in this
Article V.
---------

                                   ARTICLE VI
                                   STANDSTILL

     Section 6.1    Acquisition of Additional Voting Securities.
                    -------------------------------------------

     (a) During the Standstill Period, except as provided below in this Section
                                                                        -------
6.1, each Series C Stockholder covenants and agrees with the Company that it
---
shall not, and shall cause each of its Affiliates not to, directly or
indirectly, acquire, offer or propose to acquire or agree to acquire, whether by
purchase, tender or exchange offer, through the acquisition of control of
another Person (including by way of merger or consolidation), by joining a
partnership, syndicate or other Group or otherwise, the beneficial ownership of
any additional Voting Securities (any such acquisition of Voting Securities, an
"Acquisition") (except (i) by way of stock dividends, stock reclassifications or
 -----------
other distributions or offerings made available and, if applicable, exercised on
a pro rata basis, to holders of Equity Securities of the Company generally and
(ii) Equity Securities acquired from the Company (including PIK Shares,
Conversion Shares and Conversion Shares issuable pursuant to the operation of
the anti-dilution provisions of the Certificate of Designation) (the
"Acquisition Restrictions"); provided, however, that the foregoing Acquisition
-------------------------    --------  -------
Restrictions shall not apply to (I) any Acquisition in connection with a Series
C Stockholder's purchase or other acquisition of all or any portion of another
Series C Stockholder's Series C Preferred Stock, (II) any transaction between or
among a Series C Stockholder and its Affiliates, (III) any Acquisition that may
be deemed to result from the formation or existence of a Group comprising the
Series C Stockholders, (IV) any Acquisition arising out of margin lending or
other financing activities by a Series C Stockholder in the ordinary course of
business, (V) in acquisition made in the course of business of the brokerage or
investment banking activities of a Series C Stockholder, or (VI) any Acquisition
that is approved by a majority of the Class A Directors of the Company.

     (b) The foregoing Acquisition Restrictions will not apply if either (i) a
third party who is not an Affiliate of any Series C Stockholder or any of its
Affiliates (a "Third Party", which term shall include any Group, other than a
               -----------
Group which includes such Series C Stockholder or any of its Affiliates as a
member) commences a tender or exchange offer for more than 50% of the
outstanding Voting Securities and the Board does not recommend against the
tender or exchange offer within ten (10) Business Days after the commencement
thereof (which, in the case of an exchange offer, shall be deemed to be the
effective date of the registration statement relating to the securities offered
in such exchange offer or, if permitted under the Exchange Act, such earlier
date selected by the offer or for commencement of the exchange offer) or such
longer period as shall then be permitted under SEC rules, or (ii) a Third Party
acquires beneficial ownership of 15% of the outstanding Voting Securities (other
than as a result of purchases of such securities from the Company) and publicly
discloses a possible intention to seek control of the Company or to engage in a
transaction that would result in a Change of Control of the Company.

                                      29
<PAGE>

                                  ARTICLE VII
                                 MISCELLANEOUS

     Section 7.1    Series C Stockholder Indemnification; Reimbursement of
                    ------------------------------------------------------
Expenses.  The Company agrees to indemnify and hold harmless each Series C
--------
Stockholder, its respective directors and officers and its Affiliates (and the
directors, officers, partners, Affiliates and controlling persons thereof, each,
a "Series C Stockholder Indemnitee") from and against any and all liability,
   -------------------------------
including, without limitation, all obligations, costs, fines, claims, actions,
injuries, demands, suits, judgments, proceedings, investigations, arbitrations
(including stockholder claims, actions, injuries, demands, suits, judgments,
proceedings, investigations or arbitrations) and expenses, including, without
limitation, accountant's and attorney's fees and expenses (together the
"Losses"), incurred by such Series C Stockholder or such Series C Stockholder
 ------
Indemnitee before or after the date of this Agreement and arising out of,
resulting from, or relating to (i) such Series C Stockholder's purchase and/or
ownership of the Equity Securities, (ii) the transactions contemplated by the
Preferred Stock Issuance and Restructuring Agreement, the Stockholders Agreement
and the Certificate of Designation, (iii) any litigation to which a Series C
Stockholder or a Series C Stockholder Indemnitee is made a party in its capacity
as a stockholder or owner of securities (or a partner, director, officer,
Affiliate or controlling person of a Series C Stockholder) of the Company or
(iv) any franchise taxes imposed on a Series C Stockholder attributable to its
ownership of Series C Preferred Stock, provided that (i) indemnification for
Claims referred to in Section 5.7 shall be available solely in accordance with
                      -----------
and governed by that Section and (ii)  the Company shall not be required to
indemnify and hold harmless any Series C Stockholder for any Losses that are
finally adjudicated by a court of competent jurisdiction to have been caused by
a violation of law, rule or regulation by such Series C Stockholder or by such
Series C Stocklolder's gross negligence, intentional torts or willfull
misconduct..

     Section 7.2    Termination.  The provisions of Article II (other than
                    -----------
Section 2.5 and Section 2.6) and Article VI of this Agreement shall terminate,
-----------     -----------
with respect to any Series C Stockholder at the time that such Series C
Stockholders and its Affiliates shall cease to own any Series C Preferred Stock.
Section 2.5 shall terminate upon expiration of the period specified therein for
-----------
the maintenance of liability insurance.  Section 2.6 and the voting agreements
                                         -----------
in Article III of this Agreement shall terminate at such time as the Series C
Preferred Stock becomes convertible into Common Stock in accordance with the
Certificate of Designation.  The restrictions on Transfer set forth in Article
IV (other than any restrictions imposed by the Securities Act or state
securities or "blue sky" laws) shall terminate (i) as to any shares of Series
Preferred Stock, upon the conversion of such shares into Common Stock and (ii)
as to all shares of Series C Preferred Stock then remaining outstanding, at such
time as all such outstanding Series C Preferred Stock shall be convertible into
less than 51% of the Common Stock on a Fully-Diluted basis.  Article V of this
                                                             ---------
Agreement (other than Section 5.7 thereof) shall terminate at such time as there
                      -----------
shall be no Registrable Securities outstanding.  Section 7.1 of this Agreement
                                                 -----------
shall not terminate.  Nothing herein shall relieve any party from any liability
for the breach of any of the agreements set forth in this Agreement.

     Section 7.3    Amendments and Waivers.  Except as otherwise provided
                    ----------------------
herein, no modification, amendment or waiver of any provision of this Agreement
shall be effective against the Company or any Holder unless such modification,
amendment or waiver is approved

                                       30
<PAGE>

in writing by the Company and each such Holder. The failure of any party to
enforce any of the provisions of this Agreement shall in no way be construed as
a waiver of such provisions and shall not affect the right of such party
thereafter to enforce each and every provision of this Agreement in accordance
with its terms.

     Section 7.4    Successors, Assigns and Transferees.  This Agreement shall
                    -----------------------------------
bind and inure to the benefit of and be enforceable by the parties hereto and
their respective successors and permitted assigns.  This Agreement may not be
assigned by any party hereto (except as described in the next sentence) without
the prior written consent of the other parties.  Any Series C Stockholder and
its Affiliates may assign their respective rights and obligations hereunder to
any Affiliate or Affiliates thereof in accordance with the Transfer provisions
in Article IV.  The Company shall keep a complete record of any assignments
permitted hereunder and shall notify the Administrative Agent and the Series C
Stockholders pursuant to the provisions of Section 7.5 within five (5) Business
                                           -----------
Days of any such assignment.  The Administrative Agent or any Series C
Stockholder, as the case may be, that assigns its rights and obligations under
this Agreement shall notify:  (a) in the case of an assignment by the
Administrative Agent, the Company and the Series C Stockholders; or (b) in the
case of an assignment by any Series C Stockholder, the Company, the
Administrative Agent and each of the other Series C Stockholders, and in each
case pursuant to the provisions of Section 7.5 within five (5) Business Days of
                                   -----------
any such assignment.

     Section 7.5    Notices.  All notices required or permitted hereunder shall
                    -------
be in writing and shall be deemed effectively given:  (a) upon personal delivery
to the party to be notified; (b) when sent by confirmed telex or facsimile if
sent during normal business hours of the recipient, if not, then on the next
business day; (c) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (d) one (1)
business day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt.  All
communications shall be sent, with respect to the Company and the Series C
Stockholders, to their respective addresses specified in the Credit Agreement
(or at such other address as any such party may specify by like notice) and,
with respect to any other Holder, to the address of such Holder as shown in the
stock record books of the Company (or at such other address as any such Holder
may specify to all of the above by like notice).

     Section 7.6    Further Assurances.  At any time or from time to time after
                    ------------------
the date hereof, the parties agree to cooperate with each other, and at the
request of any other party, to execute and deliver any further instruments or
documents and to take all such further action as the other party may reasonably
request in order to evidence or effectuate the consummation of the transactions
contemplated hereby and to otherwise carry out the intent of the parties
hereunder.

     Section 7.7    Entire Agreement.  Except as otherwise expressly set forth
                    ----------------
herein, this Agreement, the Preferred Stock Issuance and Restructuring Agreement
and the Certificate of Designation embody the complete agreement and
understanding among the parties hereto with respect to the subject matter hereof
and supersede and preempt any prior understandings, agreements or
representations by or among the parties, written or oral, that may have related
to the subject matter hereof in any way.

                                       31
<PAGE>

     Section 7.8    Delays or Omissions.  It is agreed that no delay or omission
                    -------------------
to exercise any right, power or remedy accruing to any party, upon any breach,
default or noncompliance by another party under this Agreement, shall impair any
such right, power or remedy, nor shall it be construed to be a waiver of any
such breach, default or noncompliance, or any acquiescence therein, or of or in
any similar breach, default or noncompliance thereafter occurring.  It is
further agreed that any waiver, permit, consent or approval of any kind or
character on the part of any party hereto of any breach, default or
noncompliance under this Agreement or any waiver on such party's part of any
provisions or conditions of this Agreement, must be in writing and shall be
effective only to the extent specifically set forth in such writing.  All
remedies, either under this Agreement, by law, or otherwise afforded to any
party, shall be cumulative and not alternative.

     Section 7.9    Governing Law; Jurisdiction; Waiver of Jury Trial.  This
                    -------------------------------------------------
Agreement shall be governed in all respects by the laws of the State of New
York.  The parties hereto hereby submit to the non-exclusive jurisdiction of the
courts of the State of New York for the purpose of any suit, proceeding or
judgment arising under or with respect to this Agreement.  Each of the parties
hereto hereby irrevocably and unconditionally waives trial by jury in any legal
action or proceeding in relation to this Agreement and for any counterclaim
therein.

     Section 7.10   Severability.  Whenever possible, each provision of this
                    ------------
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any other jurisdiction, but this Agreement shall be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

     Section 7.11   Effective Date.  This Agreement shall become effective
                    --------------
immediately upon the Closing.

     Section 7.12   Enforcement.  Each party hereto acknowledges that money
                    -----------
damages would not be an adequate remedy in the event that any of the covenants
or agreements in this Agreement are not performed in accordance with  its terms,
and it is therefore agreed that in addition to and without limiting any other
remedy or right it may have, the non-breaching party will have the right to an
injunction, temporary restraining order or other equitable relief in any court
of competent jurisdiction enjoining any such breach and enforcing specifically
the terms and provisions hereof.

     Section 7.13   Titles and Subtitles.  The titles of the Sections and
                    --------------------
subsections of this Agreement are for convenience of reference only and are not
to be considered in construing this Agreement.

     Section 7.14   No Recourse.  Notwithstanding anything that may be expressed
                    -----------
or implied in this Agreement, the Company and each Holder covenant, agree and
acknowledge that no recourse under this Agreement or any documents or
instruments delivered in connection with this Agreement shall be had against any
current or future director, officer, employee, general or limited partner or
member of any Series C Stockholder or of any Affiliate or assignee thereof,

                                       32
<PAGE>

whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any statute, regulation or other applicable law, it
being expressly agreed and acknowledged that no personal liability whatsoever
shall attach to, be imposed on or otherwise be incurred by any current or future
director, officer, agent, employee, partner or member of any Series C
Stockholder or of any Affiliate or assignee thereof, as such for any obligation
of any Series C Stockholder under this Agreement or any documents or instruments
delivered in connection with this Agreement for any claim based on, in respect
of or by reason of such obligations or their creation.

     Section 7.15   Counterparts; Facsimile Signatures.  This Agreement may be
                    ----------------------------------
executed in any number of counterparts, each of which shall be an original, but
all of which together shall constitute one instrument.  This Agreement may be
executed by facsimile signature(s).

                                       33
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date set forth in the first paragraph hereof.

THE COMPANY:                  PLANVISTA CORPORATION

                              By: /s/ Donald W. Schmeling
                                 -----------------------------------
                                  Name:    Donald W. Schmeling
                                  Title:  Chief Financial Officer

THE SERIES C
STOCKHOLDERS:
                              WACHOVIA BANK, NATIONAL ASSOCIATION,
                              as a Series C Stockholder and as Administrative
                              Agent and Subordination Agent

                              By: /s/ Matthew Berk
                                  ----------------------------------
                                  Name:  Matthew Berk
                                  Title: Authorized Officer

                              CREDIT LYONNAIS, NEW YORK BRANCH

                              By: /s/ John Charles Van Essche
                                  ----------------------------------
                                  Name:  John Charles Van Essche
                                  Title: Vice President

                              SUNTRUST BANK

                              By: /s/ Samuel M. Ballesteros
                                  ----------------------------------
                                  Name:  Samuel M. Ballesteros
                                  Title: Director

                              FLEET NATIONAL BANK

                              By:     /s/ Fred P. Lucy, II
                                  ----------------------------------
                                  Name:  Fred P. Lucy, II
                                  Title: Vice President
<PAGE>

                              SOUTHTRUST BANK

                              By: /s/ B. E. Dishman
                                  ----------------------------------
                                  Name:  B. E. Dishman
                                  Title: Group Vice President

                              COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEEBANK BA
                              "RABOBANK NEDERLAND", NEW YORK BRANCH

                              By: /s/ John McMahon
                                  ----------------------------------
                                  Name:  John McMahon
                                  Title: Vice President

                              BANK OF AMERICA, N.A.

                              By: /s/ Joseph M. Martens
                                  ----------------------------------
                                  Name:  Joseph M. Martens
                                  Title: Senior Vice President

                              AMSOUTH BANK

                              By: /s/ William R. Hoog
                                  ----------------------------------
                                  Name:  William R. Hoog
                                  Title: Vice President

                              HIBERNIA NATIONAL BANK

                              By: /s/ Tammy Angelety
                                  ----------------------------------
                                  Name:  Tammy Angelety
                                  Title: Vice President

                              FIFTH THIRD BANK, CENTRAL OHIO

                              By: /s/ Mark Ransom
                                  ----------------------------------
                                  Name:  Mark Ransom
                                  Title: Vice President

                                      S-2

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