Document:

Exhibit
10.2

CHARLES
RIVER LABORATORIES INTERNATIONAL, INC.

2007
INCENTIVE PLAN

PERFORMANCE
AWARD AGREEMENT (the “Award Agreement”)

This Performance
Award (the “Award”) is granted as of                        
by Charles River Laboratories International, Inc. (the “Company”) to                        
(the “Participant”) on the terms and conditions as set forth in this Award
Agreement and in the 2007 Incentive Plan (the “Plan”).  All capitalized terms used herein shall have
the meaning specified in the Plan, unless another meaning is specified herein.

In accordance with
this grant, and as a condition thereto, the Company agrees as follows:

SECTION
1.           Performance Award; Performance Period; Date of Grant.

	
  Target Award:

  	
                 Performance
  Awards

  (the “Target Award”)

  
	
   

  	
   

  
	
  Performance Period:

  	
                 through
  and ending on

  

  (the “Performance Period”)

  
	
   

  	
   

  
	
  Date of Grant:

  	
   

  

 

SECTION
2.           Nature of Award.  The
Target Award represents the opportunity to receive a future payment equal to a
number of shares of Company common stock, par value $0.01 per share (the “Shares”),
to be delivered in the form of restricted and unrestricted stock, as are earned
in accordance with Section 3 and Section 4 of this Award Agreement.

SECTION
3.           Determination of Number of Shares Earned.  The number of Performance Shares earned as of
the end of the Performance Period, if any, shall be determined as follows:

# of Shares = Payout Percentage x
Target Award

The “Payout Percentage”
shall be determined by the Compensation Committee of the Board of Directors of
the Company (the “Administrator”) in its sole discretion based on the
Performance Criteria set out in Appendix I hereto.  The Payout Percentage may be as low as 0%, or
as high as 125%.  The Administrator shall
make the determination of the Payout Percentage, and grant the Final Awards, if
any, at a meeting of the Administrator to occur in the first calendar quarter
in the year following the date this Award is granted; provided, however, that
the Administrator has the discretion to make such determination and/or grant of
Final Awards at such time or times as it deems acceptable in the sole
discretion of the Administrator.

SECTION
4.           Payment of Performance Shares.  The Performance Shares payable to a
Participant as determined by the Payout Percentage calculated pursuant to
Section 3 shall be as follows:

·                  one-half
(1/2) of the Performance Shares will be paid in the form of Stock (without any
restrictions thereupon); and

·                  one-half
(1/2) of the Performance Shares will be paid in the form of Restricted Stock.

The Performance Shares
granted in the form of Restricted Stock will have a vesting term of one (1)
year from the date of grant and otherwise be subject to the reasonable and
customary terms and conditions of the Company’s Restricted Stock Awards
generally, as will be set forth in an actual Restricted Stock Award.  Restricted Stock

Awards issued to
Participants in accordance with this Section shall be issued as soon as
reasonably practicable following the date of determination of Final Awards by
the Administrator and in accordance with Section 4.e.(4) of the Plan.

SECTION
5.           Termination of Employment.

(a)           If the Participant’s employment with
the Company is terminated by the Company or by the Participant (other than by
the death of the Participant), the provisions of Section 4.e.(5-6) of the Plan
shall govern.

(b)           If the Participant’s employment with
the Company is terminated by reason of death prior to the end of the
Performance Period, the provisions of Sections 4.e.(5) and 4.e.(7) of the Plan
shall govern.

(c)           For purposes of the Plan and the
Award Agreement, a transfer of employment from the Company to any subsidiary of
the Company or vice versa, or from one subsidiary to another, shall not be
considered a termination of employment.

SECTION
6.           Other Changes.

(a)           If a Participant is promoted by the
Company during the Performance Period applicable to this Award, the provisions
of Section 4.e.(8) of the Plan shall govern.

(b)            If the Performance Criteria set
forth in Appendix I are based on the performance of a specific business
segment, unit or portion thereof, and that portion is sold or otherwise
disposed or reorganized or the Participant is transferred to another portion of
the Company prior to the end of the Performance Period, the Award granted to
such Participant with respect to such Performance Period shall be reduced pro
rata based on the number of months remaining in the Performance Period after
the month of such event; provided, however, that the Participant remains
employed by the Company following such sale, disposition,  reorganization or transfer.  The Final Award for such Participant shall be
determined by the Administrator (1) on the basis of the performance levels
established for such award (including any minimum performance level, if
applicable) and the performance level achieved, in the case of a sale,
disposition, or reorganization of the applicable portion of the business
segment or unit, through the end of the fiscal year during which such event
occurs and, in the case of a transfer of the Participant, through the end of
the performance period and (2) in the discretion of the Administrator, on the
basis of individual performance during the applicable period.  In addition, in any such case, the
Administrator may, in its discretion, further adjust such award upward as it
may deem appropriate and reasonable.  In
the event that the Participant does not remain employed by the Company
following such sale, disposition, reorganization or transfer, then this Award
shall be immediately cancelled pursuant to and subject to the provisions
of  Sections 4.e.(5-6) of the Plan.

SECTION
7.           Tax Withholding. 
Pursuant to paragraph 4.a.(6) of the Plan, the Administrator shall have
the power and the right to deduct or withhold, or require the Participant to
remit to the Company, an amount sufficient to satisfy any federal, state, local
or other taxes required by applicable law to be withheld with respect to
payment of the Award.

SECTION
8.           No Employment Commitment; Rights as a Shareholder.  Nothing herein contained or contained in the
Plan shall be deemed to be or constitute an agreement or commitment by the
Company to continue to employ the Participant for the period within which this
Performance Award may be earned or exercised. 
The Participant acknowledges and agrees that his or her employment with
the Company shall remain on an “at will” basis and that the Company may
terminate the employment of the Participant with our without cause at any time.  The Participant shall have no rights as a shareholder
with respect to the Shares subject to the Performance Award until the Shares
with respect to the Performance Award have been issued.

SECTION
9.           Periodic Updates. 
From time to time, as the Company and/or the Administrator may request,
the Participant shall report as to the progress he or she is making towards
satisfaction of the Performance Criteria set forth on Appendix I hereto
(including, without limitation, an estimation of Participant’s then-current
belief as to whether the Performance Criteria will be satisfied by the
conclusion of the Performance Period).

 2
 

SECTION
10.         Transferability.  This
Performance Award is not transferable by the Participant otherwise than by will
or the laws of descent and distribution.

SECTION
11.         Ratification of Actions. 
By accepting the Award or other benefit under the Plan, the Participant
and each person claiming under or through him or her shall be conclusively
deemed to have indicated the Participant’s acceptance and ratification of, and
consent to, any action taken under the Plan or the Award by the Company, the
board or the Administrator.  All
decisions or interpretations of the Company, the Board and the Administrator
upon any questions arising under the Plan and/or this Award Agreement shall be
binding, conclusive and final on all parties. 
In the event of any conflict between any provision of the Plan and this
Award Agreement, the terms and provisions of the Plan shall control.

SECTION
12.         Notices.  Any notice hereunder
to the Company shall be addressed to its office, 251 Ballardvale Street,
Wilmington, MA  01887, Attention: Corporate
Executive Vice President, Human Resources & Chief Administrative Officer,
and any notice hereunder to the Participant shall be addressed to him or her at
the address specified on the Award Agreement, subject to the right of either
party to designate at any time hereafter in writing some other address.

SECTION
13.         Entire Agreement; Governing Law.  The Plan and this Award Agreement constitute
the entire agreement with respect to the subject matter hereof and supersede in
their entirety all prior undertakings and agreements of the Company and you
with respect to the subject matter hereof. 
This Award Agreement may not be modified in a manner that is materially
adverse to your interest except by means of a writing signed by the Company and
you.  This Award Agreement is governed by
the internal substantive laws but not the choice of law rules of Delaware.

YOU ARE HEREBY INFORMED
THAT THIS AWARD IS SUBJECT TO ALL TERMS AND CONDITIONS OF THE PLAN, A COPY OF
WHICH IS ATTACHED HERETO.  YOU ARE HEREBY
INFORMED THAT ALL DECISIONS OR INTERPRETATIONS OF THE ADMINISTRATOR UPON ANY
QUESTIONS ARISING UNDER THE PLAN OR THIS AWARD AGREEMENT ARE FINAL, BINDING AND
CONCLUSIVE.

SECTION
14.         Financial Statements. 
The Company’s most recent Annual Report to Shareholders containing the
Company’s audited financial statements for the last three (3) years and its
Annual Report on Form 10-K is available on the Company’s website at
http://www.criver.com.

SECTION
15.         Provisions of the Plan. 
This Award is subject to the terms and provisions of the 2007 Incentive
Plan, a copy of which is attached hereto and additional copies of which are
available upon request by Participant. 
Information about the Plan, subsequent to its approval by the
shareholders of the Company at the 2007 Annual Meeting of shareholders, will
also be included in the Prospectus for the Plan, which will be available on the
Company’s Intranet site.

SECTION
16.         Shareholder Approval of the Plan.  This Award is subject to the subsequent
approval of the Plan by the shareholders of the Company at the 2007 Annual
Meeting of shareholders.  In the event
the shareholders do not approval the Plan at the Annual Meeting, this Award
shall automatically cancel and, in such circumstance, the Administrator will
provide Participant with a similar award under one or more of the Company’s existing
shareholder-approved equity incentive plans, preserving the rights and features
of this Award Agreement to the fullest extent possible.  The Participant acknowledges that any
replacement award may not completely replicate the rights and provisions of
this Award Agreement which were contingent upon the 2007 Incentive Plan, and
material changes from the terms herein may be required in any such substitute
award.

 3
 

IN WITNESS
WHEREOF, the Company has caused this Award to be executed under its corporate
seal by its duly authorized officer.

	
  

  	
   

  	
  CHARLES RIVER LABORATORIES

  INTERNATIONAL, INC. 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  James C. Foster

  Chairman, President & CEO 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DATE: 

  	
   

  

 

 4
 

Appendix I to
Performance Award Agreement

Participant:

Title:

Salary Grade:

Target Award:                      
Performance Awards

Date of Grant:

Performance Criteria:

 5Exhibit 10.1

	
  

  	
  

  	
  

  	
   

  

 

CREDIT
AGREEMENT

dated
as of May 8, 2007

among

THE
ALLSTATE CORPORATION

ALLSTATE INSURANCE COMPANY

ALLSTATE LIFE INSURANCE COMPANY,

as Borrowers

The Lenders Party Hereto

WACHOVIA
BANK, NATIONAL ASSOCIATION,

as Syndication Agent

BANK
OF AMERICA, N.A. and CITIBANK, N.A.,

as Documentation Agents

LEHMAN
BROTHERS BANK, FSB, MERRILL LYNCH

BANK USA, MORGAN STANLEY BANK and

WILLIAM STREET COMMITMENT CORPORATION,

as Co-Agents

and

JPMORGAN
CHASE BANK, N.A.

as Administrative Agent

J.P. MORGAN SECURITIES INC. and
WACHOVIA SECURITIES, INC.,

as Co-Lead Arrangers and Joint Book Runners

Bryan Cave LLP

1290 Avenue of the Americas

New York, New York 10104-3300

TABLE OF CONTENTS

	
  

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1. DEFINITIONS

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.1

  	
  Defined Terms.

  	
   

  	
  1

  
	
  Section 1.2

  	
  Classification of Loans and
  Borrowings.

  	
   

  	
  14

  
	
  Section 1.3

  	
  Terms Generally

  	
   

  	
  15

  
	
  Section 1.4

  	
  Accounting Terms; GAAP and
  Statutory Accounting Principles

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2. THE CREDITS

  	
   

  	
  15

  
	
   

  	
   

  	
   

  
	
  Section 2.1

  	
  Commitments

  	
   

  	
  15

  
	
  Section 2.2

  	
  Loans and Borrowings

  	
   

  	
  15

  
	
  Section 2.3

  	
  Requests for Borrowings

  	
   

  	
  16

  
	
  Section 2.4

  	
  Funding of Borrowings

  	
   

  	
  17

  
	
  Section 2.5

  	
  Termination, Reduction and
  Increase of Commitments

  	
   

  	
  17

  
	
  Section 2.6

  	
  Repayment of Loans;
  Evidence of Debt

  	
   

  	
  19

  
	
  Section 2.7

  	
  Prepayment of Loans

  	
   

  	
  20

  
	
  Section 2.8

  	
  Extension of Maturity Date

  	
   

  	
  20

  
	
  Section 2.9

  	
  Payments Generally; Pro
  Rata Treatment; Sharing of Setoffs

  	
   

  	
  22

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3. INTEREST, FEES,
  YIELD PROTECTION, ETC.

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 3.1

  	
  Interest

  	
   

  	
  23

  
	
  Section 3.2

  	
  Interest Elections Relating
  to Borrowings

  	
   

  	
  24

  
	
  Section 3.3

  	
  Fees

  	
   

  	
  25

  
	
  Section 3.4

  	
  Alternate Rate of Interest

  	
   

  	
  25

  
	
  Section 3.5

  	
  Increased Costs; Illegality

  	
   

  	
  26

  
	
  Section 3.6

  	
  Break Funding Payments

  	
   

  	
  27

  
	
  Section 3.7

  	
  U.S. Taxes

  	
   

  	
  28

  
	
  Section 3.8

  	
  Mitigation Obligations

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4. REPRESENTATIONS AND
  WARRANTIES

  	
   

  	
  29

  
	
   

  	
   

  	
   

  
	
  Section 4.1

  	
  Corporate Existence;
  Subsidiaries

  	
   

  	
  29

  
	
  Section 4.2

  	
  Corporate and Governmental
  Authorization; No Contravention

  	
   

  	
  30

  
	
  Section 4.3

  	
  Binding Effect

  	
   

  	
  30

  
	
  Section 4.4

  	
  Financial Information

  	
   

  	
  31

  
	
  Section 4.5

  	
  Litigation

  	
   

  	
  31

  
	
  Section 4.6

  	
  Compliance with ERISA

  	
   

  	
  31

  
	
  Section 4.7

  	
  Environmental Matters

  	
   

  	
  31

  
	
  Section 4.8

  	
  Taxes

  	
   

  	
  32

  
	
  Section 4.9

  	
  Full Disclosure

  	
   

  	
  32

  
	
  Section 4.10

  	
  Investment Company Act

  	
   

  	
  32

  
	
  Section 4.11

  	
  Federal Reserve Regulations

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5. CONDITIONS

  	
   

  	
  32

  
	
   

  	
   

  	
   

  
	
  Section 5.1

  	
  Effective Date

  	
   

  	
  32

  
	
  Section 5.2

  	
  Each Credit Event

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6. COVENANTS

  	
   

  	
  34

  
	
   

  	
   

  	
   

  
	
  Section 6.1

  	
  Financial Statements and
  Other Information

  	
   

  	
  34

  
	
  Section 6.2

  	
  Maintenance of Property

  	
   

  	
  36

  
	
  Section 6.3

  	
  Conduct of Business and
  Maintenance of Existence

  	
   

  	
  36

  
	
  Section 6.4

  	
  Compliance with Laws

  	
   

  	
  37

  
	
  Section 6.5

  	
  Negative Pledge

  	
   

  	
  37

  
	
  Section 6.6

  	
  Consolidations, Mergers and
  Sales of Assets

  	
   

  	
  37

  
	
  Section 6.7

  	
  Use of Proceeds

  	
   

  	
  38

  
	
  Section 6.8

  	
  Ratio of Consolidated Total
  Debt to Consolidated Total Capital

  	
   

  	
  38

  
	
  Section 6.9

  	
  Limitation on Issuance of
  Medium Term Notes

  	
   

  	
  38

  

 

Allstate Credit
Agreement

 

	
  ARTICLE 7. GUARANTEE

  	
   

  	
  38

  
	
   

  	
   

  	
   

  
	
  Section 7.1

  	
  Guarantee

  	
   

  	
  38

  
	
  Section 7.2

  	
  Obligations Unconditional

  	
   

  	
  39

  
	
  Section 7.3

  	
  Reinstatement

  	
   

  	
  39

  
	
  Section 7.4

  	
  Subrogation

  	
   

  	
  40

  
	
  Section 7.5

  	
  Remedies

  	
   

  	
  40

  
	
  Section 7.6

  	
  Continuing Guarantee

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8. EVENTS OF DEFAULT

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9. THE ADMINISTRATIVE
  AGENT

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10. MISCELLANEOUS

  	
   

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 10.1

  	
  Notices

  	
   

  	
  44

  
	
  Section 10.2

  	
  Waivers; Amendments

  	
   

  	
  44

  
	
  Section 10.3

  	
  Expenses; Indemnity; Damage
  Waiver

  	
   

  	
  45

  
	
  Section 10.4

  	
  Successors and Assigns

  	
   

  	
  46

  
	
  Section 10.5

  	
  Survival

  	
   

  	
  49

  
	
  Section 10.6

  	
  Counterparts; Integration;
  Effectiveness

  	
   

  	
  49

  
	
  Section 10.7

  	
  Severability

  	
   

  	
  50

  
	
  Section 10.8

  	
  Right of Setoff

  	
   

  	
  50

  
	
  Section 10.9

  	
  Governing Law;
  Jurisdiction; Consent to Service of Process

  	
   

  	
  50

  
	
  Section 10.10

  	
  WAIVER OF JURY TRIAL

  	
   

  	
  51

  
	
  Section 10.11

  	
  Headings

  	
   

  	
  51

  
	
  Section 10.12

  	
  Interest Rate Limitation

  	
   

  	
  51

  
	
  Section 10.13

  	
  Confidentiality

  	
   

  	
  51

  
	
  Section 10.14

  	
  USA Patriot Act Notice

  	
   

  	
  52

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULES:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 2.1

  	
  List  of
  Commitments

  	
   

  	
   

  
	
  Schedule 4.1

  	
  List of Wholly-Owned
  Subsidiaries, Material Subsidiaries and Listed Insurance Subsidiaries

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  Form of Assignment
  and Assumption

  	
   

  	
   

  
	
  Exhibit B

  	
  Form of Opinion of Internal
  Counsel to the Borrowers

  	
   

  	
   

  
	
  Exhibit B-1

  	
  Form of Opinion of Special
  New York Counsel to the Borrowers

  	
   

  
	
  Exhibit C

  	
  Form of Note

  	
   

  	
   

  
	
  Exhibit D

  	
  Form of Increase Supplement

  	
   

  	
   

  
						

 

 ii

CREDIT AGREEMENT, dated as of May 8, 2007, among THE
ALLSTATE CORPORATION, ALLSTATE INSURANCE COMPANY, ALLSTATE LIFE INSURANCE
COMPANY, the LENDERS party hereto, WACHOVIA BANK, NATIONAL ASSOCIATION, as
Syndication Agent, BANK OF AMERICA, N.A. and CITIBANK, N.A., as Documentation
Agents, LEHMAN BROTHERS BANK, FSB, MERRILL LYNCH BANK USA, MORGAN STANLEY BANK
and WILLIAM STREET COMMITMENT CORPORATION, as Co-Agents, and JPMORGAN CHASE
BANK, N.A., as Administrative Agent.

The parties hereto agree as follows:

ARTICLE
1.

DEFINITIONS

Section 1.1                                      Defined
Terms. As used in this Credit Agreement, the following terms have the
meanings specified below:

“ABR”, when used in reference to any Loan or
Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Alternate Base
Rate.

“Additional Commitment Lender” has the
meaning assigned to such term in Section 2.8(b).

“Adjusted LIBO Rate” means, with respect to
any Eurodollar Borrowing for any Interest Period, an interest rate per annum
(rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO
Rate for such Interest Period multiplied by (b) the Statutory Reserve
Rate.

“Administrative Agent” means JPMorgan Chase
Bank, N.A., in its capacity as administrative agent for the Lenders hereunder.

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

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

“Agents” means, collectively, the
Administrative Agent, the Syndication Agent and the Documentation Agents.

“Agreement Date” means the first date
appearing in this Credit Agreement.

“Allstate Insurance” means Allstate Insurance
Company, an Illinois insurance company.

“Allstate Life” means Allstate Life Insurance
Company, an Illinois insurance company.

“Alternate Base Rate” means, for any day, a
rate per annum equal to the greater of (i) the Prime Rate in effect on such day
and (ii) the Federal Funds Effective Rate in effect on such day

plus 1/2 of
1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or
the Federal Funds Effective Rate shall be effective from and including the
effective date of such change in the Prime Rate or the Federal Funds Effective
Rate, respectively.

“Applicable Facility Fee Percentage” means at
all times during which the applicable Pricing Level set forth below is in
effect, the percentage set forth in the following table under the heading “Facility
Fee Percentage” next to such Pricing Level, in each case subject to the
provisos set forth in the following table:

	
  Pricing Level

  	
   

  	
  Facility Fee

  Percentage

  	
   

  
	
  Pricing Level I

  	
   

  	
  0.040

  	
  %

  
	
  Pricing Level II

  	
   

  	
  0.045

  	
  %

  
	
  Pricing Level III

  	
   

  	
  0.050

  	
  %

  
	
  Pricing Level IV

  	
   

  	
  0.060

  	
  %

  
	
  Pricing Level V

  	
   

  	
  0.080

  	
  %

  
	
  Pricing Level VI

  	
   

  	
  0.100

  	
  %

  
	
  Pricing Level VII

  	
   

  	
  0.150

  	
  %

  

 

Changes in the Applicable Facility Fee Percentage
resulting from a change in the Pricing Level shall become effective on the
effective date of any change in the S&P Rating or Moody’s Rating, as the
case may be. Notwithstanding anything herein to the contrary, in the event of a
split in the S&P Rating and Moody’s Rating that would otherwise result in
the application of more than one Pricing Level (had the provisions regarding
the applicability of other Pricing Levels contained in the definitions thereof
not been given effect), then the Applicable Facility Fee Percentage shall be
determined using, in the case of a split by one rating category, the higher
Pricing Level, and in the case of a split by more than one rating category, the
Pricing Level that is one level lower than the Pricing Level within which the
higher of the two rating categories would otherwise fall.

“Applicable Margin” means at all times during
which the applicable Pricing Level set forth below is in effect: (i) with
respect to Eurodollar Borrowings, the percentage set forth in the following
table under the heading “Eurodollar Margin” next to such Pricing Level, and
(ii) with respect to Utilization Fees, the percentage set forth in the
following table under the heading “Utilization Fee” next to such Pricing Level,
in each case subject to the provisos set forth in the following table:

 2
 

 

	
  Pricing Level

  	
   

  	
  Eurodollar Margin

  	
   

  	
  Utilization Fee

  	
   

  
	
  Pricing Level I

  	
   

  	
  0.085

  	
  %

  	
  0.050

  	
  %

  
	
  Pricing Level II

  	
   

  	
  0.105

  	
  %

  	
  0.050

  	
  %

  
	
  Pricing Level III

  	
   

  	
  0.150

  	
  %

  	
  0.050

  	
  %

  
	
  Pricing Level IV

  	
   

  	
  0.190

  	
  %

  	
  0.050

  	
  %

  
	
  Pricing Level V

  	
   

  	
  0.270

  	
  %

  	
  0.050

  	
  %

  
	
  Pricing Level VI

  	
   

  	
  0.400

  	
  %

  	
  0.050

  	
  %

  
	
  Pricing Level VII

  	
   

  	
  0.600

  	
  %

  	
  0.050

  	
  %

  

 

Changes in the Applicable Margin resulting from a
change in the Pricing Level shall become effective on the effective date of any
change in the S&P Rating or Moody’s Rating, as the case may be. Notwithstanding
anything herein to the contrary, in the event of a split in the S&P Rating
and Moody’s Rating that would otherwise result in the application of more than
one Pricing Level (had the provisions regarding the applicability of other
Pricing Levels contained in the definitions thereof not been given effect),
then the Applicable Margin shall be determined using, in the case of a split by
one rating category, the higher Pricing Level, and in the case of a split by
more than one rating category, the Pricing Level that is one level lower than
the Pricing Level within which the higher of the two rating categories would
otherwise fall.

“Approved Fund” means, with respect to any
Lender that is a fund that invests in commercial loans, any other fund that
invests in commercial loans and is managed or advised by the same investment
advisor as such Lender or by an Affiliate of such investment advisor.

“Assignment and Assumption” means an
assignment and assumption entered into by a Lender and an assignee (with the
consent of any party whose consent is required by Section 10.4), and
accepted by the Administrative Agent, substantially in the form of Exhibit A
or any other form approved by the Administrative Agent.

“Availability Period” means the period from
and including the Effective Date to but excluding the earlier of the Maturity
Date and the date of termination of the Commitments.

“Benefit Arrangement” means an employee benefit
plan within the meaning of Section 3(3) of ERISA which is not a Plan or a
Multiemployer Plan and which is maintained or otherwise contributed to by any
member of the ERISA Group.

“Board” means the Board of Governors of the
Federal Reserve System of the United States of America.

“Borrowers” means, collectively, the Company
and the Subsidiary Borrowers.

“Borrowing” means Loans to the same Borrower
of the same Type made, converted or continued on the same date and, in the case
of Eurodollar Loans, as to which a single Interest Period is in effect.

“Borrowing Request” means a request by the
Company (on its own behalf or on behalf of a Subsidiary Borrower) for a
Borrowing in accordance with Section 2.3.

 3
 

“Business Day” means any day that is not a
Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed, provided that, when used
in connection with a Eurodollar Loan, the term “Business Day” shall also
exclude any day on which banks are not open for dealings in dollar deposits in
the London interbank market.

“Change in Control” means that (i) any “person”
(as such term is used in Sections 13(d) and 14(d) the Exchange Act but
excluding any profit sharing or pension plan operated for the benefit of
employees of the Company or its Affiliates), is or becomes the “beneficial
owner” (as defined in Rules 13d 3 and 13d 5 under the Exchange Act, except that
a person shall be deemed to have “beneficial ownership” of all shares that such
person has the right to acquire without condition (other than the passage of
time) whether such rights are exercisable immediately or only after the passage
of time), directly or indirectly, of 30% or more of the common stock of the
Company on a fully diluted basis, (ii) Persons (“Existing Directors”)
who are directors of the Company on the Agreement Date plus Persons (“Nominated
Directors”) nominated by Persons who constitute at least a majority of the
board of directors of the Company on the Agreement Date (or any combination of
Existing Directors, Nominated Directors and Persons nominated by a majority of
Existing Directors and Nominated Directors) shall cease to constitute at least
a majority of the members of the board of directors of the Company or (iii) the
failure of the Company to own, directly or indirectly, beneficially and of
record, 100% of the aggregate ordinary voting power and economic interests
represented by the issued and outstanding equity securities of each Subsidiary
Borrower on a fully diluted basis.

“Commitment” means, with respect to each
Lender, the commitment of such Lender to make Loans hereunder in an aggregate
outstanding amount not exceeding the amount of such Lender’s Commitment as set
forth on Schedule 2.1, or in the Assignment and Assumption or Increase
Supplement or any agreement executed in accordance with Section 2.8(b)
pursuant to which such Lender shall have assumed its Commitment, as applicable,
as such commitment may be reduced or increased from time to time pursuant to Section
2.5 or pursuant to assignments by or to such Lender pursuant to Section
10.4. The initial aggregate amount of the Commitments on the Agreement Date
is $1,000,000,000.

“Company” means The Allstate Corporation, a
Delaware corporation.

“Confidential Information” has the meaning
assigned to such term in Section 10.13.

“Consolidated Subsidiary” means, at any date,
any Subsidiary or other Person, the accounts of which are consolidated with
those of the Company in its consolidated financial statements as of such date.

“Consolidated Total Assets” means, at any
date, the total assets of the Company and its Consolidated Subsidiaries at such
date determined on a consolidated basis in accordance with GAAP, excluding
assets of Variable Interest Entities to the extent that any Debt thereof is
excluded pursuant to clause (d) of the proviso in the definition of Debt.

“Consolidated Total Capital” means, at any
date, without duplication, the sum of (i) the aggregate shareholders’ equity, less
(ii) accumulated other comprehensive income, plus (iii) the effects of
unrealized gains or losses in respect of equity securities reported in
accumulated other comprehensive income, plus (iv) the amounts recorded
on the Company’s financial statements related to Hybrid Securities to the
extent given equity treatment by Standard & Poor’s at the time of the
issuance thereof, plus (v) the amounts recorded on the Company’s
financial statements related to Surplus Notes to the extent treated as equity
under Statutory Accounting Principles, plus (vi)

 4
 

Consolidated Total Debt at such date, all as determined on a
consolidated basis for the Company and its Consolidated Subsidiaries in
accordance with GAAP as in effect on the Agreement Date or as otherwise
applicable pursuant to Section 1.4.

“Consolidated Total Debt” means, at any date,
all Debt of the Company and its Consolidated Subsidiaries at such date
determined on a consolidated basis in accordance with GAAP as in effect on the
Agreement Date or as otherwise applicable pursuant to Section 1.4.

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

“Credit Parties” means the Agents and the
Lenders.

“Debt” of any Person means, at any date,
without duplication:

(i)                                     all obligations of such Person for borrowed
money properly recordable as a liability on the financial statements of such
Person,

(ii)                                  all obligations of such Person, properly
recordable as a liability on the financial statements of such Person, evidenced
by bonds, debentures, notes, or other similar instruments,

(iii)                               all obligations of such Person to pay the deferred purchase price of
property except trade accounts payable arising in the ordinary course of
business,

(iv)                              the net present value of future minimum lease payments under capital
leases,

(v)                                 all direct recourse payment obligations of
such Person in respect of any accounts receivable sold by such Person,

(vi)                              the aggregate liquidation preference of all preferred securities that
are mandatorily redeemable, exchangeable or convertible into debt at the option
of the holder or redeemable at the option of the holder,

(vii)                           all Debt (as defined in clauses (i) through (vi) above) of others to
the extent secured by a Lien on any asset of such Person, whether or not such
Debt is assumed by such Person, and

(viii)                        all Debt (as defined in clauses (i) through (vii) above) of others to
the extent Guaranteed by such Person;

provided that Debt shall not include:

(a)                                  insurance or reinsurance policies or other
instruments, including funding agreements, sold in the ordinary course of such
Person’s insurance business,

 5
 

(b)                                 liabilities in respect of Securities
Transactions that are permissible for such Person effectuating the transaction,

(c)                                  Debt (as defined in clauses (i) through (vi)
above) of others to the extent secured by a Lien incurred pursuant to an
investment undertaking of such Person that meets the following criteria: (x)
the investment is in a limited partnership, limited liability company or other
investment entity pursuant to which such Person’s capital commitment or limited
partnership, membership or other ownership interest may be pledged to support
obligations of the investment entity, and (y) the Lien is limited to such
Person’s limited partnership, membership, or other ownership interest in such
entity,

(d)                                 liabilities recorded on the financial
statements of such Person in connection with the consolidation of a Variable
Interest Entity under Financial Accounting Standards Board Interpretation No.
46R if the satisfaction of such liabilities is limited to the assets of the
Variable Interest Entity,

(e)                                  liabilities recorded on the financial
statements of such Person for non-recourse debt secured solely by an investment
asset or other asset held in connection with an investment transaction in an
aggregate outstanding principal amount not in excess of 10% of Consolidated
Total Capital,

(f)                                    liabilities in respect of Medium Term Notes,

(g)                                 any amounts recorded on such Person’s
financial statements related to (i) Hybrid Securities to the extent given
equity treatment by Standard & Poor’s at the time of the issuance thereof,
and (ii) Surplus Notes to the extent treated as equity under Statutory
Accounting Principles), and

(h)                                 the first $500,000,000 of liabilities that
would otherwise constitute “Debt” under clauses (vii) and (viii) above.

“Default” means any event or condition which
constitutes an Event of Default or that upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default.

“Documentation Agents” means Bank of America,
N.A. and Citibank, N.A., in their capacity as documentation agents for the
Lenders hereunder.

“dollars” or “$” refers to lawful
money of the United States of America.

“EDGAR” means the Electronic Data Gathering,
Analysis, and Retrieval system maintained by the Securities and Exchange
Commission.

“Effective Date” means the date on which the
conditions specified in Section 5.1 are satisfied (or waived in
accordance with Section 10.2).

“Eligible Institution” means (i) any
commercial bank, investment bank, trust company, banking association, financial
institution, mutual fund, pension fund or any Approved Fund or (ii) any Lender
or any Affiliate or any Approved Fund of such Lender, provided that an
insurance company shall not, under any circumstance, constitute an Eligible
Institution.

 6
 

“Environmental Laws” means any and all federal,
state and local statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, licenses, agreements or other governmental
restrictions relating to the protection of the environment or to emissions,
discharges or releases of pollutants, contaminants, petroleum or petroleum
products, chemical or industrial, toxic or hazardous substances or wastes into
the environment or otherwise relating to the generation, processing, use,
treatment, storage, disposal, transport or handling of pollutants,
contaminants, petroleum or petroleum products, chemicals or industrial, toxic
or hazardous substances or wastes, or the clean up or other remediation
thereof, and when such term is used in reference to the Company and its
Subsidiaries, it shall apply to their direct activities and not activities
covered under insurance policies or other instruments sold, underwritten or
reinsured by them.

“ERISA” means the Employee Retirement Income
Security Act of 1974.

“ERISA Group” means the Company and all members
of a controlled group of corporations and all trades or businesses (whether or
not incorporated) under common control which, together with the Company, are
treated as a single employer under Section 414 of the Internal Revenue Code.

“Eurodollar”, when used in reference to any
Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the
Adjusted LIBO Rate.

“Event of Default” has the meaning assigned
to such term in Article 8.

“Exchange Act” means the Securities Exchange
Act of 1934.

“Existing Credit Agreement” means, the Credit
Agreement, dated as of June 4, 2004, among the Company, Allstate Insurance,
Allstate Life, the lenders party thereto, JPMorgan Chase Bank, N.A., as
syndication agent, Bank of America, N.A., Citibank, N.A. and Wachovia Bank,
National Association, as documentation agents, and The Bank of New York, as
administrative agent.

“Existing Maturity Date” has the meaning
assigned to such term in Section 2.8(a).

“Extension Date” has the meaning assigned to
such term in Section 2.8(a).

“Extension Request” has the meaning assigned
to such term in Section 2.8(a).

“Facility Fee” has the meaning assigned to
such term in Section 3.3(a).

“Federal Funds Effective Rate” means, for any
day, a rate per annum (expressed as a decimal, rounded upwards, if necessary,
to the next higher 1/100 of 1%) equal to the weighted average of the rates on
overnight federal funds transactions with members of the Federal Reserve System
arranged by federal funds brokers on such day, as published by the Federal
Reserve Bank of New York on the Business Day next succeeding such day, provided
that (i) if the day for which such rate is to be determined is not a Business
Day, the Federal Funds Effective Rate for such day shall be such rate on such
transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (ii) if such rate is not so published for any day,
the Federal Funds Effective Rate for such day shall be the average of the
quotations for such day on such transactions received by the Administrative
Agent from three Federal Funds brokers of recognized standing selected by it.

 7
 

“Foreign Lender” means any Lender that is
organized under the laws of a jurisdiction other than the United States of
America, any State thereof or the District of Columbia.

“GAAP” means generally accepted accounting
principles in effect from time to time in the United States of America.

“Governmental Authority” means the government
of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions
of or pertaining to government.

“Guarantee” by any Person means any
obligation, contingent or otherwise, of such Person directly or indirectly
guaranteeing any Debt (as defined in clauses (i) through (viii) of the
definition of Debt) of any other Person or in any manner providing for the
payment of any such Debt of any other Person or otherwise protecting the holder
of such Debt against loss (whether by agreement to keep well, to purchase assets,
goods, securities or services, or to take or pay or otherwise), provided
that the term Guarantee shall not include endorsements for collection or
deposit in the ordinary course of business. The term “Guarantee” used as a verb
has a correlative meaning.

“Guaranteed Obligations” has the meaning
assigned to such term in Section 7.1.

“Hybrid Securities” means long-term
securities that are (i) contractually subordinated to senior indebtedness, (ii)
allow the issuer to temporarily defer the payment of interest, and (iii)
receive a certain degree of equity classification by Standard & Poor’s as
of the date of issuance thereof.

“Increase Supplement” means an increase
supplement in the form of Exhibit D.

“Indemnitee” has the meaning assigned to such
term in Section 10.3(b).

“Information Memorandum” means the
Confidential Information Memorandum dated April, 2007, relating to the
Borrowers and the Transactions.

“Insurance Company” means Allstate Insurance,
Allstate Life, and any other Subsidiary that is an insurance company.

“Interest Election Request” means a request
by the Company (on behalf of the applicable Borrower) to convert or continue a
Borrowing in accordance with Section 3.2.

“Interest Payment Date” means (i) with
respect to any ABR Loan, the last day of each March, June, September and
December, (ii) with respect to any Eurodollar Loan, the last day of the
Interest Period applicable to the Borrowing of which such Eurodollar Loan is a
part and, in the case of a Eurodollar Loan with an Interest Period of more than
three months’ duration, each day prior to the last day of such Interest Period
that occurs at intervals of three months’ duration after the first day of such
Interest Period, and (iv) as to all Loans, the Maturity Date.

“Interest Period” means the period commencing
on the date of such Borrowing and ending on the numerically corresponding day
in the calendar month that is one, two, three or if made available by all of
the Lenders, six, nine or twelve months thereafter, as the Company (on behalf
of the applicable Borrower) may elect, provided that (i) if any Interest
Period would end on a day other than

 8
 

a Business Day, such Interest Period shall be extended to the next
succeeding Business Day, unless such next succeeding Business Day would fall in
the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day, and (ii) any Interest Period that commences on the
last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the last calendar month of such Interest
Period) shall end on the last Business Day of the last calendar month of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall
be the date on which such Borrowing is made and thereafter shall be the
effective date of the most recent conversion or continuation of such Borrowing.

“Internal Revenue Code” means the Internal
Revenue Code of 1986.

“Lenders” means the Persons listed on Schedule
2.1 and any other Person that shall have become a party hereto pursuant to
an Assignment and Assumption, an Increase Supplement or Section 2.8,
other than any such Person that ceases to be a party hereto pursuant to an
Assignment and Assumption.

“LIBO Rate” means, with respect to any
Eurodollar Borrowing for any Interest Period, the rate appearing on Page 3750
of the Dow Jones Market Service (or on any successor or substitute page of such
Service, or any successor to or substitute for such Service, providing rate
quotations comparable to those currently provided on such page of such Service,
as determined by the Administrative Agent from time to time for purposes of
providing quotations of interest rates applicable to dollar deposits in the
London interbank market) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period, as the rate for dollar
deposits with a maturity comparable to such Interest Period. In the event that
such rate is not available at such time for any reason, then the “LIBO Rate”
with respect to such Eurodollar Borrowing for such Interest Period shall be the
rate at which dollar deposits of $5,000,000 and for a maturity comparable to
such Interest Period are offered by the principal London office of the
Administrative Agent in immediately available funds in the London interbank
market at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period.

“Lien” of any Person means (i) any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind in respect
of any asset recorded as such on the financial statements of such Person or
(ii) the interest of a vendor or lessor under any conditional sales agreement,
capital lease or other title retention agreement relating to any asset recorded
as such on the financial statements of such Person.

“Listed Insurance Subsidiary” means any
company identified on Schedule 4.1 as an insurance company and any
Subsidiary into which such company shall merge or consolidate or to which such
company shall sell or transfer all or any substantial portion of its property
and assets, in a transaction described in Section 6.6(b).

“Loan” means a Loan referred to in Section
2.1 and made pursuant to Section 2.4.

“Loan Documents” means this Credit Agreement
and the Notes.

“Margin Stock” has the meaning assigned to
such term in Regulation U.

“Material Adverse Effect” means a material
adverse effect on (i) the business, financial position or results of operations
of the Company and its Consolidated Subsidiaries, (ii) the

 9
 

ability of any Borrower to perform any of its obligations under any
Loan Document or (iii) the rights of or benefits available to any Credit Party
under any Loan Document.

“Material Debt” means, as of any date, Debt
(determined without regard to the clauses (d) through and including (h) of the
proviso of the definition of the term “Debt” but excluding the Debt under the
Loan Documents) of any one or more of the Company or any Material Subsidiary in
an aggregate principal amount exceeding $100,000,000 (or its equivalent in any
other currency). For purposes of determining Material Debt, the “principal
amount” of any Debt referred to in the previous sentence at any time shall be
the maximum aggregate amount (giving effect to any netting agreements)
exclusive of interest and fees that the Company or any Material Subsidiary, as
applicable, would be required to pay if such Debt became due and payable on
such day.

“Material Plan” means at any time any Plan or
Plans having aggregate Unfunded Liabilities in excess of $75,000,000.

“Material Subsidiary” means, collectively,
(i) the Subsidiary Borrowers and (ii) any other Subsidiary which, as of the
last day of the most recently completed fiscal year, satisfies any one or more
of the following three tests: (a) the Company and the other Subsidiaries’
investments in and advances to such Subsidiary exceed 10% of Consolidated Total
Assets, (b) the Company and the other Subsidiaries’ proportionate share of
Consolidated Total Assets (after intercompany eliminations and net of the
effect of intercompany reinsurance) consisting of the property of such
Subsidiary exceeds 10% of Consolidated Total Assets or (c) the Company and the
other Subsidiaries’ equity in the income (not to include losses) from
continuing operations before income taxes, extraordinary items and the
cumulative effect of a change in accounting principle of such Subsidiary
exceeds 10% of the income (to include losses) from continuing operations before
income taxes, extraordinary items and the cumulative effect of a change in
accounting principle of the Company and the Subsidiaries determined on a
consolidated basis in accordance with GAAP.

“Maturity Date” means May 8, 2012, as the
same may be extended pursuant to Section 2.8.

“Medium Term Notes” means unsecured fixed,
floating and index notes issued by the Company or a Subsidiary to retail or
institutional investors whereby the net proceeds are utilized to purchase a
like amount of assets to be held by the Company or one or more of its
Subsidiaries, and whereby the instrument issued is a privately placed note or
registered security, not an insurance contract of any type, including funding
agreements.

“Moody’s Rating” means at any time, the then
current rating (including the failure to rate) by Moody’s Investors Service,
Inc. (or any successor thereto) of the Company’s senior unsecured, unguaranteed
long term debt.

“Multiemployer Plan” means at any time an
employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA
to which any member of the ERISA Group is then making or accruing an obligation
to make contributions or has within the preceding five plan years made
contributions, including for these purposes any Person which ceased to be a
member of the ERISA Group during such five year period.

“Non-Extending Lender” has the meaning
assigned to such term in Section 2.8(b).

 10
 

“Non-Material Subsidiary Plan” means at any
time any Plan or Plans established or maintained by a Subsidiary (other than a
Subsidiary Borrower) having aggregate Unfunded Liabilities less than
$25,000,000.

“Note” means, with respect to each Lender, a
promissory note evidencing such Lender’s Loans to a Borrower payable to the
order of such Lender (or, if required by such Lender, to such Lender and its
registered assigns) substantially in the form of Exhibit C.

“Obligations” means (i) the due and punctual
payment of (a) principal of and premium, if any, and interest (including
interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) on the Loans, when and as due, whether at
maturity, by acceleration, upon one or more dates set for prepayment or
otherwise, and (b) all other monetary obligations, including fees, commissions,
costs, expenses and indemnities, whether primary, secondary, direct,
contingent, fixed or otherwise (including monetary obligations incurred during
the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding), of
the Company and the Subsidiary Borrowers to the Credit Parties, or that are
otherwise payable to any Credit Party, under the Loan Documents and (ii) the
due and punctual performance of all covenants, agreements, obligations and
liabilities of the Company and the Subsidiary Borrowers under or pursuant to
the Loan Documents.

“Participant” has the meaning assigned to
such term in Section 10.4(d).

“PBGC” means the Pension Benefit Guaranty
Corporation referred to and defined in ERISA and any successor entity
performing similar functions.

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

“Plan” means at any time an employee pension
benefit plan (other than a Multiemployer Plan) which is covered by Title IV of
ERISA or subject to the minimum funding standards under Section 412 of the
Internal Revenue Code and either (i) is maintained, or contributed to, by any
member of the ERISA Group for employees of any member of the ERISA Group or
(ii) has at any time within the preceding five years been maintained, or
contributed to, by any Person which was at such time a member of the ERISA
Group for employees of any Person which was at such time a member of the ERISA
Group.

“Pricing Level” means Pricing Level I,
Pricing Level II, Pricing Level III, Pricing Level IV, Pricing Level V, Pricing
Level VI, or Pricing Level VII, as the context may require.

“Pricing Level I” means, any time when (i) no
Event of Default has occurred and is continuing, and (ii) the S&P Rating is
AA- (or any successor rating) or higher or the Moody’s Rating is Aa3 (or any
successor rating) or higher.

“Pricing Level II” means, any time when (i) no
Event of Default has occurred and is continuing, (ii) the S&P Rating is A+
(or any successor rating) or higher, or the Moody’s Rating is A1 (or any
successor rating) or higher and (iii) Pricing Level I does not apply.

 11
 

“Pricing Level III” means, any time when (i)
no Event of Default has occurred and is continuing, (ii) the S&P Rating is
A (or any successor rating) or higher, or the Moody’s Rating is A2 (or any
successor rating) or higher and (iii) and neither Pricing Level I nor II is
applicable.

“Pricing Level IV” means, any time (i) no
Event of Default has occurred and is continuing, (ii) the S&P Rating is A-
(or any successor rating) or higher, or the Moody’s Rating is A3 (or any
successor rating) or higher and (iii) and Pricing Levels I, II, and III are not
applicable.

“Pricing Level V” means, any time (i) no
Event of Default has occurred and is continuing, (ii) the S&P Rating is
BBB+ (or any successor rating) or higher, or the Moody’s Rating is Baa1 (or any
successor rating) or higher and (iii) and Pricing Levels I, II, III and IV are
not applicable.

“Pricing Level VI” means, any time when (i)
no Event of Default has occurred and is continuing, (ii) the S&P Rating is
BBB- (or any successor rating) or higher, or the Moody’s Rating is Baa3 (or any
successor rating) or higher and (iii) and Pricing Levels I, II, III, IV and V
are not applicable.

“Pricing Level VII” means, any time when none
of Pricing Levels I, II, III IV, V and VI are applicable.

“Prime Rate” means the rate of interest per
annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its
prime rate in effect at its office located at 270 Park Avenue, New York, New
York; each change in the Prime Rate shall be effective from and including the
date such change is publicly announced as being effective.

“Proceedings” has the meaning assigned to
such term in Section 4.5.

“Register” has the meaning assigned to such
term in Section 10.4(c).

“Regulation D” means Regulation D of the
Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof.

“Regulation U” means Regulation U of the
Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof.

“Regulation X” means Regulation X of the
Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof.

“Regulatory Change” means (i) the adoption of
any law, rule or regulation after the Agreement Date, (ii) any change in any
law, rule or regulation or in the interpretation or application thereof by any
Governmental Authority after the Agreement Date or (iii) compliance by any
Credit Party (or, for purposes of Section 3.5(b), by any lending office
of such Credit Party or by such Credit Party’s holding company, if any) with any
request, guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the Agreement Date.

“Related Parties” means, with respect to any
specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s
Affiliates.

 12
 

“Required Lenders” means, at any time,
Lenders having Commitments representing more than 50% of the total Commitments
or, if the Commitments shall have terminated, Lenders having outstanding Loans
representing more than 50% of the aggregate outstanding principal balance of
the Loans of all Lenders.

“Securities Transaction” means any securities
lending transaction, repurchase transaction, reverse repurchase transaction or
dollar roll transaction or any liability to return collateral in connection
with a derivatives transaction or any similar transaction that would be
accounted for as a secured borrowing or as a liability to return collateral in
accordance with Statement of Financial Accounting Standards No. 140, “Accounting
for Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities” and related official interpretations thereof by the Financial
Accounting Standards Board or any successor thereto.

“S&P Rating” means at any time, the then
current rating (including the failure to rate) by Standard & Poor’s of the
Company’s senior unsecured, unguaranteed long term debt.

“Standard & Poor’s” means Standard &
Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. (or any
successor thereto).

“Statutory Accounting Principles” means the
rules and procedures prescribed or permitted by the relevant state of domicile
for determining an insurer’s financial condition or results of operation for statutory
purposes.

“Statutory Reserve Rate” means a fraction
(expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Board to which
the Administrative Agent is subject for eurocurrency funding (currently
referred to as “Eurocurrency Liabilities” in Regulation D). Such reserve
percentages shall include those imposed pursuant to such Regulation D. Eurodollar
Loans shall be deemed to constitute eurocurrency funding and to be subject to
such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender
under such Regulation D or any comparable regulation. The Statutory Reserve
Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage.

“Statutory Statement” means, for any
Insurance Company, for each fiscal year of such Insurance Company, the most
recent annual statement, prepared in accordance with Statutory Accounting
Principles, required to be filed with the appropriate regulatory authority and,
for each fiscal quarter of such Insurance Company, the quarterly statement
required by Section 6.1(e), which quarterly statement shall be prepared
in accordance with Statutory Accounting Principles.

“Subsidiary” means, at any date, any
corporation, limited liability company, partnership, association or other
entity of which securities or other ownership interests having ordinary voting
power to elect a majority of the board of directors or other persons performing
similar functions are at the time directly or indirectly owned by the Company.

“Subsidiary Borrowers” means Allstate
Insurance and Allstate Life.

“Surplus Notes” means unsecured notes or
debentures or contribution certificates issued by an insurance company that (i)
are subordinated to policyholders and senior indebtedness

 13
 

including the indebtedness under this Credit Agreement and the Notes),
(ii) require the prior approval of the insurance department of the issuer’s
state of domicile for the payment of principal or interest, and (iii) receive
equity treatment for all or a portion of the principal amount under Statutory
Accounting Principles.

“Syndication Agent” means Wachovia Bank,
National Association, in its capacity as syndication agent for the Lenders
hereunder.

“Total Credit Exposure” means, with respect
to any Lender at any time, such Lender’s Commitment, or, if the Commitments
shall have terminated, the outstanding principal balance of such Lender’s
Loans.

“Transactions” means (i) the execution,
delivery and performance by each Borrower of each Loan Document to which it is
a party, (ii) the borrowing of the Loans and (iii) the use of the proceeds of
the Loans.

“Type”, when used in reference to any Loan or
Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate
or the Alternate Base Rate.

“Unfunded Liabilities” means, with respect to
any Plan at any time, the amount (if any) by which (i) the present value of all
benefits under such Plan exceeds (ii) the fair market value of all Plan assets
allocable to such benefits (excluding any accrued but unpaid contributions),
all determined as of the then most recent valuation date for such Plan, but
only to the extent that such excess represents a potential liability of a
member of the ERISA Group to the PBGC or any other Person under Title IV of
ERISA.

“USA PATRIOT Act” has the meaning assigned to
such term in Section 10.14.

“U.S. Taxes” means any present or future tax,
assessment or other charge or levy imposed by or on behalf of the United States
of America or any taxing authority thereof or therein.

“Utilization Fee” has the meaning assigned to
such term in Section 3.3(b).

“Utilization Fee Applicability Day” means any
day on which the sum of the aggregate outstanding principal amount of the Loans
of all Lenders is greater than 50% of the sum of the Commitments of all Lenders
on such day.

“Variable Interest Entity” means an entity
defined as a Variable Interest Entity under Financial Accounting Standards
Board Interpretation No. 46R.

“Wholly-Owned Subsidiary” of a given Person
means any Person, all of the shares of capital stock or other ownership
interests of which (except directors’ qualifying shares) are at the time
directly or indirectly owned by the given Person or one or more other Wholly-Owned
Subsidiaries or by the given Person and one or more other Wholly-Owned
Subsidiaries.

Section 1.2                                      Classification
of Loans and Borrowings. For purposes of this Credit Agreement, Loans may
be classified and referred to by Type (e.g., a “Eurodollar Loan”). Borrowings
may also be classified and referred to by Type (e.g., a “Eurodollar
Borrowing”).

 14
 

Section 1.3                                      Terms
Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be construed
to have the same meaning and effect as the word “shall”. Unless the context
requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified, (ii) any definition of or reference to any
law shall be construed as referring to such law as from time to time amended
and any successor thereto and the rules and regulations promulgated from time
to time thereunder, (iii) any reference herein to any Person shall be construed
to include such Person’s successors and assigns, (iv) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to
this Credit Agreement in its entirety and not to any particular provision
hereof, (v) all references herein to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Credit Agreement, (vi) any reference herein to a fiscal year
or fiscal quarter shall be construed to refer to a fiscal year or fiscal
quarter of the Company, and (vii) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.

Section 1.4                                      Accounting
Terms; GAAP and Statutory Accounting Principles. Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall
be construed in accordance with GAAP or Statutory Accounting Principles, as
applicable, as in effect on the Agreement Date. If at any time any change in
GAAP would affect the computation of any financial ratio or requirement set
forth in this Credit Agreement, the Company may elect to (i) compute any such
ratio or requirement in accordance with GAAP as amended or (ii) continue to
compute any such ratio or requirement in accordance with GAAP prior to such change
therein, provided that, if the Company elects to continue to compute any
such ratio or requirement in accordance with GAAP prior to such change therein,
the Company shall provide the Administrative Agent and the Lenders financial
statements and other documents required under this Credit Agreement or as
reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect
to such change in GAAP.

ARTICLE
2.

THE CREDITS

Section 2.1                                      Commitments.
Subject to the terms and conditions set forth herein, each Lender agrees to
make Loans to any Borrower in dollars from time to time during the Availability
Period in an aggregate principal amount as to all Borrowers that will not
result in the aggregate outstanding principal amount of such Lender’s Loans to
all Borrowers exceeding such Lender’s Commitment. Within the foregoing limits
and subject to the terms and conditions set forth herein, the Borrowers may
borrow, prepay and reborrow Loans.

Section 2.2                                      Loans and Borrowings.

(a)                                  Each Loan made to a Borrower shall be made as
part of a Borrowing consisting of Loans made by the Lenders to such Borrower
ratably in accordance with their respective

 15
 

Commitments.
The failure of any Lender to make any Loan required to be made by it shall not
relieve any other Lender of its obligations hereunder, provided that the
Commitments of the Lenders are several, and no Lender shall be responsible for
any other Lender’s failure to make Loans as required.

(b)                                 Subject to Section 3.4, each Borrowing
shall be comprised entirely of ABR Loans or Eurodollar Loans, in each case as
the Company (on behalf of the applicable Borrower) may request in accordance
herewith. Each Lender at its option may make any Eurodollar Loan by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan, provided
that any exercise of such option shall not affect the obligation of such
Borrower to repay such Loan in accordance with the terms of this Credit
Agreement.

(c)                                  At the commencement of each Interest Period
for any Eurodollar Borrowing made to a Borrower, such Borrowing shall be in an
aggregate amount that is an integral multiple of $1,000,000 and not less than
$5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall
be in an aggregate amount that integral multiple of $1,000,000 and not less
than $5,000,000, provided that an ABR Borrowing may be in an aggregate
amount that is equal to the entire unused balance of the total Commitments. Borrowings
of more than one Type may be outstanding at the same time, provided that
there shall not at any time be more than a total of ten Eurodollar Borrowings
outstanding to all Borrowers.

(d)                                 Notwithstanding any other provision of this
Credit Agreement, the Company (on behalf of the applicable Borrower) shall not
be entitled to request, or to elect to convert or continue, any Borrowing if
the Interest Period requested with respect thereto would end after the Maturity
Date.

Section 2.3                                      Requests for Borrowings.

(a)                                  To request a Borrowing, the Company (on
behalf of the applicable Borrower) shall notify the Administrative Agent of
such request by telephone (i) in the case of a Eurodollar Borrowing, not later
than 10:00 a.m., New York City time, three Business Days before the date of the
proposed Borrowing or (ii) in the case of an ABR Borrowing, not later than
10:00 a.m., New York City time, on the date of the proposed Borrowing. Each
such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly
by hand delivery or facsimile to the Administrative Agent of a written
Borrowing Request in a form approved by the Administrative Agent signed by the
Company (on behalf of the applicable Borrower). Each such telephonic and
written Borrowing Request shall specify the following information in compliance
with Section 2.2:

(i)                                     the identity of the Borrower;

(ii)                                  the aggregate amount of the requested
Borrowing;

(iii)                               the date of such Borrowing, which shall be a
Business Day;

(iv)                              whether such Borrowing is to be an ABR
Borrowing or a Eurodollar Borrowing;

(v)                                 in the case of a Eurodollar Borrowing, the
initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and

 16
 

(vi)                              the location and number of the applicable
Borrower’s account to which funds are to be disbursed.

(b)                                 If no election as to the Type of Borrowing is
specified, then the requested Borrowing shall be an ABR Borrowing. If no
Interest Period is specified with respect to any requested Eurodollar
Borrowing, then the Company (on behalf of the applicable Borrower) shall be
deemed to have selected an Interest Period of one month’s duration. Promptly
following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the
amount of such Lender’s Loan to be made as part of the requested Borrowing.

Section 2.4                                      Funding of Borrowings.

(a)                                  Each Lender shall make each Loan to be made
by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 1:00 p.m., New York City time, to the account of the
Administrative Agent most recently designated by it for such purpose by notice
to the Lenders. Subject to Section 5.2, the Administrative Agent will
make such Loans available to the applicable Borrower by promptly crediting or
otherwise transferring the amounts so received, in like funds, to the account
of such Borrower as specified in the Borrowing Request pursuant to Section
2.3(a)(vi) and designated by the Company (on behalf of such Borrower) in
the applicable Borrowing Request.

(b)                                 Unless the Administrative Agent shall have
received notice from a Lender prior to the proposed date of any Borrowing that
such Lender will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may assume that such Lender
has made such share available on such date in accordance with paragraph (a) of
this Section, and may, in reliance upon such assumption, make available to the
applicable Borrower a corresponding amount. In such event, if a Lender has not
in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the Lender and the applicable Borrower severally agree
to pay to the Administrative Agent forthwith on demand such corresponding
amount with interest thereon, for each day from and including the date such
amount is made available to such Borrower to but excluding the date of payment
to the Administrative Agent, at (i) in the case of such Lender, the greater of
the Federal Funds Effective Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation or
(ii) in the case of such Borrower, the interest rate that would be otherwise
applicable to such Borrowing. If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such Lender’s Loan
included in such Borrowing.

Section 2.5                                      Termination, Reduction and Increase of Commitments.

(a)                                  Unless previously terminated, the Commitments
shall terminate on the Maturity Date.

(b)                                 The Company may at any time terminate, or
from time to time reduce, the Commitments, provided that (i) the Company
shall not terminate or reduce the Commitments if, after giving effect to any
concurrent prepayment of the Loans in accordance with Section 2.7, the
aggregate outstanding principal amount of all Lenders’ Loans would exceed the
total Commitments and (ii) each such reduction shall be in an amount that is an
integral multiple of $1,000,000 and not less than $5,000,000.

 17
 

(c)                                  Upon the occurrence of a Change in Control,
the Commitments shall automatically terminate and the outstanding principal
amount of, and the accrued interest on, the Loans and all other amounts payable
by the Borrowers hereunder and under the Notes (including any amounts payable
under Section 3.6) shall forthwith be due and payable.

(d)                                 Provided that at the time of and immediately
after giving effect thereto, no Default shall exist and be continuing, the
Company may at any time and from time to time, at its sole cost, expense and
effort, request any one or more of the Lenders to increase its Commitment (the
decision to increase the Commitment of a Lender to be within the sole and absolute
discretion of such Lender), or any other Person reasonably satisfactory to the
Administrative Agent to provide a new Commitment, by submitting to the
Administrative Agent an Increase Supplement duly executed by each Borrower and
each such Lender or other Person, as the case may be. If such Increase
Supplement is in all respects reasonably satisfactory to the Administrative
Agent, it shall execute such Increase Supplement and deliver a copy thereof to
the Company and each such Lender or other Person, as the case may be. Upon
execution and delivery of such Increase Supplement by the Administrative Agent,
(i) in the case of each such Lender, its Commitment shall be increased to the
amount set forth in such Increase Supplement and (ii) in the case of each such
other Person, such other Person shall become a party hereto and have the rights
and obligations of a Lender under the Loan Documents and its Commitment shall
be as set forth in such Increase Supplement; provided, however,
that:

(A)                              immediately after giving effect thereto, the
sum of all increases in the aggregate Commitments made pursuant to this Section
2.5(d) shall not exceed $500,000,000;

(B)                                each such increase shall be in an amount not
less than $50,000,000 or such amount plus an integral multiple of
$10,000,000;

(C)                                if Loans would be outstanding immediately
after giving effect to any such increase, then simultaneously with such
increase (1) each such increasing Lender, each such other Person and each other
Lender having a Commitment shall be deemed to have entered into a master
assignment and assumption, in form and substance substantially similar to Exhibit
A, pursuant to which each such other Lender shall have assigned to each
such increasing Lender and each such other Person a portion of its Loans
necessary to reflect proportionately the Commitments as adjusted in accordance
with this subsection (d), and (2) in connection with such assignment, each such
increasing Lender and each such other Person shall pay to the Administrative
Agent, for the account of each such other Lender, such amount as shall be
necessary to reflect the assignment to it of Loans, and in connection with such
master assignment each such other Lender may treat the assignment of Eurodollar
Borrowings as a prepayment of such Eurodollar Borrowings for purposes of Section
3.6; and

(D)                               each such other Person shall have delivered
to the Administrative Agent and the Company all forms, if any, that are
required to be delivered by such other Person pursuant to Section 3.7(c).

(e)                                  The Company shall notify the Administrative
Agent of any election to terminate or reduce the Commitments under paragraph
(b) of this Section at least three Business Days prior to the effective date of
such termination or reduction, specifying such election and the effective date
thereof. Promptly following receipt of any notice, the Administrative Agent
shall advise the Lenders of the contents thereof. Each notice delivered by the
Company pursuant to this Section shall

 18
 

be
irrevocable, provided that a notice of termination of the Commitments
delivered by the Company may state that such notice is conditioned upon the
effectiveness of other credit facilities, in which case such notice may be
revoked by the Company (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied. Each reduction,
and any termination, of the Commitments shall be permanent and, except as
provided in Section 2.8, each reduction of the Commitments shall be made
ratably among the Lenders in accordance with their respective Commitments.

Section 2.6                                      Repayment of Loans; Evidence of Debt.

(a)                                  Each Borrower hereby unconditionally promises
to pay to the Administrative Agent for the account of each Lender the then
unpaid principal amount of each Loan made to such Borrower on the Maturity Date.
The amounts payable by each Borrower at any time hereunder and under the Notes
to each Lender shall be a separate and independent debt.

(b)                                 Each Lender shall maintain in accordance with
its usual practice an account or accounts evidencing the debt of each Borrower
to such Lender resulting from each Loan made by such Lender to such Borrower,
including the amounts of principal and interest payable and paid to such Lender
from time to time hereunder.

(c)                                  The Administrative Agent shall maintain
accounts in which it shall record (i) the amount of each Loan made hereunder,
the Borrower thereof, the Type thereof and the Interest Period applicable
thereto, (ii) the amount of any principal or interest due and payable or to
become due and payable from each Borrower to each Lender hereunder and (iii)
the amount of any sum received by the Administrative Agent hereunder from each
Borrower for the account of the Lenders and each Lender’s share thereof.

(d)                                 The entries made in the accounts maintained
pursuant to paragraphs (b) or (c) of this Section shall, to the extent not
inconsistent with any entries made in the Notes, be prima facie evidence of the
existence and amounts of the obligations recorded therein, provided that
the failure of any Lender or the Administrative Agent to maintain such accounts
or any error therein shall not in any manner affect the obligation of any
Borrower to repay the Loans made to it by any Lender in accordance with the
terms of this Credit Agreement.

(e)                                  At any time after the initial borrowing under
this Credit Agreement, any Lender may request that the Loans made by it to a
Borrower be evidenced by a single Note of such Borrower. In such event, such
Borrower shall prepare, execute and deliver to such Lender, a Note payable to
the order of such Lender substantially in the form of Exhibit C. In
addition, if requested by a Lender, its Note may be made payable to such Lender
and its registered assigns in which case all Loans evidenced by such Note and interest
thereon shall at all times (including after assignment pursuant to Section
10.4) be represented by one or more Notes in like form payable to the order
of the payee named therein and its registered assigns.

(f)                                    In the event that a Lender has requested a
Note under this Credit Agreement and thereafter requests a replacement thereof,
upon receipt of (i) either the Note to be replaced or (ii) an affidavit of such
Lender as to the circumstances under which such Note was destroyed or lost
together with such indemnification of the applicable Borrower as shall be
reasonably satisfactory to it, such Borrower shall execute and deliver to such
Lender a replacement Note.

 19

Section 2.7                                      Prepayment of
Loans.

(a)                                  Each Borrower shall have the right at any
time and from time to time to prepay any Borrowing in whole or in part, subject
to the requirements of this Section.

(b)                                 In the event of any partial reduction or
termination of the Commitments, then (i) at or prior to the date of such
reduction or termination, the Administrative Agent shall notify the Company and
the Lenders of the aggregate outstanding principal amount of all Lenders’ Loans
after giving effect thereto and (ii) if such sum would exceed the total
Commitments after giving effect to such reduction or termination, then the
Borrowers shall, on the date of such reduction or termination, prepay
Borrowings in an aggregate amount sufficient to eliminate such excess.

(c)                                  The Company shall notify the Administrative
Agent by telephone (confirmed by facsimile) of any prepayment hereunder (i) in
the case of a prepayment of a Eurodollar Borrowing, not later than 10:00 a.m.,
New York City time, three Business Days before the date of prepayment or (ii)
in the case of prepayment of an ABR Borrowing, not later than 10:00 a.m., New
York City time, on the date of the prepayment. Each such notice shall be
irrevocable and shall specify the prepayment date and the principal amount of
each Borrowing or portion thereof to be prepaid, provided that, if a
notice of prepayment is given in connection with a conditional notice of
termination of the Commitments as contemplated by Section 2.5, then such
notice of prepayment may be revoked if such notice of termination is revoked in
accordance with Section 2.5. Promptly following receipt of any such
notice relating to a Borrowing, the Administrative Agent shall advise the
Lenders of the contents thereof. Each partial prepayment under Section
2.7(a) of a Borrowing shall, when added to the amount of each concurrent
reduction of the Commitments and prepayment of Borrowings under such Section,
be in an integral multiple of $1,000,000 and not less than $5,000,000.

(d)                                 Each prepayment of a Borrowing shall be
applied ratably to the Loans included in the prepaid Borrowing. Prepayments
shall be accompanied by accrued interest to the extent required by Section
3.1.

Section 2.8                                      Extension of
Maturity Date.

(a)                                  Request for Extension. The Company may, by notice to the
Administrative Agent (which shall promptly notify the Lenders) not more than 90
days and not less than 30 days prior to each of the first and second
anniversary of the Effective Date (each such anniversary date, an “Extension
Date”), request (each, an “Extension Request”) that the Lenders
extend the Maturity Date then in effect (the “Existing Maturity Date”)
for an additional one year. Each Lender, acting in its sole discretion, shall,
by notice to the Company and the Administrative Agent given not later than the
20th day (or such later day as shall be acceptable to the Company) following
the date of the Company’s notice, advise the Company and the Administrative
Agent whether or not such Lender agrees to such extension; provided that
any Lender that does not so advise the Company and the Administrative Agent
shall be deemed to have rejected such Extension Request. The election of any
Lender to agree to such extension shall not obligate any other Lender to so
agree.

(b)                                 Replacement of Non-Extending Lenders. Provided that no Default shall have
occurred and be continuing, the Company shall have the right at any time on or
prior to the relevant Extension Date to replace any Lender which has not
consented to the Extension Request (each, a “Non-Extending Lender”)
with, and otherwise add to this Credit Agreement, one or more other Eligible
Institutions (which may include any Lender) (each an “Additional Commitment
Lender”) in each case with the consent of the Administrative Agent (such
consent in each case not to be

 20
 

unreasonably
withheld). If some or all of the Commitment of a Non-Extending Lender is being
assumed by one or more Additional Commitment Lenders, such Non-Extending Lender
shall enter into an Assignment and Assumption with such Additional Commitment
Lender(s) pursuant to which such Additional Commitment Lender(s) shall,
effective as of the Extension Date, (i) assume all or a portion of such Non-Extending
Lender’s Commitment and (ii) purchase at par (or such other amount as may be
agreed to by such Non-Extending Lender and the respective Additional Commitment
Lender) for cash all or a portion of the Loans made by such Non-Extending
Lender, in each case as may be specified in such Assignment and Assumption.

(c)                                  Effectiveness of Extension. If (and only if) the total of the
Commitments of the Lenders that have consented to any Extension Request to
extend the Existing Maturity Date and the additional Commitments of the
Additional Commitment Lenders shall be at least 66-2/3% of the total
Commitments in effect immediately prior to the Extension Date, then, effective
as of the Extension Date, the Maturity Date, with respect to the Commitment of
each Lender that has agreed to so extend its Commitment and of each Additional
Commitment Lender shall be extended to the date falling one year after the
Existing Maturity Date (or, if such date is not a Business day, such Maturity
Date as so extended shall be the preceding Business Day) and each Additional
Commitment Lender shall thereupon become a “Lender” for all purposes of this
Credit Agreement.

Notwithstanding
the foregoing, the extension of the Existing Maturity Date shall not be
effective with respect to any Lender unless as of the relevant Extension Date
(i) no Default shall have occurred and be continuing and (ii) the
representations and warranties of each Borrower contained in this Credit
Agreement shall be true on and as of such date with the same force and effect
as if made on and as of such date (or, if any such representation and warranty
is expressly stated to have been made as of a specific date, as of such date)
(and the Administrative Agent shall have received a certificate, in form and
substance satisfactory to the Administrative Agent, to such effect from the
chief financial officer, the controller or any other senior financial officer
of the Company, together with such evidence and other related documents as the
Administrative agent may reasonably request with respect to the Borrowers’
authorization of the extension and their respective obligations hereunder).

Notwithstanding
anything herein to the contrary, with respect to the Commitment of any Non-Extending
Lender whose Commitment has not been fully assumed by one or more Additional
Commitment Lenders, the Maturity Date for such Lender shall remain unchanged
and, notwithstanding anything in Section 2.9 to the contrary, the Loans
made by such Lender and not purchased by one or more Additional Commitment
Lenders shall be repayable on such date by the applicable Borrower without (i)
there being any requirement that any such repayment be shared with other
Lenders or (ii) the repayment of any Loans made by Lenders that approved the
Extension Request. In addition, on the Extension Date, each Borrower agrees to
pay all accrued and unpaid interest, fees and other amounts then due under this
Credit Agreement from such Borrower to each Lender consenting to the Extension
Request, each Non-Extending Lender and each Additional Commitment Lender. Solely
for the purpose of calculating break funding payments under Section 3.6,
the assignment by any Non-Extending Lender of any Eurodollar Loan prior to the
last day of the Interest Period applicable thereto in accordance with this Section
2.8 shall be deemed to constitute a prepayment by a Borrower of such
Eurodollar Loan.

 21
 

Section 2.9                                      Payments
Generally; Pro Rata Treatment; Sharing of Setoffs.

(a)                                  Each Borrower shall make each payment
required to be made by it hereunder or under the Note made by it (whether of
principal of Loans, interest or fees, or of amounts payable under Sections
3.5, 3.6, 3.7 or 10.3, or otherwise) prior to 12:00
noon, New York City time, on the date when due, in immediately available funds,
without setoff or counterclaim. Any amounts received after such time on any
date may, in the discretion of the Administrative Agent, be deemed to have been
received on the next succeeding Business Day for purposes of calculating
interest thereon. All such payments shall be made to the Administrative Agent
at its office at 270 Park Avenue, New York, New York, or such other office as
to which the Administrative Agent may notify the other parties hereto, and
except that payments pursuant to Sections 3.5, 3.6, 3.7 or
10.3 shall be made directly to the Persons entitled thereto. The
Administrative Agent shall distribute any such payments received by it for the
account of any other Person to the appropriate recipient promptly following
receipt thereof. If any payment hereunder shall be due on a day that is not a
Business Day, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest
thereon shall be payable for the period of such extension. All payments
hereunder shall be made in dollars.

(b)                                 If at any time insufficient funds are
received by and available to the Administrative Agent to pay fully all amounts
of principal of Loans, interest, fees and commissions then due hereunder, such
funds shall be applied (i) first, towards payment of interest, fees and
commissions then due hereunder, ratably among the parties entitled thereto in
accordance with the amounts of interest, fees and commissions then due to such
parties and (ii) second, towards payment of principal of Loans then due
hereunder, ratably among the parties entitled thereto in accordance with the amounts
of principal of Loans then due to such parties.

(c)                                  If any Lender shall, by exercising any right
of setoff or counterclaim or otherwise, obtain payment in respect of any
principal of, or interest on, any of its Loans made to a Borrower resulting in
such Lender receiving payment of a greater proportion of the aggregate amount
of its Loans made to such Borrower and accrued interest thereon than the
proportion received by any other Lender with respect to the Loans made by such
other Lender to such Borrower, then the Lender receiving such greater
proportion shall purchase (for cash at face value) participations in the Loans
made to such Borrower of other Lenders to the extent necessary so that the
benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of, and accrued interest on,
their respective Loans, provided that (i) if any such participations are
purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price
restored to the extent of such recovery, without interest, and (ii) the
provisions of this paragraph shall not be construed to apply to any payment
made by a Borrower pursuant to and in accordance with the express terms of this
Credit Agreement or any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans to any assignee or
participant, other than to the Company or any Subsidiary or Affiliate thereof
(as to which the provisions of this paragraph shall apply). Each Borrower
consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against such Borrower rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were
a direct creditor of such Borrower in the amount of such participation.

(d)                                 Unless the Administrative Agent shall have
received notice from the Company prior to the date on which any payment is due
from a Borrower to the Administrative Agent

 22
 

for
the account of the applicable Credit Parties hereunder that such Borrower will
not make such payment, the Administrative Agent may assume that such Borrower
has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to such Credit Parties the amount due. In such
event, if such Borrower has not in fact made such payment, then each such
Credit Party severally agrees to repay to the Administrative Agent forthwith on
demand the amount so distributed to such Credit Party with interest thereon,
for each day from and including the date such amount is distributed to it to
but excluding the date of payment to the Administrative Agent, at the greater
of the Federal Funds Effective Rate and a rate determined by the Administrative
Agent in accordance with generally recognized banking industry practices on
interbank compensation.

(e)                                  If any Credit Party shall fail to make any
payment required to be made by it pursuant to Section 2.4(b), 2.9(d)
or 10.3(c), then the Administrative Agent may, in its discretion
(notwithstanding any contrary provision hereof), apply any amounts thereafter
received by the Administrative Agent for the account of such Credit Party to
satisfy such Credit Party’s obligations under such Sections until all such
unsatisfied obligations are fully paid.

ARTICLE
3.

INTEREST, FEES, YIELD PROTECTION, ETC.

Section 3.1                                      Interest.

(a)                                  The Loans comprising each ABR Borrowing shall
bear interest at the Alternate Base Rate and the Loans comprising each
Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the
Interest Period in effect for such Borrowing plus the Applicable Margin.

(b)                                 Notwithstanding the foregoing, if any
principal of or interest on any Loan or any fee or other amount payable by any
Borrower hereunder is not paid when due, whether at stated maturity, upon
acceleration or otherwise, such overdue amount shall bear interest, after as
well as before judgment, at a rate per annum equal to (i) in the case of
overdue principal of any Loan, 2% plus the rate otherwise applicable to
such Loan as provided in the preceding paragraph of this Section or (ii) in the
case of any other amount, 2% plus the Alternate Base Rate.

(c)                                  Accrued interest on each Loan shall be
payable in arrears on each Interest Payment Date for such Loan, provided
that (i) interest accrued pursuant to paragraph (b) of this Section shall be
payable on demand, (ii) in the event of any repayment or prepayment of any
Eurodollar Loan, accrued interest on the principal amount repaid or prepaid
shall be payable on the date of such repayment or prepayment, and (iii) in the
event of any conversion of any Eurodollar Loan prior to the end of the current
Interest Period therefor, accrued interest on such Loan shall be payable on the
effective date of such conversion.

(d)                                 All interest hereunder shall be computed on
the basis of a year of 360 days, except that interest computed by reference to
the Alternate Base Rate at times when the Alternate Base Rate is based on the
Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in
a leap year), and in each case shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). The applicable
Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the
Administrative Agent, and such determination shall be conclusive absent clearly
demonstrable error.

 23
 

Section 3.2                                      Interest
Elections Relating to Borrowings.

(a)                                  Each Borrowing initially shall be of the Type
specified in the applicable Borrowing Request and, in the case of a Eurodollar
Borrowing, shall have an initial Interest Period as specified in such Borrowing
Request or pursuant to Section 2.3(b). Thereafter, the Company (on
behalf of the applicable Borrower) may elect to convert such Borrowing to a
different Type or to continue such Borrowing and, in the case of a Eurodollar
Borrowing, may elect an Interest Period therefor, all as provided in this
Section.

(b)                                 To make an election pursuant to this Section,
the Company (on behalf of the applicable Borrower) shall notify the
Administrative Agent of such election by telephone by the time that a Borrowing
Request would be required under Section 2.3 if the Company (on behalf of
the applicable Borrower) were requesting a Borrowing of the Type resulting from
such election to be made on the effective date of such election. Each such
telephonic Interest Election Request shall be irrevocable and shall be
confirmed promptly by hand delivery or facsimile to the Administrative Agent of
a written Interest Election Request in a form approved by the Administrative
Agent and signed by the Company (on behalf of the applicable Borrower).

(c)                                  Each telephonic and written Interest Election
Request shall specify the following information:

(i)                                     the identity of the Borrower;

(ii)                                  the Borrowing to which such Interest Election
Request applies and, if different options are being elected with respect to
different portions thereof, the portions thereof to be allocated to each
resulting Borrowing (in which case the information to be specified pursuant to
clauses (iv) and (v) of this paragraph shall be specified for each resulting
Borrowing);

(iii)                               the effective date of the election made
pursuant to such Interest Election Request, which shall be a Business Day;

(iv)                              whether the resulting Borrowing is to be an
ABR Borrowing or a Eurodollar Borrowing; and

(v)                                 if the resulting Borrowing is a Eurodollar
Borrowing, the Interest Period to be applicable thereto after giving effect to
such election, which shall be a period contemplated by the definition of the
term “Interest Period”.

If any such
Interest Election Request requests a Eurodollar Borrowing but does not specify
an Interest Period, then the Company (on behalf of the applicable Borrower)
shall be deemed to have selected an Interest Period of one month’s duration.

(d)                                 Promptly following receipt of an Interest
Election Request, the Administrative Agent shall advise each Lender of the
details thereof and of such Lender’s portion of each resulting Borrowing.

(e)                                  If the Company (on behalf of the applicable
Borrower) fails to deliver a timely Interest Election Request prior to the end
of the Interest Period applicable thereto, then, unless such Borrowing is
repaid as provided herein, at the end of such Interest Period, such Borrowing
shall be converted to an ABR Borrowing. Notwithstanding any contrary provision
hereof, if an Event of

 24
 

Default
has occurred and is continuing and the Administrative Agent, at the request of
the Required Lenders, so notifies the Company (on behalf of the applicable
Borrower), then, so long as an Event of Default is continuing, (i) no
outstanding Borrowing of any Borrower may be converted to or continued as a
Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing of each
Borrower shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto.

Section 3.3                                      Fees.

(a)                                  The Company agrees to pay to the
Administrative Agent for the account of each Lender, a facility fee (“Facility
Fee”), which shall accrue at a rate per annum equal to the Applicable Facility
Fee Percentage on the daily amount of the Commitment of such Lender (regardless
of usage) during the period from and including the Agreement Date to but
excluding the date on which such Commitment terminates; provided that,
if such Lender continues to have any Loans outstanding after its Commitment
terminates, then such Facility Fee shall continue to accrue on the daily
outstanding principal amount of such Lender’s Loans from and including the date
on which such Lender’s Commitment terminates to but excluding the date on which
all Loans of such Lender have been paid in full. Accrued Facility Fees shall be
payable in arrears on the last day of March, June, September and December of
each year, and on each date on which the Commitments are permanently reduced,
commencing on the first such date to occur after the Agreement Date, provided
that all unpaid Facility Fees shall be payable on the date on which the
Commitments terminate. All Facility Fees shall be computed on the basis of a
year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).

(b)                                 For each Utilization Fee Applicability Day
during the period from and including the Effective Date through but excluding
the Maturity Date, the Company agrees to pay to the Administrative Agent, for
the account of each Lender, a fee (the “Utilization Fee”) equal to the
Applicable Margin per annum on the daily amount during such period of the
aggregate outstanding principal amount of such Lender’s Loans. Notwithstanding
the foregoing, if such Lender has any Loans outstanding after the Maturity
Date, then such Utilization Fee shall continue to accrue, for each Utilization
Fee Applicability Day, on the daily amount of such Lender’s Loans from and
including the Maturity Date to but excluding the date on which such Lender ceases
to have any Loans outstanding. Accrued Utilization Fees shall be payable in
arrears on the last day of March, June, September and December of each year, on
each date on which the Commitments are permanently reduced, and on each date on
which a Lender’s Loans are paid in full, commencing on the first such date to
occur after the Agreement Date, provided that all unpaid Utilization
Fees shall be payable on the Maturity Date. All Utilization Fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day).

(c)                                  The Company agrees to pay to each Credit
Party, for its own account, fees and other amounts payable in the amounts and
at the times separately agreed upon between the Company and such Credit Party.

(d)                                 All fees and other amounts payable hereunder
shall be paid on the dates due, in immediately available funds. Fees and other
amounts paid shall not be refundable under any circumstances.

Section 3.4                                      Alternate Rate of Interest. If
prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 25
 

(a)                                  the Administrative Agent determines, which
determination (if made on a reasonable basis) shall be conclusive, that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO
Rate or the LIBO Rate, as applicable, for such Interest Period; or

(b)                                 the Administrative Agent is advised by
Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable,
for such Interest Period will not adequately and fairly reflect the cost to the
Lenders of making or maintaining their Loans included in such Borrowing for
such Interest Period;

then the
Administrative Agent shall give notice thereof to the Company and the Lenders
by telephone or facsimile as promptly as practicable thereafter and, until the
Administrative Agent notifies the Company and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective,
and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such
Borrowing shall be made as an ABR Borrowing.

Section 3.5                                      Increased
Costs; Illegality.

(a)                                  If any Regulatory Change shall:

(i)                                     impose, modify or deem applicable any
reserve, special deposit or similar requirement against assets of, deposits
with or for the account of, or credit extended by, any Credit Party (except any
such reserve requirement reflected in the Adjusted LIBO Rate); or

(ii)                                  impose on any Credit Party or the London
interbank market any other condition affecting this Credit Agreement, any
Eurodollar Loans made by such Credit Party or any participation therein,

and the result of
any of the foregoing shall be to increase the cost to such Credit Party of
making or maintaining any Eurodollar Loan hereunder or to increase the cost to
such Credit Party or to reduce the amount of any sum received or receivable by
such Credit Party hereunder (whether of principal, interest or otherwise), then
the Company will pay to such Credit Party such additional amount or amounts as
will compensate such Credit Party for such additional costs incurred or
reduction suffered.

(b)                                 If any Credit Party determines that any
Regulatory Change regarding capital requirements has or would have the effect
of reducing the rate of return on such Credit Party’s capital or on the capital
of such Credit Party’s holding company, if any, as a consequence of this Credit
Agreement or the Loans made, by such Credit Party to a level below that which
such Credit Party or such Credit Party’s holding company could have achieved
but for such Regulatory Change (taking into consideration such Credit Party’s
policies and the policies of such Credit Party’s holding company with respect
to capital adequacy), then from time to time the Company will pay to such
Credit Party such additional amount or amounts as will compensate such Credit
Party or such Credit Party’s holding company for any such reduction suffered.

(c)                                  A certificate of a Credit Party setting forth
the amount or amounts necessary to compensate such Credit Party or its holding
company, as applicable, as specified in paragraph (a) or (b) of this Section
shall be delivered to the Company and shall be conclusive absent manifest error.
The Company shall pay such Credit Party the amount shown as due on any such
certificate within ten days after receipt thereof.

 26
 

(d)                                 Failure or delay on the part of any Credit
Party to demand compensation pursuant to this Section shall not constitute a
waiver of such Credit Party’s right to demand such compensation, provided
that the Borrowers shall not be required to compensate a Credit Party pursuant
to this Section for any increased costs or reductions incurred more than 90
days prior to the date that such Credit Party notifies the Borrowers of the
Regulatory Change giving rise to such increased costs or reductions and of such
Credit Party’s intention to claim compensation therefor.

(e)                                  Notwithstanding any other provision of this
Credit Agreement, if, after the Agreement Date, any Regulatory Change shall
make it unlawful for any Lender to make or maintain any Eurodollar Loan or to
give effect to its obligations as contemplated hereby with respect to any
Eurodollar Loan, then, by written notice to the Company and to the
Administrative Agent:

(i)                                     such Lender may declare that Eurodollar Loans
will not thereafter (for the duration of such unlawfulness) be made by such
Lender hereunder (or be continued for additional Interest Periods) and ABR
Loans will not thereafter (for such duration) be converted into Eurodollar
Loans, whereupon any request for a Eurodollar Borrowing or to convert an ABR
Borrowing to a Eurodollar Borrowing or to continue a Eurodollar Borrowing, as
applicable, for an additional Interest Period shall, as to such Lender only, be
deemed a request for an ABR Loan (or a request to continue an ABR Loan as such
for an additional Interest Period or to convert a Eurodollar Loan into an ABR Loan,
as applicable), unless such declaration shall be subsequently withdrawn; and

(ii)                                  such Lender may require that all outstanding
Eurodollar Loans made by it be converted to ABR Loans, in which event all such
Eurodollar Loans shall be automatically converted to ABR Loans, as of the
effective date of such notice as provided in the last sentence of this
paragraph.

In the event any
Lender shall exercise its rights under clause (i) or (ii) of this paragraph,
all payments and prepayments of principal that would otherwise have been
applied to repay the Eurodollar Loans that would have been made by such Lender
or the converted Eurodollar Loans of such Lender shall instead be applied to
repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion
of, such Eurodollar Loans, as applicable. For purposes of this paragraph, a
notice to the Company by any Lender shall be effective as to each Eurodollar
Loan made by such Lender, if lawful, on the last day of the Interest Period
currently applicable to such Eurodollar Loan; in all other cases such notice
shall be effective on the date of receipt by the Company.

Section 3.6                                      Break Funding Payments. In the
event of (a) the payment or prepayment (voluntary or otherwise) of any
principal of any Eurodollar Loan other than on the last day of an Interest
Period applicable thereto (including as a result of an Event of Default), (b)
the conversion of any Eurodollar Loan other than on the last day of the
Interest Period applicable thereto, (c) the failure to borrow, convert,
continue or prepay any Eurodollar Loan on the date specified in any notice
delivered pursuant hereto (regardless of whether such notice may be revoked
under Section 2.7(c) and is revoked in accordance therewith), or (d) the
assignment of any Eurodollar Loan other than on the last day of the Interest
Period or maturity date applicable thereto as a result of a request by the
Company pursuant to Section 3.8(b), then, in any such event, the
relevant Borrower or the Company, as applicable, shall compensate each Lender
for the loss, cost and expense attributable to such event. In the case of a
Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to
include an amount determined by such Lender to be the excess, if any, of (i)
the amount of interest that would have accrued on the principal amount of such
Loan had such event not occurred, at the Adjusted LIBO Rate that would have
been applicable to such Loan, for the period from the date of such event to the

 27
 

last day of the then current Interest Period therefor (or, in the case
of a failure to borrow, convert or continue, for the period that would have
been the Interest Period for such Loan), over (ii) the amount of interest that
would accrue on such principal amount for such period at the interest rate that
such Lender would bid were it to bid, at the commencement of such period, for
dollar deposits of a comparable amount and period from other banks in the
eurodollar market. A certificate of any Lender setting forth any amount or
amounts that such Lender is entitled to receive pursuant to this Section shall
be delivered to the Company (on behalf of the relevant Borrower) and shall be
conclusive absent manifest error. The relevant Borrower shall pay such Lender
the amount shown as due on any such certificate within ten days after receipt
thereof.

Section 3.7                                      U.S. Taxes.

(a)                                  Each Borrower agrees to pay to each Foreign
Lender such additional amounts as are necessary in order that the net payment
of any amount due to such Foreign Lender under the Loan Documents after
deduction for or withholding in respect of any U.S. Taxes collectible by
withholding and imposed with respect to such payment, will not be less than the
amount stated herein to be then due and payable, provided that the
foregoing obligation to pay such additional amounts shall not apply:

(i)                                     with respect to any Foreign Lender if such
Foreign Lender is, on the Agreement Date (or on the date it becomes a Lender as
provided in Section 10.4) and on the date of any change in the applicable
lending office of such Foreign Lender, entitled to submit the applicable forms
to the Internal Revenue Service entitling it to a complete exemption from
withholding on all interest to be received by it under the Loan Documents in
respect of the Loans), or

(ii)                                  to any Foreign Lender if such Foreign Lender
fails to comply with applicable certification, information, documentation or
other reporting requirements concerning the nationality, residence, identity or
connections with the United States of America of such Foreign Lender if such
compliance is required by statute or regulation of the United States of America
as a precondition to relief or exemption from such U.S. Taxes.

(b)                                 Within 30 days after paying any amount to the
Administrative Agent or any Foreign Lender from which it is required by law to
make any deduction or withholding, and within 30 days after it is required by
law to remit such deduction or withholding to any relevant taxing or other
authority, the Company (on behalf of the relevant Borrower) shall deliver to
the Administrative Agent for delivery to such Foreign Lender evidence
satisfactory to such Person of such deduction, withholding or payment (as the
case may be).

(c)                                  Not later than the Effective Date or, in the
case of any Person that becomes a Lender pursuant to Section 10.4, the
date of the execution and delivery of the Assignment and Assumption pursuant to
which such Person becomes a Lender, and annually thereafter or at such other
times as the Company may reasonably request, each Lender that is a Foreign
Lender (to the extent that such Lender, in its sole discretion, believes that
it is so entitled), shall provide the Company and the Administrative Agent with
two duly completed copies of the relevant Internal Revenue Service forms certifying
its entitlement to a complete exemption from withholding on all interest to be
received by it under the Loan Documents in respect of the Loans.

 28
 

Section 3.8                                      Mitigation
Obligations.

(a)                                  If any Lender requests compensation under Section
3.5, or if any Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section
3.7, then such Lender shall use reasonable efforts to designate a different
lending office for funding or booking its Loans (or any participation therein)
hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 3.5 or 3.7, as applicable, in the future and
(ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. The Company hereby
agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment.

(b)                                 If any Lender requests compensation under Section
3.5, or if any Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section
3.7, then the Company may, at its sole expense (including the fees referred
to in Section 10.4(b)) and effort, upon notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in Section
10.4), all its interests, rights and obligations under the Loan Documents
to an Eligible Institution that shall assume such obligations (which Eligible Institution
may be another Lender, if a Lender accepts such assignment); provided
that (i) the Company shall have received the prior written consent of the
Administrative Agent, which consent shall not unreasonably be withheld, (ii)
such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder, from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the relevant Borrowers
(in the case of all other amounts) and (iii) in the case of any such assignment
resulting from a claim for compensation under Section 3.5 or payments
required to be made pursuant to Section 3.7, such assignment will result
in a reduction in such compensation or payments. A Lender shall not be required
to make any such assignment and delegation if, prior thereto, as a result of a
waiver by such Lender or otherwise, the circumstances entitling the Company to
require such assignment and delegation cease to apply.

ARTICLE
4.

REPRESENTATIONS AND WARRANTIES

The
Company represents and warrants to the Credit Parties (and each Subsidiary
Borrower, as to itself, represents and warrants to the Credit Parties) that:

Section 4.1                                      Corporate Existence;
Subsidiaries.

(a)                                  The Company has been duly incorporated and is
validly existing as a corporation in good standing under the laws of the State
of Delaware, with full corporate power to conduct its business as presently
conducted and, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business in, and is in good standing in, every
jurisdiction where such qualification is required.

(b)                                 Each Material Subsidiary has been duly
organized and is validly existing in good standing under the laws of the
jurisdiction of its organization, with full corporate or analogous

 29
 

powers
to conduct its business as presently conducted and, except where the failure to
do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, is qualified to do business in, and is in
good standing in, every jurisdiction where such qualification is required.

(c)                                  Schedule 4.1 sets forth as of the Agreement Date the name
of each Subsidiary that is a Wholly-Owned Subsidiary, a Listed Insurance
Subsidiary or a Material Subsidiary and identifies the jurisdiction of
organization of each such Subsidiary.

Section 4.2                                      Corporate and
Governmental Authorization; No Contravention.

(a)                                  Each Borrower has full corporate power and
authority to execute, deliver and perform its obligations under this Credit
Agreement and the Notes executed by it and to comply with all of the provisions
of this Credit Agreement and the Notes executed by it, and all necessary
corporate or similar proceedings of such Borrower have been duly taken to
authorize the execution, delivery and performance by such Borrower of this
Credit Agreement and the Notes executed by it.

(b)                                 No authorizations, approvals or consents of,
and no filings or registrations with, any Governmental Authority or any
securities exchange, are necessary for the execution, delivery or performance
by any Borrower of this Credit Agreement or the Notes executed by it, or for
the legality, validity or enforceability hereof or thereof.

(c)                                  None of the execution and delivery of this
Credit Agreement and the Notes, the consummation of the transactions herein
contemplated or compliance by any Borrower with all of the terms and provisions
of this Credit Agreement or the Notes executed by such Borrower will conflict
with or result in a breach which would constitute a material default under, or
result in the creation or imposition of any Lien, charge or encumbrance upon
any of the property or assets of such Borrower, material to such Borrower,
pursuant to the terms of any indenture, loan agreement, or other agreement or
instrument for borrowed money to which such Borrower is a party or by which
such Borrower may be bound or to which any of the property or assets of such
Borrower, material to such Borrower, is subject, nor will such action result in
any material violation of the provisions of the charter or by laws of such
Borrower or any statute or any order, rule or regulation applicable to such
Borrower or any of its Material Subsidiaries of any Governmental Authority
having jurisdiction over such Borrower or such Subsidiary, and no consent,
approval, authorization or other order of, or filing with, any Governmental Authority
is required for the execution and delivery of this Credit Agreement and the
Notes, the consummation of the transactions herein contemplated or compliance
by the Company with all of the terms and provisions of this Credit Agreement, provided
that (i) the Borrowers make no representations or warranties with respect to
any securities or blue sky laws of political subdivisions of the United States
of America or any laws or treaties of any country (or political subdivision
thereof) other than the United States of America and (ii) the effect of the
laws of any jurisdiction (other than the States of New York or Illinois) that
limit the interest, fees or other charges any Lender may impose.

Section 4.3                                      Binding Effect. This Credit
Agreement constitutes a valid and binding agreement of each Borrower and the
Notes, when executed and delivered in accordance with this Credit Agreement,
will constitute valid and binding obligations of the respective Borrower
executing and delivering such Notes.

 30
 

Section 4.4                                      Financial
Information.

(a)                                  The consolidated statement of financial
position of the Company and its Consolidated Subsidiaries as of December 31,
2006 and the related statements of operations, comprehensive income,
shareholders’ equity and cash flows for the fiscal year then ended, reported on
by Deloitte & Touche, LLP, and heretofore furnished to the Administrative
Agent and each of the Lenders, present fairly in all material respects, in
conformity with GAAP, the financial position of the Company and its Consolidated
Subsidiaries as of such date and their results of operations and cash flows for
such fiscal year.

(b)                                 The respective Statutory Statements for
Allstate Insurance and Allstate Life for the year ended at December 31, 2006
present fairly in all material respects, in conformity with Statutory
Accounting Principles, the respective financial conditions of said companies as
at said date and their respective results of operations for the fiscal year
ended on said date.

(c)                                  Since December 31, 2006, there has been no
material adverse change in the business, financial position or results of
operations of the Company and its Consolidated Subsidiaries.

Section 4.5                                      Litigation. Except as disclosed to
the Lenders in writing (which shall include the Company’s Form 10-K for the
fiscal year ending December 31, 2006) prior to the date hereof, there are no
legal, arbitral or governmental proceedings (including any proceeding
instituted by any state insurance commission or similar regulatory body),
pending to which the Company or any of its Material Subsidiaries is a party or
to which any property of the Company or any of its Material Subsidiaries is the
subject (collectively, “Proceedings”)which, if determined adversely to
the Company or any of its Material Subsidiaries (and there exists a reasonable
possibility of such adverse determination), individually or in the aggregate,
reasonably could be expected to have a Material Adverse Effect and, to the best
of the Company’s knowledge, no such proceedings are threatened.

Section 4.6                                      Compliance with ERISA. Each member
of the ERISA Group has fulfilled its obligations under the minimum funding
standards of ERISA and the Internal Revenue Code with respect to each Plan
(other than any Non-Material Subsidiary Plan) and is in compliance in all
material respects with the presently applicable provisions of ERISA and the
Internal Revenue Code with respect to each Plan (other than any Non-Material
Subsidiary Plan). No member of the ERISA Group has (i) sought a waiver of the
minimum funding standard under Section 412 of the Internal Revenue Code in
respect of any Plan (other than any Non-Material Subsidiary Plan), (ii) failed
to make any contribution or payment to any Plan (other than any Non-Material
Subsidiary Plan) or Multiemployer Plan or in respect of any Benefit
Arrangement, or made any amendment to any Plan (other than any Non-Material
Subsidiary Plan) or Benefit Arrangement, which has resulted or could result in
the imposition of a Lien or the posting of a bond or other security under ERISA
or the Internal Revenue Code, provided, however, that in the case
of a Benefit Arrangement established or maintained by or for a Subsidiary
(other than a Subsidiary Borrower) such action or inaction has resulted or
could result in the imposition of such a Lien or the posting of such a bond or
other security in excess of $25,000,000, or (iii) incurred any liability under
Title IV of ERISA other than a liability to the PBGC for premiums under Section
4007 of ERISA.

Section 4.7                                      Environmental Matters. The Company
has concluded reasonably that all Environmental Laws applicable to the Company
and its Material Subsidiaries are unlikely to have a Material Adverse Effect.

 31
 

Section 4.8                                      Taxes. United States Federal
income tax returns of the Company and its Material Subsidiaries have been
closed through the fiscal year ended December 31, 2002. All United States
Federal income tax returns and all other material tax returns which are
required to be filed have been filed by or on behalf of the Company and its
Material Subsidiaries and all taxes due with respect to the Company and its
Material Subsidiaries pursuant to such returns and all material taxes due
pursuant to any assessment received by the Company or any of its Material
Subsidiaries have been paid, except those assessments being contested in good
faith by appropriate proceedings and where (in the opinion of the Company)
adequate charges, accruals or reserves have been established on the books of
the Company and its Subsidiaries, as applicable.

Section 4.9                                      Full Disclosure. All written
factual information heretofore furnished by the Company to the Administrative
Agent or any Lender for purposes of or in connection with this Credit Agreement
and the Information Memorandum was true and accurate in all material respects
on the date as of which such information was stated or certified.

Section 4.10                                Investment Company Act. None of
the Borrowers is required to be registered as an “investment company” within
the meaning of the Investment Company Act of 1940.

Section 4.11                                Federal
Reserve Regulations.

(a)                                  Not more than 25% of the value (as determined
by any reasonable method) of the assets subject to any restriction on (i) Liens
set forth in Section 6.5 or (ii) sale or other disposition set forth in Section
6.6 is represented by Margin Stock.

(b)                                 No part of the proceeds of any Loan will be
used, whether immediately, incidentally or ultimately, (i) to directly or
indirectly purchase, acquire or carry any Margin Stock, (ii) directly or
indirectly for any purpose that entails a violation of, or that is inconsistent
with Regulations U or X, or (iii) to make a personal loan to any director or
executive officer of any Borrower or any Subsidiary in violation of Section 402
of the Sarbanes Oxley Act of 2002.

ARTICLE
5.

CONDITIONS

Section 5.1                                      Effective Date. The obligations of
the Lenders to make Loans hereunder shall not become effective until the date
on which each of the following conditions is satisfied (or waived in accordance
with Section 10.2):

(a)                                  Credit Agreement. The Administrative Agent (or its counsel)
shall have received from each party hereto either (i) a counterpart of this
Credit Agreement signed on behalf of such party or (ii) written evidence
satisfactory to the Administrative Agent (which may include facsimile transmission
of a signed signature page of this Credit Agreement) that such party has signed
a counterpart of this Credit Agreement.

(b)                                 Legal Opinions. The Administrative Agent shall have
received favorable written opinions (addressed to the Credit Parties and dated
the Effective Date) from (i) Mary J. McGinn, Secretary and Deputy General
Counsel of the Company and acting as counsel to the other Borrowers, and (ii)
LeBoeuf, Lamb, Greene & MacRae LLP, special New York counsel to the
Borrowers, substantially in the forms of Exhibit B and B-1,
respectively, covering such other matters

 32
 

relating
to the Borrowers, the Loan Documents and the Transactions as the Required
Lenders shall reasonably request. The Borrowers hereby request such counsel to
deliver such opinion.

(c)                                  Organizational Documents, etc. The Administrative Agent shall have
received such documents and certificates as the Administrative Agent or its
counsel may reasonably request relating to (i) the organization, existence and
good standing of each Borrower (including (x) a certificate of incorporation or
formation of each Borrower, certified as of a recent date by the Secretary of
State (or comparable official) of the jurisdiction of its incorporation or
formation and (y) certificates of good standing (or comparable certificates)
for each Borrower, certified as of a recent date prior to the Effective Date,
by the Secretary of State (or comparable official) of the jurisdiction of its
incorporation or formation), (ii) the authorization of the Transactions, (iii) the
incumbency of its officer or officers who may sign the Loan Documents,
including therein a signature specimen of such officer or officers and (iv) any
other legal matters relating to Borrowers, the Loan Documents or the
Transactions, all in form and substance satisfactory to the Administrative
Agent and its counsel.

(d)                                 Officer’s Certificate. The Administrative Agent shall have
received a certificate, dated the Effective Date and signed by the chief
executive officer or the chief financial officer or the controller of the
Company confirming compliance with the conditions set forth in paragraphs (a)
and (b) of Section 5.2.

(e)                                  Fees and Expenses. All fees, expenses and other amounts due
and payable on or prior to the Effective Date, including the reasonable fees
and disbursements of counsel to the Administrative Agent, to the extent
invoiced shall have been paid.

(f)                                    Existing Credit Agreement. The Existing Credit Agreement shall have
been terminated and all amounts due thereunder shall have been paid and the
Administrative Agent shall have received evidence, in form and substance
satisfactory to it, thereof.

(g)                                 Other Documents. The Administrative Agent shall have
received such other documents as shall be reasonably required by it in
connection therewith.

The Administrative
Agent shall notify the Borrowers and the Credit Parties of the Effective Date,
and each such notice shall be conclusive and binding. Notwithstanding the
foregoing, the obligations of the Lenders to make Loans hereunder shall not
become effective unless each of the foregoing conditions is satisfied (or
waived pursuant to Section 10.2) at or prior to 3:00 p.m., New York City
time, on June 15, 2007 (and, in the event such conditions are not so satisfied
or waived, the Commitments shall terminate at such time).

Section 5.2                                      Each Credit Event. The obligation
of each Lender to make a Loan on the occasion of any Borrowing is subject to
the satisfaction of the following conditions:

(a)                                  The representations and warranties of the
Borrowers set forth in Article 4 (other than those contained in Section
4.4(c) and Section 4.5) shall be true and correct on and as of the
date of such Borrowing except to the extent such representations and warranties
expressly relate to an earlier date (including those contained in Sections
4.4(a), 4.4(b) and 4.8).

(b)                                 At the time of and immediately after giving
effect to such Borrowing, no Default shall have occurred and be continuing.

 33
 

Each Borrowing
shall be deemed to constitute a representation and warranty by the Company, and,
if applicable, the applicable Subsidiary Borrower, on the date thereof as to
the matters specified in paragraphs (a) and (b) of this Section.

ARTICLE
6.

COVENANTS

Until
the Commitments have expired or been terminated and the principal of and
interest on each Loan and all fees and other amounts payable under the Loan
Documents shall have been paid in full, the Company covenants and agrees (and,
to the extent applicable to it, each Subsidiary Borrower covenants and agrees)
with the Credit Parties that:

Section 6.1                                      Financial Statements and Other Information.
The Company will furnish to each Credit Party the following, provided
that the Company need not furnish copies of the information referred to in this
Section if on or before the applicable day set forth below, such information is
available (A) in the case of the information referred to in subsections (a),
(b), (i) and (j) below, either on EDGAR or on the Company’s web site, and (B)
in the case of the information referred to in subsections (c) and (d) below, on
the Company’s web site:

(a)                                  as soon as available and in any event within
120 days after the end of each fiscal year, the Company’s annual proxy and its
Form 10-K containing a consolidated statement of financial position of the
Company and its Consolidated Subsidiaries as of the end of such fiscal year and
the related statements of income, shareholders’ equity and cash flows for such
fiscal year, setting forth in each case in comparative form the figures for the
previous fiscal year, all reported on by Deloitte & Touche, LLP or another
independent registered public accounting firm of nationally recognized standing
(without a “going concern” or like qualification or exception and without any
qualification or exception as to the scope of such audit) to the effect that
such consolidated financial statements present fairly in all material respects
the financial condition and results of operations of the Company and its
Consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied;

(b)                                 as soon as available and in any event within
60 days after the end of each of the first three fiscal quarters of each fiscal
year, the Company’s Form 10-Q containing a consolidated statement of financial
position of the Company and its Consolidated Subsidiaries as of the end of such
fiscal quarter and the related statements of income and cash flows for such
fiscal quarter and for the portion of the Company’s fiscal year ended at the
end of such fiscal quarter;

(c)                                  as soon as available and in any event within
120 days after the end of each fiscal year of each Subsidiary Borrower, the
Statutory Statement of such Subsidiary Borrower for such fiscal year and as
filed with the insurance department of the State of domicile of such Subsidiary
Borrower;

(d)                                 as soon as available and in any event within
60 days after the end of each of the first three quarterly fiscal quarters of
each Subsidiary Borrower, quarterly Statutory Statements of such Subsidiary
Borrower for such fiscal quarter and as filed with the insurance department of
the State of domicile of such Subsidiary Borrower;

 34
 

(e)                                  promptly after the financial statements
referred to in clauses (a) and (b) above have been made available to the Credit
Parties either through EDGAR or the Company’s web site (but in no event later
than 120 days after the end of the relevant fiscal year or 60 days after the
end of the relevant fiscal quarter, as applicable) or, in the event that the
Company furnishes copies thereof to the Credit Parties, simultaneously with the
delivery thereof, a certificate of the chief financial officer or the
controller of the Company (i) setting forth in reasonable detail the
calculations required to establish whether the Company was in compliance with
the requirements of Section 6.8 on the date of such financial statements
and (ii) stating whether any Default exists on the date of such certificate
and, if any Default then exists, setting forth the details thereof and the
action which the Company is taking or proposes to take with respect thereto;

(f)                                    promptly after the financial statements
referred to in clause (a) above have been made available to the Credit Parties
either through EDGAR or the Company’s web site (but in no event later than 120
days after the end of the relevant fiscal year) or, in the event that the
Company furnishes copies thereof to the Credit Parties, simultaneously with the
delivery thereof, a certificate of the chief financial officer or the
controller of the Company identifying each Subsidiary which is then a Material
Subsidiary;

(g)                                 promptly after the financial statements
referred to in clause (a) above have been made available to the Credit Parties
either through EDGAR or the Company’s web site (but in no event later than 120
days after the end of the relevant fiscal year) or, in the event that the
Company furnishes copies thereof to the Credit Parties, simultaneously with the
delivery thereof, a statement of the independent registered public accounting
firm which reported on such statements to the effect that in the course of
their audit of such statements, nothing came to their attention that caused
them to believe that the Company was not in compliance with the requirements of
Section 6.8, insofar as such requirements relate to accounting matters;

(h)                                 within five days after any officer of the
Company obtains knowledge that any Default has occurred and is continuing, a
certificate of the chief financial officer or the controller of the Company
setting forth the details thereof and the action which the Company is taking or
proposes to take with respect thereto;

(i)                                     written notice of any Proceedings promptly
after a determination by the Company or the applicable Subsidiary Borrower that
(i) such Proceedings, if determined adversely to the Company or any of its
Material Subsidiaries individually or in the aggregate, reasonably could be
expected to have a Material Adverse Effect and (ii) there exists a reasonable
possibility of such adverse determination.

(j)                                     promptly after being filed by the Company
with the Securities and Exchange Commission, copies (without exhibits thereto)
of any registration statement (other than any registration statement on Form S
8 or its equivalent) or any report on Form 8 K (or its equivalent); provided
that the Company need not furnish such copies to the extent such registration
statements or reports are made available to the Credit Parties either on EDGAR
or the Company’s web site;

(k)                                  if and when any member of the ERISA Group (i)
gives or is required to give notice to the PBGC of any “reportable event” (as
defined in Section 4043 of ERISA) with respect to any Plan (other than any Non-Material
Subsidiary Plan) which might constitute grounds for a termination of such Plan
(other than any Non-Material Subsidiary Plan) under Title IV of ERISA, or knows
that the plan administrator of any Plan (other than any Non-Material Subsidiary
Plan) has given

 35
 

or
is required to give notice of any such reportable event, a copy of the notice
of such reportable event given or required to be given to the PBGC; (ii) receives
notice of complete or partial withdrawal liability under Title IV of ERISA or
notice that any Multiemployer Plan (other than any Non-Material Subsidiary
Plan) is in reorganization, is insolvent or has been terminated, a copy of such
notice; (iii) receives notice from the PBGC under Title IV of ERISA of an
intent to terminate, impose liability (other than for premiums under Section
4007 of ERISA) in respect of, or appoint a trustee to administer any Plan
(other than any Non-Material Subsidiary Plan), a copy of such notice; (iv)
applies for a waiver of the minimum funding standard under Section 412 of the
Internal Revenue Internal Revenue Code, a copy of such application; (v) gives
notice of intent to terminate any Plan (other than any Non-Material Subsidiary
Plan) under Section 4041(c) of ERISA, a copy of such notice and other
information filed with the PBGC; (vi) gives notice of withdrawal from any Plan
(other than any Non-Material Subsidiary Plan) pursuant to Section 4063 of
ERISA, a copy of such notice; or (vii) fails to make any payment or
contribution to any Plan (other than any Non-Material Subsidiary Plan) or
Multiemployer Plan (other than any Non-Material Subsidiary Plan) or in respect
of any Benefit Arrangement or makes any amendment to any Plan (other than any
Non-Material Subsidiary Plan) or Benefit Arrangement which has resulted or
could result in the imposition of a Lien or the posting of a bond or other
security under ERISA or the Internal Revenue Code, provided, however,
that in the case of a Benefit Arrangement established or maintained by or for a
Subsidiary (other than a Subsidiary Borrower) such action or inaction has
resulted or could result in the imposition of such a Lien or the posting of
such a bond or other security in excess of $25,000,000, a certificate of the
chief financial officer or the controller of the Company setting forth details
as to such occurrence and action, if any, which the Company or applicable
member of the ERISA Group is required or proposes to take;

(l)                                     furnish to the Administrative Agent promptly
such other information with documentation required by bank regulatory
authorities under applicable “know your customer” and Anti Money Laundering
rules and regulations (including, without limitation, the USA Patriot Act), as
from time to time may be reasonably requested by the Administrative Agent; and

(m)                               from time to time such additional information
regarding the financial position or business of the Company and its
Subsidiaries as the Administrative Agent, at the request of any Lender, may
reasonably request.

Section 6.2                                      Maintenance of Property. The
Company will keep, and will cause each Material Subsidiary to keep, all
property useful and necessary in its business in good working order and
condition, ordinary wear and tear excepted.

Section 6.3                                      Conduct of
Business and Maintenance of Existence.

(a)                                  Neither the Company nor any of its Material
Subsidiaries will engage to any substantial extent in any line or lines of
business activity other than the business of owning and operating life and
property and casualty insurance companies and financial services businesses
(including investment operations) and businesses and activities related or
incidental thereto.

(b)                                 Subject to Section 6.6, the Company
will preserve, renew and keep in full force and effect, and will cause each
Material Subsidiary to preserve, renew and keep in full force and effect their
respective legal existence and their respective rights, privileges and
franchises material to the conduct of their respective businesses; provided
that, subject to Section 6.6, the Company may terminate the corporate
existence of any Subsidiary (other than a Subsidiary Borrower) if such

 36
 

termination
could not reasonably be expected to have a Material Adverse Effect or otherwise
to be materially disadvantageous to the Lenders.

Section 6.4                                      Compliance with Laws. The Company
will make all good faith efforts to comply, and cause each Material Subsidiary
to make all good faith efforts to comply, with all material applicable laws,
ordinances, rules, regulations, and requirements of Governmental Authorities
(including Environmental Laws and ERISA and the rules and regulations
thereunder) except where the necessity of compliance therewith is contested in
good faith by appropriate proceedings and where (in the opinion of the Company)
adequate charges, accruals or reserves have been established on the books of
the Company and its Subsidiaries, as applicable.

Section 6.5                                      Negative Pledge. The Company will
not, and will not permit any of its Subsidiaries to, create, assume or suffer
to exist any Lien securing Debt (determined without regard to the clauses (c)
through and including (h) of the proviso of the definition of the term “Debt”)
on the stock of any Listed Insurance Subsidiary (or on the stock of any
Subsidiary that directly, or indirectly through other Subsidiaries, owns stock
of any Listed Insurance Subsidiary) now owned or hereafter acquired by it,
except any Lien arising pursuant to any order of attachment, distraint or
similar legal process arising in connection with court proceedings so long as
the execution or other enforcement thereof is effectively stayed and the claims
secured thereby are being contested in good faith by appropriate proceedings. Notwithstanding
the foregoing, in connection with marketing alliances or other promotional
arrangements undertaken by one or both of the Subsidiary Borrowers, the Company
or any of its Subsidiaries may pledge the stock of any Listed Insurance
Subsidiary (other than stock of a Subsidiary Borrower) to secure Debt
(determined without regard to the clauses (c) through and including (h) of the
proviso of the definition of the term “Debt”) in an aggregate amount that,
together with the aggregate liquidation preference of preferred stock permitted
under the second sentence of Section 6.6(b), does not exceed
$450,000,000 (or its equivalent in any other currency) at any one time
outstanding.

Section 6.6                                      Consolidations,
Mergers and Sales of Assets.

(a)                                  The Company will not merge into or
consolidate with any other Person, or permit any other Person to merge into or
consolidate with it, or sell, transfer, lease or otherwise dispose of (in one
transaction or in a series of transactions) all or substantially all of its
assets, except that, if at the time thereof and immediately after giving effect
thereto, no Default shall or would have occurred and be continuing, any Person
may merge into the Company in a transaction in which the Company is the
surviving entity.

(b)                                 Neither Subsidiary Borrower will merge into
or consolidate with, any other Person, or permit any other Person to merge into
or consolidate with it, or sell, transfer, lease or otherwise dispose of (in
one transaction or in a series of transactions) all or substantially all of its
assets, except that, if at the time thereof and immediately after giving effect
thereto, no Default shall or would have occurred and be continuing, either
Subsidiary Borrower may merge into or consolidate with any other corporation
(the “successor corporation”) organized under the laws of the United
States of America or any state thereof which is (x) the Company, (y) in the
case of a merger or consolidation involving Allstate Insurance (or any
successor thereto), a Wholly-Owned Subsidiary of the Company, provided
that any direct or indirect parent thereof is not an insurance company or other
entity subject to any law or regulation which could limit or restrict the
ability of the survivor of such merger or consolidation to pay dividends or
make other distributions or payments, directly or indirectly, to the Company,
or (z) in the case of a merger or consolidation involving Allstate Life (or any
successor

 37

thereto),
a Wholly-Owned Subsidiary of the Company, and provided  further
that each Subsidiary Borrower covenants that any such consolidation, merger,
sale or transfer shall be upon the conditions that the due and punctual payment
of the principal and accrued interest on any Loans made to such Subsidiary
Borrower, and the due and punctual performance and observance of all the terms,
covenants and conditions of this Credit Agreement to be kept or performed by
such Subsidiary Borrower shall, by an agreement supplemental hereto (which
supplemental agreement shall be in form and substance satisfactory to the
Administrative Agent and shall become effective upon or waiver of the
conditions described in Section 5.1(b), (c), (d), (e)
and (h) in a form appropriate to such supplemental agreement), be
assumed by the corporation (other than such Subsidiary Borrower) formed by or
resulting from any such consolidation or merger, or which shall have received
the transfer of all or substantially all of the property and assets of the
Subsidiary Borrower, just as fully and effectually as if such successor had
been the original Subsidiary Borrower; and in the event of any such sale or
transfer the predecessor Subsidiary Borrower may be dissolved, wound up and
liquidated at any time thereafter. In addition, in connection with marketing
alliances or other promotional arrangements undertaken by one or both of the
Subsidiary Borrowers, the Subsidiary Borrowers may from time to time issue
preferred stock to any Person, whether or not affiliated with the Company,
having an aggregate liquidation preference (as to both Subsidiary Borrowers)
that, together with the aggregate amount of Debt (determined without regard to
the clauses (c) through and including (h) of the proviso of the definition of
the term “Debt”) secured by Liens permitted under the second sentence of Section
6.5, does not exceed $450,000,000 (or its equivalent in any other currency)
at any one time outstanding. Notwithstanding anything in this Section 6.6
to the contrary, Allstate Insurance may transfer ownership of Allstate Life to
the Company or to any other Wholly-Owned Subsidiary of the Company.

Section 6.7                                      Use of Proceeds. The proceeds of
the Loans will be used only for general corporate purposes not inconsistent
with the terms hereof. No part of the proceeds of any Loan will be used,
whether immediately, incidentally or ultimately, (i) to directly or indirectly
purchase, acquire or carry any Margin Stock, (ii) directly or indirectly for
any purpose that entails a violation of Regulations U or X or (iii) to make a
personal loan to any director or executive officer of any Borrower or any
Subsidiary in violation of Section 402 of the Sarbanes Oxley Act of 2002.

Section 6.8                                      Ratio of Consolidated Total Debt to
Consolidated Total Capital. The Company will not permit Consolidated
Total Debt at any time to exceed 37.5% of Consolidated Total Capital.

Section 6.9                                      Limitation on Issuance of Medium Term Notes.
The Company will not, and will not permit any of its Subsidiaries to, permit
the aggregate principal amount of Medium Term Notes issued after the Effective
Date and outstanding at any time to exceed $3,000,000,000.

ARTICLE
7.

GUARANTEE

Section 7.1                                      Guarantee. The Company hereby
guarantees to each Credit Party and their respective successors and assigns the
prompt payment in full when due (whether at stated maturity, by acceleration or
otherwise) of the principal of and interest on the Loans made by the Lenders
to, and the Notes held by each Lender of, either Subsidiary Borrower and all
other amounts from time to time owing to the Credit Parties by either
Subsidiary Borrower under this Credit Agreement and under the

 38
 

Notes, in each case strictly in accordance with the terms thereof (such
obligations being herein collectively called the “Guaranteed Obligations”).
The Company hereby further agrees that if either Subsidiary Borrower shall fail
to pay in full when due (whether at stated maturity, by acceleration or
otherwise) any of the Guaranteed Obligations, the Company will promptly pay the
same, without demand or notice whatsoever, and that in the case of any
extension of time of payment or renewal of any of the Guaranteed Obligations,
the same will be promptly paid in full when due (whether at extended maturity,
by acceleration or otherwise) in accordance with the terms of such extension or
renewal. The Company further agrees that its guarantee hereunder constitutes a
guarantee of payment when due and not of collection, and waives any right to
require that any resort be had by the Administrative Agent or any other Credit
Party to any security held for payment of the Obligations or to any balance of
any deposit account or credit on the books of the Administrative Agent or any
other Credit Party in favor of the Borrowers or any other Person.

Section 7.2                                      Obligations Unconditional. The
obligations of the Company under Section 7.1 are absolute and
unconditional irrespective of the value, genuineness, validity, regularity or
enforceability of the obligations of either Subsidiary Borrower under this
Credit Agreement, the Notes or any other agreement or instrument referred to
herein or therein, or any substitution, release of exchange of any other
guarantee of or security for any of the Guaranteed Obligations, and, to the
fullest extent permitted by applicable law, irrespective of any other
circumstance whatsoever which might otherwise constitute a legal or equitable
discharge or defense of a surety or guarantor, it being the intent of this Section
7.2 that the obligations of the Company hereunder shall be absolute and
unconditional under any and all circumstances. Without limiting the generality
of the foregoing, it is agreed that, to the fullest extent permitted by law,
the occurrence of any one or more of the following shall not affect the liability
of the Company hereunder:

(i)                                     at any time or from time to time, without
notice to the Company, the time for any performance of or compliance with any
of the Guaranteed Obligations shall be extended, or such performance or
compliance shall be waived;

(ii)                                  any of the acts mentioned in any of the
provisions of this Credit Agreement or the Notes or any other agreement or
instrument referred to herein or therein shall be done or omitted; or

(iii)                               the maturity of any of the Guaranteed
Obligations shall be accelerated, or any of the Guaranteed Obligations shall be
modified, supplemented or amended in any respect, or any right under this
Credit Agreement or the Notes or any other agreement or instrument referred to
herein or therein shall be waived or any other guarantee of any of the
Guaranteed obligations or any security therefor shall be released or exchanged
in whole or in part or otherwise dealt with.

The
Company hereby expressly waives diligence, presentment, demand of payment,
protest and all notices whatsoever, and any requirement that the Administrative
Agent or any Lender exhaust any right, power or remedy or proceed against
either Subsidiary Borrower under this Credit Agreement or the Notes or any
other agreement or instrument referred to herein or therein, or against any
other Person under any other guarantee of, or security for, any of the
Guaranteed Obligations.

Section 7.3                                      Reinstatement. The obligations of
the Company under this Article 7 shall be automatically reinstated if
and to the extent that for any reason any payment by or on behalf of either
Subsidiary Borrower in respect of the Guaranteed Obligations is rescinded or
must be otherwise

 39
 

restored by any holder of any of the Guaranteed Obligations, whether as
a result of any proceedings in bankruptcy or reorganization or otherwise and
the Company agrees that it will indemnify the Administrative Agent and each
Lender on demand for all reasonable costs and expenses (including, without
limitation, fees of counsel) incurred by the Administrative Agent or such
Lender in connection with such rescission or restoration, including any such
costs and expenses incurred in defending against any claim alleging that such
payment constituted a preference, fraudulent transfer or similar payment under
any bankruptcy, insolvency or similar law.

Section 7.4                                      Subrogation. Until the
indefeasible payment in full in cash of all of the Obligations, the Company
hereby waives all rights of subrogation or contribution, whether arising by
operation of law (including any such right arising under the United States
Bankruptcy Code) or otherwise, by reason of any payment by it pursuant to the
provisions of this Article 7.

Section 7.5                                      Remedies. The Company agrees that,
as between the Company and the Credit Parties, the obligations of either
Subsidiary Borrower under this Credit Agreement and the Notes may be declared
to be forthwith due and payable as provided in Article 8 (and shall be
deemed to have become automatically due and payable in the circumstances
provided in said Article 8) for purposes of Section 7.1
notwithstanding any stay, injunction or other prohibition preventing such
declaration (or such obligations from becoming automatically due and payable)
as against either Subsidiary Borrower and that, in the event of such declaration
(or such obligations being deemed to have become automatically due and
payable), such obligations (whether or not due and payable by such Subsidiary
Borrower) shall forthwith become due and payable by the Company for purposes of
said Section 7.1.

Section 7.6                                      Continuing Guarantee. The
guarantee in this Article 7 is a continuing guarantee, and shall apply
to all Guaranteed Obligations whenever arising.

ARTICLE
8.

EVENTS OF DEFAULT

If
any of the following events (“Events of Default”) shall occur:

(a)                                  any Borrower shall fail to pay any principal
of any Loan when due; or

(b)                                 any Borrower shall fail to pay any interest
on any Loan or any fee or any other amount payable by it hereunder within three
Business Days after the due date thereof; or

(c)                                  the Company shall fail to observe or perform
any covenant contained in Section 6.3(b), Section 6.5,  Section
6.6, the first sentence of Section 6.7, Section 6.8 or Section
6.9 or the Company shall fail to make any payment required under Article
7; or

(d)                                 any Borrower shall fail to observe or perform
any covenant or agreement contained in this Credit Agreement (other than those
referred to in clauses (a) through (c) above) for 30 days after written notice
thereof has been given to the Company by the Administrative Agent at the
request of any Lender; or

(e)                                  any representation, warranty, certification
or statement made or deemed made herein (or in any modification or supplement
hereto) by any Borrower, or any certificate, financial

 40
 

statement
or other document delivered pursuant to the provisions, shall prove to have
been incorrect in any material respect when made (or deemed made); or

(f)                                    the Company or any of its Material
Subsidiaries shall fail to make any payment when due or within any applicable
grace period in respect of any Material Debt (and such failure shall constitute
an event of default (or similar event) under the relevant agreement) or any
event or condition shall occur which results in the acceleration of the
maturity of any such Material Debt by holders thereof exercising their rights
so to accelerate; or

(g)                                 any Borrower or any Material Subsidiary shall
commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of it or any substantial part of its property, or shall
consent to any such relief or to the appointment of or taking possession by any
such official in an involuntary case or other proceeding commenced against it,
or shall make a general assignment for the benefit of creditors, or shall fail
generally to pay its debts as they become due, or shall take any corporate
action to authorize any of the foregoing; or

(h)                                 an involuntary case or other proceeding shall
be commenced against any Borrower or any Material Subsidiary seeking
liquidation, reorganization or other relief with respect to it or its debts under
any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of it or any substantial part of its property, and such
involuntary case or other proceeding shall remain undismissed and unstayed for
a period of 90 days; or an order for relief shall be entered against any
Borrower or any Material Subsidiary (in an involuntary case or other proceeding
against such company) under the Federal bankruptcy laws as now or hereafter in
effect; or

(i)                                     any member of the ERISA Group shall fail to
pay when due an amount or amounts aggregating in excess of $10,000,000 (or its
equivalent in any other currency), or members of the ERISA Group shall, in the
aggregate, fail to pay when due an amount or amounts aggregating in excess of
$50,000,000 (or its equivalent in any other currency), which it shall have
become liable to pay under Title IV of ERISA; or notice of intent to terminate
a Material Plan shall be filed under Title IV of ERISA by any member of the
ERISA Group, any plan administrator or any combination of the foregoing; or the
PBGC shall institute proceedings under Title IV of ERISA to terminate, to
impose liability (other than for premiums under Section 4007 of ERISA) in
respect of, or to cause a trustee to be appointed to administer any Material
Plan; or a condition shall exist by reason of which the PBGC would be entitled
to obtain a decree adjudicating that any Material Plan must be terminated; or there
shall occur a complete or partial withdrawal from, or a default, within the
meaning of Section 4219(c)(5) of ERISA, with respect to, one or more
Multiemployer Plans which could cause one or more members of the ERISA Group to
incur a current payment obligation in excess of $50,000,000 (or its equivalent
in any other currency); or

(j)                                     a judgment or order for the payment of money
in excess of $100,000,000 (or its equivalent in any other currency) shall be
rendered against the Company or any of its Material Subsidiaries and such
judgment or order shall continue unsatisfied and unstayed (pursuant to laws,
rules, court orders or settlement agreements) for a period of 45 days;

then, and in every
such event (other than an event described in clause (g) or (h) of this
Article), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the

 41
 

request of the
Required Lenders shall, by notice to each Borrower, take either or both of the
following actions (whether before or after the Effective Date), at the same or
different times: (i) terminate the Commitments, and thereupon the Commitments
shall terminate immediately and (ii) declare the Loans then outstanding to be
due and payable in whole (or in part, in which case any principal not so
declared to be due and payable may thereafter be declared to be due and
payable), and thereupon the principal of the Loans so declared to be due and
payable, together with accrued interest thereon and all fees and other
obligations of each Borrower accrued under the Loan Documents, shall become due
and payable immediately, without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by each Borrower; and in case of
any event described in clause (g) or (h) of this Article, the Commitments shall
automatically terminate (whether before or after the Effective Date) and the
principal of the Loans then outstanding, together with accrued interest thereon
and all fees and other obligations of each Borrower accrued under the Loan
Documents, shall automatically become due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by
each Borrower.

ARTICLE
9.

THE ADMINISTRATIVE AGENT

Each
Credit Party hereby irrevocably appoints the Administrative Agent as its agent
and authorizes the Administrative Agent to take such actions on its behalf and
to exercise such powers as are delegated to the Administrative Agent by the
terms hereof, together with such actions and powers as are reasonably
incidental thereto.

The
Person serving as the Administrative Agent hereunder shall have the same rights
and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not the Administrative Agent, and such Person and its
Affiliates may accept deposits from, lend money to and generally engage in any
kind of business with any Borrower or any Subsidiary or other Affiliate thereof
as if it were not the Administrative Agent hereunder.

The
Administrative Agent shall not have any duties or obligations except those
expressly set forth herein. Without limiting the generality of the foregoing,
(i) the Administrative Agent shall not be subject to any fiduciary or other
implied duties, regardless of whether a Default has occurred and is continuing,
(ii) the Administrative Agent shall not have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated by the Loan Documents that the Administrative
Agent is required to exercise in writing by the Required Lenders (or such other
number or percentage of the Credit Parties as shall be necessary under the
circumstances as provided in Section 10.2), and (iii) except as
expressly set forth herein, the Administrative Agent shall not have any duty to
disclose, and shall not be liable for the failure to disclose, any information
relating to any Borrower or any of the Subsidiaries that is communicated to or
obtained by the Person serving as Administrative Agent or any of its Affiliates
in any capacity. The Administrative Agent shall not be liable for any action
taken or not taken by it with the consent or at the request of the Required
Lenders (or such other number or percentage of the Credit Parties as shall be
necessary under the circumstances as provided in Section 10.2) or in the
absence of its own gross negligence or willful misconduct. The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until
written notice thereof is given to the Administrative Agent by a Borrower or a
Credit Party, and the Administrative Agent shall not be responsible for or have
any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with

 42
 

this Credit
Agreement, (ii) the contents of any certificate, report or other document
delivered hereunder or in connection herewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set
forth herein, (iv) the validity, enforceability, effectiveness or genuineness
of this Credit Agreement or any other agreement, instrument or document, or (v)
the satisfaction of any condition set forth in Article 5 or elsewhere
herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.

The
Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing reasonably believed by it to
be genuine and to have been signed or sent by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or by
telephone and believed by it to be made by the proper Person, and shall not
incur any liability for relying thereon. The Administrative Agent may consult
with legal counsel (who may be counsel for the Borrowers), independent
accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts.

The
Administrative Agent may perform any and all its duties and exercise its rights
and powers by or through any Affiliate or, upon prior notice to the Company (provided
that such notice shall not be required during the continuance of an Event of
Default), any one or more sub agents appointed by the Administrative Agent, provided
that no such delegation shall serve as a release of the Administrative Agent or
waiver by any Borrower of any rights hereunder. The Administrative Agent and
any such sub agent may perform any and all its duties and exercise its rights
and powers through their respective Related Parties. The exculpatory provisions
of the preceding paragraphs shall apply to any such sub agent and to the
Related Parties of the Administrative Agent and any such sub agent, and shall
apply to their respective activities in connection with the syndication of the
credit facilities provided for herein as well as activities as Administrative
Agent.

Subject
to the appointment and acceptance of a successor Administrative Agent as
provided in this paragraph, the Administrative Agent may resign at any time by
notifying the Credit Parties and the Company. Upon any such resignation, the
Required Lenders shall have the right, in consultation with the Company, to
appoint a successor. If no successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after
the retiring Administrative Agent gives notice of its resignation, then the
retiring Administrative Agent may, on behalf of the Credit Parties, appoint a
successor Administrative Agent which shall be a bank with an office in New
York, New York, or an Affiliate of any such bank. Upon the acceptance of its
appointment as Administrative Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and
duties of the retiring Administrative Agent, and the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder. The fees
payable by the Company or any Borrower to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed
between the Company or such Borrower and such successor. After the
Administrative Agent’s resignation hereunder, the provisions of this Article
and Section 10.3 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them
while it was acting as Administrative Agent.

Each
Credit Party acknowledges that it has, independently and without reliance upon
the Administrative Agent or any other Credit Party and based on such documents
and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Credit Agreement. Each Credit Party also
acknowledges that it will, independently and without reliance upon the

 43
 

Administrative
Agent or any other Credit Party and based on such documents and information as
it shall from time to time deem appropriate, continue to make its own decisions
in taking or not taking action under or based upon any Loan Document, any
related agreement or any document furnished thereunder.

Anything
herein to the contrary notwithstanding, none of the Bookrunners, Arrangers or
Agents listed on the cover page hereof shall have any powers, duties or
responsibilities under this Credit Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent
or a Lender hereunder.

ARTICLE
10.

MISCELLANEOUS

Section 10.1                                Notices. Except in the case of
notices and other communications expressly permitted to be given by telephone,
all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by facsimile, as follows:

(a)                                  if to the Company or a Subsidiary Borrower,
to the Company or to such Subsidiary Borrower c/o the Company, as applicable,
at 3075 Sanders Road, Suite G2H, Northbrook, IL 60062, Attention of: Robert
Ward (Telephone No. (847) 402-0463; Facsimile No. (847) 402-9116),
with a copy to the attention of Mario Rizzo (Telephone No. (847) 402-7621;
Facsimile No. (847) 402-9116);

(b)                                 if to the Administrative Agent, to JPMorgan
Chase Bank, N.A., 270 Park Avenue, New York 10017, Attention of Monique Edwards
(Telephone (212 270 -6124; Facsimile No. (212) 270-7929); with a copy
to JPMorgan Chase Bank, N.A., 270 Park Avenue, New York 10017, Attention of
Lawrence Palumbo (Telephone (212) 270-7525; Facsimile No. (212) 270-7449);
and

(c)                                  if to any other Credit Party, to it at its
address (or facsimile number) set forth in its Administrative Questionnaire.

Any
party hereto may change its address or facsimile number for notices and other
communications hereunder by notice to the other parties hereto. All notices and
other communications given to any party hereto in accordance with the
provisions of this Credit Agreement shall be deemed to have been given on the
date of receipt.

Section 10.2                                Waivers;
Amendments.

(a)                                  No failure or delay by any Credit Party in
exercising any right or power under any Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the Credit Parties under the Loan
Documents are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of any Loan Document or
consent to any departure by any Borrower therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section,
and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Without limiting

 44
 

the
generality of the foregoing, the making of a Loan shall not be construed as a
waiver of any Default, regardless of whether any Credit Party may have had
notice or knowledge of such Default at the time.

(b)                                 Neither any Loan Document nor any provision
thereof may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Borrowers and the Required Lenders or
by the Borrowers and the Administrative Agent with the consent of the Required
Lenders, provided that no such agreement shall (i) increase any Commitment of
any Lender without the written consent of such Lender, (ii) reduce the
principal amount of any Loan, or reduce the rate of any interest (other than
under Section 3.1(b)), or reduce any fees, payable under the Loan
Documents, without the written consent of each Credit Party affected thereby,
(it being understood that any amendment or modification to the financial
definitions in this Credit Agreement or to the calculation or any financial
covenant shall not constitute a reduction in the rate of interest or fees for
the purposes of this clause (ii), notwithstanding the fact that such amendment
or modification actually results in such a reduction), (iii) postpone the date
of payment at stated maturity of any Loan, any interest or any fees payable
under the Loan Documents, or reduce the amount of, waive or excuse any such
payment, or postpone the stated termination or expiration of the Commitments,
without the written consent of each Credit Party affected thereby, (iv) change
any provision hereof in a manner that would alter the pro rata sharing of
payments required by Section 2.9(c) or the pro rata reduction of
Commitments required by Section 2.5(e), without the written consent of
each Credit Party affected thereby, (v) change any of the provisions of this
Section or the definition of the term “Required Lenders” or any other provision
hereof specifying the number or percentage of Lenders required to waive, amend
or modify any rights hereunder or make any determination or grant any consent
hereunder, without the written consent of each Lender, or (vi) release the
Company from its Guarantee, or limit its liability in respect of such
Guarantee, without the written consent of each Lender, and provided, further,
that no such agreement shall amend, modify or otherwise affect the rights or
duties of the Administrative Agent hereunder without the prior written consent
of the Administrative Agent.

Section 10.3                                Expenses;
Indemnity; Damage Waiver.

(a)                                  The Company shall pay (i) all reasonable out-of-pocket
costs and expenses incurred by the Administrative Agent and its Affiliates,
including the reasonable fees, charges and disbursements of one counsel for the
Administrative Agent, in connection with the syndication of the credit
facilities provided for herein, the preparation and administration of each Loan
Document or any amendments, modifications or waivers of the provisions thereof
(whether or not the transactions contemplated thereby shall be consummated) and
(ii) all reasonable out-of-pocket costs and expenses incurred by any Credit
Party, including the reasonable fees, charges and disbursements of one counsel
for the Administrative Agent and any additional counsel for any Credit Party
and any expert witness fees, in connection with the enforcement or protection
of its rights in connection with the Loan Documents, including its rights under
this Section, or in connection with the Loans made hereunder, including all
such reasonable out-of-pocket costs and expenses incurred during any workout,
restructuring or negotiations in respect of such Loans, provided that
the Lenders who are not the Administrative Agent shall be entitled to
reimbursement under this clause (ii) for no more than one counsel representing
all such Lenders (absent a conflict of interest in which case the Lenders may
engage and be reimbursed for additional counsel).

(b)                                 The Company shall indemnify each Credit Party
and each Related Party thereof (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses, including the fees, charges

 45
 

and
disbursements of any counsel for any Indemnitee, incurred by or asserted
against any Indemnitee arising out of, in connection with, or as a result of
(i) the execution or delivery of any Loan Document or any agreement or
instrument contemplated thereby, the performance by the parties to the Loan
Documents of their respective obligations thereunder or the consummation of the
Transactions or any other transactions contemplated thereby, (ii) any Loan or
the use of the proceeds thereof, or (iii) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory and regardless of whether
any Indemnitee is a party thereto, provided that such indemnity shall not, as
to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the
gross negligence or willful misconduct of such Indemnitee.

(c)                                  To the extent that the Company fails to pay
any amount required to be paid by it to the Administrative Agent under
paragraph (a) or (b) of this Section, each Lender severally agrees to pay to
the Administrative Agent an amount equal to the product of such unpaid amount
multiplied by a fraction, the numerator of which is such Lender’s Total Credit
Exposure and the denominator of which is the aggregate Total Credit Exposure of
all Lenders (in each case determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought or, in the event that no
Lender shall have any Total Credit Exposure at such time, as of the last time
at which any Lender had a Total Credit Exposure), provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related
expense, as applicable, was incurred by or asserted against the Administrative
Agent in its capacity as such.

(d)                                 To the extent permitted by applicable law, no
Borrower shall assert, and hereby waives, any claim against any Indemnitee, on
any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct and actual damages) arising out of, in connection
with, or as a result of, any Loan Document or any agreement, instrument or
other document contemplated thereby, the Transactions or any Loan or the use of
the proceeds thereof.

(e)                                  All amounts due under this Section shall be
payable promptly but in no event later than ten days after written demand
therefor.

Section 10.4                                Successors
and Assigns.

(a)                                  Successors and Assigns Generally. The provisions of this Credit Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that no Borrower may
assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of the Administrative Agent and each Lender and no
Lender may assign or otherwise transfer any of its rights or obligations
hereunder except (i) to an Eligible Institution in accordance with the
provisions of paragraph (b) of this Section, (ii) by way of participation in
accordance with the provisions of paragraph (d) of this Section or (iii) by way
of pledge or assignment of a security interest subject to the restrictions of
paragraph (f) of this Section (and any other attempted assignment or transfer
by any party hereto shall be null and void). Nothing in this Credit Agreement,
expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in paragraph (d) of this Section and, to
the extent expressly contemplated hereby, the Related Parties of each Credit
Party) any legal or equitable right, remedy or claim under or by reason of this
Credit Agreement.

 46
 

(b)                                 Assignments by Lenders. Any Lender may at any time assign to one or
more assignees all or a portion of its rights and obligations under this Credit
Agreement (including all or a portion of its Commitment and the Loans at the
time owing to it); provided that any such assignment shall be subject to
the following conditions:

(i)                                     Minimum Amounts.

(A)                              in the case of an assignment of the entire
remaining amount of the assigning Lender’s Commitment and the Loans at the time
owing to it or in the case of an assignment to a Lender, an Affiliate of a
Lender or an Approved Fund, no minimum amount need be assigned; and

(B)                                in any case not described in paragraph
(b)(i)(A) of this Section, the aggregate amount of the Commitment (which for
this purpose includes Loans outstanding thereunder) or, if the Commitment is
not then in effect, the principal outstanding balance of the Loans of the
assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent or, if “Trade Date” is specified in the Assignment and
Assumption, as of the Trade Date) shall not be less than $10,000,000 unless
each of the Administrative Agent and, so long as no Event of Default has
occurred and is continuing, the Company otherwise consents (each such consent
not to be unreasonably withheld or delayed).

(ii)                                  Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Credit Agreement.

(iii)                               Required Consents. No consent shall be required for any
assignment except to the extent required by paragraph (b)(i)(B) of this Section
and, in addition:

(A)                              the consent of the Company (such consent not
to be unreasonably withheld or delayed) shall be required unless (x) an Event
of Default has occurred and is continuing at the time of such assignment or (y)
such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;
and

(B)                                the consent of the Administrative Agent (such
consent not to be unreasonably withheld or delayed) shall be required for an
assignment if such assignment is to a Person that is not a Lender, an Affiliate
of such Lender or an Approved Fund with respect to such Lender.

(iv)                              Assignment and Assumption. The parties to each assignment shall
execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500, and the assignee, if
it is not a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire.

(v)                                 No Assignment to Borrowers. No such assignment shall be made to any
Borrower or any of the Borrowers’ Affiliates or Subsidiaries.

(vi)                              No Assignment to Natural Persons. No such assignment shall be made to a
natural person.

 47
 

Subject
to acceptance and recording thereof by the Administrative Agent pursuant to
paragraph (c) of this Section, from and after the effective date specified in
each Assignment and Assumption, the assignee thereunder shall be a party to
this Credit Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under
this Credit Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Credit Agreement (and, in the case of an Assignment
and Assumption covering all of the assigning Lender’s rights and obligations
under this Credit Agreement, such Lender shall cease to be a party hereto) but
shall continue to be entitled to the benefits of Sections 3.5 and 10.3
with respect to facts and circumstances occurring prior to the effective date
of such assignment. Any assignment or transfer by a Lender of rights or
obligations under this Credit Agreement that does not comply with this
paragraph shall be treated for purposes of this Credit Agreement as a sale by
such Lender of a participation in such rights and obligations in accordance
with paragraph (d) of this Section.

(c)                                  Register. The Administrative Agent, acting solely for this purpose as an agent
of the Borrowers, shall maintain at one of its offices in New York, New York a
copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitment of,
and principal amounts of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). Upon its receipt of a duly completed
Assignment and Assumption executed by an assigning Lender and an assignee, the
assignee’s completed Administrative Questionnaire (unless the assignee shall
already be a Lender hereunder), the processing and recordation fee referred to
in paragraph (b)(iv) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall
accept such Assignment and Assumption and record the information contained
therein in the Register; provided that if either the assigning Lender or
the assignee shall have failed to make any payment required to be made by it
pursuant to Section 2.4(b), 2.9(d) or 10.3(c), the Administrative
Agent shall have no obligation to accept such Assignment and Assumption and
record the information therein in the Register unless and until such payment
shall have been made in full, together with all accrued interest thereon. No
assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph. The entries in
the Register shall be conclusive, and the Borrowers, the Administrative Agent
and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this
Credit Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrowers and any Lender, at any reasonable
time and from time to time upon reasonable prior notice.

(d)                                 Participations. Any Lender may at any time, without the
consent of, or notice to, the Borrower or the Administrative Agent, sell
participations to any Person (other than a natural person or the Borrower or
any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this
Credit Agreement (including all or a portion of its Commitment and/or the Loans
owing to it); provided that (i) such Lender’s obligations under this
Credit Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations
and (iii) the Borrower, the Administrative Agent and each Credit Party shall
continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Credit Agreement. Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such
Lender shall retain the sole right to enforce this Credit Agreement and to
approve any amendment, modification or waiver of any provision of this Credit
Agreement; provided that such agreement or instrument may provide that
such Lender will not, without the consent of the Participant, agree to any

 48
 

amendment,
modification or waiver described in the first proviso in Section 10.2(b)
that directly affects such Participant. Subject to paragraph (e) of this
Section, the Borrowers agree that each Participant shall be entitled to the
benefits of Sections 3.5, 3.6  and  3.7 to the same
extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 10.8 as
though it were a Lender, provided that such Participant agrees to be
subject to Section 2.9(c) as though it were a Lender.

(e)                                  Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Sections 3.5 or 3.7 than the
Lender would have been entitled to receive with respect to the participation
sold to such Participant, unless the sale of the participation to such
Participant is made with each Borrower’s prior written consent. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the
benefits of Section 3.7 unless the Company is notified of the
participation sold to such Participant and such Participant agrees, for the
benefit of the Borrowers, to comply with Section 3.7(c) as though it
were a Lender.

(f)                                    Certain Pledges. Any Lender may at any time pledge or assign
a security interest in all or any portion of its rights under this Credit
Agreement (and the related Note, if any) to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge or assignment shall release such
Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto.

Section 10.5                                Survival. All covenants,
agreements, representations and warranties made by the Borrowers herein and in
the certificates or other instruments prepared or delivered in connection with
or pursuant to this Credit Agreement or any other Loan Document shall be
considered to have been relied upon by the other parties hereto and shall
survive the execution and delivery of any Loan Document and the making of any
Loans, regardless of any investigation made by any such other party or on its
behalf and notwithstanding that any Credit Party may have had notice or
knowledge of any Default or incorrect representation or warranty at the time
any credit is extended hereunder, and shall continue in full force and effect
as long as the principal of or any accrued interest on any Loan or any fee or
any other amount payable under the Loan Documents is outstanding and unpaid and
so long as the Commitments have not expired or terminated. The provisions of Sections
3.5, 3.6, 3.7 and 10.3, 10.9, 10.10 and Article
9 shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the
Loans and the termination of the Commitments or the termination of this Credit
Agreement or any provision hereof.

Section 10.6                                Counterparts; Integration; Effectiveness.
This Credit Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original,
but all of which, when taken together, shall constitute but one contract. This
Credit Agreement and any separate letter agreements with respect to fees
payable to any Credit Party or the syndication of the credit facilities
established hereunder constitute the entire contract among the parties relating
to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except
as provided in Section 5.1, this Credit Agreement shall become
effective when it shall have been executed by the Administrative Agent and when
the Administrative Agent shall have received counterparts hereof which, when
taken together, bear the signatures of each of the other parties and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.

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Delivery of an executed counterpart of this Credit Agreement by
facsimile transmission shall be effective as delivery of a manually executed
counterpart of this Credit Agreement.

Section 10.7                                Severability. In the event any one
or more of the provisions contained in this Credit Agreement should be held
invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired thereby (it being understood that the invalidity of
a particular provision in a particular jurisdiction shall not in and of itself
affect the validity of such provision in any other jurisdiction). The parties
shall endeavor in good faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

Section 10.8                                Right of Setoff. If an Event of
Default shall have occurred and be continuing, each of the Lenders and their
respective Affiliates is hereby authorized at any time and from time to time,
to the fullest extent permitted by applicable law, to setoff and apply any and
all deposits (general or special, time or demand, provisional or final) at any
time held and other obligations at any time owing by it to or for the credit or
the account of any Borrower against any of and all the obligations of such
Borrower now or hereafter existing under this Credit Agreement held by it, irrespective
of whether or not it shall have made any demand under this Credit Agreement and
although such obligations may be unmatured. The rights of each the Lenders and
their respective Affiliates under this Section are in addition to other rights
and remedies (including other rights of setoff) that it may have.

Section 10.9                                Governing
Law; Jurisdiction; Consent to Service of Process.

(a)                                  This Credit Agreement shall be governed by,
and construed in accordance with, the laws of the State of New York.

(b)                                 Each of the Borrowers hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of any New York State court or Federal court of the United States
of America sitting in New York City, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Credit Agreement
or the other Loan Documents, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees that,
to the extent permitted by applicable law, all claims in respect of any such
action or proceeding may be heard and determined in such New York State court
or, to the extent permitted by applicable law, in such Federal court. Each of
the parties hereto agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this
Credit Agreement shall affect any right that the Administrative Agent or any
other Credit Party may otherwise have to bring any action or proceeding
relating to this Credit Agreement or the other Loan Documents against any
Borrower, or any of its property, in the courts of any jurisdiction.

(c)                                  Each of the Borrowers hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection that it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Credit
Agreement or the other Loan Documents in any court referred to in paragraph (b)
of this Section. Each of the parties hereto hereby irrevocably waives, to the
fullest extent permitted by applicable law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.

 50
 

(d)                                 Each party to this Credit Agreement
irrevocably consents to service of process in the manner provided for notices
in Section 10.1. Nothing in this Credit Agreement will affect the right
of any party to this Credit Agreement to serve process in any other manner
permitted by law.

Section 10.10                     WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS CREDIT
AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS CREDIT AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 10.11                          Headings. Article and Section
headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Credit Agreement and shall not affect the
construction of, or be taken into consideration in interpreting, this Credit
Agreement.

Section 10.12                          Interest Rate Limitation.
Notwithstanding anything herein to the contrary, if at any time the interest
rate applicable to any Loan, together with all fees, charges and other amounts
that are treated as interest on such Loan under applicable law (collectively
the “charges”), shall exceed the maximum lawful rate (the “maximum
rate”) that may be contracted for, charged, taken, received or reserved by
the Lender holding such Loan in accordance with applicable law, the rate of
interest payable in respect of such Loan hereunder, together with all of the
charges payable in respect thereof, shall be limited to the maximum rate and,
to the extent lawful, the interest and the charges that would have been payable
in respect of such Loan but were not payable as a result of the operation of
this Section shall be cumulated, and the interest and the charges payable to
such Lender in respect of other Loans or periods shall be increased (but not
above the maximum rate therefor) until such cumulated amount, together with
interest thereon at the Federal Funds Effective Rate to the date of repayment,
shall have been received by such Lender.

Section 10.13                          Confidentiality. Except as
provided in this Section 10.13, each Credit Party expressly agrees to
maintain as confidential and not to disclose, publish or disseminate to any
third parties any Confidential Information (as defined below) provided to it, provided,
however, that nothing herein shall limit the disclosure of any
Confidential Information (i) to its Related Parties (other than insurance
Affiliates), counsel or other representatives reasonably required, in the
opinion of the Credit Party, to have such information, provided such Persons
have agreed or are under a duty to keep all such information confidential in
accordance with this Section 10.13, (ii) upon the request or demand of
any regulatory agency, authority or self regulatory body having jurisdiction
over or claiming authority to regulate or oversee any aspect of the business of
such Credit Party, (iii) to the extent required by applicable laws or
regulations or pursuant to any subpoena, court or governmental order or similar
legal process, provided that to the extent permitted by law and if
practicable to do so under the circumstances, the Company is given prior notice
of, and an opportunity to contest, the production of such Confidential
Information (which notice and opportunity shall be reasonable under the
circumstances), (iv) to any prospective assignee or participant in connection
with any contemplated transfer pursuant to Section 10.4, provided
that such prospective transferee shall have expressly agreed to be bound by the
provisions of this Section 10.13, (iv) to any other party to this

 51
 

Credit Agreement, (v) to any direct or indirect contractual
counterparty in a swap agreement, or such contractual counterparty’s
professional advisor, provided that such contractual counterparty (or
its Affiliates) is not a competitor of the Company or any of its Subsidiaries
and such contractual counterparty, or such contractual counterparty’s
professional advisor, shall have expressly agreed to be bound by the provisions
of this Section 10.13, (vi) any nationally recognized rating agency,
(vii) to the extent necessary in connection with the exercise of any remedy
hereunder and (viii) in connection with any litigation or dispute to which one
or more of the Borrowers and one or more of the Credit Parties is a party. Each
Credit Party agrees that it will only use the Confidential Information in
connection with the evaluation and administration of this credit facility and
its Loans, and it will not use the Confidential Information for purposes of
trading in the securities of the Company. For purposes of this Section 10.13,
“Confidential Information” means any written or oral information provided under
this Credit Agreement by or on behalf of any Borrower that, in the case of
written information, is clearly marked “confidential” and in the case of oral
information, that has been identified by its source as confidential, other than
any Confidential Information which: (a) is or becomes generally available to
the public other than as a result of a breach of this Section 10.13; (b)
becomes available to a Credit Party on a non-confidential basis from a source
other than the a Borrower, or one of its agents, which source is not known by
such Credit Party to be bound by a confidentiality agreement with the Company
or such Borrower; (c) was known to a Credit Party on a non-confidential basis
prior to its disclosure to such Credit Party by the a Borrower, one of its
agents or another Credit Party, (d) the Company has advised the Credit Party is
no longer confidential or (e) to the extent the Company shall have consented to
such disclosure in writing.

Section 10.14                          USA Patriot Act Notice. Each
Lender that is subject to the Patriot Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act
(Title III of Pub. L. 107 56 (signed into law October 26, 2001)) (the “USA
PATRIOT Act”), it is required to obtain, verify and record information that
identifies each Borrower, which information includes the name and address of each
Borrower and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify each Borrower in accordance
with the Patriot Act.

[Remainder of Page
Intentionally Left Blank]

 52

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

THE ALLSTATE CORPORATION

By: /s/ Steven C. Verney                                                               

Name:     Steven C. Verney 

Title:       Treasurer

ALLSTATE INSURANCE
COMPANY

By: /s/ Steven C. Verney                                                               

Name:     Steven C. Verney 

Title:       Treasurer

ALLSTATE LIFE INSURANCE
COMPANY

By: /s/ Steven C. Verney                                                               

Name:     Steven C. Verney 

Title:       Treasurer

JPMORGAN CHASE
BANK, N.A., individually and

as Administrative Agent

By: /s/ Lawrence Palumbo, Jr.                                                      

Name:     Lawrence Palumbo, Jr.

Title:       Vice President

WACHOVIA BANK,
NATIONAL ASSOCIATION, individually and as Syndication Agent

By: /s/ Joan Anderson                                                                  

Name:     Joan Anderson 

Title:       Director

BANK OF AMERICA, N.A.,
individually and as a Documentation Agent

By: /s/ Kipling Davis                                                                     

Name:     Kipling Davis 

Title:       Senior Vice President

CITIBANK, N.A.,
individually and as a Documentation Agent

By: /s/ Peter C. Bickford                                                                

Name:     Peter C. Bickford 

Title:       Vice President

LEHMAN BROTHERS BANK,
FSB, individually and as a Co-Agent

By: /s/ Janine M. Shugan                                                             

Name:     Janine M. Shugan 

Title:       Authorized Signatory

MERRILL LYNCH BANK USA,
individually and as a Co-Agent

By: /s/ Louis Adler                                                                        

Name:     Louis Adler 

Title:       Director

MORGAN STANLEY BANK,
individually and as a 

Co-Agent

By: /s/ Daniel Twenge                                                                   

Name:     Daniel Twenge 

Title:       Authorized Signatory

WILLIAM STREET COMMITMENT
CORPORATION, (Recourse only to assets of William Street Commitment
Corporation), individually and as a Co-Agent

By: /s/ Mark Walton                                                                      

Name:     Mark Walton 

Title:       Assistant Vice President

THE BANK OF NEW YORK

By: /s/ Richard G. Shaw                                                                

Name:     Richard G. Shaw 

Title:       Vice President

THE NORTHERN TRUST
COMPANY

By: /s/ Chris McKean                                                                    

Name:     Chris McKean 

Title:       Vice President

SUNTRUST BANK

By: /s/ Brian K. Peters                                                                   

Name:     Brian K. Peters 

Title:       Managing Director

U.S. BANK NATIONAL
ASSOCIATION

By: /s/ Peter I. Bystol                                                                    

Name:     Peter I. Bystol 

Title:       Assistant Vice President

WELLS FARGO BANK,
NATIONAL ASSOCIATION

By: /s/ Robert C. Meyer                                                                

Name:     Robert C. Meyer 

Title:       Senior Vice President

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