Document:

VOTING
      AGREEMENT

     

    VOTING
      AGREEMENT, dated as of February 9, 2007 (this “Agreement”), by and among the
      stockholders listed on the signature page(s) hereto (collectively, the
“Stockholders” and each individually, a “Stockholder”), and AREP Car Holdings
      Corp., a Delaware corporation (the “Parent”). Capitalized terms used and not
      otherwise defined herein shall have the respective meanings ascribed to them
      in
      the Merger Agreement (as defined below).

     

    RECITALS

     

    WHEREAS,
      as of the date hereof, the Stockholders beneficially own an aggregate of
      11,994,944 shares of common stock of Lear Corporation, a Delaware corporation
      (the “Company”), as set forth on Schedule I hereto (such shares, or any other
      voting or equity securities of the Company hereafter acquired by any Stockholder
      prior to the termination of this Agreement, being referred to herein
      collectively as the “Shares”);

     

    WHEREAS,
      concurrently with the execution of this Agreement, Parent, AREP Car Acquisition
      Corp., a Delaware corporation and wholly-owned subsidiary of Parent (“Merger
      Sub”), and the Company are entering into an Agreement and Plan of Merger, dated
      as of the date hereof (the “Merger Agreement”), pursuant to which, upon the
      terms and subject to the conditions thereof, Merger Sub will be merged with
      and
      into the Company, and the Company will be the surviving corporation (the
“Merger”); and

     

    WHEREAS,
      as a condition to the willingness of Parent to enter into the Merger Agreement,
      Parent has required that the Stockholders agree, and in order to induce Parent
      to enter into the Merger Agreement the Stockholders are willing, to enter into
      this Agreement.

     

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual covenants and
      agreements contained herein, and intending to be legally bound hereby, the
      parties hereby agree, severally and not jointly, as follows:

     

    Section
      1.   Voting
      of Shares.

     

    (a)
        Each
      Stockholder covenants and agrees that until the termination of this Agreement
      in
      accordance with the terms hereof, at the Company’s special meeting of
      stockholders or any other meeting of the stockholders of the Company, however
      called, and in any action by written consent of the stockholders of the Company,
      such Stockholder will vote, or cause to be voted, all of such Stockholder’s
      respective Shares owned at the record date for such meeting or consent (i)
      in
      favor of the adoption of the Merger Agreement and the approval of the Merger
      contemplated by the Merger Agreement and any actions required in furtherance
      thereof, as the Merger Agreement may be modified or amended from time to time
      (provided, however, that the merger consideration is no less than $36 per share
      in cash net to the Company’s stockholders) and (ii) in favor of any Alternative
      Acquisition Agreement (provided, however, that the merger consideration is
      no
      less than $36 per share in cash net to the Company’s stockholders) including, in
      each case, any other matter on the ballot related to the Merger Agreement or
      an
      Alternative Acquisition Agreement. This Agreement does not relate to any non
      voting securities of the Company, or to derivatives, swaps or other arrangements
      with respect to shares of capital stock of the Company where the Stockholder
      has
      no right to vote or direct the vote of such shares.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    Section
      2.   Transfer
      of Shares.
      Each
      Stockholder covenants and agrees that such Stockholder will not directly or
      indirectly (i) sell, assign, transfer, tender, pledge, encumber or otherwise
      dispose of any of the Shares, (ii) deposit any of the Shares into a voting
      trust
      or enter into a voting agreement or arrangement with respect to the Shares
      or
      grant any proxy or power of attorney with respect thereto that is inconsistent
      with this Agreement or (iii) enter into any contract, option or other
      arrangement or undertaking with respect to the direct or indirect sale,
      assignment, transfer, tender, pledge, encumbrance, or other disposition of
      any
      Shares; provided,
      however,
      that
      notwithstanding the foregoing a Stockholder may transfer Shares or agree to
      transfer Shares to any Affiliate of the Stockholder, including, but not limited
      to Parent or Merger Sub, provided
      that
      in each
      such case the transferee agrees in writing to be bound by this Agreement.
      Nothing herein shall restrict or otherwise limit the encumbrance or pledge
      of
      the Shares pursuant to margin and/or other pledge arrangements, provided that
      in
      the event of any new margin or pledge arrangement, the voting rights of such
      Shares shall be subject to Section 1 hereof.

     

    Section
      3.   Waiver
      of Appraisal Rights.
      Each
      Stockholder hereby waives, to the full extent of the law, and agrees not to
      assert any appraisal rights pursuant to Section 262 of the DGCL or otherwise
      in
      connection with the Merger with respect to any and all Shares held by the
      undersigned of record or beneficially owned.

     

    Section
      4.   Representations
      and Warranties of the Stockholders.
      Each
      Stockholder on his or its own behalf hereby severally represents and warrants
      to
      Parent with respect to such Stockholder and such Stockholder’s ownership of the
      Shares as follows:

     

    (a)
        _Number
      of Shares.
      Each
      Stockholder represents, warrants and agrees that Schedule
      I
      annexed
      hereto sets forth, adjacent to the name of such stockholder, the number of
      Shares of which the Stockholder is the beneficial owner (it being understood
      and
      agreed that the beneficial ownership shall not include any rights with respect
      to derivatives, swaps or other arrangements). Each Stockholder represents,
      warrants and agrees that, as of the date hereof, those Shares on Schedule I
      constitute all of the Shares of which such Stockholder has the power to vote
      or
      direct the vote. High River Limited Partnership and Koala Holding Limited
      Partnership represent that the Shares subject to this Voting Agreement are
      all
      of the Shares in which Carl C. Icahn or his affiliates have beneficial ownership
      or voting rights.

     

    (b)
        Power,
      Binding Agreement.
      The
      Stockholder is a limited partnership duly formed, under the laws of its state
      of
      formation and has full limited partnership power and authority to execute and
      deliver this Agreement and to consummate the transactions contemplated hereby.
      The execution and delivery of this Agreement by the Stockholder and the
      consummation of the transactions contemplated hereby have been duly and validly
      authorized by the appropriate governing body of the Stockholder, and, no other
      limited partnership proceedings on the part of the Stockholder are necessary
      to
      authorize the execution, delivery and performance of this Agreement by the
      Stockholder and the consummation of the transactions contemplated hereby. The
      Stockholder has duly and validly executed this Agreement and this Agreement
      constitutes a legal, valid and binding obligation of the Stockholder enforceable
      against the Stockholder in accordance with its terms, except as such
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization or other similar laws affecting creditors’ rights generally and
      by general equitable principles (regardless of whether enforceability is
      considered in a proceeding in equity or at law).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Section
      5.   Representations
      and Warranties of the Parent.
      Parent
      represents and warrants to Stockholders as follows:

     

    (a)
        Power,
      Binding Agreement.
      Parent
      is a corporation duly incorporated, validly existing and in good standing under
      the laws of the State of Delaware and has full corporate power and authority
      to
      execute and deliver this Agreement and to consummate the transactions
      contemplated hereby. The execution and delivery of this Agreement and the Merger
      Agreement by the Parent and the consummation of the transactions contemplated
      hereby and thereby have been duly and validly authorized by the Board of
      Directors of Parent, and, no other corporate proceedings on the part of Parent
      are necessary to authorize the execution, delivery and performance of this
      Agreement and the Merger Agreement by Parent and the consummation of the
      transactions contemplated hereby and thereby. Parent has duly and validly
      executed this Agreement and this Agreement constitutes a legal, valid and
      binding obligation of Parent enforceable against the Parent in accordance with
      its terms, except as such enforceability may be limited by applicable
      bankruptcy, insolvency, reorganization or other similar laws affecting
      creditors’ rights generally and by general equitable principles (regardless of
      whether enforceability is considered in a proceeding in equity or at
      law).

     

    Section
      6.   Termination.
      Notwithstanding any other provision herein, the obligations of the Stockholders
      set forth in this Agreement shall not be effective or binding until after such
      time as the Merger Agreement is executed and delivered by Parent, Merger Sub
      and
      the Company. This Agreement shall terminate immediately upon the earlier of
      (i)
      termination of the Merger Agreement in accordance with its terms unless such
      termination is pursuant to Section 7.1(g) or 7.1(h) of the Merger Agreement,
      in
      which event this Agreement will terminate upon the termination of any obligation
      under the Alternative Acquisition Agreement for which the Stockholders are
      required to vote pursuant to the provisions set forth in Section 1 hereof,
      and
      (ii) the Effective Time or in the event such an Alternative Acquisition
      Agreement is entered into, the consummation of the transaction contemplated
      by
      such Alternative Acquisition Agreement, or if earlier, the termination of such
      Alternative Acquisition Agreement. Upon such termination, this Agreement shall
      immediately become void, there shall be no liability hereunder on the part
      of the Stockholders and all rights and obligations of the parties to this
      Agreement shall cease.

     

    Section
      7.   Specific
      Performance.
      The
      parties hereto agree that irreparable damage would occur in the event any
      provision of this Agreement was not performed in accordance with the terms
      hereof and that the parties shall be entitled to specific performance of the
      terms hereof, in addition to any other remedy at law or in equity.

     

    Section
      8.   Miscellaneous.

     

    (a)
        Entire
      Agreement.
      This
      Agreement constitutes the entire agreement between the parties hereto with
      respect to the subject matter hereof and supersedes all prior agreements and
      understandings, both written and oral, between the parties with respect thereto.
      This Agreement may not be amended, modified or rescinded except by an instrument
      in writing signed by each of the parties hereto.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (b)
        Severability.
      If any
      term or other provision of this Agreement is invalid, illegal or incapable
      of
      being enforced by any rule of law, or public policy, all other conditions and
      provisions of this Agreement shall nevertheless remain in full force and effect.
      Upon such determination that any term or other provision is invalid, illegal
      or
      incapable of being enforced, the parties hereto shall negotiate in good faith
      to
      modify this Agreement so as to effect the original intent of the parties as
      closely as possible to the fullest extent permitted by applicable law in a
      mutually acceptable manner in order that the terms of this Agreement remain
      as
      originally contemplated to the fullest extent possible.

     

    (c)
        Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware without regard to the principles of conflicts of law
      thereof.

     

    (d)
        Counterparts.
      This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original and all of which together shall constitute one and the same
      instrument.

     

    (e)
        Notices.
      All
      notices and other communications hereunder shall be in writing and shall be
      deemed duly delivered (i) three business days after being sent by hand delivery
      in writing, by facsimile or electronic transmission, by registered or certified
      mail, return receipt requested, postage prepaid, or (ii) one business day after
      being sent for next business day delivery, fees prepaid, via a reputable
      nationwide overnight courier service, in each case to the intended recipient
      as
      set forth below:

     

    (i)
        if
      to a
      Stockholder to it:

     

    c/o
      Icahn
      Associates Corp.

    767
      Fifth
      Avenue, Suite 4700

    New
      York,
      New York 10153

    Attention:
      General Counsel

    Facsimile:
      212-688-1158

    Email:
      mweitzen@sfire.com

     

    (ii)
        if
      to
      Parent to:

     

    c/o
      American Real Estate Holdings Limited Partnership

    White
      Plains Plaza

    445
      Hamilton Avenue - Suite 1210

    White
      Plains, NY 10601

    Attention:
      Felicia Buebel, Esq.

    Facsimile:
      (914) 614-7001

    Email:
      fbuebel@arep.net

     

    with
      a
      copy (which shall not constitute notice) to:

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    DLA
      Piper
      US LLP

    1251
      Avenue of the Americas

    New
      York,
      New York 10020

    Attention:
      Steven L. Wasserman, Esq.

    Facsimile
      No.: (212) 884-8448

    Email:
      steven.wasserman@dlapiper.com

     

    (f)
        No
      Third Party Beneficiaries.
      This
      Agreement is not intended, and shall not be deemed, to confer any rights or
      remedies upon any person other than the parties hereto and their respective
      successors and permitted assigns.

     

    (g)
        Assignment.
      Except
      as provided in Section 2 hereof, neither this Agreement nor any of the rights,
      interests or obligations under this Agreement may be assigned or delegated,
      in
      whole or in part, by operation of law or otherwise by any of the parties hereto
      without the prior written consent of the other parties and any such assignment
      without such prior written consent shall be null and void. Subject to the
      preceding sentence, this Agreement shall be binding upon, inure to the benefit
      of, and be enforceable by, the parties hereto and their respective successors
      and permitted assigns.

     

    (h)
        Interpretation.
      When
      reference is made in this Agreement to a Section, such reference shall be to
      a
      Section of this Agreement, unless otherwise indicated. The headings contained
      in
      this Agreement are for convenience of reference only and shall not affect in
      any
      way the meaning or interpretation of this Agreement. The language used in this
      Agreement shall be deemed to be the language chosen by the parties hereto to
      express their mutual intent, and no rule of strict construction shall be applied
      against any party. Whenever the context may require, any pronouns used in this
      Agreement shall include the corresponding masculine, feminine or neuter forms,
      and the singular form of nouns and pronouns shall include the plural, and vice
      versa. Any reference to any federal, state, local or foreign statute or law
      shall be deemed also to refer to all rules and regulations promulgated
      thereunder, unless the context requires otherwise. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be
      followed by the words “without limitation.” No summary of this Agreement
      prepared by the parties shall affect in any way the meaning or interpretation
      of
      this Agreement.

     

    (i)
        Submission
      to Jurisdiction.
      Each of
      the parties to this Agreement (i) consents to submit itself to the personal
      jurisdiction of any state or federal court sitting in the State of New York
      in
      any action or proceeding arising out of or relating to this Agreement or any
      of
      the transactions contemplated by this Agreement, (ii) agrees that all claims
      in
      respect of such action or proceeding may be heard and determined in any such
      court, (iii) agrees that it will not attempt to deny or defeat such personal
      jurisdiction by motion or other request for leave from any such court and (iv)
      agrees not to bring any action or proceeding arising out of or relating to
      this
      Agreement or any of the transactions contemplated by this Agreement in any
      other
      court. Each of the parties hereto waives any defense of inconvenient forum
      to
      the maintenance of any action or proceeding so brought and waives any bond,
      surety or other security that might be required of any other party with respect
      thereto. Any party hereto may make service on another party by sending or
      delivering a copy of the process to the party to be served at the address and
      in
      the manner provided for the giving of notices in Section 9(e). Nothing in this
      Section, however, shall affect the right of any party to serve legal process
      in
      any other manner permitted by law.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (j)
        WAIVER
      OF JURY TRIAL.
      EACH OF
      PARENT AND EACH STOCKHOLDER HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY
      JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
      TORT
      OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
      CONTEMPLATED HEREBY OR THE ACTIONS OF PARENT, THE COMPANY OR EACH STOCKHOLDER
      IN
      THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS
      AGREEMENT.

     

    [remainder
      of page left blank intentionally]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
      signed individually or by its respective duly authorized officer as of the
      date
      first written above.

     

    
      	 	
              HIGH
                RIVER LIMITED PARTNERSHIP

            
	 	 	 
	 	
              By:

            	
              /s/
                Vincent J. Intrieri

            
	 	
              Name:

            	 	
              Vincent
                J. Intrieri 

            
	 	
              Title:

            	 	
              Authorized
                Signatory

            
	 	 
	 	
              KOALA
                HOLDING LIMITED PARTNERSHIP

            
	 	
              By:

            	
              /s/
                Vincent J. Intrieri

            
	 	
              Name:

            	 	
              Vincent
                J. Intrieri 

            
	 	
              Title:

            	 	
              Authorized
                Signatory

            
	 	 
	 	
              ICAHN
                PARTNERS MASTER FUND LP

            
	 	
              By:

            	
              /s/
                Keith A. Meister

            
	 	
              Name:

            	 	
              Keith
                A. Meister 

            
	 	
              Title:

            	 	
              Authorized
                Signatory

            
	 	 
	 	
              ICAHN
                PARTNERS LP

            
	 	
              By:

            	
              /s/
                Keith A. Meister

            
	 	
              Name:

            	 	
              Keith
                A. Meister 

            
	 	
              Title:

            	 	
              Authorized
                Signatory

            
	 	 
	 	
              AREP
                CAR HOLDINGS CORP.

            
	 	
              By:

            	
              /s/
                Hillel Moerman

            
	 	
              Name:

            	 	
              Hillel
                Moerman 

            
	 	
              Title:

            	 	
              Chief
                Financial Officer

            

    

    

    

    [Signature
      page to Parent Voting Agreement]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      
        	
                SCHEDULE
                  I

              
	 	 	 
	
                 

              	 	
                 

              
	 	 	 
	
                Stockholder
                  Name

              	 	
                Number
                  of 

                Shares

                of
                  Common 

                Stock

              
	 	 	 
	
                High
                  River Limited Partnership

              	 	
                659,860

              
	 	 	 
	
                Koala
                  Holding Limited Partnership

              	 	
                1,739,131

              
	 	 	 
	
                Icahn
                  Partners Master Fund LP

              	 	
                5,526,235

              
	
                 

              	 	
                
                   

                

              
	
                Icahn
                  Partners LP

              	 	
                
                  4,069,718

                

              
	
                 

              	 	
                
                   

                

              
	
                Total

              	 	
                
                  11,994,944BANK
      OF AMERICA, N.A.

    9
      West 57th
      Street

    New
      York, NY 10019

     

    BANC
      OF AMERICA SECURITIES LLC

    9
      West 57th
      Street

    New
      York, NY 10019

    

    February
      8, 2007

     

    AREP
      Car Acquisition Corp.

    $2,600,000,000
      Senior Secured Term Facility

    $1,000,000,000
      Senior Secured Revolving Facility

    Commitment
      Letter

    

     

    AREP
      Car
      Acquisition Corp.

    c/o
      American Real Estate Holdings Limited Partnership

    White
      Plains Plaza

    445
      Hamilton Avenue - Suite 1210

    White
      Plains, NY 10601

    

     

    Attention:
      Keith Meister, Vice Chairman

     

    Ladies
      and Gentlemen:

     

    You
      have
      advised Bank of America, N.A. (“Bank
      of America”)
      and
      Banc of America Securities LLC (“BAS”,
      and
      together with Bank of America, the “Commitment
      Parties”)
      that
AREP
      Car
      Acquisition Corp. (“AcquisitionCo”,
      the
“Borrower”
or
      “you”),
      formed at the direction of and wholly-owned by American Real Estate Holdings
      Limited Partnership (the “Sponsor”)
      through AREP
      Car
      Holdings Corp. (“Holdings”),
      intends
      to acquire (the “Acquisition”)
      a
      company previously identified to us as Lear Corporation (the “Company”)
      pursuant to a merger between AcquisitionCo and the Company pursuant to a merger
      agreement (the “Merger
      Agreement”)
      with
      the Company as the survivor thereof and thereafter the “Borrower” under the
      Facilities referred to below.1 
      You have
      further advised us that, in connection with the foregoing:

     

    (A)
      the
      Sponsor will make, or cause to be made, a direct cash equity contribution to
      AcquisitionCo in an amount of not less than $1,300,000,000 (net of amounts
      paid
      by AREP Car Holdings Corp., an indirect subsidiary of the Sponsor, to acquire
      shares of the Company held by affiliates of the Sponsor immediately prior to
      the
      Acquisition at a price per share equal to the consideration per share paid
      generally pursuant to the Acquisition) plus
      if the
      merger consideration is greater than $36 per share, the aggregate merger
      consideration in excess of $36 per share (the “Equity
      Contribution”),
      

    
       

      
        

      

      1  Acquisition
        and ownership structure to be conformed as appropriate.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (B)
      you
      intend to enter into senior secured credit facilities in an aggregate amount
      of
      $3,600,000,000 consisting of (i) a $1,000,000,000 senior secured revolving
      facility (the “Revolving
      Facility”)
      and
      (ii) a $2,600,000,000 senior secured term loan B facility (the “Term
      Facility”;
      and
      together with the Revolving Facility, the “Facilities”),
      and

     

    (C)
      simultaneously with the consummation of the Acquisition, you or the Company
      will
      (i) refinance all indebtedness under the Amended and Restated Credit and
      Guarantee Agreement dated as of April 25, 2006 among the Company, certain of
      its
      affiliates and the lenders and agents referred to therein (the “Existing
      Credit Agreement”),
      and
      (ii) either close a tender offer and consent solicitation for (with an amendment
      to remove all covenants and related defaults from) (the “Tender
      Offer”)
      or, if
      no Tender Offer shall have been initiated or if such Tender Offer is not
      successfully closed (meaning that less than a majority in principal amount
      of
      the notes under the applicable indenture shall have been tendered and the
      requested consents shall not have been obtained), simultaneously issue an
      irrevocable notice of redemption in respect of, (x) the Indenture dated as
      of
      March 20, 2001 among the Company, the guarantors party thereto and The Bank
      of
      New York, as trustee (the “2008
      Indenture”),
      and
      (y) the Indenture, dated as of May 15, 1999, among Lear Corporation, as issuer,
      the guarantors party thereto and The Bank of New York, as trustee (the
“2009
      Indenture”)
      (the
      foregoing notices of redemption, the “Call
      Notices”;
      and
      the items in this clause (C), collectively, the “Refinancing”).
      

     

    The
      Acquisition, Equity Contribution, Facilities and Refinancing are collectively
      referred to herein as the “Transactions”.
      Capitalized terms used but not defined herein have the meanings assigned to
      them
      in the Summary of Principal Terms and Conditions attached hereto as Exhibit
      A
      (the “Term
      Sheet”;
      this
      commitment letter, the Term Sheet and the Summary of Conditions Precedent
      attached hereto as Exhibit B, collectively, the “Commitment
      Letter”).

     

    BAS
      is
      pleased to advise you that it is willing to act as sole lead arranger and sole
      bookrunner for the Facilities (in such capacity, the “Lead
      Arranger”).
      Furthermore, Bank of America in consideration of the mutual agreements and
      undertakings of the parties hereto as set forth herein and the Fee Letter,
      and
      for other good and valuable consideration, the receipt and sufficiency of which
      is hereby acknowledged, hereby irrevocably commits and agrees to provide 100%
      of
      the principal amount of the Facilities (in such capacity, the “Initial
      Lender”)
      subject only to the conditions set forth on Exhibit B.

     

    It
      is
      agreed that Bank of America will act as the sole and exclusive administrative
      agent (in such capacity, the “Administrative
      Agent”)
      for
      the Facilities, and that BAS will act as the sole and exclusive lead arranger
      and bookrunner for the Facilities. The Commitment Parties will be responsible
      for preparing and negotiating definitive documentation for the Facilities,
      and
      the Commitment Parties, with your participation, will manage the syndication
      effort of forming the syndicate of lenders that will make the Facilities
      available. No additional agents, co-agents or arrangers will be appointed unless
      you and the Commitment Parties so agree.

     

    The
      Borrower acknowledges and agrees that as Lead Arranger, BAS is not advising
      the
      Borrower or any of its affiliates (including the Company) as to any legal,
      tax,
      investment, accounting or regulatory matters in any jurisdiction. The Borrower
      shall consult with its own advisors concerning such matters and shall be
      responsible for making its own independent investigation and appraisal of the
      transactions contemplated hereby, and BAS shall have no responsibility or
      liability to the Borrower, the Company or any of their respective affiliates
      with respect thereto. Any review by BAS of the Borrower, the Company and its
      subsidiaries, the Transactions or other matters relating to the Transactions
      will be performed solely for the benefit of BAS and Bank of America and shall
      not be on behalf of the Borrower.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    We
      intend
      to syndicate the Term Facilities to other financial institutions (together
      with
      Bank of America, the “Lenders”)
      identified by us in consultation with you; provided
      that
      notwithstanding Bank of America’s right to syndicate the Facilities and receive
      commitments with respect thereto, Bank of America may not assign all or any
      portion of its commitment hereunder prior to the initial funding under the
      Facilities (the date of such funding, “Closing
      Date”).
      You
      agree actively to assist the Commitment Parties in forming any such syndicate
      and completing a timely syndication that is reasonably satisfactory to them
      and
      you, and to provide the Commitment Parties and the other Lenders, promptly
      upon
      request, with all information (the “Information
      Materials”)
      reasonably deemed necessary by them to complete successfully the syndication.
      Your assistance with the Commitment Parties’ syndication efforts shall include,
      without limitation, (a) your using commercially reasonable efforts to ensure
      that any syndication efforts benefit materially from your and the Sponsor’s
      existing lending and investment banking relationships and the existing lending
      and investment banking relationships of the Company, (b) direct contact between
      senior management, representatives and advisors of you and the Sponsor, on
      the
      one hand, and the proposed Lenders, on the other hand, (and your using
      commercially reasonable efforts to ensure such contact between senior
      management, representatives and advisors of the Company, on the one hand, and
      the proposed Lenders, on the other hand), in all such cases at times mutually
      agreed upon, (c) your and the Sponsor’s assistance (including the use of
      commercially reasonable efforts to cause the Company to assist) in the
      preparation of a customary Confidential Information Memorandum for the
      Facilities and other customary marketing materials to be used in connection
      with
      the syndications, including Projections (as defined below) for the Company
      and
      its subsidiaries through 2010 and all other information and Projections as
      we
      may reasonably request, (d) prior to the Closing Date, using your commercially
      reasonable efforts to procure ratings for the Facilities from each of Standard
      & Poor’s Ratings Services (“S&P”)
      and
      Moody’s Investors Service, Inc. (“Moody’s”),
      and a
      corporate rating for the Company from S&P and a corporate family rating for
      the Company from Moody’s and (e) the hosting, with the Lead Arranger, of one or
      more conference calls with, or meetings of, prospective Lenders at times and
      locations mutually agreed upon. Notwithstanding anything to the contrary
      contained in this Commitment Letter or the Fee Letter, neither your (nor the
      Company’s) compliance with the terms of this paragraph or with the following
      three paragraphs, the commencement or the completion of the syndication of
      the
      Facilities or the obtaining the ratings referred to above, shall constitute
      a
      condition to the availability of the Facilities on the Closing Date or otherwise
      limit the obligations of the Commitment Parties hereunder.

     

    The
      Lead
      Arranger will, in consultation with you, manage all aspects of any syndication,
      including decisions as to the selection of institutions reasonably acceptable
      to
      you to be approached and when they will be approached, when their commitments
      will be accepted, which institutions will participate, the allocation of the
      commitments among the Lenders and the amount and distribution of fees among
      the
      Lenders. To assist the Lead Arranger in its syndication efforts, you agree
      to
      use commercially reasonable efforts to prepare and provide (and to use
      commercially reasonable efforts to cause the Sponsor and the Company to provide)
      to us all customary information with respect to you, the Company and each of
      your and their respective subsidiaries and the Transactions, including all
      financial information and consolidated projections (including models, financial
      estimates, forecasts and other forward-looking information, all in detail,
      including model information and supporting assumptions; the “Projections”),
      as
      the Lead Arranger may reasonably request in connection with the structuring,
      arrangement and syndication of the Facilities. 

     

    You
      hereby represent and warrant that, to your actual knowledge, (a) all written
      information and written data other than the Projections and information of
      a
      general economic or general industry nature (the “Information”)
      that
      has been or will be made available to any Commitment Party by or on behalf
      of
      you or any of your representatives or the Company or any of its representatives,
      taken as a whole, is or will be, when furnished and when taken as a whole,
      correct in all material respects and does not or will not, when furnished,
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary in order to make the statements contained therein not materially
      misleading in light of the circumstances under which such statements are made,
      taken as a whole and (b) the Projections that have been or will be made
      available to any Commitment Party by or on behalf of you or any of your
      representatives or affiliates have been, or will be, prepared in good faith
      based upon assumptions that are believed by you to be reasonable at the time
      so
      made available; it being understood that the Projections are as to future events
      and are not to be viewed as facts and that actual results during the period
      or
      periods covered by any such Projections may differ significantly from the
      projected results and such differences may be material. If at any time prior
      to
      the Closing Date, you become aware that any of the representations and
      warranties in the preceding sentence would be, to your actual knowledge,
      incorrect in any material respect, you agree to supplement the Information
      and
      the Projections from time to time until the Closing Date such that, to your
      actual knowledge, the representations and warranties in the preceding sentence
      remain true in all material respects. In arranging and syndicating the
      Facilities, each of the Commitment Parties will be entitled to use and rely
      primarily on the Information and the Projections without responsibility for
      independent verification thereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    You
      hereby acknowledge that (a) the Lead Arranger will make available Information,
      Projections and other marketing material and presentations, including
      confidential information memoranda (collectively, the “Information
      Materials”)
      to the
      proposed syndicate of Lenders by posting the Information Materials on
      Intralinks, SyndTrak Online or by similar electronic means (with any material
      that you identify as material non-public information provided subject to
      customary confidentiality precautions) and (b) certain of the Lenders may be
      “public side” Lenders (i.e.,
      Lenders
      that do not wish to receive material non-public information with respect to
      the
      Borrower, the Company or their securities (“MNPI”)
      (each,
      a “Public
      Lender”;
      and
      such other Lenders, “Private
      Lenders”)).
      If
      reasonably requested by the Lead Arranger, you agree to use commercially
      reasonable efforts to assist (and to use commercially reasonable efforts to
      cause the Sponsor and the Company to assist) us in preparing an additional
      version of the confidential information memorandum that does not contain MNPI
      to
      be used by Public Lenders (the “Public
      Information Materials”).
      The
      Borrower hereby authorizes the Lead Arranger to distribute (i) administrative
      materials for prospective Lenders such as lender meeting invitations and funding
      and closing memoranda, (b) notifications of changes to the Facilities’ terms and
      (c) other materials intended for prospective Lenders after the initial
      distribution of the Information Materials. Before distribution of any
      Information Materials (A) to prospective Private Lenders, you shall provide
      us
      with a customary letter authorizing the dissemination of the Information
      Materials and (B) to prospective Public Lenders, you shall provide us with
      a
      customary letter authorizing the dissemination of the Public Information
      Materials and confirming the absence of MNPI therefrom. In addition, at our
      request, you shall identify Public Information Materials by clearly and
      conspicuously marking the same as “PUBLIC”.

     

    As
      consideration for the commitments of the Initial Lender hereunder and for the
      agreement of the Lead Arranger to perform the services described herein, you
      agree to pay (or cause to be paid) to the Initial Lender, when due, the fees
      set
      forth in the Term Sheet and in the Fee Letter dated the date hereof and
      delivered herewith with respect to the Facilities (the “Fee
      Letter”).
      Once
      paid, such fees shall not be refundable under any circumstances, except as
      otherwise contemplated by the Fee Letter.

     

    You
      agree
      (a) to indemnify and hold harmless each Commitment Party, its affiliates and
      its
      or their officers, directors, employees, agents and controlling persons (each,
      an “Indemnified
      Person”)
      from
      and against any and all losses, claims, damages, liabilities and reasonable
      and
      documented out-of-pocket expenses, joint or several, to which any such
      Indemnified Person may become subject arising out of or in connection with
      this
      Commitment Letter (including the Term Sheet), the Fee Letter, the Transactions,
      the Facilities or any claim, litigation, investigation or proceeding relating
      to
      any of the foregoing (any of the foregoing, a “Proceeding”),
      regardless of whether any such Indemnified Person is a party thereto, and to
      reimburse each such Indemnified Person upon demand for any reasonable and
      documented out-of-pocket legal expenses of counsel or other reasonable and
      documented out-of-pocket expenses incurred in connection with investigating
      or
      defending any of the foregoing; provided
      that
      the
      foregoing indemnity will not, as to any Indemnified Person, apply to losses,
      claims, damages, liabilities or related expenses to the extent that they are
      determined by a court of competent jurisdiction to have resulted from the
      willful misconduct, bad faith or gross negligence of, or failure to provide
      funding of the Facilities hereunder in accordance with the terms of this
      Commitment Letter or other material breach of its obligations hereunder by,
      such
      Indemnified Person or any of its controlled affiliates or any of its or their
      officers, directors, employees, agents or controlling persons and (b) if the
      Closing Date occurs, to reimburse each Commitment Party from time to time for
      all reasonable and documented out-of-pocket expenses (including but not limited
      to expenses of each Commitment Party’s due diligence investigation, consultants’
fees (to the extent any such consultant has been retained with your prior
      written consent), syndication expenses, travel expenses and reasonable and
      documented fees, disbursements and other charges of counsel), in each case
      incurred in connection with the Facilities and the preparation of this
      Commitment Letter, the Fee Letter, the Facility Documents and any security
      arrangements in connection therewith (collectively, the “Expenses”).
      Notwithstanding any other provision of this Commitment Letter, no Indemnified
      Person shall be liable for (i) any damages arising from the use by others of
      information or other materials obtained through electronic, telecommunications
      or other information transmission systems, except to the extent that such
      damages have resulted from the willful misconduct, bad faith or gross negligence
      of any Indemnified Person or any of its affiliates or its or their officers,
      directors, employees, agents or controlling persons or (ii) any indirect,
      special, punitive or consequential damages in connection with its activities
      related to the Facilities.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    You
      shall
      not be liable for any settlement of any Proceeding effected without your consent
      (which consent shall not be unreasonably withheld or delayed), but if settled
      with your written consent or if there is a final non-appealable judgment for
      the
      plaintiff in any such Proceeding, you agree to indemnify and hold harmless
      each
      Indemnified Person from and against any and all losses, claims, damages,
      liabilities and expenses by reason of such settlement or judgment in accordance
      with the preceding paragraph. You may, without the written consent of the
      Indemnified Person, effect any settlement of any pending or threatened
      proceeding in respect of which any Indemnified Person is or could have been
      a
      party and indemnification could have been sought hereunder by such Indemnified
      Person, if such settlement (x) includes an unconditional release of such
      Indemnified Person, in form and substance reasonably satisfactory to such
      Indemnified Person, from all liability on claims that are the subject matter
      of
      such proceeding and (y) does not include any statement as to or any admission
      of
      fault, culpability or a failure to act by or on behalf of any Indemnified
      Person.

     

    You
      acknowledge that the Commitment Parties and their affiliates may be providing
      debt financing, equity capital or other services (including, without limitation,
      financial advisory services) to other persons in respect of which you may have
      conflicting interests regarding the transactions described herein and otherwise.
      None of the Commitment Parties or their affiliates will use confidential
      information obtained from you by virtue of the transactions contemplated by
      this
      Commitment Letter or their other relationships with you in connection with
      the
      performance by them or their affiliates of services for other persons, and
      none
      of the Commitment Parties or their affiliates will furnish any such information
      to other persons. You also acknowledge that none of the Commitment Parties
      or
      their affiliates has any obligation to use in connection with the transactions
      contemplated by this Commitment Letter, or to furnish to you, confidential
      information obtained by them from other persons.

     

    This
      Commitment Letter and the commitments hereunder shall not be assignable by
      you
      without the prior written consent (not to be unreasonably withheld or delayed)
      of the Lead Arranger (and any attempted assignment without such consent shall
      be
      null and void), is intended to be solely for the benefit of the parties hereto
      (and Holdings, the Sponsor and the Indemnified Persons) and is not intended
      to
      confer any benefits upon, or create any rights in favor of, any person other
      than the parties hereto (and Holdings, the Sponsor and the Indemnified Persons).
      Any and all obligations of, and services to be provided by, the Commitment
      Parties hereunder (including, without limitation, its commitments) may be
      performed and any and all rights of the Commitment Parties hereunder may be
      exercised by or through any of their affiliates or branches. This Commitment
      Letter may not be amended or any provision hereof waived or modified except
      by
      an instrument in writing signed by each of the Commitment Parties and you.
      This
      Commitment Letter may be executed in any number of counterparts, each of which
      shall be deemed an original and all of which, when taken together, shall
      constitute one agreement. Delivery of an executed counterpart of a signature
      page of this Commitment Letter by facsimile transmission or other electronic
      transmission (e.g., a “pdf” or “tif”) shall be effective as delivery of a
      manually executed counterpart hereof. This Commitment Letter and, together
      with
      the Fee Letter dated the date hereof, supersedes all prior understandings,
      whether written or oral, among us with respect to the Facilities and sets forth
      the entire understanding of the parties hereto with respect thereto. THIS
      COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
      LAWS OF THE STATE OF NEW YORK.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    EACH
      OF
      THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION,
      PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED
      TO OR ARISING OUT OF THIS COMMITMENT LETTER OR THE FEE LETTER OR THE PERFORMANCE
      OF SERVICES HEREUNDER OR THEREUNDER.

     

    Each
      of
      the parties hereto irrevocably and unconditionally submits to the non-exclusive
      jurisdiction of any state or Federal court sitting in the City of New York
      over
      any suit, action or proceeding arising out of or relating to the Transactions
      or
      the other transactions contemplated hereby, this Commitment Letter, the Term
      Sheet, the other exhibits hereto or the Fee Letter or the performance of
      services hereunder or thereunder. Each of the parties hereto agrees that service
      of any process, summons, notice or document by registered mail addressed to
      you
      or us shall be effective service of process for any suit, action or proceeding
      brought in any such court. Each of the parties hereto hereby irrevocably and
      unconditionally waives any objection to the laying of venue of any such suit,
      action or proceeding brought in any such court and any claim that any such
      suit,
      action or proceeding has been brought in any inconvenient forum.

     

    We
      hereby
      notify you that pursuant to the requirements of the USA PATRIOT Act
      (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“PATRIOT
      Act”),
      each
      of us and each of the Lenders may be required to obtain, verify and record
      information that identifies you and the Company, which information may include
      your and their names and addresses and other information that will allow each
      of
      us and the Lenders to identify you or the Company in accordance with the PATRIOT
      Act. This notice is given in accordance with the requirements of the PATRIOT
      Act
      and is effective for each of us and the Lenders.

     

    You
      agree
      that you will not disclose, directly or indirectly, (x) the Fee Letter and
      the
      contents thereof or (y) prior to your execution and delivery of this Commitment
      Letter, the Commitment Letter, the Term Sheet, the other exhibits and
      attachments hereto and the contents of each thereof, or the activities of any
      Commitment Party pursuant hereto or thereto, to any person without prior written
      approval of the Lead Arranger, except that you may disclose (a) the Commitment
      Letter, the Term Sheet, the other exhibits hereto, the Fee Letter and the
      contents hereof and thereof (i) to the Sponsor and to your and any of the
      Sponsor’s officers, directors, agents, employees, attorneys, accountants and
      advisors directly involved in the consideration of this matter on a confidential
      and need-to-know basis and (ii) pursuant to the order of any court or
      administrative agency in any pending legal or administrative proceeding, or
      otherwise as required by applicable law or compulsory legal process based on
      the
      advice of your legal counsel (in which case you agree, to the extent permitted
      by law, to inform us promptly thereof prior to disclosure), (b) this
      Commitment Letter, the Term Sheet, the other exhibits hereto and the contents
      hereof and thereof to the Company and to its direct and indirect equity holders,
      officers, directors, employees, attorneys, accountants and advisors, in each
      case in connection with the Transactions and on a confidential and need-to-know
      basis, (c) the existence and contents of the Term Sheet to any rating agency
      in
      connection with the Transactions and (d) to the extent required by applicable
      law, the existence and contents of this Commitment Letter, the Term Sheet and
      the other attachments hereto in any public filing or prospectus in connection
      with the Transactions; provided
      that the
      foregoing restrictions shall cease to apply (except in respect of the Fee Letter
      and the contents thereof) after the Facility Documents shall have been executed
      and delivered by the parties thereto.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    The
      Commitment Parties and their affiliates will use all confidential information
      provided to them or such affiliates by or on behalf of you hereunder solely
      for
      the purpose of providing the services which are the subject of this Commitment
      Letter and shall keep confidential (and not disclose) all such information;
      provided
      that
      nothing herein shall prevent the Commitment Parties from disclosing any such
      information (a) pursuant to the order of any court or administrative agency
      or
      in any pending legal or administrative proceeding, or otherwise as required
      by
      applicable law or compulsory legal process (in which case the Commitment
      Parties, to the extent permitted by law, agree to inform you promptly thereof
      prior to disclosure), (b) upon the request or demand of any regulatory authority
      having jurisdiction over the Commitment Parties or any of their affiliates
      (in
      which case the Commitment Parties agree, to the extent permitted by law, to
      inform you promptly thereof prior to disclosure), (c) to the extent that such
      information becomes publicly available other than by reason of improper
      disclosure by the Commitment Parties or any of their affiliates or related
      parties in violation hereof, (d) to the extent that such information is received
      by the Commitment Parties from a third party that is not, to the Commitment
      Parties’ knowledge, subject to confidentiality obligations owing to you, (e) to
      the extent that such information is independently developed by the Commitment
      Parties, (f) to any Commitment Party’s affiliates and its and their respective
      employees, legal counsel, independent auditors and other experts or agents
      who
      need to know such information in connection with the Transactions and are
      informed of the confidential nature of such information and who agree to be
      bound by the terms of this paragraph (or language substantially similar to
      this
      paragraph) (with each such Commitment Party responsible for such person’s
      compliance with this paragraph) or (g) to potential and prospective Lenders,
      participants or assignees and to any direct or indirect contractual
      counterparties to any swap or derivative transaction relating to the Borrower
      or
      any of its subsidiaries, in each case who agree to be bound by the terms of
      this
      paragraph (or language substantially similar to this paragraph). The Commitment
      Parties’ obligations under this paragraph shall automatically terminate and be
      superseded by the confidentiality provisions in the definitive documentation
      relating to the Facilities upon the initial funding thereunder.

     

    You
      and
      your affiliates further acknowledge and agree that in connection with all
      aspects of the Transactions and the transactions contemplated by this Commitment
      Letter, you and your affiliates, on the one hand, and the Lead Arranger, on
      the
      other hand, have an arm’s length business relationship that creates no fiduciary
      duty on the part of the Lead Arranger and each expressly disclaims any fiduciary
      relationship.

     

    The
      compensation, reimbursement, indemnification, jurisdiction and confidentiality
      provisions contained herein and in the Fee Letter shall remain in full force
      and
      effect regardless of whether Facility Documents shall be executed and delivered
      and notwithstanding the termination of this Commitment Letter or the Initial
      Lender’s commitments hereunder; provided
      that
      your obligations under this Commitment Letter, other than those relating to
      confidentiality and to the syndication of the Facilities (which shall remain
      in
      full force and effect), shall automatically terminate upon the occurrence of
      the
      Closing Date. 

     

    It
      is
      understood and agreed that you shall in no way be deemed obligated to proceed
      with the closing of the Transaction or the Facilities or pay any fees in case
      you do not proceed with the Facilities (which you are free to determine in
      your
      sole discretion). For the avoidance of doubt, the foregoing shall not limit
      (i)
      any obligations you might otherwise have under the third paragraph (commencing
      with the words “You also agree”) and the fourth paragraph (commencing with the
      words “In the event that”) of the Fee Letter, or (ii) the provisions of the
      immediately preceding paragraph.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    If
      the
      foregoing correctly sets forth our agreement, please indicate your acceptance
      of
      the terms of this Commitment Letter and of the Fee Letter by returning to Bank
      of America on behalf of the Commitment Parties executed counterparts hereof
      and
      of the Fee Letter not later than 5:00 p.m., New York City time, on February
      9,
      2007. Bank of America’s commitment hereunder will expire at such time in the
      event that Bank of America has not received such executed counterparts in
      accordance with the immediately preceding sentence. In the event that the
      initial borrowing in respect of the Facilities does not occur on or before
      September 30, 2007 then this Commitment Letter and the commitments and
      undertakings of each of the Commitment Parties hereunder shall automatically
      terminate.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    We
      look
      forward to working with you on this transaction.

     

    Very
      truly yours,

     

    BANK
      OF
      AMERICA, N.A.

     

    By:
      /s/ Chas
      McDonell                             

          
      Name: Chas McDonell

          
      Title: Seniro Vice President

     

    BANC
      OF
      AMERICA SECURITIES LLC

     

    By:
      /s/ Mark
      Halmrast                                

          
      Name: Mark Halmrast

          
      Title: Managing Director

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Accepted
      and agreed to as of

    the
      date
      first above written:

    

    AREP
      CAR
      ACQUISITION CORP.

    

    

    By:
      /s/ Hillel
      Moerman               
 

          
      Name: Hillel Moerman 

          
      Title: Chief Financial Officer

    

    American
      Real Estate Holdings Limited Partnership (the “Sponsor”)
      hereby
      absolutely and unconditionally guarantees, as a guaranty of payment and
performance
      and not
      merely as a guaranty of collection, prompt payment when due of
      any
      and all of the obligations of AREP Car Acquisition Corp. under
      the
      indemnification provisions of this Commitment Letter and under the Fee Letter
      referred to herein, and agrees to perform such obligations upon demand of either
      Commitment Party (as defined above).

    

    AMERICAN
      REAL ESTATE HOLDINGS  

         
LIMITED
      PARTNERSHIP

    

    By: AMERICAN
      PROPERTY INVESTORS,

    INC.,
      its
      general partner

    

    

    By:
      /s/ Keith A.
      Meister               

          
      Name: Keith A. Meister

          
      Title: Principal Executive Officer

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    AREP
      CAR
      ACQUISITION CORP.

     

    $3,600,000,000
      SENIOR SECURED CREDIT FACILITIES

     

    Summary
      of Terms and Conditions

     

    February
      8, 2007

     

    ____________________

     

    
      	 	
              PARTIES

            	 
	 	 	 
	 	
              Borrowers:

            	
              Initially,
                AREP Car Acquisition Corp.; and from and after the Acquisition and
                the
                merger contemplated thereby, the Company as the survivor thereof
                (the
                “US
                Borrower”).
                With respect to certain advances under the Revolving Facility (as
                defined
                below), the US Borrower may designate one or more subsidiaries as
                borrowers (collectively with the US Borrower, the “Borrowers”).2 

            
	 	 	 
	 	
              Guarantors:

            	
              The
                obligations of the US Borrower and any borrowing subsidiaries under
                the
                Facilities shall be guaranteed by those subsidiaries of the US Borrower
                that currently are required to guarantee the Existing Credit Facility
                (collectively, the “Subsidiary
                Guarantors”),
                as set forth in the Existing Credit Facility; provided,
                that additional subsidiaries of the US Borrower may be added from
                time to
                time in accordance with the provisions set forth in the Existing
                Credit
                Facility. The Subsidiary Guarantors and the Borrowers are collectively
                referred to as the “Loan
                Parties”.

            
	 	 	 
	 	
              Sole
                Lead Arranger and Sole  Bookrunner:

            	
              Banc
                of America Securities LLC (in such capacity, the “Arranger”).

            
	 	 	 
	 	
              Administrative
                Agent:

            	
              Bank
                of America, N.A. (“Bank
                of America”
                and, in such capacity, the “Administrative
                Agent”).

            
	 	 	 
	 	
              Lenders:

            	
              A
                syndicate of banks, financial institutions and other entities, including
                Bank of America, arranged by the Lead Arranger (collectively, the
                “Lenders”).

            

    

     

    
      
        

      

      
        	
                2

              	
                A
                  portion of the Revolving Facility will be available to foreign
                  subsidiaries in the manner provided in the Existing Credit Agreement.
                  In
                  addition, Bank of America will, upon the reasonable request of
                  the US
                  Borrower, cooperate to try to make a portion of the Term Facility
                  available to one or more of the US Borrower’s foreign subsidiaries (in US
                  Dollars, Euro, or other freely available currencies), and provided
                  in any
                  event that the US Borrower and Subsidiary Guarantors remain guarantors
                  with respect thereto,.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              TYPES
                AND AMOUNTS OF FACILITIES

            
	 	 	 
	 	
              Term
                Facility

            	 
	 	 	 
	 	
              Type
                and Amount:

            	
              A
                seven-year term loan facility (the “Term
                Facility”;
                the loans thereunder, the “Term
                Loans”)
                in the aggregate amount of $2,600,000,000. The Term Loans will amortize
                in
                equal quarterly installments in an aggregate annual amount equal
                to 1% of
                the original principal amount of the Term Loans with the balance
                payable
                on the seventh anniversary of the Closing Date.

            
	 	 	 
	 	
              Availability:

            	
              The
                Term Loans shall be made in a single drawing on the Closing Date
                (as
                defined below).

            
	 	 	 
	 	
              Purpose:

            	
              The
                proceeds of the Term Loans shall be used to finance a portion of
                the
                Transaction.

            
	 	 	 
	 	
              Revolving
                Facility

            	 
	 	 	 
	 	
              Type
                and Amount:

            	
              A
                five-year revolving facility (the “Revolving
                Facility”;
                the commitments thereunder, the “Revolving
                Commitments”)
                in the amount of $1,000,000,000 or the US Dollar equivalent thereof
                (the
                loans thereunder, together with (unless the context otherwise requires)
                the Swingline Loans referred to below, the “Revolving
                Loans”;
                and together with the Term Loans, the “Loans”).

            
	 	 	 
	 	
              Currencies;
                Subfacilities:

            	
              The
                Revolving Facility shall be funded in US Dollars, Canadian Dollars
                and
                other Available Foreign Currencies (as defined in the Existing Credit
                Agreement), with sublimits and subfacilities consistent with those
                contained in the Existing Credit Agreement.

            
	 	 	 
	 	
              Availability:

            	
              The
                Revolving Facility shall be available on a revolving basis during
                the
                period commencing on the Closing Date and ending on the date that
                is five
                years after the Closing Date (the “Revolving
                Termination Date”).
                

            
	 	 	 
	 	
              Maturity:

            	
              The
                Revolving Termination Date.

            
	 	 	 
	 	
              Letters
                of Credit:

            	
              A
                portion of the Revolving Facility of up to $400,000,000 shall be
                available
                for the issuance of letters of credit and, subject to a limit to
                be agreed
                and outside of the United States, bank guarantees (collectively,
                the
                “Letters
                of Credit”)
                by Bank of America and certain other Lenders to be approved (each,
                in such
                capacity, an “Issuing
                Lender”).
                No Letter of Credit shall have an expiration date after the fifth
                business
                day prior to the Revolving Termination Date and no more than an aggregate
                of $100,000,000 of Letters of Credit shall at any time have a duration
                of
                longer than one year, provided
                that any Letter of Credit with a one-year tenor may provide for the
                renewal thereof for additional one-year periods (which shall in no
                event
                extend beyond such fifth business day prior to the Termination
                Date).

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              Drawings
                under any Letter of Credit shall be reimbursed by the relevant Borrower
                (whether with its own funds or with the proceeds of Revolving Loans)
                on
                the same business day (or on the next business day if notice of such
                drawing is received after 10:00 a.m.). To the extent that the relevant
                Borrower does not so reimburse the Issuing Lender, the Lenders under
                the
                Revolving Facility shall be irrevocably and unconditionally obligated
                to
                fund participations in the reimbursement obligations on a pro rata
                basis.

            
	 	 	 
	 	
              Swingline
                Loans:

            	
              Up
                to $300,000,000 of the Revolving Facility shall be available for
                swingline
                loans (the “Swingline
                Loans”)
                in the form of either US dollar loans or multicurrency loans, from
                Bank of
                America (but subject to an aggregate sublimit of $150,000,000) and
                one or
                more Lenders as additional swingline lenders selected by the Borrower
                in
                consultation with the Administrative Agent, and otherwise substantially
                as
                provided in the Existing Credit Agreement. 

            
	 	 	 
	 	 	
              Any
                Swingline Loans will reduce availability under the Revolving Facility
                on a
                dollar-for-dollar basis. Each Lender under the Revolving Facility
                shall be
                unconditionally and irrevocably required to purchase, under certain
                circumstances, a pro rata
                participation in each Swingline Loan.

            
	 	 	 
	 	
              Purpose:

            	
              The
                proceeds of the Revolving Loans shall be used to finance (a) a
                portion of the Transaction and (b) the working capital needs and
                general
                corporate purposes of the US Borrower and its
                subsidiaries.

            
	 	 	 
	 	
              CERTAIN
                PAYMENT PROVISIONS

            
	 	 
	 	
              Fees
                and Interest Rates:

            	
              As
                set forth on Annex I.

            
	 	 	 
	 	
              Optional
                Prepayments and Commitment Reductions:

            	
              Loans
                may be prepaid and commitments may be reduced by the US Borrower
                in
                minimum amounts as set forth in the Existing Credit Agreement. Optional
                prepayments of the Term Loans shall be applied to installments thereof
                as
                directed by the US Borrower. Optional prepayments of the Term Loans
                may
                not be reborrowed.

            
	 	 	 
	 	
              Mandatory
                Prepayments:

            	
              The
                following amounts shall be applied to prepay the Term
                Loans:

            
	 	 	 
	 	 	
              (a)   100%
                of the net cash proceeds of any incurrence of indebtedness (other
                than
                permitted indebtedness and any Receivables Financing Transaction,
                as
                defined in the Existing Credit Facility) after the Closing Date by
                the US
                Borrower or any of its subsidiaries.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	 	
              (b)  
                100%
                of the net cash proceeds of any sale or other disposition (including
                as a
                result of casualty or condemnation) by the US Borrower or any of
                its
                subsidiaries of any assets, except for the sale of inventory and
                subject
                to certain other customary exceptions to be agreed upon including
                (i)
                capacity for reinvestment consistent with that provided in the Existing
                Credit Agreement, (ii) the sale of the interiors business and (iii)
                other
                sales of up to an aggregate amount to be agreed per fiscal
                year.

            
	 	 	 
	 	 	
              Mandatory
                prepayments of the Term Loans may not be reborrowed. Mandatory prepayments
                of the Term Loans shall be applied to remaining installments
                ratably.

            
	 	 	 
	 	
              COLLATERAL

            	
              The
                obligations of each Loan Party in respect of the Facilities and any
                swap
                agreements provided by any Lender (or any affiliate of a Lender)
                shall be
                secured (by a perfected first priority security interest) (a) by
                the
                capital stock of the US Borrower’s subsidiaries required to be pledged
                under the Existing Credit Facility, including (i) 100% of the non-voting
                stock and 65% of the voting stock of all first-tier foreign subsidiaries
                of the US Borrower and its domestic subsidiaries, with exceptions
                to be
                agreed upon for first-tier foreign subsidiaries having de minimis
                value, (ii) the capital stock of Lear ASC Corporation, the wholly-owned,
                bankruptcy-remote, special purpose subsidiary of the US Borrower
                and (iii)
                other domestic subsidiaries and, on a limited basis, foreign subsidiaries
                of the US Borrower to be agreed upon; and (b) by a perfected first
                priority security interest in all of the inventory, equipment,
                intellectual property, general intangibles, intercompany notes and
                other
                assets (other than real property and receivables subject to a
                securitization program) of the US Borrower and its domestic subsidiaries
                (the collateral referred to in this clause (b), collectively, the
                “Additional
                Collateral”),
                and proceeds of the foregoing, except for those assets as to which
                the
                Administrative Agent shall reasonably determine that the cost of
                obtaining
                a security interest therein is excessive in relation to the value
                of the
                security to be afforded thereby; provided,
                that notwithstanding anything to the contrary contained herein for
                so long
                as the Continuing Indentures remain in effect, the maximum principal
                amount of the obligations under the Facility Documents that is secured
                by
                the Collateral
                shall not at any time exceed the maximum amount that may be secured
                by the
                Collateral at such time without creating a requirement under Section
                4.07
                of each of the Continuing Indentures to cause the securities outstanding
                under any such Indenture to be equally and ratably secured by such
                Collateral (it being understood that such permitted amounts shall
                be
                recalculated upon the repayment of the bonds under any such Continuing
                Indenture or the amendment of such 4.07, including as provided for
                with
                respect to the 2008 Indenture and 2009 Indenture pursuant to the
                Tender
                Offer and Call Notice, each as defined in the Commitment Letter).
                For the
                avoidance of doubt, (a) “obligations” as used in the preceding sentence
                shall not apply to hedging agreement obligations and guarantees thereof
                and (b) the Bank of America understands that, among other exceptions,
                the
                general
                baskets set forth in Section 4.07 of each of the Continuing
                Indentures will be available to secure the obligations except to
                the
                extent such basket is utilized as permitted by Section 13.3(c) of
                the
                Existing Credit Facility. If the bonds issued under the Continuing
                Indentures are prepaid or redeemed in full (or the provisions of
                Section
                4.07 thereof effectively eliminated pursuant to a consent solicitation
                or
                otherwise), the foregoing limitations shall
                cease.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              As
                used herein, “Continuing
                Indentures”
                means collectively (a) the Indenture dated as of August 3, 2004 among
                the
                US Borrower, the guarantors party thereto and BNY Midwest Trust Company,
                as trustee (the “2014
                Indenture”),
                (b) the Indenture dated as of November 24, 2006 among the US Borrower,
                the
                guarantors party thereto and The Bank of New York, as trustee, under
                which
                the US Borrower issued $300,000,000 of 81⁄2% Senior Notes due 2013 and 83⁄4%
                Senior Notes due 2016, (c) the Indenture dated as of February 20,
                2002
                among the Company, the guarantors party thereto and The Bank of New
                York,
                as trustee (the “2022
                Indenture”)
                and (d) the 2008 Indenture and 2009 Indenture (each as defined in
                the
                Commitment Letter). 

            
	 	 	 
	 	
              CERTAIN
                CONDITIONS

            	 
	 	 	 
	 	
              Initial
                Conditions:

            	
              The
                availability of the Facilities shall be conditioned only upon the
                satisfaction of the conditions set forth in Exhibit B (the date upon
                which all such conditions precedent shall be satisfied, the “Closing
                Date”).

            
	 	 	 
	 	
              On-Going
                Conditions:

            	
              The
                making of each extension of credit after the Closing Date shall be
                conditioned upon (a) the accuracy in all material respects of all
                representations and warranties in the documentation (the “Facility
                Documents”)
                with respect to the Facilities (but excluding any material adverse
                change
                representation), and (b) there being no default or event of default
                in existence at the time of, or after giving effect to the making
                of, such
                extension of credit. 

            
	 	 	 
	 	
              CERTAIN
                DOCUMENTATION MATTERS

            
	 	 
	 	 	
              The
                Facility Documents shall contain the representations, warranties,
                covenants and events of default (in each case, applicable to the
                US
                Borrower and its subsidiaries) set forth below as well as such other
                provisions from the Existing Credit Facilities as are applicable,
                in each
                case with such additions or changes, if any, as the parties hereto
                may
                agree, provided that in the absence of such agreement (which either
                party
                may grant or withhold in its sole discretion) the relevant provision
                of
                the Existing Credit Facility shall be adopted in the Facility
                Documents.

            
	 	 	 
	 	
              Representations
                and Warranties:

            	
              As
                set forth in the Existing Credit Facility.

            
	 	 	 
	 	
              Affirmative
                Covenants:

            	
              As
                set forth in the Existing Credit
                Facility.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              Financial
                Covenants:

            	
              None
                for the Term Facility.

               

              The
                Revolving Facility shall include only the following financial
                covenants:

               

              (a)
                Minimum
                Interest Coverage Ratio:
                Not permit, on the last day of any fiscal quarter set forth below,
                the
                Interest Coverage Ratio (as defined in Annex II) for the four consecutive
                fiscal quarters of the U.S. Borrower ending with such quarter to
                be less
                than the amount set forth opposite such quarter below:

               

              -Q2
                2007 through Q2 2008:  2.00:1

              -Q3
                2008 through Q2 2009:  2.125:1

              -Q3
                2009 through Q2 2010:  2.25:1

              -Q3
                2010 and thereafter:       2.50:1

               

              (b)
                Maximum
                Leverage Ratio:
                Not permit the Leverage Ratio (as defined in Annex II) at the last
                day of
                any period of four consecutive fiscal quarters of the U.S. Borrower
                ending
                with any fiscal quarter set forth below to be greater than the amount
                set
                forth opposite such quarter below:

               

              -Q2
                2007 through Q1 2008: 5.75:1

              -Q2
                2008 through Q3 2008: 5.50:1

              -Q4
                2008 through Q1 2009: 5.25:1

              -Q2
                2009 through Q3 2009: 5.00:1

              -Q4
                2009 through Q3 2010: 4.75:1

              -Q4
                2010 and thereafter:      4.50:1

               

            
	 	
              Negative
                Covenants:

            	
              As
                set forth in the Existing Credit Facility, provided
                that those in Section 13.9 shall be deleted and replaced with the
                “Transactions with Affiliates” covenant described below. Without
                limitation of the foregoing, (a) the Company and its subsidiaries
                shall be
                permitted to amend the provisions allowing the existing asset-backed
                receivables facility and foreign accounts receivable factoring program
                (or
                any replacement or refinancing) not to exceed in aggregate $750,000,000,
                (b) the limitation on subsidiary indebtedness shall provide for the
                exclusion of certain non-recourse joint venture debt to be agreed
                and
                undrawn letters of credit from the basket of 4% of consolidated assets,
                (c) the limitation on disposition of property shall permit the sale
                of the
                Interiors Business substantially on the terms heretofore agreed by
                the
                Company and its subsidiaries pursuant to existing agreements now
                awaiting
                closing or otherwise at fair market value and (d) Restricted Payments
                (as
                defined in the Existing Credit Facility) shall be permitted (subject
                to
                the provisions of the Existing Credit Facility) in an annual amount
                of $20
                million plus
                50% of annual consolidated net income from and after 2008 plus
                100% of net cash proceeds of equity issuances (excluding Specified
                Equity
                Contributions, as defined in Annex II hereto) after the Closing Date
                plus
                amounts required to be expended to make mandatory purchases of capital
                stock pursuant to employee benefit plans.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              The
                negative covenants will also include a “Transactions with Affiliates”
                covenant providing that the Company will not (with exceptions to
                be
                agreed) enter into any transaction, including any purchase, sale,
                lease or
                exchange of property, the rendering of any service or the payment
                of any
                management, advisory or similar fees, with any Affiliate (as defined)
                (other than the Company or any Subsidiary Guarantor) unless such
                transaction is (i) otherwise not prohibited under the Facility Documents
                and (ii) upon fair and reasonable terms no less favorable to the
                Company
                or such subsidiary than it would obtain in a comparable arm’s length
                transaction with a person that is not an Affiliate (or, if such
                transaction would not by its nature be obtainable from a person that
                is
                not an Affiliate, on fair and reasonable terms).

            
	 	 	 
	 	
              Events
                of Default:

            	
              As
                set forth in the Existing Credit Facility.

            
	 	 	 
	 	
              Voting:

            	
              As
                set forth in the Existing Credit Facility.

               

              The
                Facility Documents shall contain customary provisions for replacing
                non-consenting Lenders in connection with amendments and waivers
                requiring
                the consent of all Lenders or of all Lenders directly affected thereby
                so
                long as Lenders holding at least 51% of the aggregate amount of Term
                Loans
                and Revolving Commitments shall have consented thereto.

            
	 	 	 
	 	
              Assignments
                and Participations:

            	
              As
                set forth in the Existing Credit Facility.

            
	 	 	 
	 	
              Yield
                Protection:

            	
              The
                Facility Documents shall contain customary provisions (a) protecting
                the Lenders against increased costs or loss of yield resulting from
                changes in reserve, tax, capital adequacy and other requirements
                of law
                and from the imposition of or changes in withholding or other taxes,
                (b) indemnifying the Lenders for “breakage costs” incurred in
                connection with, among other things, any prepayment of a Eurodollar
                Loan
                (as defined in Annex I) on a day other than the last day of an
                interest period with respect thereto and (c) replacing Lenders making
                claims for increased costs or loss of yield.

            
	 	 	 
	 	
              Expenses
                and Indemnification:

            	
              The
                US Borrower shall pay (a) all
                reasonable and documented out-of-pocket expenses of the Administrative
                Agent and the Lead Arranger associated with the syndication of the
                Facilities and the preparation, execution, delivery and administration
                of
                the Facility Documents and any amendment or waiver with respect thereto
                (including the reasonable fees, disbursements and other charges of
                one
                counsel (and such other local and foreign local counsel as shall
                be
                reasonably required)) and (b) all
                out-of-pocket expenses of the 

               

              Administrative
                Agent and the Lenders (including the fees, disbursements and other
                charges
                of counsel) in connection with the enforcement of the Facility
                Documents.

              The
                Administrative Agent, the Lead Arranger and the Lenders (and their
                affiliates and their respective officers, directors, employees, advisors
                and agents) will have no liability for, and will be indemnified and
                held
                harmless against, any loss, liability, cost or expense incurred in
                respect
                of the financing contemplated hereby or the use or the proposed use
                of
                proceeds thereof (except to the extent resulting from the gross negligence
                or willful misconduct of the indemnified
                party).

            

    

     

    
      	 	
              Governing
                Law and Forum:

            	
              State
                of New York.

            
	 	 	 
	 	
              Counsel
                to the Administrative Agent and the Lead Arranger:

            	
              Davis
                Polk & Wardwell.

            

    

    

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Annex
                I

              to
                Exhibit A

              INTEREST
                AND CERTAIN FEES

            

    

     

    
      	
              Interest
                Rate Options:

            	
              The
                relevant Borrower may elect that the Loans comprising each borrowing
                bear
                interest at a rate per annum equal to (a) the ABR plus the Applicable
                Margin or (b) the Eurodollar Rate3 
                plus the Applicable Margin, except that Swingline Loans shall bear
                interest at a rate per annum equal to the ABR plus the Applicable
                Margin
                unless the Borrower and relevant Swingline Lender shall agree, from
                time
                to time, that any such Loans shall bear interest at a “Money Market” basis
                or Eurodollar-based rate plus an agreed margin, all substantially
                as
                provided in the Existing Credit Agreement.

            
	 	 
	 	
              As
                used herein:

            
	 	 
	 	
              “ABR”
                means the highest of (i) the rate of interest publicly announced by
                Bank of America as its prime rate in effect at its principal office
                in New
                York City (the “Prime
                Rate”),
                (ii) the secondary market rate for three-month certificates of deposit
                (adjusted for statutory reserve requirements) plus
                1%, and (iii) the federal funds effective rate from time to time
                plus
                0.5%.

            
	 	 
	 	
              “Applicable
                Margin”
                means:

               

              (a)  
                with
                respect to Revolving Loans (including Swingline Loans), (i) 1.50% in
                the case of Eurodollar Loans and (ii) 0.50% in the case of ABR Loans
                (it being understood that the 0.50% Facility Fee referred to below,
                payable at all times without regard to usage, is incremental to the
                foregoing) and 

               

              (b)  
                with
                respect to Term Loans (i) 2.25%, in the case of Eurodollar Loans and
                (ii) 1.25%, in the case of ABR Loans.

            
	 	 
	 	
              “Eurodollar
                Rate”
                means the rate (adjusted for any statutory reserve requirements for
                eurocurrency liabilities) for eurodollar deposits for a period equal
                to
                one, two, three or six (or, if available to all Lenders, nine or
                twelve)
                months (as selected by the Borrower) appearing on Page 3750 of the
                Telerate screen.

            
	 	 
	
              Interest
                Payment Dates:

            	
              In
                the case of Loans bearing interest based upon the ABR (“ABR
                Loans”),
                quarterly in arrears.

            

    

     

      
        

      

    

    3  Canadian
      Dollar and Available Foreign Currency pricing to be discussed.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              In
                the case of Loans bearing interest based upon the Eurodollar Rate
                (“Eurodollar
                Loans”)
                on the last day of each relevant interest period and, in the case
                of any
                interest period longer than three months, on each successive date
                three
                months after the first day of such interest period.

            
	 	 
	
              Facility
                Fees:

            	
              The
                US Borrower shall pay a facility fee calculated at a rate per annum
                equal
                to 0.50% on the amount of commitments, whether or not drawn, of the
                Revolving Facility, payable quarterly in arrears. 

            
	 	 
	
              Letter
                of Credit Fees:

            	
              The
                US Borrower shall pay a fee on all outstanding Letters of Credit
                at a per
                annum rate equal to the Applicable Margin then in effect with respect
                to
                Eurodollar Loans under the Revolving Facility on the face amount
                of each
                such Letter of Credit. Such fee shall be shared ratably among the
                Lenders
                participating in the Revolving Facility and shall be payable quarterly
                in
                arrears.

            
	 	 
	 	
              A
                fronting fee equal to 0.125% per annum on the face amount of each
                Letter
                of Credit shall be payable quarterly in arrears to the Issuing Lender
                for
                its own account. In addition, customary administrative, issuance,
                amendment, payment and negotiation charges shall be payable to the
                Issuing
                Lender for its own account.

            
	 	 
	
              Default
                Rate:

            	
              At
                any time when any Borrower is in default in the payment of any amount
                of
                principal due under the Facilities, all outstanding Loans shall bear
                interest at 2% above the rate otherwise applicable thereto. Overdue
                interest, fees and other amounts shall bear interest at 2% above
                the rate
                applicable to ABR Loans.

            
	 	 
	
              Rate
                and Fee Basis:

            	
              All
                per annum rates shall be calculated on the basis of a year of
                360 days (or 365/366 days, in the case of ABR Loans the interest
                rate payable on which is then based on the Prime Rate) for actual
                days
                elapsed.

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	
              Annex
                II

              to
                Exhibit A

              FINANCIAL
                COVENANT DEFINITIONS4 

            

    

     

    “Consolidated
      EBITDA”:
      for
      any fiscal period, Consolidated Net Income for such period excluding (a)
      extraordinary gains and losses arising from the sale of material assets and
      other extraordinary and/or non-recurring gains and losses, (b) charges, premiums
      and expenses associated with the discharge of Indebtedness, (c) charges relating
      to FAS 106, (d) any non-cash deductions made in determining Consolidated Net
      Income for such period (other than any deductions which represent the accrual
      of
      or a reserve for the payment of cash charges in any future period), provided
      that cash payments made in any subsequent period in respect of any item for
      which any such non-cash deduction was excluded in a prior period shall be deemed
      to reduce Consolidated Net Income by such amount in such subsequent period,
      (e)
      license fees (and any write-offs thereof), (f) stock compensation expense and
      non-cash equity linked expense, (g) deferred financing fees (and any write-offs
      thereof), (h) write-offs of goodwill, (i) foreign exchange gains and losses,
      (j)
      miscellaneous income and expenses, (k) costs and expenses of the Transactions
      and (l) miscellaneous gains and losses arising from the sale of assets plus,
      to
      the extent deducted in determining Consolidated Net Income, the excess of (i)
      the sum of (A) Consolidated Interest Expense, (B) any expenses for taxes, (C)
      depreciation and amortization expense and (D) minority interests in income
      of
      Subsidiaries over (ii) net equity earnings in Affiliates (excluding
      Subsidiaries). Consolidated EBITDA for any fiscal period shall be determined
      pro
      forma for any entity acquired or disposed of (and the Interiors Business shall
      be deemed to be disposed of for so long as the existing disposition is pending)
      by the U.S. Borrower or any of its Subsidiaries during such period, and any
      related incurrences of or prepayments of Indebtedness, as though such events
      had
      occurred on the first day of such period. It is hereby understood and agreed
      that (i) restructuring, restructuring-related or other similar charges incurred
      by the U.S. Borrower and its Subsidiaries in an amount not to exceed $65,000,000
      in the aggregate for the third and fourth quarters of fiscal year 2006,
      $150,000,000 in each of 2007 and 2008, $100,000,000 in 2009 and $50,000,000
      in
      each of 2010 and 2011 (no separate baskets thereafter), with unused amounts
      in
      any year to be carried forward to subsequent years and (ii) charges incurred
      by
      the U.S. Borrower and its Subsidiaries in connection with (x) the lawsuit by
      Seton Company (for which a jury verdict was reached on May 25, 2005) in an
      amount not to exceed $22,000,000 and (y) a lawsuit by one of the U.S. Borrower’s
      European suppliers in an amount not to exceed $8,000,000, shall in each case
      be
      deemed to be non-recurring losses for purposes of calculating Consolidated
      EBITDA; provided, that with respect to the charges referred to in clause (ii)
      above, if at any later date all or a portion of such charges are reversed,
      Consolidated EBITDA shall be reduced by the amount by which such charges are
      reversed in the fiscal quarter in which such charges are reversed. For purposes
      of determining compliance with the financial covenants, any cash common equity
      contribution made to the US Borrower after the Closing Date and on or
      prior to the day that is 10 days after the day on which financial statements
      are
      required to be delivered for a fiscal quarter will, at the request of
      the US Borrower, be included in the calculation of Consolidated EBITDA for
      the purposes of determining compliance with financial covenants at the end
      of
      such fiscal quarter and applicable subsequent periods (any such equity
      contribution so included in the calculation of Consolidated EBITDA, a
“Specified
      Equity Contribution”),
      provided
      that (1)
      in each four fiscal quarter period, there shall be a period of at least two
      fiscal quarters in respect of which no Specified Equity Contribution is made,
      (2) the amount of any Specified Equity Contribution shall be no greater than
      the
      amount required to cause the US Borrower to be in compliance with the
      financial covenant and (3) all Specified Equity Contributions shall be
      disregarded for purposes of determining any baskets with respect to the
      covenants contained in the Facility Documents

     

      
        

      

    

    
      	4	 	
              Terms
                used in this Annex II but not defined in this Annex II or in Exhibit
                A
                shall have the meanings set forth for such terms in the Existing
                Credit
                Agreement.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Consolidated
      Indebtedness”:
      at a
      particular date (a) all Indebtedness of the U.S. Borrower and its Subsidiaries
      which would be included under indebtedness on a consolidated balance sheet
      of
      the U.S. Borrower and its Subsidiaries as at such date, determined in accordance
      with GAAP, less (b) any cash and Cash Equivalents of the U.S. Borrower and
      its
      Subsidiaries as at such date up to an aggregate principal amount not to exceed
      the sum of $700,000,000 plus, to the extent constituting cash and Cash
      Equivalents of the U.S. Borrower at such date, any amounts held in (or to the
      credit of) the Collateral Account and the 2008/2009 Collateral
      Account.

     

    “Consolidated
      Interest Expense”:
      for
      any fiscal period, the amount which would, in conformity with GAAP, be set
      forth
      opposite the caption “interest expense” (or any like caption) on a consolidated
      income statement of the U.S. Borrower and its Subsidiaries for such period
      and,
      to the extent not otherwise included in “interest expense,” any other discounts
      and expenses comparable to or in the nature of interest under any Receivable
      Financing Transaction; provided, that Consolidated Interest Expense for any
      period shall (a) exclude (i) fees payable in respect of such period under
      subsection 9.5 of this Agreement, (ii) any amortization or write-off of deferred
      financing fees during such period and (iii) premiums paid in connection with
      the
      discharge of Indebtedness and (b) include any interest income during such
      period.

     

    “Interest
      Coverage Ratio”:
      for
      any period, the ratio of (a) Consolidated EBITDA for such period to (b)
      Consolidated Interest Expense for such period.

     

    “Leverage
      Ratio”:
      for
      any date of determination the ratio of (i) Consolidated Indebtedness on such
      date of determination to (ii) Consolidated EBITDA for the four consecutive
      fiscal quarters most recently ended on or prior to such date of determination;
      provided that, if at any time the aggregate amount of Indebtedness associated
      with Receivable Financing Transactions exceeds $500,000,000, an amount equal
      to
      the excess over $500,000,000 shall be included in the determination of
“Consolidated Indebtedness”.

     

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

    

    CONDITIONS
      PRECEDENT

    

    The
      availability of the Facilities on the Closing Date shall be subject to the
      satisfaction of the following conditions precedent (capitalized terms used
      but
      not defined herein have the meanings given in the Commitment Letter or Exhibit
      A
      thereto, as applicable):

    

    1. The
      Acquisition shall have been consummated, or substantially simultaneously with
      (including immediately after) the initial borrowing under the Facilities, shall
      be consummated, in all material respects in accordance with the terms of the
      Merger Agreement in the form delivered to the Lead Arranger on February 8,
      2007,
      and no provision of the Merger Agreement shall have been waived (other than
      (A)
      the condition set forth in Section 6.2(d) and (B) the condition set forth in
      Section 6.2(a), but solely to the extent of a Subsequent Event Effect, as
      defined below) or amended by AcquisitionCo from the form referred to above
      in a
      manner that is material and adverse to the Lenders without the consent of the
      Lead Arranger. 

     

    2. Execution
      and delivery by AcquisitionCo and Holdings (with customary arrangements for
      assumption of obligations by the Company and its subsidiaries) of Facility
      Documents reasonably satisfactory to the Initial Lender and the Borrower (which
      each of the Initial Lender and Borrower agree to negotiate in good faith
      consistent with the terms of the Commitment Letter), and receipt of customary
      closing documents, including without limitation customary legal opinions by
      or
      on behalf of the Borrower, the Company and its subsidiaries by one or more
      of
      their counsel and customary certificate of AcquisitionCo or the Company by
      an
      officer thereof to the best of his or her knowledge regarding solvency of the
      Company and its subsidiaries on a consolidated basis.

     

    3. The
      Equity Contribution shall have been made, or substantially simultaneously with
      the initial borrowing under the Facilities, which to the extent constituting
      other than common equity interests shall be on terms and conditions and pursuant
      to documentation reasonably satisfactory to the Lead Arranger.

     

    4. On
      the
      Closing Date and substantially simultaneously with the borrowings under the
      Facility, (i) all indebtedness under the Existing Credit Agreement shall have
      been repaid in full and all liens on collateral securing the Existing Credit
      Agreement shall have been released (or arrangements for such release reasonably
      acceptable to the Lead Arranger shall have been made), all on terms and pursuant
      to documentation reasonably satisfactory to the Lead Arranger and (ii) either
      (A) the Tender Offer shall have been closed successfully (as described in the
      Commitment Letter) or (B) if no Tender Offer shall have been initiated or if
      such Tender Offer shall not have closed successfully, the Lead Arranger shall
      have received the Call Notices in form and substance sufficient to optionally
      redeem all indebtedness under the 2008 Indenture and the 2009 Indenture in
      the
      shortest periods permitted by such indentures.

     

    5. The
      Lead
      Arranger shall have received (i) audited consolidated balance sheets and related
      statements of income, stockholders’ equity and cash flows of the Company for the
      fiscal year ended December 31, 2006, (ii) unaudited consolidated balance sheets
      and related statements of income, stockholders’ equity and cash flows of the
      Company for each subsequent fiscal quarter ended at least 45 days before the
      Closing Date, (iii) a pro forma unaudited consolidated balance sheet and related
      pro forma unaudited consolidated statement of income of the Company as of and
      for the fiscal year ended December 31, 2006 and for any fiscal quarter referred
      to in clause (ii) above, in each case prepared after giving effect to the
      Transactions as if the Transactions had occurred as of such date or at the
      beginning of such period, as applicable and (iv) Projections for the Company
      for
      the years 2007 through 2010.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6. The
      satisfaction of the Lead Arranger that, from the date of the Commitment Letter
      and during the syndication of the Facilities, there shall be no competing issues
      of debt securities or commercial bank or other credit facilities of the
      Borrower, the Company or any of the Company’s subsidiaries being offered, placed
      or arranged, provided
      that the
      foregoing shall not prohibit (x) offerings, placements or arrangements by or
      on
      behalf of competing bidders, with or without the Company’s cooperation,
provided
      that the
      Company and its subsidiaries shall not cooperate with any such offerings,
      placements or arrangements except as provided for or contemplated by Section
      5.2
      of the Merger Agreement and (y) the replacement or refinancing of the facilities
      designated in clause (a) of “Negative Covenants” on Exhibit A of the Commitment
      Letter. 

     

    7. All
      fees
      and expenses required to be paid to the Commitment Parties and their affiliates
      pursuant to the terms of the Commitment Letter and under the Fee Letter and
      invoiced before the Closing Date shall have been paid in full.

     

    8. Subject
      to the last paragraph of this Exhibit B, all documents and instruments required
      to perfect the Administrative Agent’s security interest in the Collateral shall
      have been executed and delivered and, if applicable, be in proper form for
      filing, and none of the Collateral shall be subject to any other pledges,
      security interest or mortgages, except for the liens permitted under the
      Facility Documents.

     

    9. Subject
      to the last paragraph of this Exhibit B, the accuracy in all material respects
      of all representations and warranties in the Facility Documents, and there
      being
      no default or event of default in existence at the time of, or after giving
      effect to the making of, the extensions of credit on the Closing
      Date.

     

    Notwithstanding
      anything contained herein to the contrary, (a) the only representations (and
      consequential defaults) relating to the Company, its subsidiaries and their
      businesses the making of which shall be a condition to availability of the
      Facilities on the Closing Date shall be (i) such of the representations made
      by
      the Company in the Merger Agreement as are material to the interests of the
      Lenders (but excluding any representation (or consequential default), on and
      as
      of the Closing Date (as defined in the Merger Agreement)), set forth in any
      of
      Sections 3.5(d) or (e), 3.6, 3.9 through 3.18, 3.23, 3.25 or 3.26, to the extent
      that such failure to be true and correct (or consequential default) is solely
      as
      a result of any event, change, effect, development, condition or occurrence
      after the date of the Merger Agreement (a “Subsequent
      Event Effect”)),
      but
      only to the extent that you have the right to terminate your obligations under
      the Merger Agreement as a result of a breach of such representations in the
      Merger Agreement and (ii) the Specified Representations (as defined below)
      shall
      be true and correct in all material respects and (b) the terms of the Facility
      Documents shall be in a form such that they do not impair availability of the
      Facilities on the Closing Date if the conditions set forth in this Exhibit
      B are
      satisfied (it being understood that, to the extent any security interest in
      any
      Collateral (other than the pledge and perfection of the security interests
      (A)
      in the capital stock of domestic subsidiaries of the Borrower required to be
      pledged and (B) in other assets with respect to which a lien may be perfected
      by
      the filing of a financing statement under the Uniform Commercial Code) is not
      provided and/or perfected on the Closing Date after the Borrower’s use of
      commercially reasonable efforts to do so, the granting and/or perfection of
      a
      security interest in such Collateral shall not constitute a condition precedent
      to the availability of the Facilities on the Closing Date but shall be required
      to be delivered after the Closing Date pursuant to arrangements and timing
      to be
      mutually agreed). For purposes hereof, “Specified
      Representations”
means
      the representations and warranties of the Borrower set forth in the Term Sheet
      next to the caption “Representations and Warranties” relating to corporate
      existence, power and authority, the enforceability and non-contravention of
      the
      Facility Documents, Federal Reserve margin regulations and the Investment
      Company Act. If employees
      of the Commitment Parties obtain actual knowledge of facts in the course of
      the performance of their responsibilities related to the Facilities (and
      are not subject to a duty of confidentiality that precludes their sharing such
      information with senior officers of Bank of America responsible for
      the Facilities) that cause senior officers of the Bank of America
      to determine that there has been a breach of a representation described in
      clause (a)(i) above such that it believes that a condition to Bank of
      America’s commitment with respect to the Facilities will not be
      satisfied, Bank of America shall give reasonably prompt
      notice  of such determination to AcquisitionCo so that AcquisitionCo
      may determine the existence of the alleged breach by arbitration with
      the Company pursuant to the Merger Agreement.

     

    
      
        
        

      

      
        2

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