Document:

R&B Falcon Corporation

                                    as Issuer

                                   $87,112,000

                          9.125% Senior Notes due 2003

                                  $300,000,000

                           9.50% Senior Notes due 2008

                          First Supplemental Indenture

                          Dated as of February 14, 2002

                   To Indenture dated as of December 22, 1998

                              The Bank of New York

                                   as Trustee

<PAGE>
          FIRST  SUPPLEMENTAL  INDENTURE,  dated  as  of February 14, 2002 (this
"Supplemental  Indenture"),  between  R&B  Falcon  Corporation,  a  Delaware
corporation  (the  "Issuer"),  and  The  Bank  of  New  York,  as  trustee  (the
"Trustee").

          W I T N E S S E T H:

          WHEREAS,  the  Issuer  and  The  Chase  Manhattan  Bank,  National
Association,  as  a  predecessor  to  the  Trustee,  executed  and  delivered an
Indenture,  dated  as  of December 22, 1998 (the "Indenture"), providing for the
issuance  of  $100,000,000  principal  amount  of  9.125%  Notes  due  2003  and
$300,000,000  principal  amount  of  9.50% Notes due 2008; all capitalized terms
used  herein  and  not  defined  are  used  herein  as defined in the Indenture;

          WHEREAS, pursuant to Section 8.02 of the Indenture, the Issuer and the
Trustee  may amend or supplement the Indenture with respect to the Securities of
any  series  with  the written consent of the Holders of a majority in aggregate
principal  amount  of  the  outstanding  Securities  of  such  series;

          WHEREAS,  Transocean  Sedco  Forex  Inc.,  a  Cayman  Islands  company
("Transocean  Sedco  Forex"),  has  offered  to  exchange all of the outstanding
Securities  of  each  series,  upon  the terms and subject to the conditions set
forth  in  its  Prospectus and Consent Solicitation Statement, dated January 31,
2002,  and in the related Letter of Transmittal and Consent (each such offer, an
"Exchange  Offer");  in  connection  therewith  Transocean  Sedco Forex has been
soliciting  written  consents  of the Holders to the amendments to the Indenture
set  forth  herein  (and  to  the execution of this Supplemental Indenture), and
Transocean  Sedco  Forex has now obtained such written consents from the Holders
of  a  majority  in  aggregate principal amount of the outstanding Securities of
each  series;  accordingly,  this  Supplemental Indenture and the amendments set
forth  herein  are authorized pursuant to Section 8.02 of the Indenture referred
to  above;

          WHEREAS, the execution and delivery of this Supplemental Indenture has
been duly authorized by the parties hereto, and all other acts necessary to make
this  Supplemental  Indenture  a  valid  and binding supplement to the Indenture
effectively  amending  the  Indenture  as set forth herein have been duly taken;

          NOW,  THEREFORE,  THIS  INDENTURE  WITNESSETH,  that,  for  and  in
consideration  of  the above premises, it is mutually covenanted and agreed, for
the  equal  and  proportionate  benefit  of  all  Holders  of the Securities, as
follows:

          Section  1.     Amendments  to  the  Indenture.
                          ------------------------------

          Upon  consummation  of  the  exchange by Transocean Sedco Forex of all
Securities  of  a  series  validly  tendered pursuant to the applicable Exchange
Offer and not withdrawn prior to the expiration date for such Exchange Offer (as
notified  to  the Trustee by Transocean Sedco Forex, upon which notification the
Trustee  may  rely), then automatically (without further act by any person) with
respect  to  the Securities of such series: (a) Sections 3.03, 3.05, 3.06, 3.07,
3.09,  3.10,  3.11,  3.12, 3.13, 4.01 and 4.02 of the Indenture shall be deleted
and  the  Issuer  shall  be  released  from  its obligations thereunder, (b) any
failure  by the Issuer to comply with the terms of any of the foregoing Sections
of  the  Indenture  (whether  before or after the execution of this Supplemental
Indenture) shall no longer constitute a default or an Event of Default under the
Indenture and shall no longer have any other consequence under the Indenture and
(c)  Clauses  (4),  (5),  (6)  and (7) of Section 5.01 of the Indenture shall be
deleted  and the events described therein no longer constitute Events of Default
under  the  Indenture.  In  conjunction  with  the  amendments identified in the
immediately  preceding  sentence,  the  following  defined  terms  used  in  the
Indenture  shall  be deleted:  "Attributable Indebtedness"; "Consolidated EBITDA
Coverage  Ratio";  "Consolidated Net Income"; "Consolidated Net Worth"; "Hedging
Obligations";  "Incurrence";  "Indebtedness";  "Restricted  Subsidiary";
"Sale/Leaseback  Transactions";  and  "Suspended  Covenants".

          Section  2.     Ratification.
                          ------------

          Except  as  hereby expressly amended, the Indenture is in all respects
ratified  and  confirmed  and  all  the terms, provisions and conditions thereof
shall  be  and  remain  in  full  force  and  effect.

<PAGE>
          Section  3.     Governing  Law.
                          --------------

          THIS SUPPLEMENTAL INDENTURE, THE INDENTURE AS SUPPLEMENTED AND AMENDED
HEREBY AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH
THE  LAWS  OF  THE  STATE  OF  NEW  YORK.

          Section  4.     Counterpart  Originals.
                          ----------------------

          The  parties  may  sign  any  number  of  copies  of this Supplemental
Indenture.  Each  signed  copy  shall  be  an original, but all of them together
represent  the  same  agreement.  One  signed  copy  is  enough  to  prove  this
Supplemental  Indenture.

          Section  5.     The  Trustee.
                          ------------

          The  recitals  in  this  Supplemental  Indenture shall be taken as the
statements  of  the  Issuer  and the Trustee assumes no responsibility for their
correctness.  The  Trustee  shall  be  responsible  or accountable in any manner
whatsoever  for  or  with  respect  to  the  validly  or  sufficiency  of  this
Supplemental  Indenture.

          IN  WITNESS  WHEREOF, the parties hereto have caused this Supplemental
Indenture  to  be  duly  executed  as  of  the  date  first  written  above.

                                         R&B  Falcon  Corporation
                                         By:   /s/ GREGORY L. CAUTHEN
                                            ------------------------------------
                                            Name:  Gregory L. Cauthen
                                            Title: Vice President and  Treasurer

                                         The Bank of New York, as Trustee
                                         By:   /s/ REMO J. REALE
                                            ------------------------------------
                                            Name:  Remo J. Reale
                                            Title: Vice President

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

                            364-DAY CREDIT AGREEMENT

                                   DATED AS OF

                                DECEMBER 27, 2001

                                      AMONG

                          TRANSOCEAN SEDCO FOREX INC.,

                           THE LENDERS PARTIES HERETO,

                                 SUNTRUST BANK,
                            AS ADMINISTRATIVE AGENT,

             ABN AMRO BANK, N.V. AND THE ROYAL BANK OF SCOTLAND PLC,
                            AS CO-SYNDICATION AGENTS,

                            BANK OF AMERICA, N.A. AND
                  WELLS FARGO BANK TEXAS, NATIONAL ASSOCIATION,
                           AS CO-DOCUMENTATION AGENTS,

                                       AND

            THE BANK OF NOVA SCOTIA, CREDIT LYONNAIS NEW YORK BRANCH,
            HSBC BANK USA, AND WESTDEUTSCHE LANDESBANK GIROZENTRALE,
                                NEW YORK BRANCH,
                               AS MANAGING AGENTS

                   SUNTRUST ROBINSON HUMPHREY CAPITAL MARKETS,
                  A DIVISION OF SUNTRUST CAPITAL MARKETS, INC.,
                        AS LEAD ARRANGER AND BOOK RUNNER

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

<PAGE>
                            364-DAY CREDIT AGREEMENT
                            ------------------------

THIS 364-DAY CREDIT AGREEMENT (the "Agreement"), dated as of December 27, 2001,
among TRANSOCEAN SEDCO FOREX INC. (the "Borrower"), a Cayman Islands company,
the lenders from time to time parties hereto (each a "Lender" and collectively,
the "Lenders"), SUNTRUST BANK, a Georgia banking corporation ("STB"), as
administrative agent for the Lenders (in such capacities, the "Administrative
Agent"), ABN AMRO BANK, N.V. and THE ROYAL BANK OF SCOTLAND plc, as
co-syndication agents for the Lenders (in such capacities, the "Co-Syndication
Agents"), BANK OF AMERICA, N.A. and WELLS FARGO BANK TEXAS, NATIONAL
ASSOCIATION, as co-documentation agents for the Lenders (in such capacities, the
"Co-Documentation Agents"), THE BANK OF NOVA SCOTIA, CREDIT LYONNAIS NEW YORK
BRANCH, HSBC BANK USA, and WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK
BRANCH, as managing agents for the Lenders (in such capacities, the "Managing
Agents"), and STB, as issuing bank of the Letters of Credit hereunder (STB and
any other Lender that issues a Letter of Credit hereunder, in such capacity, an
"Issuing Bank").

                                   WITNESSETH:

     WHEREAS, the Borrower has requested that the Lenders establish in its favor
a  364-day  revolving  credit facility in the aggregate principal amount of U.S.
$250,000,000,  pursuant  to which facility revolving loans would be made to, and
letters  of  credit  would  be  issued  for  the  account  of,  the  Borrower;

     WHEREAS,  the Borrower has further requested that, at its option, revolving
loans  outstanding at the end of the initial revolving credit facility period up
to  an  aggregate  principal  amount  of $125,000,000 be converted to term loans
maturing  one  year  after  the  date  of  such  conversion;

     WHEREAS,  the  Lenders are willing to make such credit facilities available
to  the  Borrower  on  the  terms and subject to the conditions and requirements
hereinafter  set  forth;

     NOW,  THEREFORE,  in  consideration  of  the  premises  and  of  the mutual
covenants  herein  contained,  the  parties  hereto  agree  as  follows:

ARTICLE 1. DEFINITIONS; INTERPRETATION.

     Section  1.1.     Definitions.  Unless  otherwise  defined  herein,  the
                       -----------
following  terms  shall  have  the  following  meanings, which meanings shall be
equally  applicable  to  both  the  singular  and  plural  forms  of such terms:

     "Adjusted  LIBOR"  means, for any Borrowing of Eurocurrency Revolving Loans
or  Eurocurrency Term Loans for any Interest Period, a rate per annum determined
in  accordance  with  the  following  formula:

     Adjusted  LIBOR     =     LIBOR  Rate  for  such  Interest  Period
                               ----------------------------------------
                                1.00 - Statutory  Reserve  Rate

<PAGE>
     "Adjusted  LIBOR  Loan" means a Eurocurrency Revolving Loan or Eurocurrency
Term  Loan  bearing  interest  at  a rate based on Adjusted LIBOR as provided in
Section  2.8(b).

     "Administrative  Agent"  means  SunTrust  Bank,  acting  in its capacity as
administrative  agent  for  the  Lenders, and any successor Administrative Agent
appointed  hereunder  pursuant  to  Section  9.7.

     "Agreement"  means  this  364-Day  Credit  Agreement,  as  the  same may be
amended,  restated  and  supplemented  from  time  to  time.

     "Applicable  Facility  Fee Rate" means for any day, at such times as a debt
rating  (either express or implied) by S&P or Moody's (or in the event that both
cease  the  issuance of debt ratings generally, such other ratings agency agreed
to  by the Borrower and the Administrative Agent) is in effect on the Borrower's
non-credit  enhanced  senior  unsecured long-term debt, the percentage per annum
set  forth  opposite  such  debt  rating:

<TABLE>
<CAPTION>
     Debt Rating              Percentage
     -----------              ----------
<S>                           <C>
     A+/A1 or above           0.060%

     A/A2                     0.070%

     A-/A3                    0.080%

     BBB+/Baa1                0.100%

     BBB/Baa2                 0.125%

     BBB-/Baa3 or below       0.175%
</TABLE>

If  the  ratings  issued by S&P and Moody's differ (i) by one rating, the higher
rating  shall  apply  to determine the Applicable Facility Fee Rate, (ii) by two
ratings,  the  rating  which  falls  between  them  shall apply to determine the
Applicable  Facility  Fee  Rate,  or  (iii) by more than two ratings, the rating
immediately  above  the  lower  of  the two ratings shall apply to determine the
Applicable  Facility  Fee  Rate.  The  Borrower shall give written notice to the
Administrative  Agent  of any changes to such ratings, within three (3) Business
Days  thereof,  and  any  change  to  the  Applicable Facility Fee Rate shall be
effective  on  the  date of the relevant change.  Notwithstanding the foregoing,
(i) the Applicable Facility Fee Rate in effect at all times during the first six
months  after  the  Initial  Availability  Date shall in no event be less than a
percentage per annum equal to 0.100%, and (ii) if the Borrower shall at any time
fail  to have in effect such a debt rating on the Borrower's non-credit enhanced
senior  unsecured  long-term  debt,  the  Borrower shall seek and obtain (if not
already  in effect), within thirty (30) days after such debt rating first ceases
to be in effect, a corporate credit rating or a bank loan rating from Moody's or
S&P,  or both, and the Applicable Facility Fee Rate shall thereafter be based on
such  ratings  in

                                        2
<PAGE>
the  same  manner  as  provided  herein  with  respect  to the Borrower's senior
unsecured long-term debt rating (with the Applicable Facility Fee Rate in effect
prior  to the issuance of such corporate credit rating or bank loan rating being
the  same  as  the Applicable Facility Fee Rate in effect at the time the senior
unsecured  long-term  debt  rating  ceases  to  be  in  effect).

     "Applicable  Margin"  means,  for  any  day, at such times as a debt rating
(either  express  or implied) by S&P or Moody's (or in the event that both cease
the  issuance  of debt ratings generally, such other ratings agency agreed to by
the  Borrower  and  the  Administrative  Agent)  is  in effect on the Borrower's
non-credit  enhanced  senior  unsecured long-term debt, the percentage per annum
set  forth  opposite  such  debt  rating:

<TABLE>
<CAPTION>
     Debt Rating              Percentage
     -----------              ----------
<S>                           <C>
     A+/A1 or above           0.190%

     A/A2                     0.230%

     A-/A3                    0.320%

     BBB+/Baa1                0.475%

     BBB/Baa2                 0.600%

     BBB-/Baa3 or below       0.725%
</TABLE>

If  the  ratings  issued by S&P and Moody's differ (i) by one rating, the higher
rating  shall apply to determine the Applicable Margin, (ii) by two ratings, the
rating  which falls between them shall apply to determine the Applicable Margin,
or (iii) by more than two ratings, the rating immediately above the lower of the
two  ratings shall apply to determine the Applicable Margin.  The Borrower shall
give  written notice to the Administrative Agent of any changes to such ratings,
within  three (3) Business Days thereof, and any change to the Applicable Margin
shall  be  effective  on  the  date of the relevant change.  Notwithstanding the
foregoing, (i) the Applicable Margin in effect at all times during the first six
months  after  the  Initial  Availability  Date shall in no event be less than a
percentage per annum equal to 0.475%, and (ii) if the Borrower shall at any time
fail  to have in effect such a debt rating on the Borrower's non-credit enhanced
senior  unsecured  long-term  debt,  the  Borrower shall seek and obtain (if not
already  in effect), within thirty (30) days after such debt rating first ceases
to be in effect, a corporate credit rating or a bank loan rating from Moody's or
S&P,  or  both,  and  the  Applicable  Margin  shall thereafter be based on such
ratings  in  the  same  manner as provided herein with respect to the Borrower's
senior  unsecured  long-term  debt  rating (with the Applicable Margin in effect
prior  to the issuance of such corporate credit rating or bank loan rating being
the  same  as  the  Applicable Margin in effect at the time the senior unsecured
long-term  debt  rating  ceases  to  be  in  effect).

     "Applicable  Utilization  Fee  Rate"  means for any day, at such times as a
debt  rating (either express or implied) by S&P or Moody's (or in the event that
both  cease  the  issuance  of debt ratings generally, such other ratings agency
agreed  to  by  the  Borrower  and the

                                        3
<PAGE>
Administrative  Agent) is in effect on the Borrower's non-credit enhanced senior
unsecured  long-term debt, the percentage per annum set forth opposite such debt
rating:

<TABLE>
<CAPTION>
     Debt Rating              Percentage
     -----------              ----------
<S>                           <C>
     A+/A1 or above           0.075%

     A/A2                     0.100%

     A-/A3                    0.100%

     BBB+/Baa1                0.125%

     BBB/Baa2                 0.125%

     BBB-/Baa3 or below       0.150%
</TABLE>

If  the  ratings  issued by S&P and Moody's differ (i) by one rating, the higher
rating shall apply to determine the Applicable Utilization Fee Rate, (ii) by two
ratings,  the  rating  which  falls  between  them  shall apply to determine the
Applicable  Utilization  Fee Rate, or (iii) by more than two ratings, the rating
immediately  above  the  lower  of  the two ratings shall apply to determine the
Applicable  Utilization Fee Rate.  The Borrower shall give written notice to the
Administrative  Agent  of any changes to such ratings, within three (3) Business
Days  thereof,  and  any  change to the Applicable Utilization Fee Rate shall be
effective  on  the  date of the relevant change.  Notwithstanding the foregoing,
(i)  the Applicable Utilization Fee Rate in effect at all times during the first
six  months after the Initial Availability Date shall in no event be less than a
percentage per annum equal to 0.125%, and (ii) if the Borrower shall at any time
fail  to have in effect such a debt rating on the Borrower's non-credit enhanced
senior  unsecured  long-term  debt,  the  Borrower shall seek and obtain (if not
already  in effect), within thirty (30) days after such debt rating first ceases
to be in effect, a corporate credit rating or a bank loan rating from Moody's or
S&P,  or both, and the Applicable Utilization Fee Rate shall thereafter be based
on  such  ratings  in  the  same  manner  as provided herein with respect to the
Borrower's  senior  unsecured  long-term  debt  rating  (with  the  Applicable
Utilization  Fee  Rate  in effect prior to the issuance of such corporate credit
rating or bank loan rating being the same as the Applicable Utilization Fee Rate
in effect at the time the senior unsecured long-term debt rating ceases to be in
effect).

     "Application"  means  an  application  for a Letter of Credit as defined in
Section  2.14(b).

     "Assignment  Agreement"  means  an  agreement  in substantially the form of
Exhibit  10.10 whereby a Lender conveys part or all of its Commitment, Loans and
--------------
participations  in  Letters  of  Credit  to another Person that is, or thereupon
becomes,  a  Lender,  or  increases  its  Commitments,  outstanding  Loans  and
outstanding  participations  in  Letters  of  Credit, pursuant to Section 10.10.

     "Base Rate" means for any day the greater of:

                                        4
<PAGE>
          (i)  the  fluctuating  commercial  loan  rate  announced  by  the
Administrative  Agent from time to time at its Atlanta, Georgia office (or other
corresponding  office, in the case of any successor Administrative Agent) as its
prime rate or base rate for U.S. Dollar loans in the United States of America in
effect  on  such day (which base rate may not be the lowest rate charged by such
Lender  on  loans  to  any  of  its customers), with any change in the Base Rate
resulting  from  a  change in such announced rate to be effective on the date of
the  relevant  change;  and

          (ii) the sum of (x) the rate per annum (rounded upwards, if necessary,
to  the  nearest  1/16th  of  1%)  equal to the weighted average of the rates on
overnight  federal funds transactions with members of the Federal Reserve System
arranged  by  federal  funds  brokers  on  such day, as published by the Federal
Reserve Bank of New York on the next Business Day, provided that (A) if such day
is  not  a  Business  Day,  the  rate  on  such  transactions on the immediately
preceding Business Day as so published on the next Business Day shall apply, and
(B)  if  no  such rate is published on such next Business Day, the rate for such
day shall be the average of the offered rates quoted to the Administrative Agent
by  two  (2)  federal  funds brokers of recognized standing on such day for such
transactions  as selected by the Administrative Agent, plus (y) a percentage per
annum  equal  to  one-half  of  one  percent  (1/2%)  per  annum.

     "Base Rate Loan" means a Revolving Loan or Term Loan bearing interest prior
to  maturity  at  the  rate  specified  in  Section  2.8(a).

     "Borrower" means Transocean Sedco Forex Inc., a company organized under the
laws  of  the  Cayman  Islands,  and  its  successors.

     "Borrowing"  means  any  extension  of  credit of the same Type made by the
Lenders  on the same date by way of Revolving Loans, a Competitive Loan or group
of Competitive Loans having a single Interest Period, a Letter of Credit, or, if
the  Borrower  exercises  the  Term  Loan  Option, the Term Loans, including any
Borrowing  advanced,  continued  or converted.  A Borrowing is "advanced" on the
day  the  Lenders  advance  funds comprising such Borrowing to the Borrower or a
Letter  of  Credit is issued, increased or extended, is "continued" (in the case
of  Eurocurrency  Revolving  Loans or Eurocurrency Term Loans) on the date a new
Interest Period commences for such Borrowing, and is "converted" (in the case of
Eurocurrency  Revolving Loans or Eurocurrency Term Loans) when such Borrowing is
changed  from  one  Type  of Loan to the other, all as requested by the Borrower
pursuant  to  Section  2.4.

     "Business Day" means any day other than a Saturday or Sunday on which banks
are  not  authorized  or  required to close in Atlanta, Georgia or New York, New
York  and, if the applicable Business Day relates to the advance or continuation
of,  conversion  into,  or  payment  on  a Eurocurrency Borrowing or Competitive
Borrowing,  on  which  banks  are  dealing  in  Dollar deposits in the interbank
eurodollar  market  in  London,  England.

     "Capitalized Lease Obligations" means, for any Person, the aggregate amount
of  such  Person's liabilities under all leases of real or personal property (or
any  interest  therein) which is required to be capitalized on the balance sheet
of  such  Person  as  determined  in  accordance  with  GAAP.

                                        5
<PAGE>
     "Cash  Equivalents"  means  (i)  securities  issued  or  directly and fully
guaranteed  or  insured  by  the  United  States  of  America  or  any agency or
instrumentality  thereof  having  maturities of not more than twelve (12) months
from  the  date  of acquisition, (ii) time deposits and certificates of deposits
maturing  within  one  year  from  the date of acquisition thereof or repurchase
agreements with financial institutions whose short-term unsecured debt rating is
A  or  above  as  obtained from either S&P or Moody's, (iii) commercial paper or
Eurocommercial  paper  with  a  rating of at least A-1 by S&P or at least P-1 by
Moody's,  with  maturities  of not more than twelve (12) months from the date of
acquisition,  (iv)  repurchase  obligations entered into with any Lender, or any
other  Person whose short-term senior unsecured debt rating from S&P is at least
A-1  or  from  Moody's  is  at least P-1, which are secured by a fully perfected
security interest in any obligation of the type described in (i) above and has a
market  value  of the time such repurchase is entered into of not less than 100%
of the repurchase obligation of such Lender or such other Person thereunder, (v)
marketable  direct  obligations  issued  by  any  state  of the United States of
America  or  any  political  subdivision  of  any  such  state  or  any  public
instrumentality  thereof  maturing  within  twelve  (12) months from the date of
acquisition  thereof  or  providing  for  the  resetting  of  the  interest rate
applicable thereto not less often than annually and, at the time of acquisition,
having one of the two highest ratings obtainable from either S&P or Moody's, and
(vi)  money  market funds which have at least $1,000,000,000 in assets and which
invest primarily in securities of the types described in clauses (i) through (v)
above.

     "Class", when used in reference to any Loan or Borrowing, refers to whether
such  Loan,  or  the  Loans  comprising  such  Borrowing,  are  Revolving Loans,
Competitive  Loans,  or  Term  Loans.

     "Code"  means  the  Internal  Revenue  Code  of  1986,  as  amended.

     "Co-Documentation  Agents"  means,  collectively, Bank of America, N.A. and
Wells  Fargo  Bank  Texas,  National  Association,  in  their  capacities  as
co-documentation  agents  for  the  Lenders,  and any successor Co-Documentation
Agents  appointed  pursuant  to  Section  9.7;  provided,  however, that no such
Co-Documentation  Agent  shall have any duties, responsibilities, or obligations
hereunder  in  such  capacity.

     "Co-Syndication  Agents"  shall mean ABN AMRO Bank, N.V. and The Royal Bank
of  Scotland  plc,  acting  in their capacities as co-syndication agents for the
Lenders, and any successor Co-Syndication Agents appointed hereunder pursuant to
Section  9.7;  provided,  however, that no such Co-Syndication Agents shall have
any  duties,  responsibilities,  or  obligations  hereunder  in  such  capacity.

     "Collateral"  means  all  property  and assets of the Borrower in which the
Administrative  Agent  or the Collateral Agent is granted a Lien for the benefit
of  the  Lenders  under  the  terms  of  Section  7.4.

     "Collateral  Account"  means  the  cash  collateral account for outstanding
undrawn  Letters  of  Credit  defined  in  Section  7.4(b).

                                        6
<PAGE>
     "Collateral Agent" means STB acting in its capacity as collateral agent for
the  Lenders, and any successor collateral agent appointed hereunder pursuant to
Section  9.7.

     "Commitment"  means,  relative  to any Lender, such Lender's obligations to
make  Revolving  Loans and participate in Letters of Credit pursuant to Sections
2.1  and  2.14,  initially  in  the amount and percentage set forth opposite its
signature  hereto  or  pursuant  to  Section  10.10,  as such obligations may be
reduced  or  increased  from time to time as expressly provided pursuant to this
Agreement.

     "Commitment  Termination Date" means the earliest of (i) December 26, 2002,
or  such  later  date  to  which  the Commitments have been extended pursuant to
Section  2.16,  (ii) the date on which the Commitments are terminated in full or
reduced  to zero pursuant to Section 2.15, and (iii) the occurrence of any Event
of  Default  described  in Section 7.1(f) or (g) with respect to the Borrower or
the  occurrence and continuance of any other Event of Default and either (x) the
declaration  of  the Loans to be due and payable pursuant to Section 7.2, or (y)
in  the  absence  of  such  declaration,  the  giving  of  written notice by the
Administrative  Agent,  acting  at the direction of the Required Lenders, to the
Borrower  pursuant  to  Section  7.2  that the Commitments have been terminated.

     "Competitive  Bid" means an offer by a Lender to make a Competitive Loan in
accordance  with  Section  2.5.

     Competitive  Bid  Rate"  means,  with  respect  to any Competitive Bid, the
Competitive  Margin or the Competitive Fixed Rate, as applicable, offered by the
Lender  making  such  Competitive  Bid.

     "Competitive  Bid  Request" means a request by the Borrower for Competitive
Bids  in  accordance  with  Section  2.5.

     "Competitive Borrowing" means a Borrowing of a Competitive Loan or group of
Competitive  Loans  pursuant  to  Section  2.5.

     "Competitive Fixed Rate" means, with respect to any Competitive Loan (other
than  a Competitive Margin Loan), the fixed rate of interest per annum specified
by  the  Lender  making  such  Competitive  Loan in its related Competitive Bid.

     "Competitive  Fixed Rate Loan" means a Competitive Loan bearing interest at
a  Competitive  Fixed  Rate.

     "Competitive  Loan"  means a Competitive Margin Loan or a Competitive Fixed
Rate  Loan  made  pursuant  to  Section  2.5.

     "Competitive  Margin"  means,  with respect to any Competitive Loan bearing
interest  at  a  rate based on the LIBOR Rate, the marginal rate of interest, if
any,  to  be added to or subtracted from the LIBOR Rate to determine the rate of
interest applicable to such Loan, as specified by the Lender making such Loan in
its  related  Competitive  Bid.

                                        7
<PAGE>
     "Competitive  Margin  Loan"  means  a  Competitive  Loan  bearing  interest
determined  by  reference  to  the  LIBOR  Rate  and  a  Competitive  Margin.

     "Compliance Certificate" means a certificate in the form of Exhibit 6.6.
                                                                 -----------

     "Confidential Information Memorandum" shall mean the Confidential Executive
Summary  of  the  Borrower  dated  November  2001,  as  the same may be amended,
restated and supplemented from time to time and distributed to the Lenders prior
to  the  Effective  Date.

     "Consolidated  EBITDA"  means,  for  any  period,  for the Borrower and its
Subsidiaries,  the  sum  of  (a)  net  income  or  net loss (before discontinued
operations  and income or loss resulting from extraordinary items), plus (b) the
sum  of  (i)  Consolidated  Interest  Expense,  (ii)  income  tax expense, (iii)
depreciation expense, (iv) amortization expense, and (v) other non-cash charges,
all  determined in accordance with GAAP on a consolidated basis for the Borrower
and  its  Subsidiaries  (excluding, in the case of the foregoing clauses (a) and
(b),  any  net  income or net loss and expenses and charges of any SPVs or other
Persons that are not Subsidiaries), plus (c) dividends or distributions received
during  such period by the Borrower and its Subsidiaries from SPVs and any other
Persons  that are not Subsidiaries.  For purposes of the foregoing, Consolidated
EBITDA  for the Borrower and its Subsidiaries shall not include any such amounts
attributable  to  any  Subsidiary or business acquired during such period by the
Borrower or any Subsidiary to the extent such amounts relate to any period prior
to  the  acquisition  thereof.

     "Consolidated  Indebtedness" means all Indebtedness of the Borrower and its
Subsidiaries  that  would  be  reflected on a consolidated balance sheet of such
Persons  prepared  in  accordance  with  GAAP.

     "Consolidated  Indebtedness  to  Total  Capitalization Ratio" means, at any
time,  the  ratio  of  Consolidated  Indebtedness  at  such  time  to  Total
Capitalization  at  such  time.

     "Consolidated  Interest  Expense"  means,  for  any  period, total interest
expense  of  the  Borrower and its Subsidiaries on a consolidated basis for such
period,  in  connection  with Indebtedness, all as determined in accordance with
GAAP,  but  excluding  capitalized  interest  expense  and  interest  expense
attributable  to  expected  federal  income tax settlements. For purposes of the
foregoing,  Consolidated  Interest Expense for the Borrower and its Subsidiaries
shall  not  include  any such interest expense attributable to any Subsidiary or
business  acquired  during  such period by the Borrower or any Subsidiary to the
extent  such  interest  expense  relates  to any period prior to the acquisition
thereof.

     "Consolidated Net Assets" means, as of any date of determination, an amount
equal  to  the  aggregate  book  value  of  the  assets  of  the  Borrower,  its
Subsidiaries  and,  to the extent of the equity interest of the Borrower and its
Subsidiaries  therein,  SPVs  at such time, minus the current liabilities of the
Borrower  and  its  Subsidiaries,  all  as determined on a consolidated basis in
accordance  with  GAAP.

                                        8
<PAGE>
     "Consolidated  Net  Worth"  means,  as  of  any  date  of  determination,
consolidated shareholders equity of the Borrower and its Subsidiaries determined
in  accordance with GAAP (but excluding the effect on shareholders equity of (i)
cumulative  foreign exchange translation adjustments and (ii) any non-cash asset
impairment  charges  taken by the Borrower solely as a result of the application
to  the  Borrower's financial statements of Financial Accounting Standards Board
Statement  No.  142).  For  purposes of this definition, SPVs shall be accounted
for  pursuant  to  the  equity  method  of  accounting.

     "Controlling  Affiliate"  means for the Borrower, (i) any other Person that
directly  or indirectly through one or more intermediaries controls, or is under
common  control  with,  the  Borrower  (other  than  Persons  controlled  by the
Borrower),  and  (ii)  any  other  Person owning beneficially or controlling ten
percent  (10%) or more of the equity interests in the Borrower.  As used in this
definition,  "control"  means  the  power,  directly or indirectly, to direct or
cause  the direction of management or policies of a Person (through ownership of
voting  securities  or  other  equity  interests,  by  contract  or  otherwise).

     "Credit  Documents"  means this Agreement, the Notes, the Applications, the
Letters  of  Credit,  and any Subsidiary Guaranties in effect from time to time.

     "Default"  means any event or condition the occurrence of which would, with
the  passage  of  time  or the giving of notice, or both, constitute an Event of
Default.

     "Dollar" and "U.S. Dollar" and the sign "$" mean lawful money of the United
States  of  America.

     "Effective  Date"  means  the date this Agreement shall become effective as
defined  in  Section  10.16.

     "Environmental  Claims"  means  any  and  all administrative, regulatory or
judicial  actions,  suits,  demands,  demand  letters, claims, liens, notices of
non-compliance  or  violation,  investigations  or  proceedings  relating to any
Environmental  Law  ("Claims") or any permit issued under any Environmental Law,
including,  without  limitation,  (i)  any  and  all  Claims  by governmental or
regulatory  authorities for enforcement, cleanup, removal, response, remedial or
other  actions or damages pursuant to any applicable Environmental Law, and (ii)
any  and  all  Claims  by  any  third  party  seeking  damages,  contribution,
indemnification, cost recovery, compensation or injunctive relief resulting from
Hazardous  Materials  or  arising from alleged injury or threat of injury to the
environment.

     "Environmental  Law"  means any federal, state or local statute, law, rule,
regulation,  ordinance,  code,  policy or rule of common law now or hereafter in
effect,  including  any  judicial  or  administrative  order, consent, decree or
judgment,  relating  to  the  environment.

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

     "Eurocurrency",  when used in reference to any Loan or Borrowing, refers to
whether  such  Loan, or the Loans comprising such Borrowing, shall bear interest
at  a  rate  determined  by

                                        9
<PAGE>
reference  to  (i)  in the case of a Revolving Loan or Revolving Borrowing, or a
Term  Loan  or Term Loan Borrowing, Adjusted LIBOR and the Applicable Margin, or
(ii)  in the case of a Competitive Loan or Competitive Borrowing, the LIBOR Rate
and  the  Competitive  Margin.

     "Eurocurrency  Loan" means a Eurocurrency Revolving Loan, Eurocurrency Term
Loan,  or  a  Competitive  Margin  Loan,  as  the  case  may  be.

     "Eurocurrency  Revolving  Loan"  means  a  Revolving  Loan bearing interest
before  maturity  at  the  rate  specified  in  Section  2.8(b).

     "Eurocurrency Term Loan" means a Term Loan bearing interest before maturity
at  the  rate  specified  in  Section  2.8(b).

     "Event  of  Default"  means any of the events or circumstances specified in
Section  7.1.

     "Existing  364-Day  Revolving  Credit  Facility"  means  the 364-Day Credit
Agreement dated as of December 29, 2000, among the Borrower, the lenders parties
thereto,  SunTrust  Bank,  as  Administrative  Agent,  ABN  AMRO  Bank, N.V., as
Syndication  Agent,  Bank  of  America,  N.A., as Documentation Agent, and Wells
Fargo  Bank  Texas,  National  Association,  as  Senior  Managing  Agent.

     "Five-Year  Credit  Agreement"  means  the  Credit  Agreement  dated  as of
December  29,  2000,  among the Borrower, the Lenders, the Administrative Agent,
the Syndication Agent, the Documentation Agent and the Senior Managing Agent, as
the  same  may  be  amended,  supplemented  and  restated  from  time  to  time.

     "Foreign Plan" means any pension, profit sharing, deferred compensation, or
other  employee  benefit  plan, program or arrangement maintained by any foreign
Subsidiary  of the Borrower which, under applicable local law, is required to be
funded  through  a  trust  or  other  funding vehicle, but shall not include any
benefit  provided  by  a  foreign  government  or  its  agencies.

     "GAAP"  means generally accepted accounting principles from time to time in
effect  as  set  forth  in  the  opinions  and  pronouncements of the Accounting
Principles  Board  of the American Institute of Certified Public Accountants and
the statements and pronouncements of the Financial Accounting Standards Board or
in  such  other  statements, opinions and pronouncements by such other entity as
may  be  approved  by  a  significant segment of the U.S. accounting profession.

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

                                       10
<PAGE>
     "Guarantor"  means  any  Subsidiary of the Borrower required to execute and
deliver  a  Subsidiary Guaranty hereunder pursuant to Section 6.11, in each case
unless  and  until  the  relevant  Subsidiary  Guaranty  is released pursuant to
Section  6.11.

     "Guaranty"  by  any  Person  means  all contractual obligations (other than
endorsements  in  the  ordinary course of business of negotiable instruments for
deposit  or  collection  or  similar  transactions  in  the  ordinary  course of
business)  of such Person guaranteeing any Indebtedness of any other Person (the
"primary  obligor")  in  any  manner, whether directly or indirectly, including,
without limitation, all obligations incurred through an agreement, contingent or
otherwise,  by such Person: (i) to purchase such Indebtedness or to purchase any
property  or assets constituting security therefor, primarily for the purpose of
assuring the owner of such Indebtedness of the ability of the primary obligor to
make  payment  of  such Indebtedness; or (ii) to advance or supply funds (x) for
the purchase or payment of such Indebtedness, or (y) to maintain working capital
or  other  balance  sheet  condition,  or otherwise to advance or make available
funds  for  the purchase or payment of such Indebtedness, in each case primarily
for the purpose of assuring the owner of such Indebtedness of the ability of the
primary  obligor  to  make  payment  of  such  Indebtedness;  or  (iii) to lease
property,  or  to  purchase  securities  or  other  property or services, of the
primary  obligor,  primarily  for  the  purpose  of  assuring  the owner of such
Indebtedness  of  the  ability  of  the  primary obligor to make payment of such
Indebtedness;  or (iv) otherwise to assure the owner of such Indebtedness of the
primary  obligor  against  loss  in  respect  thereof.  For  the  purpose of all
computations  made  under this Agreement, the amount of a Guaranty in respect of
any  Indebtedness  shall be deemed to be equal to the amount that would apply if
such  Indebtedness  was  the  direct  obligation  of such Person rather than the
primary  obligor  or, if less, the maximum aggregate potential liability of such
Person  under  the  terms  of  the  Guaranty.

     "Hazardous  Material"  shall  have the meaning assigned to that term in the
Comprehensive  Environmental Response Compensation and Liability Act of 1980, as
amended  by the Superfund Amendments and Reauthorization Acts of 1986, and shall
also  include  petroleum,  including  crude  oil or any fraction thereof, or any
other  substance defined as "hazardous" or "toxic" or words with similar meaning
and  effect under any Environmental Law applicable to the Borrower or any of its
Subsidiaries.

     "Highest  Lawful Rate" means the maximum nonusurious interest rate, if any,
that  any  time  or  from  time  to time may be contracted for, taken, reserved,
charged  or  received  on any Loans, under laws applicable to any of the Lenders
which are presently in effect or, to the extent allowed by applicable law, under
such  laws  which  may  hereafter  be in effect and which allow a higher maximum
nonusurious  interest rate than applicable laws now allow.  Determination of the
rate  of  interest for the purpose of determining whether any Loans are usurious
under  all  applicable  laws shall be made by amortizing, prorating, allocating,
and  spreading,  in equal parts during the period of the full stated term of the
Loans,  all  interest  at  any  time contracted for, taken, reserved, charged or
received  from  the  Borrower  in  connection  with  the  Loans.

     "Indebtedness"  means,  for  any  Person, the following obligations of such
Person, without duplication:  (i) obligations of such Person for borrowed money;
(ii)  obligations  of  such  Person  representing the deferred purchase price of
property or services other than accounts payable and

                                       11
<PAGE>
accrued  liabilities  arising  in the ordinary course of business and other than
amounts  which  are  being  contested  in  good  faith and for which reserves in
conformity  with  GAAP  have  been  provided;  (iii)  obligations of such Person
evidenced  by  bonds,  notes,  bankers  acceptances, debentures or other similar
instruments  of  such  Person,  or  obligations  of such Person arising, whether
absolute  or  contingent,  out  of  letters  of  credit issued for such Person's
account  or  pursuant  to  such Person's application securing Indebtedness; (iv)
obligations  of  other  Persons, whether or not assumed, secured by Liens (other
than Permitted Liens) upon property or payable out of the proceeds or production
from property now or hereafter owned or acquired by such Person, but only to the
extent  of  such property's fair market value; (v) Capitalized Lease Obligations
of  such Person; (vi) obligations under Interest Rate Protection Agreements, and
(vii)  obligations of such Person pursuant to a Guaranty of any of the foregoing
obligations  of  another  Person;  provided, however, Indebtedness shall exclude
Non-recourse  Debt.  For  purposes  of  this  Agreement, the Indebtedness of any
Person shall include the Indebtedness of any partnership or joint venture to the
extent  such  Indebtedness  is  recourse  to  such  Person.

     "Initial  Availability  Date"  means  the  date  on  which  the  conditions
specified  in  Section  4.1  are satisfied (or waived in accordance with Section
10.11).

     "Interest  Coverage  Ratio" means, as of the end of any fiscal quarter, the
ratio  of (i) Consolidated EBITDA for the four fiscal quarter period then ended,
minus  all cash dividends paid to shareholders of the Borrower, or to holders of
preferred  shares or other preferred equity interests issued by any Subsidiaries
of the Borrower where such holders are Persons other than the Borrower or any of
its  Subsidiaries,  during  such four fiscal quarter period, and all cash income
taxes paid during such four fiscal quarter period, to (ii) Consolidated Interest
Expense  for  the  four  fiscal  quarter  period  then  ended.

     "Interest  Payment  Date" means (a) with respect to any Base Rate Loan, the
last  day  of  each March, June, September and December, (b) with respect to any
Eurocurrency  Loan,  the  last  day  of  the  Interest  Period applicable to the
Borrowing  of  which  such  Loan  is  a  part and, in the case of a Eurocurrency
Borrowing  with an Interest Period of more than three months' duration, each day
prior  to the last day of such Interest Period that occurs at intervals of three
months'  duration  after  the  first  day  of such Interest Period, and (c) with
respect  to any Competitive Fixed Rate Loan, the last day of the Interest Period
applicable  to  the Borrowing of which such Loan is a part and, in the case of a
Competitive  Fixed  Rate Borrowing with an Interest Period of more than 90 days'
duration (unless otherwise specified in the applicable Competitive Bid Request),
each  day prior to the last day of such Interest Period that occurs at intervals
of  90 days' duration after the first day of such Interest Period, and any other
dates  that  are specified in the applicable Competitive Bid Request as Interest
Payment  Dates  with  respect  to  such  Borrowing.

     "Interest Period" means (a) with respect to any Eurocurrency Borrowing, the
period  commencing  on  the date of such Borrowing and ending (x) in the case of
weekly  Borrowings,  on  the  same  day  of  the  next  following week or second
following  week  thereafter,  and  (y) in the case of monthly Borrowings, on the
numerically  corresponding  day in the calendar month that is one, two, three or
six  months thereafter (or with the consent of each Lender making a Loan as part
of  such  Borrowing,  any other period), in each case as the Borrower may elect,
and  (b) with respect to any Competitive Fixed Rate Borrowing, the period (which
shall  not  be less than 7 days or

                                       12
<PAGE>
more  than  360 days) commencing on the date of such Borrowing and ending on the
date  specified  in the applicable Competitive Bid Request. For purposes hereof,
the  date  of a Borrowing initially shall be the date on which such Borrowing is
made  and,  in  the  case  of  a  Revolving  Borrowing,  thereafter shall be the
effective  date of the most recent conversion or continuation of such Borrowing.

     "Interest  Rate  Protection  Agreement"  shall mean any interest rate swap,
interest  rate  cap,  interest  rate  collar,  or  other  interest  rate hedging
agreement  or  arrangement  designed to protect against fluctuations in interest
rates.

     "Issuing Bank" is defined in the preamble.

     "L/C  Documents"  means  the  Letters  of Credit, any Issuance Requests and
Applications  with  respect  thereto,  any  draft or other document presented in
connection  with  a  drawing  thereunder,  and  this  Agreement.

     "L/C Obligations" means the undrawn face amounts of all outstanding Letters
of  Credit  and  all  unpaid  Reimbursement  Obligations.

     "Lead  Arranger" means SunTrust Equitable Securities Corporation, acting in
its  capacity  as  lead  arranger  and  book  runner  for  the credit facilities
described  in  this  Agreement.

     "Lender"  is  defined  in  the  preamble.

     "Lending  Office"  means  the  branch,  office  or  affiliate  of  a Lender
specified  on  the  appropriate signature page hereof, or designated pursuant to
Sections  8.4  or  10.10,  as  the  office  through which it will make its Loans
hereunder  for  each  type  of  Loan  available  hereunder.

     "Letter  of  Credit" means any of the letters of credit to be issued by the
Issuing  Bank  for  the  account  of  the  Borrower pursuant to Section 2.14(a).

     "LIBOR  Rate"  means, relative to any Interest Period for each Eurocurrency
Borrowing,  the  rate  per  annum quoted at or about 11:00 a.m. (London, England
time)  two Business Days before the commencement of such Interest Period on that
page  of  the  Reuters,  Telerate or Bloombergs reporting service (as then being
used  by  the  Administrative  Agent  to  obtain such interest rate quotes) that
displays  British Bankers' Association interest settlement rates for deposits in
Dollars, or if such page or such service shall cease to be available, such other
page or other service (as the case may be) for the purpose of displaying British
Bankers'  Association  interest settlement rates as reasonably determined by the
Administrative  Agent upon advising the Borrower as to the use of any such other
service.  If  for any reason any such settlement interest rate for such Interest
Period  is  not  available to the Administrative Agent through any such interest
rate  reporting service, then the "LIBOR Rate" with respect to such Eurocurrency
Borrowing will be the rate at which the Administrative Agent is offered deposits
in  Dollars  of  $5,000,000  for  a  period approximately equal to such Interest
Period in the London interbank market at 10:00 a.m. two Business Days before the
commencement  of  such  Interest  Period.

                                       13
<PAGE>
     "Lien"  means  any  interest  in any property or asset in favor of a Person
other  than  the owner of such property or asset and securing an obligation owed
to,  or  a  claim  by, such Person, whether such interest is based on the common
law,  statute  or contract, including, but not limited to, the security interest
lien  arising  from  a mortgage, encumbrance, pledge, conditional sale, security
agreement  or  trust  receipt,  or a lease, consignment or bailment for security
purposes.

     "Loan"  means  (i)  a  Base  Rate Loan, (ii) a Eurocurrency Revolving Loan,
(iii)  a  Competitive  Margin Loan, (iv) a Competitive Fixed Rate Loan, or (v) a
Eurocurrency Term Loan, as the case may be, and "Loans" means two or more of any
such  Loans.

     "Managing  Agents"  means,  collectively,  The  Bank of Nova Scotia, Credit
Lyonnais  New  York  Branch,  HSBC  Bank  USA,  and  Westdeutsche  Landesbank
Girozentrale,  New  York  Branch, in their capacities as managing agents for the
Lenders,  and  any  successor Managing Agents appointed pursuant to Section 9.7;
provided,  however,  that  no  such  Managing  Agent  shall  have  any  duties,
responsibilities,  or  obligations  hereunder  in  such  capacity.

     "Material  Adverse  Effect"  means  a  material  adverse  effect on (i) the
business,  assets,  operations or condition of the Borrower and its Subsidiaries
taken  as  a whole, or (ii) the Borrower's ability to perform any of its payment
obligations  under  the  Agreement or the Notes, or in respect of the Letters of
Credit.

     "Maturity  Date"  means  the earlier of (i) the Commitment Termination Date
or,  if  the Borrower has exercised the Term Loan Option, December 26, 2003, and
(ii) the date on which the Loans have become due and payable pursuant to Section
7.2  or  7.3.

     "Moody's"  means Moody's Investors Service, Inc., or any successor thereto.

     "Non-recourse  Debt"  means  with  respect to any Person (i) obligations of
such  Person  against which the obligee has no recourse to such Person except as
to  certain  named  or  described  present or future assets or interests of such
Person,  and  (ii) the obligations of SPVs to the extent the obligee thereof has
no  recourse  to  the  Borrower or any of its Subsidiaries, except as to certain
specified  present  or  future  assets  or  interests  of  SPVs.

     "Note" means any of the promissory notes of the Borrower defined in Section
2.10.

     "Obligations"  means all obligations of the Borrower to pay fees, costs and
expenses  hereunder,  to  pay  principal  or interest on Loans and Reimbursement
Obligations  and to pay any other obligations to the Administrative Agent or any
Lender  or  Issuing  Bank  arising  under  any  Credit  Document.

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

     "Percentage"  means,  for  each  Lender,  the percentage of the Commitments
represented  by such Lender's Commitment; provided, that, if the Commitments are
terminated,  each Lender's Percentage shall be calculated based on such Lender's
pro rata share of the total Loans and L/C Obligations then outstanding or, if no
Loans  or  L/C  Obligations  are  then  outstanding,  its

                                       14
<PAGE>
Commitment  in  effect  immediately  before  such  termination,  subject  to any
assignments  by  such  Lender  of  Obligations  pursuant  to  Section  10.10.

     "Performance Guaranties" means all Guaranties of the Borrower or any of its
Subsidiaries  delivered  in  connection with the construction financing of drill
ships,  offshore  mobile drilling units or offshore drilling rigs for which firm
drilling  contracts  have been obtained by the Borrower, any of its Subsidiaries
or  a  SPV.

     "Performance Letters of Credit" means all letters of credit for the account
of the Borrower, any Subsidiary or a SPV issued as support for Non-recourse Debt
or  a  Performance  Guaranty.

     "Permitted  Business" has the meaning ascribed to such term in Section 6.8.

     "Permitted  Liens"  means the Liens permitted as described in Section 6.10.

     "Person"  means  an individual, partnership, corporation, limited liability
company,  association, trust, unincorporated organization or any other entity or
organization,  including  a  government  or  any agency or political subdivision
thereof.

     "Plan"  means an employee pension benefit plan covered by Title IV of ERISA
or  subject  to the minimum funding standards under Section 412 of the Code that
is  either  (i)  maintained  by the Borrower or any of its Subsidiaries, or (ii)
maintained  pursuant  to  a  collective  bargaining  agreement  or  any  other
arrangement  under which more than one employer makes contributions and to which
the Borrower or any of its Subsidiaries is then making or accruing an obligation
to  make  contributions  or has within the preceding five (5) plan years made or
had  an  obligation  to  make  contributions.

     "Reimbursement  Obligations"  has  the  meaning  ascribed  to  such term in
Section  2.14(c).

     "Related  Credit  Extensions"  has  the  meaning  ascribed  to such term in
Section  2.16(c).

     "Required  Lenders"  means,  (i)  prior  to the conversion of any Revolving
Loans  to  Term  Loans  pursuant to Section 2.3, Lenders having Revolving Credit
Exposures  and  unused  Commitments representing more than 50% of the sum of the
total  Revolving  Credit Exposures and unused Commitments at such time; provided
that,  for  purposes  of  declaring  the Loans to be due and payable pursuant to
Article  7, and for all purposes after the Loans become due and payable pursuant
to Article 7 or the Commitments expire or terminate, the outstanding Competitive
Loans  of  the  Lenders  shall  be included in their respective Revolving Credit
Exposures  in  determining  the  Required  Lenders,  and  (ii)  on and after the
conversion of any Revolving Loans to Term Loans pursuant to Section 2.3, Lenders
having outstanding Term Loans representing more than 50% of the sum of the total
Term  Loans  outstanding  at  such  time.

     "Revolving Credit" means the credit facility for making Revolving Loans and
issuing  Letters  of  Credit  described  in  Sections  2.1  and  2.14.

                                       15
<PAGE>
     "Revolving Credit Commitment Amount" means an amount equal to $250,000,000,
as  such  amount  may be reduced from time to time pursuant to the terms of this
Agreement.

     "Revolving  Credit Exposure" means, with respect to any Lender at any time,
the  sum  at  such  time,  without  duplication, of (i) such Lender's applicable
Percentage of the principal amounts of the outstanding Revolving Loans, and (ii)
such  Lender's  applicable  Percentage  of  the  aggregate  outstanding  L/C
Obligations.

     "Revolving Loan" means each of the revolving loans defined in Section 2.1.

     "Revolving  Obligations"  means  the  sum  of  the  principal amount of all
Revolving  Loans  and  L/C  Obligations  outstanding.

     "Revolving/Term  Notes"  means  certain promissory notes of the Borrower as
defined  in  Section  2.10.

     "Sale-Leaseback  Transaction" means any arrangement whereby the Borrower or
a  Subsidiary  shall  sell  or  transfer any property, real or personal, used or
useful  in its business, whether now owned or hereafter acquired, and thereafter
rent or lease property that it intends to use for substantially the same purpose
or  purposes  as  the  property  sold  or  transferred.

     "S&P" means Standard & Poor's Ratings Group or any successor thereto.

     "SPV"  means  any  Person  that  is  designated  by  the Borrower as a SPV,
provided  that  the  Borrower  shall  not designate as a SPV any Subsidiary that
owns,  directly  or  indirectly,  any  other  Subsidiary  that  has total assets
(including  assets  of  any Subsidiaries of such other Subsidiary, but excluding
any  assets  that would be eliminated in consolidation with the Borrower and its
Subsidiaries)  which  equates  to  at  least five percent (5%) of the Borrower's
Total  Assets,  or that had net income (including net income of any Subsidiaries
of  such other Subsidiary, all before discontinued operations and income or loss
resulting  from extraordinary items, all determined in accordance with GAAP, but
excluding  revenues  and expenses that would be eliminated in consolidation with
the  Borrower  and  its  Subsidiaries) during the most recently completed fiscal
year  of  the  Borrower  in  excess  of  the greater of (i) $1,000,000, and (ii)
fifteen  percent  (15%)  of  the  net income (before discontinued operations and
income  or  loss  resulting  from  extraordinary items) for the Borrower and its
Subsidiaries,  all as determined on a consolidated basis in accordance with GAAP
during  such  fiscal  year of the Borrower.  The Borrower may elect to treat any
Subsidiary  as a SPV (provided such Subsidiary would otherwise qualify as such),
and may rescind any such prior election, by giving written notice thereof to the
Administrative  Agent specifying the name of such Subsidiary or SPV, as the case
may  be,  and  the effective date of such election, which shall be a date within
sixty  (60)  days  after the date such notice is given.  The election to treat a
particular  Person  as  a  SPV  may  only  be  made  once.

     "Significant  Subsidiary"  has  the meaning ascribed to it under Regulation
S-X  promulgated  under  the  Securities  Exchange  Act  of  1934,  as  amended.

                                       16
<PAGE>
     "Statutory  Reserve  Rate"  means, with respect to any currency, a fraction
(expressed  as  a  decimal),  the  numerator  of  which  is the number 1 and the
denominator of which is the number 1 minus the aggregate of the maximum reserve,
liquid  asset or similar percentages (including any marginal, special, emergency
or supplemental reserves) expressed as a decimal established by any Governmental
Authority  of  the  United States or of the jurisdiction of such currency or any
jurisdiction  in  which  Loans  in such currency are made to which banks in such
jurisdiction are subject for any category of deposits or liabilities customarily
used  to  fund  loans  in  such currency or by reference to which interest rates
applicable  to loans in such currency are determined. Such reserve, liquid asset
or  similar  percentages shall include those imposed pursuant to Regulation D of
the  Board  of Governors of the Federal Reserve System. Eurocurrency Loans shall
be  deemed  to  be  subject  to  such reserve requirements without benefit of or
credit  for  proration, exemptions or offsets that may be available from time to
time  to  any  Lender  under  Regulation  D or any other applicable law, rule or
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as
of  the  effective  date  of  any  change  in  any  reserve  percentage.

     "Subsidiary" means, for any Person, any other Person (other than, except in
the  context of Section 6.6(a), a SPV) of which more than fifty percent (50%) of
the  outstanding  stock  or  comparable  equity interests having ordinary voting
power  for  the  election  of  the  board  of directors of such corporation, any
managers  of  such  limited  liability  company  or  similar  governing  body
(irrespective  of  whether or not at the time stock or other equity interests of
any  other  class  or  classes of such corporation or other entity shall have or
might  have  voting  power by reason of the happening of any contingency), is at
the time directly or indirectly owned by such former Person or by one or more of
its  Subsidiaries.

     "Subsidiary  Debt  Basket  Amount" has the meaning ascribed to such term in
Section  6.11(i).

     "Subsidiary  Guaranty"  means  any  Guaranty  of  any  Subsidiary delivered
pursuant  to  Section  6.11(j).

     "Taxes" has the meaning set forth in Section 5.12.

     "Term  Loan"  means  each  of  the  term  loans  defined  in  Section  2.3.

     "Term  Loan  Option"  means  the  Borrower's  option to convert outstanding
Revolving  Loans to Term Loans on December 26, 2002, as provided in Section 2.3.

     "Total  Assets"  means, as of any date of determination, the aggregate book
value  of  the  assets  of  the  Borrower  and  its Subsidiaries determined on a
consolidated  basis  in  accordance  with  GAAP  as  of  such  date.

     "Total  Capitalization"  means, as of any date of determination, the sum of
Consolidated  Indebtedness  plus  Consolidated  Net  Worth  as  of  such  date.

     "Type",  when used in reference to any Loan or Borrowing, refers to whether
the rate of interest on such Loan, or on the Loans comprising such Borrowing, is
determined  by  reference  to

                                       17
<PAGE>
Adjusted  LIBOR  or  the Base Rate (in the case of a Revolving Loan or Revolving
Loan  Borrowing,  or a Term Loan or Term Loan Borrowing), or the LIBOR Rate or a
Competitive  Fixed  Rate  (in  the  case  of  a  Competitive Loan or Borrowing).

     "Unfunded  Vested  Liabilities" means, for any Plan at any time, the amount
(if  any)  by  which  the  present  value  of  all vested nonforfeitable accrued
benefits  under  such  Plan  exceeds  the  fair  market value of all Plan assets
allocable to such benefits, determined as of the then most recent valuation date
for  such  Plan,  but only to the extent that such excess represents a potential
liability  of  the Borrower or any of its Subsidiaries to the PBGC or such Plan.

     Section  1.2.     Time  of  Day.  Unless  otherwise expressly provided, all
                       -------------
references to time of day in this Agreement and the other Credit Documents shall
be  references  to  New  York,  New  York  time.

     Section  1.3.     Accounting  Terms;  GAAP.  Except  as otherwise expressly
                       -----------------
provided herein, and subject to the provisions of Section 10.19, all terms of an
accounting or financial nature shall be construed in accordance with GAAP, as in
effect  from  time  to  time.

ARTICLE  2.  THE  CREDIT  FACILITIES.

     Section 2.1.     Commitments for Revolving Loans.  Subject to the terms and
                      -------------------------------
conditions  hereof,  each Lender severally and not jointly agrees to make one or
more  loans  (each a"Revolving Loan") to the Borrower from time to time prior to
the  Commitment Termination Date on a revolving basis in an aggregate amount not
to  exceed at any time outstanding an amount equal to its Commitment, subject to
any reductions thereof pursuant to the terms of this Agreement;provided,however,
that  no  Lender  shall  be permitted or required to make any Revolving Loan if,
after giving effect thereto, (i) the aggregate principal amount of the Revolving
Loans,  the  Competitive  Loans  and  the  L/C  Obligations of all Lenders would
thereby  exceed  the  Revolving Credit Commitment Amount then in effect; or (ii)
the Revolving Credit Exposure of such Lender would thereby exceed its Commitment
then  in  effect.  Each  Borrowing of Revolving Loans shall be made ratably from
the  Lenders in proportion to their respective Percentages.  Revolving Loans may
be  repaid,  in whole or in part, and all or any portion of the principal amount
thereof reborrowed, before the Commitment Termination Date, subject to the terms
and  conditions  hereof.  Funding  of  all  Revolving Loans shall be in Dollars.

     Section  2.2.     Types  of  Revolving  Loans  and  Minimum  Borrowing
                       ----------------------------------------------------
Amounts.  Borrowings of Revolving  Loans  may be outstanding as either Base Rate
-------
Loans  or  Adjusted LIBOR Loans, as selected by the Borrower pursuant to Section
2.4.  Each  such  Borrowing of Base Rate Loans shall be in an amount of not less
than  $1,000,000  and each such Borrowing of Adjusted LIBOR Loans shall be in an
amount  of  not  less  than  $5,000,000 and in an integral multiple of $100,000.

     Section 2.3.     Term Loan Option.  Unless an Event of Default has occurred
                      ----------------
and  is  continuing,  the  Borrower  may  elect that the Revolving Loans of each
Lender outstanding on December 26, 2002, up to an aggregate principal amount for
all  Lenders of $125,000,000, be converted into term loans (each a "Term Loan"),
maturing  in  one  installment  on  December 26,

                                       18
<PAGE>
2003.  In  order  to  exercise  the  foregoing  option,  the Borrower shall give
irrevocable written notice of its intent to exercise such option effective as of
December 26, 2002, which notice (i) must be received by the Administrative Agent
not  earlier  than  45 days and not later than 5 Business Days prior to December
26,  2002,  (ii)  shall specify the principal amount of Revolving Loans to be so
converted  to  Term  Loans  on  such  date,  and  (iii)  shall  constitute  a
representation  and  warranty  by  the Borrower that all conditions set forth in
Section  4.2  will  be  satisfied  as  of  December  26,  2002. If the aggregate
outstanding  principal amount of the Revolving Loans on December 26, 2002 exceed
the  amount  specified  for  conversion  to  Term Loans pursuant to such written
notice  from  the  Borrower, the Borrower shall repay on such date the Revolving
Loans  in  the  amount  of  such  excess  on  a  pro rata basis according to the
Revolving  Loans  then  held  by  the  Lenders. Term Loans may be outstanding as
either  Base  Rate  Loans  or  Adjusted LIBOR Loans, as selected by the Borrower
pursuant  to  Section  2.4(b). Borrowings of Term Loans outstanding as Base Rate
Loans  shall be in an amount of not less than $1,000,000, and Borrowings of Term
Loans outstanding as Adjusted LIBOR Loans shall be in an amount of not less than
$5,000,000 and in an integral multiple of $100,000. Term Loans may be prepaid in
accordance  with  Section  2.11,  but  no  amounts  prepaid  may be re-borrowed.

     Section  2.4.     Manner  of  Borrowings;  Continuations and Conversions of
                       ---------------------------------------------------------
Borrowings.
----------

     (a)     Notice  of  Revolving  Loan  Borrowings.  The  Borrower  shall give
             ---------------------------------------
notice  to  the  Administrative  Agent  by no later than 12:00 p.m. (i) at least
three  (3)  Business  Days  before  the  date on which the Borrower requests the
Lenders  to advance a Borrowing of Eurocurrency Revolving Loans, and (ii) on the
date  the  Borrower  requests  the  Lenders  to advance a Borrowing of Base Rate
Revolving  Loans,  in  each  case  pursuant to a duly executed Borrowing Request
substantially  in  the  form  of  Exhibit 2.4 (each a "Borrowing Request").  The
                                  -----------
Loans  included in each Revolving Borrowing shall bear interest initially at the
type  of rate specified in the Borrowing Request with respect to such Borrowing.

     (b)     Notice  of  Continuation  or  Conversion of Outstanding Borrowings.
             ------------------------------------------------------------------
The  Borrower  may  from  time  to  time elect to change or continue the type of
interest  rate borne by each Revolving Loan Borrowing or Term Loan Borrowing, as
the  case may be, or, subject to the minimum amount requirements in Sections 2.2
and 2.3 for each outstanding Revolving Loan Borrowing or Term Loan Borrowing, as
the  case  may  be,  a portion thereof, as follows:  (i) if such Borrowing is of
Eurocurrency  Loans,  the Borrower may continue part or all of such Borrowing as
Eurocurrency  Loans  for an Interest Period specified by the Borrower or convert
part  or  all  of  such  Borrowing  into  Base Rate Loans on the last day of the
Interest  Period applicable thereto, or the Borrower may earlier convert part or
all  of such Borrowing into Base Rate Loans so long as it pays the breakage fees
and  funding  losses  provided in Section 2.13; and (ii) if such Borrowing is of
Base  Rate  Loans,  the  Borrower may convert all or part of such Borrowing into
Eurocurrency  Loans  for  an  Interest  Period  specified by the Borrower on any
Business  Day, in each case pursuant to notices of continuation or conversion as
set  forth  below.  The  Borrower  may  select multiple Interest Periods for the
Eurocurrency  Loans constituting any such particular Borrowing, provided that at
no  time  shall  the  number  of  different  Interest  Periods  for  outstanding
Eurocurrency  Loans  exceed  twenty  (20) (it being understood for such purposes
that  (x)  Interest  Periods  of  the same duration, but commencing on different
dates,  shall  be  counted  as  different Interest Periods, and (y) all Interest
Periods commencing on the same date

                                       19
<PAGE>
and  of  the same duration shall be counted as one Interest Period regardless of
the  number of Borrowings or Loans involved. Notices of the continuation of such
Eurocurrency  Loans  for  an  additional Interest Period or of the conversion of
part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate
Loans into Eurocurrency Loans must be given by no later than 12:00 p.m. at least
three  (3)  Business  Days  before  the  date  of  the requested continuation or
conversion.

     (c)     Manner  of Notice.  The Borrower shall give such notices concerning
             -----------------
the advance, continuation, or conversion of a Borrowing pursuant to this Section
2.4 by telephone or facsimile (which notice shall be irrevocable once given and,
if by telephone, shall be promptly confirmed in writing) pursuant to a Borrowing
Request  which  shall specify the date of the requested advance, continuation or
conversion  (which  shall  be  a  Business  Day),  the  amount  of the requested
Borrowing,  whether  such  Borrowing is to be advanced, continued, or converted,
the type of Loans to comprise such new, continued or converted Borrowing and, if
such  Borrowing  is  to  be comprised of Eurocurrency Loans, the Interest Period
applicable  thereto.  The Borrower agrees that the Administrative Agent may rely
on  any such telephonic or facsimile notice given by any Person it in good faith
believes  is  an authorized representative of the Borrower without the necessity
of independent investigation and that, if any such notice by telephone conflicts
with  any  written  confirmation,  such  telephonic  notice  shall govern if the
Administrative  Agent  has  acted  in  reliance  thereon.

     (d)     Notice  to the Lenders.  The Administrative Agent shall give prompt
             ----------------------
telephonic,  telex  or  facsimile  notice  to each Lender of any notice received
pursuant to this Section 2.4 relating to a Revolving Loan Borrowing or Term Loan
Borrowing.  The  Administrative Agent shall give notice to the Borrower and each
Lender  by  like  means  of  the  interest  rate applicable to each Borrowing of
Eurocurrency  Loans  (but,  if  such  notice  is  given  by  telephone,  the
Administrative  Agent  shall  confirm  such  rate in writing) promptly after the
Administrative  Agent  has  made  such  determination.

     (e)     Borrower's Failure to Notify.  If the Borrower fails to give notice
             ----------------------------
pursuant  to  this  Section  2.4  of  (i)  the continuation or conversion of any
outstanding  principal  amount  of  a Borrowing of Eurocurrency Loans, or (ii) a
Borrowing  of  Revolving Loans to pay outstanding Reimbursement Obligations, and
has  not  notified  the  Administrative  Agent  by 12:00 p.m. at least three (3)
Business  Days  before  the last day of the Interest Period for any Borrowing of
Eurocurrency  Loans, or by the day such Reimbursement Obligation becomes due, as
the  case  may  be,  that  it  intends  to repay such Borrowing or Reimbursement
Obligation,  the  Borrower shall be deemed to have requested, as applicable, (x)
the  continuation  of  such  Borrowing  as  a Eurocurrency Loan with an Interest
Period of one (1) month or (y) the advance of a new Borrowing of Base Rate Loans
on  such  day  in  the  amount  of  the Reimbursement Obligation then due, which
Borrowing  pursuant  to  this  clause (y) shall be deemed to have been funded on
such  date  by  the Lenders in accordance with this Section 2.4 and to have been
applied  on  such day to pay the Reimbursement Obligation then due, in each case
so  long  as  no Event of Default shall have occurred and be continuing or would
occur as a result of such Borrowing but otherwise disregarding the conditions to
Borrowings  set  forth  in  Section  4.2.  Upon  the  occurrence  and during the
continuance  of  any  Event  of  Default,  (i)  each  Eurocurrency  Loan  will
automatically,  on  the  last day of the then existing Interest Period therefor,
convert  into  a Base Rate Loan, and

                                       20
<PAGE>
(ii)  the  obligation  of  the  Lenders  to make, continue or convert Loans into
Eurocurrency  Loans  shall  be  suspended.

     (f)     Conversion.  If  the Borrower shall elect to convert any particular
             ----------
Borrowing  pursuant to this Section 2.4  from one Type of Loan to the other only
in  part,  then,  from  and  after  the  date  on which such conversion shall be
effective,  such  particular Borrowing shall, for all purposes of this Agreement
(including,  without  limitation, for purposes of subsequent application of this
sentence)  be  deemed  to  instead  constitute  two  Borrowings (each originally
advanced  on  the  same  date  as  such  particular Borrowing), one comprised of
(subject  to  subsequent  conversion  in  accordance  with  this  Agreement)
Eurocurrency Loans in an aggregate principal amount equal to the portion of such
Borrowing  so  elected by the Borrower to be comprised of Eurocurrency Loans and
the  second  comprised  of  (subject to subsequent conversion in accordance with
this  Agreement)  Base  Rate Loans in an aggregate principal amount equal to the
portion  of such particular Borrowing so elected by the Borrower to be comprised
of  Base  Rate  Loans.  If  the  Borrower  shall elect to have multiple Interest
Periods  apply to any such particular Borrowing comprised of Eurocurrency Loans,
then,  from  and  after  the  date such multiple Interest Periods commence, such
particular  Borrowing  shall,  for  all  purposes  of this Agreement (including,
without limitation, for purposes of subsequent application of this sentence), be
deemed to constitute a number of separate Borrowings (each originally commencing
on  the  same  date  as  such  particular Borrowing) equal to the number of, and
corresponding  to,  the different Interest Periods so selected, each such deemed
separate  Borrowing  corresponding  to  a  particular  selected  Interest Period
comprised  of  (subject  to  subsequent  conversion  in  accordance  with  this
Agreement)  Eurocurrency  Loans  in  an  aggregate principal amount equal to the
portion  of  such  particular  Borrowing so elected by the Borrower to have such
Interest  Period.  This  Section  2.4(f)  shall  be applied appropriately in the
event  that the Borrower shall make the elections described in the two preceding
sentences  at  the  same  time  with  respect  to the same particular Borrowing.

     Section  2.5.     Competitive  Bid  Procedure.
                       ---------------------------

     (a)     Competitive  Bid Requests.  Subject to the terms and conditions set
             -------------------------
forth  herein,  from  time  to  time before the Commitment Termination Date, the
Borrower may request Competitive Bids and may (but shall not have any obligation
to)  accept  Competitive  Bids  and  borrow  Competitive  Loans.  To  request
Competitive  Bids,  the  Borrower  shall notify the Administrative Agent of such
request by telephone in the case of a Borrowing of Competitive Margin Loans, not
later  than  11:00  a.m., four (4) Business Days before the date of the proposed
Borrowing  and,  in the case of a Borrowing of Competitive Fixed Rate Loans, not
later  than  10:00  a.m.,  one  (1) Business Day before the date of the proposed
Borrowing; provided that a Competitive Bid Request shall not be made within five
(5) Business Days after the date of any previous Competitive Bid Request, unless
any  and  all  such previous Competitive Bids received in response thereto shall
have been withdrawn, rejected or accepted.  Each such telephonic Competitive Bid
Request  shall  be  confirmed  promptly  by  hand  delivery  or  telecopy to the
Administrative Agent of a written Competitive Bid Request in the form of Exhibit
                                                                         -------
2.5A or such other form as shall be approved by the Administrative Agent and the
----
Borrower  and  signed  by  the  Borrower.  Each  such  telephonic  and  written
Competitive  Bid  Request  shall specify the following information in compliance
with  Section  2.4(a):

                                       21
<PAGE>
          (i)   the aggregate amount of the requested Competitive Borrowing;

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

          (iii) whether such Borrowing is to consist of Competitive Margin Loans
     or  Competitive  Fixed  Rate  Loans;

          (iv)  the  Interest  Period  to be applicable to such Borrowing, which
     shall  be  a  period  contemplated  by the definition of the term "Interest
     Period";  and

          (v)   the location and number of the Borrower's account to which funds
     are  to  be  disbursed.

Promptly  following receipt of a Competitive Bid Request in accordance with this
Section,  the  Administrative  Agent  shall  notify  the  Lenders of the details
thereof  by  telecopy,  inviting  the  Lenders  to  submit  Competitive  Bids.

     (b)     Competitive  Bids.  Each  Lender  may  (but  shall  not  have  any
             -----------------
obligation  to) make one or more Competitive Bids to the Borrower in response to
a Competitive Bid Request.  Each Competitive Bid by a Lender must be in the form
of  Exhibit  2.5B  or such other form as shall be approved by the Administrative
    -------------
Agent  and  the  Borrower  and  must  be received by the Administrative Agent by
telecopy, in the case of a Borrowing of Competitive Margin Loans, not later than
9:30  a.m.,  three (3) Business Days before the proposed date of such Borrowing,
and  in  the case of a Borrowing of Competitive Fixed Rate Loans, not later than
9:30 a.m., on the proposed date of such Borrowing.  Competitive Bids that do not
conform  substantially  to  the form approved by the Administrative Agent may be
rejected  by the Administrative Agent, and the Administrative Agent shall notify
the  applicable  Lender  as promptly as practicable.  Each Competitive Bid shall
specify  (i)  the  principal  amount  (which  shall  be equal to or greater than
$10,000,000  and  in  an  integral  multiple of $100,000 and which may equal the
entire  principal amount of the Competitive Borrowing requested by the Borrower)
of  the  Competitive  Loan or Loans that the Lender is willing to make, (ii) the
Competitive  Bid Rate or Rates at which the Lender is prepared to make such Loan
or  Loans  (expressed as a percentage rate per annum in the form of a decimal to
no  more  than  four decimal places) and (iii) the Interest Period applicable to
each  such  Loan  and  the  last  day  thereof.

     (c)     Notice to Borrower.  The Administrative Agent shall promptly notify
             ------------------
the  Borrower by telecopy of the Competitive Bid Rate or Rates and the principal
amount  specified  in  each  Competitive Bid and the identity of the Lender that
shall  have  made  such  Competitive  Bid.

     (d)     Acceptance  of Competitive Bids.  Subject only to the provisions of
             -------------------------------
this  paragraph,  the  Borrower  may  accept or reject any Competitive Bid.  The
Borrower  shall  notify  the  Administrative  Agent  by  telephone, confirmed by
telecopy  in the form of Exhibit 2.5D or such other form as shall be approved by
                         ------------
the  Administrative  Agent  and  the Borrower, whether and to what extent it has
decided  to accept or reject each Competitive Bid, in the case of a Borrowing of
Competitive  Margin  Loans,  not  later than 10:30 a.m., three (3) Business Days
before  the  date  of

                                       22
<PAGE>
the proposed Borrowing, and in the case of a Borrowing of Competitive Fixed Rate
Loans, not later than 10:30 a.m. on the date of the proposed Borrowing; provided
that (i) the failure of the Borrower to give such notice shall be deemed to be a
rejection  of  each  Competitive  Bid,  (ii)  the  Borrower  shall  not accept a
Competitive  Bid  made  at  a  particular  Competitive  Bid Rate if the Borrower
rejects a Competitive Bid made pursuant to the same Competitive Bid Request at a
lower  Competitive  Bid Rate, (iii) the aggregate amount of the Competitive Bids
accepted  by the Borrower shall not exceed the aggregate amount of the requested
Competitive  Borrowing specified in the related Competitive Bid Request, (iv) to
the  extent necessary to comply with clause (iii) above, the Borrower may accept
Competitive  Bids at the same Competitive Bid Rate in part, which acceptance, in
the  case  of  multiple  Competitive Bids at such Competitive Bid Rate, shall be
made  pro  rata  in accordance with the amount of each such Competitive Bid, and
(v)  except  pursuant to clause (iv) above, no Competitive Bid shall be accepted
for  a Competitive Loan unless such Competitive Loan is equal to or greater than
$10,000,000  and in an integral multiple of $100,000; provided further that if a
Competitive  Loan  must  be  in  an  amount less than $10,000,000 because of the
provisions  of  clause (iv) above, such Competitive Loan may be for a minimum of
$1,000,000  and in any integral multiple of $100,000, and in calculating the pro
rata  allocation  of  acceptances  of portions of multiple Competitive Bids at a
particular  Competitive  Bid  Rate pursuant to clause (iv), the amounts shall be
rounded  to  integral  multiples  of  $100,000  in  a  manner  determined by the
Borrower.  A  notice  given  by the Borrower pursuant to this paragraph shall be
irrevocable.

     (e)     Notice  of  Acceptance.  The  Administrative  Agent  shall promptly
             ----------------------
notify  each  bidding  Lender by telecopy whether or not its Competitive Bid has
been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and
each  successful  bidder  will  thereupon become bound, subject to the terms and
conditions  hereof,  to  make  the  Competitive  Loan  in  respect  of which its
Competitive  Bid  has  been  accepted.

     (f)     Submission  of  Competitive  Bid  by  Administrative Agent.  If the
             ----------------------------------------------------------
Administrative  Agent shall elect to submit a Competitive Bid in its capacity as
a Lender, it shall submit such Competitive Bid directly to the Borrower at least
one  quarter  of  an  hour  earlier than the time by which the other Lenders are
required  to  submit their Competitive Bids to the Administrative Agent pursuant
to  paragraph  (b)  of  this  Section.

     Section 2.6.     Interest Periods.  As provided in Sections 2.4 and 2.5, at
                      ----------------
the  time  of  each request for a Borrowing of Eurocurrency Loans or Competitive
Fixed  Rate  Loans,  or  for  the continuation or conversion of any Borrowing of
Eurocurrency  Revolving  Loans  or  Eurocurrency  Term Loans, the Borrower shall
select  the  Interest  Period(s)  to  be applicable to such Loans from among the
available  options, subject to the limitations in Sections 2.4 and 2.5;provided,
however,  that:

          (i)  the Borrower may not select an Interest Period for a Borrowing of
     Revolving Loans or Competitive Bid Loans that extends beyond the Commitment
     Termination  Date,  except with respect to Revolving Loans (in an aggregate
     amount  not  to exceed the amount specified for conversion to Term Loans in
     the  written  notice  specified  in  Section 2.3) having an Interest Period
     commencing after the Borrower has given the

                                       23
<PAGE>
     Administrative  Agent  the  notice  of  exercise  of  the  Term Loan Option
     pursuant  to  Section  2.3;

          (ii)  the  Borrower  may not select an Interest Period for a Borrowing
     of Term  Loans  that  extends  beyond  the  Maturity  Date;

          (iii) whenever  the last day of any Interest Period would otherwise be
     a  day  that  is  not  a Business Day, the last day of such Interest Period
     shall  either  be (i) extended to the next succeeding Business Day, or (ii)
     in  the  case  of  Eurocurrency  Loans  only,  reduced  to  the immediately
     preceding  Business  Day if the next succeeding Business Day is in the next
     calendar  month;  and

          (iv)  for  purposes of determining an Interest Period, a month means a
     period  starting  on  one  day  in  a  calendar  month  and  ending  on the
     numerically  corresponding  day  in  the  next  calendar  month;  provided,
     however,  that  if  there  is  no such numerically corresponding day in the
     month in which an Interest Period is to end or if an Interest Period begins
     on  the  last  Business  Day  of  a  calendar  month,  then  in the case of
     Eurocurrency  Loans  only,  such  Interest  Period  shall  end  on the last
     Business Day of the calendar month in which such Interest Period is to end.

     Section  2.7.     Funding  of  Loans.
                       ------------------

     (a)     Disbursement  of  Loans.  Not later than 12:00 p.m. with respect to
             -----------------------
Borrowings of Eurocurrency Revolving Loans and Competitive Fixed Rate Loans, and
2:00  p.m.  with  respect  to  Base  Rate  Revolving  Loans,  on the date of any
requested advance of a new Borrowing of Loans, each Lender, subject to all other
provisions  hereof, shall make available its Loan comprising its portion of such
Borrowing  in funds immediately available in Atlanta, Georgia for the benefit of
the  Administrative  Agent  and  according  to  the  payment instructions of the
Administrative  Agent.  The Administrative Agent shall make the proceeds of each
such  Borrowing  available in immediately available funds to the Borrower (or as
directed in writing by the Borrower) on such date.  In the event that any Lender
does  not  make  such  amounts available to the Administrative Agent by the time
prescribed above, but such amount is received later that day, such amount may be
credited  to  the  Borrower in the manner described in the preceding sentence on
the  next Business Day (with interest on such amount to begin accruing hereunder
on  such next Business Day) provided that acceptance by the Borrower of any such
late  amount  shall  not be deemed a waiver by the Borrower of any rights it may
have  against  such  Lender.  No Lender shall be responsible to the Borrower for
any  failure  by  another Lender to fund its portion of a Borrowing, and no such
failure  by a Lender shall relieve any other Lender from its obligation, if any,
to  fund  its  portion  of  a  Borrowing.

     (b)     Administrative  Agent  Reliance  on  Lender  Funding.  Unless  the
             ----------------------------------------------------
Administrative  Agent  shall  have  been notified by a Lender before the date on
which  such  Lender  is scheduled to make payment to the Administrative Agent of
the  proceeds of a Loan (which notice shall be effective upon receipt) that such
Lender does not intend to make such payment, the Administrative Agent may assume
that  such  Lender  has  made  such  payment  when due and in reliance upon such
assumption  may  (but  shall  not be required to) make available to the Borrower

                                       24
<PAGE>
the proceeds of the Loan to be made by such Lender and, if any Lender has not in
fact  made  such  payment  to  the  Administrative  Agent, such Lender shall, on
demand,  pay  to  the  Administrative  Agent  the  amount  made available to the
Borrower attributable to such Lender together with interest thereon for each day
during  the  period commencing on the date such amount was made available to the
Borrower  and ending on (but excluding) the date such Lender pays such amount to
the Administrative Agent at a rate per annum equal to the Administrative Agent's
cost  of  funds for such amount. If such amount is not received from such Lender
by  the  Administrative  Agent  immediately  upon  demand, the Borrower will, on
demand,  repay to the Administrative Agent the proceeds of the Loan attributable
to  such  Lender with interest thereon at a rate per annum equal to the interest
rate  applicable  to  the  relevant  Loan,  but the Borrower will in no event be
liable  to  pay any amounts otherwise due pursuant to Section 2.13 in respect of
such repayment. Nothing in this subsection shall be deemed to relieve any Lender
from any obligation to fund any Loans hereunder or to prejudice any rights which
the  Borrower  may  have  against  any Lender as a result of any default by such
Lender  hereunder.

     Section  2.8.     Applicable  Interest  Rates.
                       ---------------------------

     (a)     Base Rate Loans.  Each Base Rate Loan shall bear interest (computed
             ---------------
on  the  basis of a 365-day year or 366-day year, as the case may be, and actual
days  elapsed  excluding  the  date of repayment) on the unpaid principal amount
thereof  from the date such Loan is made until maturity (whether by acceleration
or  otherwise)  or  conversion  to a Eurocurrency Revolving Loan or Eurocurrency
Term  Loan,  at  a  rate per annum equal to the lesser of (i) the Highest Lawful
Rate, or (ii) the Base Rate from time to time in effect.  The Borrower agrees to
pay  such  interest  on each Interest Payment Date for such Loan and at maturity
(whether  by  acceleration  or  otherwise).

     (b)     Eurocurrency  Loans.  Each  Eurocurrency  Loan (whether a Revolving
             -------------------
Loan,  Competitive Loan or Term Loan) shall bear interest (computed on the basis
of  a  360-day year and actual days elapsed, excluding the date of repayment) on
the  unpaid  principal  amount  thereof  from  the  date such Loan is made until
maturity  (whether by acceleration or otherwise) or, in the case of Eurocurrency
Revolving  Loans or Eurocurrency Term Loans, conversion to a Base Rate Loan at a
rate  per  annum equal to the lesser of (i) the Highest Lawful Rate, or (ii) the
sum  of  Adjusted  LIBOR plus the Applicable Margin (in the case of Eurocurrency
Revolver  Loans  or  Eurocurrency Term Loans) or LIBOR Rate plus the Competitive
Margin  (in  the  case  of  Competitive  Margin Loans), as the case may be.  The
Borrower agrees to pay such interest on each Interest Payment Date for such Loan
and  at  maturity  (whether  by  acceleration  or  otherwise) or, in the case of
Eurocurrency  Revolving  Loans  or Eurocurrency Term Loans, conversion to a Base
Rate  Loan.

     (c)     Competitive  Fixed  Rate  Loans.  Each  Competitive Fixed Rate Loan
             -------------------------------
shall  bear  interest  (computed  on the basis of a 360-day year and actual days
elapsed,  in  each case excluding the date of repayment) on the unpaid principal
amount  thereof  from  the  date  such  Loan  is made until maturity (whether by
acceleration  or  otherwise)  at a rate per annum equal to the Competitive Fixed
Rate  applicable to such Loan.  The Borrower agrees to pay such interest on each
Interest  Payment  Date  applicable  to  such Competitive Fixed Rate Loan and at
maturity  (whether  by  acceleration  or  otherwise).

                                       25
<PAGE>
     (d)     Rate Determinations.  The Administrative Agent shall determine each
             -------------------
interest  rate  applicable  to the Loans and Reimbursement Obligations hereunder
insofar  as  such  interest rate involves a determination of Base Rate, Adjusted
LIBOR or LIBOR Rate, or any applicable default rate pursuant to Section 2.9, and
such  determination  shall  be  conclusive and binding except in the case of the
Administrative Agent's manifest error or willful misconduct.  The Administrative
Agent  shall  promptly  give  notice  to  the  Borrower  and each Lender of each
determination  of Adjusted LIBOR, and to the Borrower and each Lender submitting
a  Competitive  Bid  of  each  determination of LIBOR Rate, with respect to each
Eurocurrency  Loan.

     Section  2.9.     Default Rate.  If any payment of principal on any Loan is
                       ------------
not  made when due after the expiration of the grace period therefor provided in
Section  7.1(a)  (whether  by  acceleration  or otherwise), or any Reimbursement
Obligation  is  not  paid  when due as provided in Section 2.14(c), such Loan or
Reimbursement Obligation shall bear interest (computed on the basis of a year of
360,  365  or  366  days, as applicable, and actual days elapsed) after any such
grace  period  expires  until such principal then due is paid in full, which the
Borrower  agrees  to  pay  on  demand,  at  a  rate  per  annum  equal  to:

     (a)     for  any Base Rate Loan, the lesser of (i) the Highest Lawful Rate,
or  (ii)  the  sum of two percent (2%) per annum plus the Base Rate from time to
time  in  effect  (but  not  less  than the Base Rate in effect at the time such
payment  was  due);

     (b)     for  any  Eurocurrency Loan (whether a Eurocurrency Revolving Loan,
Competitive  Margin  Loan,  or  Eurocurrency  Term  Loan), the lesser of (i) the
Highest Lawful Rate, or (ii) the sum of two percent (2%) per annum plus the rate
of  interest  in effect thereon at the time of such default until the end of the
Interest  Period for such Loan and, thereafter, at a rate per annum equal to the
sum of two percent (2%) per annum plus the Base Rate from time to time in effect
(but  not  less  than the Base Rate in effect at the time such payment was due);

     (c)     for  any Competitive Fixed Rate Loan, the lesser of (i) the Highest
Lawful  Rate, or (ii) the sum of two percent (2%) per annum plus the Competitive
Fixed  Rate  in  effect thereon at the time of such default until the end of the
Interest  Period  for  such  Loan  and, thereafter, at the rate of interest that
would otherwise apply to a Eurocurrency Revolving Loan pursuant to paragraph (b)
above;  and

     (d)     for  any  unpaid  Reimbursement  Obligations, the lesser of (i) the
Highest Lawful Rate, or (ii) the sum of two percent (2%) per annum plus the Base
Rate  from  time to time in effect (but not less than the Base Rate in effect at
the  time  such  payment  was  due).

     It  is the intention of the Administrative Agent and the Lenders to conform
strictly  to  usury  laws  applicable to them.  Accordingly, if the transactions
contemplated  hereby or any Loan or other Obligation would be usurious as to any
of  the  Lenders  under  laws applicable to it (including the laws of the United
States of America and the State of New York or any other jurisdiction whose laws
may  be  mandatorily  applicable  to  such  Lender  notwithstanding  the  other
provisions  of this Agreement, the Notes or any other Credit Document), then, in
that  event,  notwithstanding  anything  to  the contrary in this Agreement, the
Notes  or any other Credit

                                       26
<PAGE>
Document,  it is agreed as follows: (i) the aggregate of all consideration which
constitutes  interest  under  laws  applicable to such Lender that is contracted
for,  taken,  reserved, charged or received by such Lender under this Agreement,
the Notes or any other Credit Document or otherwise shall under no circumstances
exceed  the Highest Lawful Rate, and any excess shall be credited by such Lender
on the principal amount of the Loans or to the Reimbursement Obligations (or, if
the  principal  amount of the Loans and all Reimbursement Obligations shall have
been  paid  in  full,  refunded by such Lender to the Borrower); and (ii) in the
event  that the maturity of the Loans is accelerated by reason of an election of
the  holder  or holders thereof resulting from any Event of Default hereunder or
otherwise,  or  in  the event of any required or permitted prepayment, then such
consideration that constitutes interest under laws applicable to such Lender may
never  include  more  than the Highest Lawful Rate, and excess interest, if any,
provided  for  in  this  Agreement,  the  Notes,  any  other  Credit Document or
otherwise  shall be automatically canceled by such Lender as of the date of such
acceleration  or  prepayment and, if theretofore paid, shall be credited by such
Lender  on the principal amount of the Loans or to the Reimbursement Obligations
(or if the principal amount of the Loans and all Reimbursement Obligations shall
have  been paid in full, refunded by such Lender to the Borrower). To the extent
that  the  Texas  Finance  Code,  Chapters  302  and  303,  are  relevant to the
Administrative  Agent and the Lenders for the purpose of determining the Highest
Lawful  Rate, the Administrative Agent and the Lenders hereby elect to determine
the  applicable  rate  ceiling under such Article by the indicated (weekly) rate
ceiling  from  time  to  time  in effect, subject to their right subsequently to
change such method in accordance with applicable law. In the event the Loans and
all Reimbursement Obligations are paid in full by the Borrower prior to the full
stated term of the Loans and the interest received from the actual period of the
existence of the Loans exceeds the Highest Lawful Rate, the Lenders shall refund
to  the  Borrower  the  amount  of  the excess or shall credit the amount of the
excess  against  amounts  owing  under  the Loans and none of the Administrative
Agent  or  the  Lenders shall be subject to any of the penalties provided by law
for contracting for, taking, reserving, charging or receiving interest in excess
of the Highest Lawful Rate. The Texas Finance Code, Chapter 346, which regulates
certain  revolving  credit loan accounts and revolving tri-party accounts, shall
not  apply  to  this  Agreement  or  the  Loans.

     Section  2.10.    Repayment  of  Loans;  Evidence  of  Debt.
                       -----------------------------------------

     (a)     Repayment  of  Loans.  The  Borrower  hereby promises to pay to the
             --------------------
Administrative  Agent  (i)  for  the  account  of each Lender, on the Commitment
Termination  Date,  the  unpaid  amount of each Revolving Loan then outstanding,
except to the extent such Revolving Loan is converted to a Term Loan pursuant to
the  Borrower's exercise of the Term Loan Option (in which case payment shall be
made  in  respect  of  such  Loan  pursuant to clause (iii) below), (ii) for the
account  of each Lender that has made a Competitive Loan to the Borrower, on the
last  day of the Interest Period applicable to such Loan, or, if earlier, on the
Commitment  Termination  Date,  the  unpaid amount of each Competitive Loan then
outstanding  that  is  owed  to  such  Lender, and (iii) for the account of each
Lender,  on  the  Maturity  Date,  the  unpaid  amount  of  each  Term Loan then
outstanding.

     (b)     Record  of  Loans  by  Lenders.  Each  Lender  shall  maintain  in
             ------------------------------
accordance  with  its  usual  practice  an  account  or  accounts evidencing the
indebtedness  of  the  Borrower  to such

                                       27
<PAGE>
Lender  resulting  from  each Loan made by such Lender, including the amounts of
principal and accrued interest payable and paid to such Lender from time to time
hereunder.

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

     (d)     Evidence  of  Obligations.  The  entries  made in the accounts
             -------------------------
maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie
                                                                     ----- -----
evidence  of  the  existence  and  amounts  of the obligations recorded therein;
provided  that the failure of any Lender or the Administrative Agent to maintain
--------
such accounts or any error therein shall not in any manner affect the obligation
of  the  Borrower  to  repay  the  Loans  in  accordance  with the terms of this
Agreement.

     (e)     Notes.  The  Revolving  Loans outstanding to the Borrower from each
             -----
Lender shall, at the request of such Lender, be evidenced by promissory notes of
the  Borrower  payable  to  such  Lender  in  the  form of Exhibit 2.10A (each a
                                                           -------------
"Revolving/Term  Note").  The Competitive Loans outstanding to the Borrower from
any  Lender,  shall  at the request of such Lender, be evidenced by a promissory
note of the Borrower payable to such Lender in the form of Exhibit 2.10B (each a
                                                           -------------
"Competitive  Note").  The  Borrower  agrees  to  execute  and  deliver  to  the
Administrative  Agent,  for  the  benefit  of each Lender requesting one or more
promissory  notes  as  aforesaid,  an  original  of  each  such promissory note,
appropriately  completed,  to  evidence the respective Loans made by such Lender
hereunder,  within  ten (10) Business Days after the Borrower receives a written
request  therefor.

     (f)     Recording  of  Loans  and Payments on Notes.  Each holder of a Note
             -------------------------------------------
shall  record  on its books and records or on a schedule to its appropriate Note
(and  prior  to  any transfer of its Notes shall endorse thereon or on schedules
forming  a  part  thereof  appropriate notations to evidence) the amount of each
Loan outstanding from it to the Borrower, all payments of principal and interest
and  the  principal  balance  from time to time outstanding thereon, the type of
such  Loan  and,  if  a  Eurocurrency Loan or a Competitive Fixed Rate Loan, the
Interest  Period  and  interest  rate  applicable thereto.  Such record, whether
shown  on  the  books  and records of a holder of a Note or on a schedule to its
Note,  shall  be prima facie evidence as to all such matters; provided, however,
that  the  failure  of any holder to record any of the foregoing or any error in
any  such  record  shall  not  limit  or  otherwise affect the obligation of the
Borrower  to  repay  all Loans outstanding to it hereunder together with accrued
interest  thereon.  At  the request of any holder of a Note and upon such holder
tendering  to the Borrower the Note to be replaced, the Borrower shall furnish a
new  Note  to  such  holder to replace any outstanding Note and at such time the
first notation appearing on the schedule on the reverse side of, or attached to,
such  new  Note  shall  set  forth  the aggregate unpaid principal amount of all
Loans,  if  any,  then  outstanding  thereon.

     Section  2.11.     Optional  Prepayments.  The  Borrower  shall  have  the
                        ---------------------
privilege of prepaying Base Rate Loans without premium or penalty at any time in
whole  or at any time and

                                       28
<PAGE>
from  time to time in part (but, if in part, then in an amount which is equal to
or  greater  than  $1,000,000);provided,  however,  that the Borrower shall have
given  notice of such prepayment to the Administrative Agent no later than 12:00
p.m.  on  the  date of such prepayment. The Borrower shall have the privilege of
prepaying  Adjusted  LIBOR  Loans  (a) without premium or penalty in whole or in
part  (but,  if  in  part,  then  in an amount which is equal to or greater than
$5,000,000  and  in  an integral multiple of $100,000) only on the last Business
Day  of  an  Interest Period for such Loan, and (b) at any other time so long as
the  breakage  fees  and  funding  losses provided for in Section 2.13 are paid;
provided,  however, that the Borrower shall have given notice of such prepayment
to the Administrative Agent no later than 12:00 p.m. at least three (3) Business
Days  before  the  last  Business  Day  of  such Interest Period or the proposed
prepayment date. The Borrower shall not have the right to prepay any Competitive
Loan  without  the  prior  written  consent  of  the  Lender  thereof unless the
applicable  Competitive  Bid  Request  shall  have so provided, the Borrower has
given  timely  notice  to  the  Lender of any such prepayment as may be required
pursuant  to  the  terms  of the Competitive Bid Request, and the Borrower shall
have  paid  to  such  Lender  in connection with any such prepayment all amounts
required  to be paid in connection with such prepayment pursuant to the terms of
the  applicable  Competitive  Bid Request. Any such prepayments shall be made by
the  payment  of  the  principal  amount  to  be  prepaid and accrued and unpaid
interest  thereon  to the date of such prepayment. Unless otherwise specified in
writing  by  the  Borrower,  optional prepayments shall be applied first, to the
Revolving  Loans,  second,  to  the  Reimbursement  Obligations  with respect to
Letters  of  Credit,  third,  to  the Competitive Loans, and fourth to any other
Obligations  then  outstanding.

     Section 2.12.     Mandatory Prepayments of Loans.  In the event and on each
                       ------------------------------
occasion  that  the  aggregate  principal amount of outstanding Revolving Loans,
Competitive  Loans,  and L/C Obligations exceeds the Revolving Credit Commitment
Amount  then  in effect, then the Borrower shall promptly prepay Revolving Loans
and/or  Competitive  Loans  in  an aggregate amount sufficient to eliminate such
excess.  Immediately  upon determining the need to make any such prepayment, the
Borrower  shall  notify the Administrative Agent of such required prepayment and
of the identity of the particular Revolving Loans and/or Competitive Loans being
prepaid.  If  the  Administrative  Agent  shall  notify  the  Borrower  that the
Administrative  Agent  has determined that any prepayment is required under this
Section  2.12,  the Borrower shall make such prepayment no later than the second
Business Day following such notice.  Any mandatory prepayment of Revolving Loans
and/or  Competitive  Loans  pursuant  hereto  shall not be limited by the notice
provision for prepayments set forth in Section 2.11.  Each such prepayment shall
be  accompanied  by  a  payment  of all accrued and unpaid interest on the Loans
prepaid  and any applicable breakage fees and funding losses pursuant to Section
2.13.

     Section  2.13.     Breakage  Fees.  If  any Lender incurs any loss, cost or
                        --------------
expense  (excluding  loss  of  anticipated  profits  and  other  indirect  or
consequential damages) by reason of the liquidation or re-employment of deposits
or other funds acquired by such Lender to fund or maintain any Eurocurrency Loan
or  Competitive Fixed Rate Loan as a result of any of the following events other
than  any  such  occurrence as a result of a change of circumstance described in
Sections  8.1  or  8.2:

     (a)     any  payment,  prepayment  or conversion of any such Loan on a date
other  than  the  last  day  of  its  Interest  Period (whether by acceleration,
mandatory  prepayment  or  otherwise);

                                       29
<PAGE>
     (b)     any failure to make a principal payment of any such Loan on the due
date  therefor;  or

     (c)     any  failure  by  the  Borrower  to  borrow, continue or prepay, or
convert  to,  any  such Loan on the date specified in a notice given pursuant to
Section  2.4  or  2.5  (other  than  by  reason  of  a  default of such Lender),

then  the  Borrower  shall pay to such Lender such amount as will reimburse such
Lender  for  such  loss,  cost or expense.  If any Lender makes such a claim for
compensation,  it  shall  provide  to  the Borrower a certificate executed by an
officer of such Lender setting forth the amount of such loss, cost or expense in
reasonable detail (including an explanation of the basis for and the computation
of  such  loss,  cost or expense) no later than ninety (90) days after the event
giving  rise  to  the  claim  for  compensation,  and  the amounts shown on such
certificate  shall be prima facie evidence of such Lender's entitlement thereto.
Within  ten  (10)  days  of  receipt of such certificate, the Borrower shall pay
directly  to  such  Lender  such  amount as will compensate such Lender for such
loss,  cost  or  expense  as  provided  herein, unless such Lender has failed to
timely  give  notice  to the Borrower of such claim for compensation as provided
herein,  in  which  event the Borrower shall not have any obligation to pay such
claim.

     Section  2.14.     Letters  of  Credit.

     (a)     Letters of Credit.  Subject to the terms and conditions hereof, the
             -----------------
Issuing  Bank  agrees  to  issue,  from  time  to  time  prior to the Commitment
Termination  Date,  at  the request of the Borrower and on behalf of the Lenders
and  in  reliance  on  their  obligations  under  this Section 2.14, one or more
letters  of  credit  (each a "Letter of Credit") for the Borrower's account in a
face  amount  in each case of at least $500,000 and in an aggregate undrawn face
amount  for  all  Letters  of  Credit  at any time outstanding not to exceed the
Revolving Credit Commitment Amount; provided, that the Issuing Bank shall not be
obligated  to  issue  a Letter of Credit pursuant to this Section 2.14 if, after
the  issuance  thereof,  (i) the outstanding Revolving Loans, Competitive Loans,
and  L/C Obligations would thereby exceed the Revolving Credit Commitment Amount
then  in effect, or (ii) the issuance of such Letter of Credit would violate any
legal  or  regulatory  restriction  then  applicable  to the Issuing Bank or any
Lender  as  notified  by  the  Issuing Bank or such Lender to the Administrative
Agent  before  the date of issuance of such Letter of Credit.  Letters of Credit
and  any  increases  and  extensions  thereof  hereunder shall be issued in face
amounts  of  Dollars.

     (b)     Issuance  Procedure.  To  request  that  the  Issuing  Bank issue a
             -------------------
Letter  of  Credit,  the  Borrower  shall  deliver  to  the Issuing Bank and the
Administrative  Agent  (with  a  duplicate copy to an operations employee of the
Issuing  Bank  as  designated  by  the  Issuing  Bank  from time to time) a duly
executed  Issuance  Request  substantially in the form of Exhibit 2.14A (each an
                                                          -------------
"Issuance  Request"), together with a duly executed application for the relevant
Letter  of  Credit  substantially  in  the  form  of  Exhibit  2.14B  (each  an
                                                      --------------
"Application"),  or  such  other computerized issuance or application procedure,
instituted  from  time  to time by the Issuing Bank and the Administrative Agent
and  agreed  to by the Borrower, completed to the reasonable satisfaction of the
Issuing  Bank  and  the  Administrative Agent, and such other information as the
Issuing  Bank

                                       30
<PAGE>
and  the  Administrative  Agent  may  reasonably  request.  In  the event of any
irreconcilable  difference  or  inconsistency  between  this  Agreement  and  an
Application,  the  provisions  of this Agreement shall govern. Upon receipt of a
properly  completed  and executed Application and any other reasonably requested
information  at  least  three  (3) Business Days prior to any requested issuance
date,  the  Issuing  Bank  will  process such Application in accordance with its
customary  procedures  and issue the requested Letter of Credit on the requested
issuance  date.  The  Borrower  may cancel any requested issuance of a Letter of
Credit  prior  to  the  issuance  thereof.  The  Issuing  Bank  will  notify the
Administrative  Agent  and  each  Lender of the amount, currency, and expiration
date  of  each  Letter  of Credit it issues promptly upon issuance thereof. Each
Letter  of  Credit shall have an expiration date no later than four (4) Business
Days  before  the  Commitment  Termination  Date. If the Issuing Bank issues any
Letters  of  Credit  with  expiration dates that automatically extend unless the
Issuing  Bank  gives  notice  that  the  expiration date will not so extend, the
Issuing  Bank  will give such notice of non-renewal before the time necessary to
prevent  such  automatic  extension  if  (and  will  not  give  such  notice  of
non-renewal  before  such  time unless) before such required notice date (i) the
expiration date of such Letter of Credit if so extended would be later than four
(4)  Business  Days  before the Commitment Termination Date, (ii) the Commitment
Termination  Date  shall  have  occurred, (iii) a Default or an Event of Default
exists  and the Required Lenders have given the Issuing Bank instructions not to
so  permit  the expiration date of such Letter of Credit to be extended, or (iv)
the  Issuing  Bank  is  so  directed by the Borrower. The Issuing Bank agrees to
issue amendments to any Letter of Credit increasing its amount, or extending its
expiration  date,  at  the  request  of  the Borrower, subject to the conditions
precedent  for  all Borrowings of Section 4.2 and the other terms and conditions
of  this  Section  2.14.

     (c)     The  Borrower's  Reimbursement  Obligations.
             -------------------------------------------

          (i)  The  Borrower  hereby  irrevocably  and unconditionally agrees to
     reimburse  the  Issuing  Bank  for each payment or disbursement made by the
     Issuing  Bank  to  settle  its  obligations  under any draft drawn or other
     payment made under a Letter of Credit (a "Reimbursement Obligation") within
     two (2) Business Days from when such draft is paid or other payment is made
     with  either  funds not borrowed hereunder or with a Borrowing of Revolving
     Loans  subject  to Section 2.4 and the other terms and conditions contained
     in  this Agreement. The Reimbursement Obligation shall bear interest (which
     the  Borrower hereby promises to pay) from and after the date such draft is
     paid  or  other  payment  is  made  until  (but  excluding  the  date)  the
     Reimbursement  Obligation  is  paid at the lesser of (x) the Highest Lawful
     Rate,  or  (y)  the  Base  Rate,  in each case so long as the Reimbursement
     Obligation  shall  not  be past due, and thereafter at the default rate per
     annum  as  set  forth  in  Section  2.9(d),  whether  or not the Commitment
     Termination  Date  shall have occurred. If any such payment or disbursement
     is  reimbursed to the Issuing Bank on the date such payment or disbursement
     is  made  by  the  Issuing Bank, interest shall be paid on the reimbursable
     amount  for one (1) day. The Issuing Bank shall give the Borrower notice of
     any  drawing  on  a Letter of Credit within one (1) Business Day after such
     drawing  is  paid.

          (ii) The  Borrower agrees for the benefit of the Issuing Bank and each
     Lender  that,  notwithstanding  any  provision  of  any  Application,  the
     obligations  of the Borrower

                                       31
<PAGE>
     under  this  Section  2.14(c)  and  each  applicable  Application  shall be
     absolute,  unconditional and irrevocable and shall be performed strictly in
     accordance with the terms of this Agreement and each applicable Application
     under  all  circumstances  whatsoever (other than the defense of payment in
     accordance  with  this  Agreement),  including,  without  limitation,  the
     following  circumstances (subject in all cases to the defense of payment in
     accordance  with  this  Agreement):

          (1)  any  lack  of  validity  or  enforceability  of  any  of  the L/C
     Documents;

          (2)  any  amendment  or waiver of or any consent to depart from all or
     any  of  the  provisions  of  any  of  the  L/C  Documents;

          (3)  the  existence  of any claim, set-off, defense or other right the
     Borrower  may  have at any time against a beneficiary of a Letter of Credit
     (or any person for whom a beneficiary may be acting), the Issuing Bank, any
     Lender  or  any  other  Person,  whether in connection with this Agreement,
     another  L/C  Document  or  any  unrelated  transaction;

          (4)  any  statement  or any other document presented under a Letter of
     Credit  proving  to  be  forged, fraudulent, invalid or insufficient in any
     respect or any statement therein being untrue or inaccurate in any respect;

          (5)  payment  by  the  Issuing  Bank  under a Letter of Credit against
     presentation  to  the  Issuing Bank of a draft or certificate that does not
     comply  with  the  terms  of  the  Letter  of  Credit;  or

          (6)  any  other  act  or  omission  to act or delay of any kind by the
     Issuing  Bank,  any  Lender  or  any  other  Person  or  any other event or
     circumstance  whatsoever that might, but for the provisions of this Section
     2.14(c),  constitute  a  legal  or  equitable  discharge  of the Borrower's
     obligations  hereunder,  under an Issuance Request or under an Application;

provided,  however,  the  foregoing shall not be construed to excuse the Issuing
Bank  from  liability  to  the Borrower to the extent of any direct damages (but
excluding  consequential  damages,  which  are  hereby  waived to the extent not
prohibited  by  applicable  law) suffered by the Borrower that are caused by the
Issuing  Bank's  gross  negligence  or  willful  misconduct.

     (d)     The Participating Interests.  Each Lender severally and not jointly
             ---------------------------
agrees  to purchase from the Issuing Bank, and the Issuing Bank hereby agrees to
sell  to  each  Lender,  an  undivided percentage participating interest, to the
extent  of its Percentage, in each Letter of Credit issued by, and Reimbursement
Obligation  owed  to,  the  Issuing  Bank in connection with a Letter of Credit.
Upon  any  failure  by  the  Borrower  to  pay  any  Reimbursement Obligation in
connection  with a Letter of Credit at the time required in Sections 2.14(c) and
2.4(c), or if the Issuing Bank is required at any time to return to the Borrower
or  to a trustee, receiver, liquidator, custodian or other Person any portion of
any payment by the Borrower of any Reimbursement Obligation in connection with a
Letter  of  Credit,  the  Issuing  Bank  shall  promptly  give  notice  of

                                       32
<PAGE>
same  to  each Lender, and the Issuing Bank shall have the right to require each
Lender  to  fund its participation in such Reimbursement Obligation. Each Lender
(except  the  Issuing  Bank  to the extent it is also a Lender) shall pay to the
Issuing  Bank  an  amount  equal  to  such Lender's Percentage of such unpaid or
recaptured  Reimbursement Obligation not later than the Business Day it receives
notice  from  the Issuing Bank to such effect, if such notice is received before
2:00  p.m.,  or  not  later  than  the  following Business Day if such notice is
received  after  such  time.  If a Lender fails to pay timely such amount to the
Issuing  Bank,  it  shall  also  pay to the Issuing Bank interest on such amount
accrued from the date payment of such amount was made by the Issuing Bank to the
date of such payment by the Lender at a rate per annum equal to the Base Rate in
effect  for  each  such  day  and  only  after such payment shall such Lender be
entitled  to  receive  its  Percentage  of each payment received on the relevant
Reimbursement  Obligation  and of interest paid thereon. The several obligations
of the Lenders to the Issuing Bank under this Section 2.14(d) shall be absolute,
irrevocable  and  unconditional  under  any and all circumstances whatsoever and
shall  not  be  subject  to  any set-off, counterclaim or defense to payment any
Lender  may  have  or  have  had against the Borrower, the Issuing Bank, and any
other  Lender  or any other Person whatsoever including, but not limited to, any
defense  based  on  the  failure  of  the demand for payment under the Letter of
Credit  to  conform  to  the  terms  of  such  Letter of Credit or the legality,
validity,  regularity  or enforceability of such Letter of Credit and INCLUDING,
BUT  NOT  LIMITED  TO,  THOSE  RESULTING  FROM  THE ISSUING BANK'S OWN SIMPLE OR
CONTRIBUTORY  NEGLIGENCE. Without limiting the generality of the foregoing, such
obligations  shall  not be affected by any Default or Event of Default or by any
subsequent  reduction  or  termination  of  any Commitment of a Lender, and each
payment  by  a  Lender under this Section 2.14 shall be made without any offset,
abatement,  withholding  or  reduction  whatsoever.

     Section  2.15.     Commitment  Terminations.  The  Borrower  shall have the
                        ------------------------
right at any time and from time to time, upon three (3) Business Days' prior and
irrevocable  written  notice to the Administrative Agent, to terminate or reduce
the  Commitments  without premium or penalty, in whole or in part, any reduction
(i)  to  be  in an amount not less than $5,000,000 as determined by the Borrower
and  in integral multiples of $5,000,000, and (ii) to be allocated ratably among
the  Lenders  in  proportion  to their respective Commitments;provided, that the
Revolving Credit Commitment Amount may not be reduced to an amount less than the
sum  of  the  aggregate  principal  amount  of  outstanding  Revolving  Loans,
Competitive  Loans, and L/C Obligations, after giving effect to payments on such
proposed  termination  or  reduction date; provided, however, that to the extent
the  Borrower  provides to the Administrative Agent cash collateral in an amount
sufficient  to  cover  such  shortage  or  back-to-back letters of credit from a
bank(s)  or  financial  institution(s) whose short-term unsecured debt rating is
rated  A  or above from either S&P or Moody's or such other bank(s) or financial
institution(s)  satisfactory  to  the Required Lenders in an amount equal to the
undrawn  face  amount  of  any  applicable outstanding Letters of Credit with an
expiration  date  of  at  least  five  (5) days after the expiration date of any
applicable  Letter of Credit and which provide that the Administrative Agent may
make  a drawing thereunder in the event that it pays a drawing under such Letter
of  Credit.  The Administrative Agent shall give prompt notice to each Lender of
any  such  termination  or  reduction  of  the  Commitments.  Any termination of
Commitments  pursuant  to  this  Section  2.15  is  permanent  and  may  not  be
reinstated.

                                       33
<PAGE>
     Section  2.16.     Extension  of  Commitments.
                        --------------------------

     (a)     The  Borrower  may,  by  notice  to the Administrative Agent (which
shall  promptly  deliver  a  copy to each of the Lenders) given not less than 30
days  and  not  more  than  60 days prior to December 26, 2002, request that the
Lenders  extend  the Commitment Termination Date for an additional period of not
more  than  364 days as specified in such notice.  Any such notice shall specify
any  fees  that  the Borrower agrees to pay as consideration for such extension,
any  changes  to  the  Applicable  Facility  Fee Rate, Applicable Margin, and/or
Applicable  Utilization  Fee  Rate  that  will  apply  during  the  term of such
extension and the amendments, if any, to the covenants contained herein or other
provisions  hereof  proposed by the Borrower to be applicable during the term of
such  extension.  Each  Lender  shall,  by  notice  to  the  Borrower  and  the
Administrative  Agent given not earlier than the 30th day and not later than the
15th  day  prior  to  December 26, 2002, advise the Administrative Agent and the
Borrower  whether  or  not it agrees to such extension on the terms set forth in
such  notice.  Any  Lender  that  has not so advised the Administrative Agent by
such  day  shall  be  deemed  to  have  declined  to  agree  to  such extension.

     (b)     If (and only if) Lenders (including any Lenders becoming parties to
this  Agreement  as  contemplated  by  the last sentence of paragraph (c) below)
holding more than 50% of the Commitments in effect prior to such extension shall
have  agreed  to  extend the Commitment Termination Date (each such Lender being
called  an  "Extending  Lender",  and  Lenders not having so agreed being called
"Non-Extending  Lenders"),  then,  if  the  Borrower  shall so elect in a notice
delivered  to  the  Administrative  Agent  not earlier than the 15th day and not
later  than  the 10th day prior to December 26, 2002, the Commitment Termination
Date  shall  be  extended as to such Extending Lenders for the additional period
and on the terms specified in the Borrower's notice provided for under paragraph
(a) and, if such terms vary from those contained in this Agreement, the Borrower
and  the Extending Lenders shall enter into an amendment to this Agreement to be
effective  as  of December 26, 2002, pursuant to which such terms shall be given
effect  as  to  the  Borrower  and  the  Extending  Lenders  and,  to the extent
consistent  with  Section  10.11,  the  other  Lenders.

     (c)     If  less  than  all  the  Lenders  consent to any extension request
pursuant to paragraph (a), the Administrative Agent shall promptly so notify the
Extending  Lenders,  and each Extending Lender may, in its sole discretion, give
written  notice  to  the  Administrative  Agent  not later than 10 days prior to
December  26,  2002,  of  the  amount of the Non-Extending Lenders' Commitments,
together  with  the  corresponding  amount  of  such  Non-Extending  Lenders'
outstanding  Loans  and  obligations and interests in respect of outstanding L/C
Obligations (such corresponding amount of Loans and obligations and interests in
respect  of  outstanding  L/C  Obligations being collectively referred to as the
"Related  Credit  Extensions"),  it  is  willing  to accept and assume.  If such
Extending  Lenders  are  willing  to  accept  and assume Commitments and Related
Credit  Extensions  in  an  aggregate  amount  that  exceeds  the  amount of the
Commitments  and  Related  Credit  Extensions  of the Non-Extending Lenders, the
Non-Extending  Lenders'  Commitments  and  Related  Credit  Extensions  shall be
allocated  among Extending Lenders willing to accept and assume such Commitments
and  Related  Credit  Extensions  in such amounts as shall be agreed between the
Borrower  and  the Administrative Agent, and such Commitments and Related Credit
Extensions  shall  be  assigned,  accepted  and  assumed  in accordance with the
provisions  of  Section  10.10.  If  after  giving  effect  to  the  assignments

                                       34
<PAGE>
described above the full amount of the Commitments and Related Credit Extensions
of  the Non-Extending Lenders would not be assigned, accepted and assumed as set
forth  above prior to December 26, 2002, the Borrower may (i) arrange for one or
more  Extending  Lenders or other assignees eligible to become Lenders hereunder
(each,  an  "Extension  Assuming  Lender"),  to accept and assume the unassigned
amounts  of  the  Commitments and Related Credit Extensions of the Non-Extending
Lenders  in accordance with Section 10.10 and become parties hereto with all the
rights and obligations of Lenders hereunder, or (ii) subject to the requirements
of  paragraph  (b)  above,  reduce the aggregate amount of the Commitments to an
amount  equal  to  the  aggregate  amount  of  Commitments held by all Extending
Lenders  and  Extension  Assuming  Lenders  all  as  of  December  26,  2002.

     On  December  26,  2002:

          (i)    the Extending Lenders and Extension Assuming Lenders shall pay
     to  the Non-Extending Lenders the principal amount of any outstanding Loans
     made  by  such  Non-Extending  Lenders, and any outstanding amounts paid by
     such  Non-Extending  Lenders  pursuant to Section 2.14(d), all as assigned,
     accepted  and  assumed in accordance with this paragraph (c), together with
     any  accrued  interest  thereon  as  of  December  26,  2002;

          (ii)   any accrued  fees  and  other  amounts payable hereunder to any
     Non-Extending  Lender  as  of  December  26,  2002  shall  be  paid to such
     Non-Extending  Lender  by  the  Borrower  or  by such Extending Lenders and
     Extension  Assuming  Lenders,  as  may  be  agreed  by  such  parties;  and

          (iii)  with  respect  to  any  such  Extension  Assuming  Lender,  the
     applicable  processing  and  recordation  fee  required under Section 10.10
     shall  be  paid.

The  Commitment  of any Extension Assuming Lender shall in no event be less than
$5,000,000  (subject  to  the  fourth  sentence  of Section 10.10(b)) unless the
Commitment  of  a  Non-Extending  Lender  as  of  December 26, 2002 is less than
$5,000,000,  in  which case such Extension Assuming Lender may accept and assume
all  of  such  lesser  amount.  Any  such  Non-Extending  Lender's  rights under
Sections 2.13, 3.3, 8.3, 10.3, and 10.13, and its obligations under Section 9.6,
shall  survive such substitution as to matters occurring on or prior to December
26,  2002,  (and  if  such  Non-Extending  Lender  shall  continue to have Loans
outstanding after December 26, 2002, shall continue in effect following December
26,  2002).

     At  least  three  Business Days prior to the proposed effective date of any
extension  of the Commitment Termination Date pursuant to this Section, (A) each
Extension  Assuming  Lender,  if  any,  shall  deliver  to  the Borrower and the
Administrative  Agent  an  Assignment  Agreement  or  other  agreement in a form
approved  by the Administrative Agent and the Borrower evidencing such Extension
Assuming  Lender's  Commitment  and  Related Credit Extensions, duly executed by
such  Extension  Assuming  Lender,  such  Non-Extending  Lender a Commitment and
Related Credit Extensions of which is being assigned to and accepted and assumed
by  such  Extension  Assuming Lender, the Borrower and the Administrative Agent,
and (B) each Extending Lender, if any, shall have delivered written confirmation
satisfactory  to the Borrower and the

                                       35
<PAGE>
Administrative  Agent  as  to  any  increase in the amount of its Commitment and
Related Credit Extensions resulting from its acceptance and assumption of all or
a  portion of the Commitments and Related Credit Extensions of the Non-Extending
Lenders.  As  of and following the effective date of any extension made pursuant
to  this  Section,  each  Extension  Assuming  Lender  shall be a Lender for all
purposes  of  this  Agreement.

     (d)     The  decision  to  agree  or  withhold  agreement  to any requested
extension  of  the  Commitment  Termination  Date hereunder shall be at the sole
discretion  of  each Lender.  If the Commitment Termination Date shall have been
extended as provided in paragraph (b) above, the Commitment of any Non-Extending
Lender  shall  terminate  on  December  26,  2002,  and  the  term  "Commitment
Termination  Date",  as  used  herein,  shall  mean,  as  to  the Related Credit
Extensions  of  such Non-Extending Lender (to the extent not assumed pursuant to
paragraph (c)), the Commitment Termination Date in effect prior to giving effect
to  such  extension.

     (e)     Notwithstanding  the  foregoing,  no  extension  of  the Commitment
Termination  Date  shall  become  effective  under  this  Section unless (i) the
conditions set forth in paragraphs (b) and (c) of Section 4.2 shall be satisfied
on  December  26,  2002,  and  the  Administrative  Agent  shall have received a
certificate  to  that  effect dated such date and executed by the President or a
Vice  President  of  the  Borrower, and (ii) the Administrative Agent shall have
received  (with  sufficient  copies  for  each  of  the  Lenders (other than any
Non-Extending  Lenders))  documents consistent with those delivered under clause
(i) of Section 4.1(a) as to the corporate power and authority of the Borrower to
borrow  hereunder  after  giving  effect  to  such  extension.

ARTICLE 3. FEES AND PAYMENTS.

     Section 3.1.  Fees.
                   ----

     (a)     Facility  Fees.  The  Borrower  agrees to pay to the Administrative
             --------------
Agent  for  the account of each Lender a facility fee, which shall accrue at the
Applicable  Facility  Fee Rate (i) on the daily amount of the Commitment of such
Lender (whether used or unused) during the period from and including the Initial
Availability Date to but excluding the date on which such Commitment terminates;
provided  that,  if  such Lender continues to have any Revolving Credit Exposure
after its Commitment terminates, then such facility fee shall continue to accrue
on  the  daily  amount  of  such  Lender's  Revolving  Credit  Exposure from and
including  the date on which its Commitment terminates to but excluding the date
on  which  such Lender ceases to have any Revolving Credit Exposure, and (ii) if
the  Borrower  has exercised the Term Loan Option, on the daily principal amount
of  the  Term Loans of such Lender during the period from and including December
26,  2002 to but excluding the date on which all outstanding Term Loans are paid
in full.  Accrued facility fees shall be payable in arrears on the last Business
Day  of March, June, September and December of each year, commencing on December
31,  2001, on the date(s) on which the Commitments shall have terminated and the
Lenders  shall  have  no further Revolving Credit Exposures, and on the Maturity
Date.  All  facility  fees  shall be computed on the basis of a year of 360 days
and  shall be payable for the actual number of days elapsed (including the first
day  but  excluding  the  last  day).

                                       36
<PAGE>
     (b)     Utilization  Fees.  (i)  For  any  day  prior  to  the  Commitment
             -----------------
Termination  Date on which the outstanding principal amount of the Loans and L/C
Obligations  shall  be  greater  than  an  amount  equal  to  33%  of  the total
Commitments  (and  for  any  day after the termination of all the Commitments on
which  any  Loans  or  L/C  Obligations  shall be outstanding if the outstanding
principal  amount thereof on the date the Commitments terminated shall have been
greater  than  33% of the total Commitments in effect on such date), and (ii) if
the  Borrower  has exercised the Term Loan Option, for any day on which any Term
Loans  are  outstanding,  the Borrower shall pay to the Administrative Agent for
the account of each Lender a utilization fee equal to the Applicable Utilization
Fee  Rate  multiplied by the aggregate amount of such Lender's outstanding Loans
and  applicable  Percentage  of L/C Obligations on such day.  Accrued and unpaid
utilization  fees,  if any, shall be payable in arrears on the last Business Day
of  each  March,  June,  September  and  December,  on  the date(s) on which the
Commitments  shall  have  terminated  and  there are no Loans or L/C Obligations
outstanding,  and  on the Maturity Date.  All utilization fees shall be computed
on the basis of a year of 360 days and shall be payable for the actual number of
days  elapsed  (including  the  first  day  but  excluding  the  last  day).

     (c)     Letter  of  Credit  Fees.  Commencing  upon  the  date of issuance,
             ------------------------
increase  or  extension  of  any  Letter  of  Credit  and thereafter on the last
Business Day of each March, June, September and December, the Borrower shall pay
to  the Administrative Agent quarterly in advance, for the period until the next
Letter  of  Credit  fee  payment date, for the ratable account of the Lenders, a
non-refundable  fee equal to the Applicable Margin multiplied by the outstanding
face  amount  or  increase  of such Letter of Credit during such upcoming period
calculated  on  the basis of a 360 day year and actual days elapsed and based on
the  then  scheduled  expiration date of the Letter of Credit.  In addition, the
Borrower shall pay to the Issuing Bank solely for the Issuing Bank's account, in
connection  with  each  Letter  of  Credit, issuance and administrative fees and
expenses  for  Letters of Credit as agreed from time to time between the Issuing
Bank  and  the  Borrower.

     (d)     Administrative  Agent  Fees.  The  Borrower  shall  pay  to  the
             ---------------------------
Administrative  Agent  and Lead Arranger the fees from time to time agreed to by
the  Borrower,  the  Administrative  Agent,  and  Lead  Arranger.

     (e)     Payment  of  Fees.  All fees payable hereunder shall be paid on the
             -----------------
dates  due,  in  immediately  available  funds,  to the Administrative Agent for
distribution,  in  the  case  of  facility fees, utilization fees, and Letter of
Credit  fees (other than issuance and administrative fees payable to the Issuing
Bank),  to  the  Lenders.

     Section  3.2.     Place  and  Application  of  Payments.
                       -------------------------------------

     (a)     All  payments  of  principal  of  and  interest  on  the  Loans,
Reimbursement Obligations and all fees and other amounts payable by the Borrower
under  the  Credit Documents shall be made by the Borrower to the Administrative
Agent,  for the benefit of the Lenders entitled to such payments, in immediately
available funds on the due date thereof no later than 2:00 p.m. at the office of
the  Administrative  Agent  in  Atlanta,  Georgia, or such other location as the
Administrative  Agent  may  designate  in writing to the Borrower.  Any payments
received  by the Administrative Agent from the Borrower after the time specified
in  the  preceding  sentence

                                       37
<PAGE>
shall  be  deemed  to  have  been  received  on  the  next  Business  Day.  The
Administrative Agent will, on the same day each payment is received or deemed to
have  been received in accordance with this Section 3.2, cause to be distributed
like  funds  to  each  Lender  owed  an  Obligation  for  which such payment was
received,  pro  rata  based on the respective amounts of such type of Obligation
then  owing  to  each  Lender.

     (b)     If  any  payment  received  by  the  Administrative Agent under any
Credit  Document is insufficient to pay in full all amounts then due and payable
to  the  Administrative  Agent  and the Lenders under the Credit Documents, such
payment  shall  be  distributed  by  the Administrative Agent and applied by the
Administrative  Agent and the Lenders in the order set forth in Section 7.7.  In
calculating the amount of Obligations owing each Lender other than for principal
and  interest on Loans and Reimbursement Obligations and fees under Section 3.1,
the  Administrative  Agent  shall  only  be  required  to  include  such  other
Obligations  that  Lenders have certified to the Administrative Agent in writing
are  due  to  such  Lenders.

     Section  3.3.     Withholding  Taxes.
                       ------------------

     (a)     Payments  Free of Withholding.  Except as otherwise required by law
             -----------------------------
and  subject  to  Section  3.3(b),  each  payment by the Borrower to any Lender,
Issuing  Bank  or  Administrative Agent under this Agreement or any other Credit
Document  shall  be made without withholding for or on account of any present or
future  taxes  imposed  by  or  within the jurisdiction in which the Borrower is
incorporated, any jurisdiction from which the Borrower makes any payment, or (in
each  case)  any  political  subdivision or taxing authority thereof or therein,
excluding,  in  the  case  of  each  Lender, Issuing Bank and the Administrative
Agent,  the  following  taxes:

          (i)    taxes  imposed  on,  based  upon, or measured by such Lender's,
     Issuing  Bank's  or  the  Administrative Agent's net income or profits, and
     branch  profits,  franchise  and  similar  taxes  imposed  on  it;

          (ii)  taxes imposed on such Lender, Issuing Bank or the Administrative
     Agent  as  a  result  of  a present or former connection between the taxing
     jurisdiction  and such Lender, Issuing Bank or Administrative Agent, or any
     affiliate  thereof,  as  the case may be, other than a connection resulting
     solely  from  the  transactions  contemplated  by  this  Agreement;

          (iii)  taxes  imposed  as  a  result  of  the transfer by such Lender,
     Issuing  Bank  or Administrative Agent of its interest in this Agreement or
     any  other Credit Document or a designation by such Lender, Issuing Bank or
     the  Administrative  Agent (other than pursuant to Section 8.3(c)) of a new
     Lending  Office  (other  than  taxes  imposed  as a result of any change in
     treaty,  law  or  regulation  after such transfer of such Lender's, Issuing
     Bank's  or  the  Administrative  Agent's  interest in this Agreement or any
     other  Credit  Document  or  designation  of  a  new  Lending  Office);

          (iv)   taxes imposed by the United States of America (or any political
     subdivision  thereof  or tax authority therein) upon a Lender, Issuing Bank
     or  Administrative Agent organized under the laws of a jurisdiction outside
     of  the  United

                                       38
<PAGE>
     States,  except  to  the extent that such tax is imposed as a result of any
     change  in applicable law, regulation or treaty (other than any addition of
     or  change  in  any  "anti-treaty  shopping,"  "limitation of benefits," or
     similar  provision  applicable  to  a treaty) after the date hereof, in the
     case  of  each  Lender,  Issuing  Bank or Administrative Agent originally a
     party  hereto  or,  in  the  case  of  any Purchasing Lender (as defined in
     Section  10.10)  or  other  Issuing Bank or Administrative Agent, after the
     date  on  which it becomes a Lender, Issuing Bank, or Administrative Agent,
     as  the  case  may  be;  or

          (v)  taxes  which  would not have been imposed but for (a) the failure
     of  any  Lender, the Issuing Bank, or the Administrative Agent, as the case
     may  be,  to  provide  (I)  the applicable forms prescribed by the Internal
     Revenue  Service, as required pursuant to Section 3.3(b), or (II) any other
     form,  certification,  documentation or proof which is reasonably requested
     by the Borrower, or (b) a determination by a taxing authority or a court of
     competent  jurisdiction  that a form, certification, documentation or other
     proof  provided by such Lender, Issuing Bank or the Administrative Agent to
     establish  an  exemption  from  such  tax, assessment or other governmental
     charge  is  false;

(all  such  present  or  future taxes, excluding only the taxes described in the
preceding clauses (i) through (v), being hereinafter referred to as "Indemnified
Taxes").  If  any  such  withholding is so required, the Borrower shall make the
withholding,  pay  the amount withheld to the appropriate governmental authority
before  penalties  attach  thereto or interest accrues thereon and forthwith pay
such  additional  amount  as  may  be  necessary  to  ensure that the net amount
actually  received  by each Lender, Issuing Bank and the Administrative Agent is
free  and  clear  of such Indemnified Taxes (including Indemnified Taxes on such
additional  amount) and is equal to the amount that such Lender, Issuing Bank or
the  Administrative  Agent  (as  the  case  may  be)  would  have  received  had
withholding  of  any  Indemnified  Tax  not been made.  If the Borrower pays any
Indemnified  Taxes,  or  any  penalties  or interest in connection therewith, it
shall  deliver  official tax receipts evidencing the payment or certified copies
thereof,  or  other  evidence  of payment if such tax receipts have not yet been
received  by the Borrower (with such tax receipts to be delivered within fifteen
(15)  days  after  being  actually received), to the Lender, Issuing Bank or the
Administrative  Agent on whose account such withholding was made (with a copy to
the  Administrative  Agent  if not the recipient of the original) within fifteen
(15)  days  of  such  payment.  If the Administrative Agent, Issuing Bank or any
Lender  pays  any  Indemnified Taxes, or any penalties or interest in connection
therewith,  the  Borrower shall reimburse the Administrative Agent, Issuing Bank
or  that  Lender for the payment on demand in the currency in which such payment
was  made.  Such  Lender,  Issuing  Bank  or the Administrative Agent shall make
written  demand on the Borrower for reimbursement hereunder no later than ninety
(90)  days  after the earlier of (i) the date on which such Lender, Issuing Bank
or  the  Administrative  Agent makes payment of the Indemnified Taxes, penalties
and  interest, and (ii) the date on which the relevant taxing authority or other
governmental  authority  makes written demand upon such  Lender, Issuing Bank or
the  Administrative  Agent  for  payment of the Indemnified Taxes, penalties and
interest.  Any  such demand shall describe in reasonable detail such Indemnified
Taxes, penalties or interest, including the amount thereof if then known to such
Lender,  Issuing  Bank, or the Administrative Agent, as the case may be.  In the
event  that  such Lender, Issuing Bank or the Administrative Agent fails to give
the  Borrower  timely notice as provided herein, the Borrower shall not have any
obligation  to  pay  such  claim  for  reimbursement.

                                       39
<PAGE>
     (b)     U.S.  Withholding  Tax Exemptions.  Upon the written request of the
             ---------------------------------
Borrower  or the Administrative Agent, each Lender or Issuing Bank that is not a
United  States  person  (as  such  term is defined in Section 7701(a)(30) of the
Code)  shall submit to the Borrower and the Administrative Agent, promptly after
such request, two duly completed and signed copies of either Form W-8 BEN or any
successor  form  (entitling  such Lender or Issuing Bank to a complete exemption
from  withholding under the Code on all amounts to be received by such Lender or
Issuing  Bank, including fees, pursuant to the Credit Documents) or Form W-8 ECI
or  any successor form (relating to all amounts to be received by such Lender or
Issuing  Bank,  including  fees, pursuant to the Credit Documents) of the United
States  Internal  Revenue  Service,  and  any  other  form  of the United States
Internal  Revenue  Service  reasonably  necessary  to  accomplish exemption from
withholding  obligations or to facilitate the Administrative Agent's performance
under  this  Agreement.  Thereafter  and  from time to time, each such Lender or
Issuing  Bank  shall  submit  to  the Borrower and the Administrative Agent such
additional  duly  completed  and  signed copies of such forms (or such successor
forms as shall be adopted from time to time by the relevant United States taxing
authorities)  as  may  be  required  under  then-current  United  States  law or
regulations  to  avoid United States withholding taxes on payments in respect of
all  amounts  to  be  received  by  such Lender or Issuing Bank, including fees,
pursuant to the Credit Documents.  Upon the request of the Borrower, each Lender
or  Issuing  Bank  that is a United States person shall submit to the Borrower a
certificate  to  the  effect  that  it  is  such  a  United  States  person.

     (c)     Inability of Lender to Submit Forms.  If any Lender or Issuing Bank
             -----------------------------------
determines  in  good  faith,  as  a  result  of  any  change  in applicable law,
regulation  or treaty, or in any official application or interpretation thereof,
that (i) it is unable to submit to the Borrower or Administrative Agent any form
or  certificate that such Lender or Issuing Bank is obligated to submit pursuant
to subsection (b) of this Section 3.3, (ii) it is required to withdraw or cancel
any  such  form  or  certificate previously submitted, or (iii) any such form or
certificate  otherwise becomes ineffective or inaccurate, such Lender or Issuing
Bank  shall  promptly notify the Borrower and Administrative Agent of such fact,
and  the Lender or Issuing Bank shall to that extent not be obligated to provide
any  such  form  or  certificate  and will be entitled to withdraw or cancel any
affected  form  or  certificate,  as  applicable.

     (d)     Refund of Taxes.  If any Lender, Issuing Bank or the Administrative
             ---------------
Agent receives a refund of any Indemnified Tax or any tax referred to in Section
10.3  with  respect  to  which the Borrower has paid any amount pursuant to this
Section  3.3  or  Section  10.3, such Lender, Issuing Bank or the Administrative
Agent  shall pay the amount of such refund (including any interest received with
respect thereto) to the Borrower within fifteen (15) days after receipt thereof.
A  Lender,  Issuing Bank, or the Administrative Agent shall provide, at the sole
cost and expense of the Borrower, such assistance as the Borrower may reasonably
request  in  order  to obtain such a refund; provided, however, that neither the
Administrative  Agent  nor  any  Lender  or  Issuing  Bank shall in any event be
required to disclose any information to the Borrower with respect to the overall
tax  position  of  the  Administrative  Agent,  Issuing  Bank,  or  such Lender.

                                       40
<PAGE>
ARTICLE 4. CONDITIONS PRECEDENT.

     Section  4.1.     Initial  Borrowing.  The  obligation  of  each  Lender to
advance  the  initial  Loans  hereunder,  and  of  the Issuing Bank to issue the
initial Letter of Credit hereunder, on or after the Initial Availability Date is
subject  to  satisfaction  of  the  following  conditions  precedent:

     (a)     The  Administrative  Agent shall have received the following all in
form  and  substance  reasonably satisfactory to the Administrative Agent and in
sufficient  number  of signed counterparts, where applicable, to provide one for
each  Lender:

          (i)  Certificates  of  Officers.  Certificates  of the Secretary or an
               --------------------------
     Assistant  Secretary  of the Borrower containing specimen signatures of the
     persons  authorized to execute Credit Documents on the Borrower's behalf or
     any  other  documents  provided  for  herein  or therein, together with (x)
     copies  of  resolutions of the Board of Directors or other appropriate body
     of  the  Borrower  authorizing  the  execution  and  delivery of the Credit
     Documents,  (y)  copies  of  the  Borrower's  Memorandum  and  Articles  of
     Association  and  other  publicly  filed  organizational  documents  in its
     jurisdiction  of organization and bylaws and other governing documents, and
     (z)  a  certificate of incorporation and good standing from the appropriate
     governing  agency  of  the  Borrower's  jurisdiction  of  organization;

          (ii) Regulatory  Filings  and  Approvals.  Copies  of  all  necessary
               -----------------------------------
     governmental  and  third  party  approvals,  registrations,  and filings in
     respect  of  the  transactions  contemplated  by  this  Agreement;

          (iii)  Insurance  Certificate. An insurance certificate dated not more
                 ----------------------
     than ten (10) days prior to the Initial Availability Date from the Borrower
     describing  in  reasonable  detail the insurance maintained by the Borrower
     and  its  Subsidiaries  as  required  by  this  Agreement;

          (iv) Opinions of Counsel. The opinions of (x) Baker Botts LLP, counsel
               -------------------
     for  the  Borrower,  in  the  form  of  Exhibit 4.1A, (y) William Turcotte,
                                             ------------
     Associate General Counsel of the Borrower, in the form of Exhibit 4.1B, and
                                                               ------------
     (z)  Walkers,  Cayman  Islands  counsel  for  the  Borrower, in the form of
     Exhibit  4.1C;
     -------------

          (v)  Closing  Certificate.  Certificate  of  the  President  or a Vice
               --------------------
     President  of  the  Borrower  as  to the satisfaction of all conditions set
     forth  in  this  Section  4.1;  and

          (vi) Existing  364-Day  Revolving  Credit  Facility. Evidence that all
               ----------------------------------------------
     commitments  of  the  lenders  under  the Existing 364-Day Revolving Credit
     Facility  are  being terminated, and all amounts then outstanding under the
     Existing  364-Day  Revolving  Credit  Facility  are  being  paid  in  full,
     simultaneously  on  the  Initial  Availability  Date.

     (b)     Each  of the representations and warranties of the Borrower and its
Subsidiaries  set  forth  herein and in the other Credit Documents shall be true
and correct in all material respects as

                                       41
<PAGE>
of the time of such Borrowing, except to the extent that any such representation
or  warranty relates solely to an earlier date, in which case it shall have been
true  and  correct  in  all  material  respects  as  of  such  earlier  date;

     (c)     No  Default  or  Event  of  Default  shall  have  occurred  and  be
continuing;

     (d)     There  shall  be  no  pending or, to the knowledge of the Borrower,
threatened actions, suits or proceedings at law or in equity or by or before any
governmental  authority  against  or  affecting  the  Borrower  or  any  of  its
Subsidiaries  or any of their respective businesses, properties or rights which,
if  adversely  determined,  could reasonably be expected to result in a Material
Adverse  Effect;  and

     (e)     Payment of all fees and all expenses incurred through the Effective
Date  then  due and owing to the Administrative Agent, the Lenders, and the Lead
Arranger  pursuant  to  this Agreement and as otherwise agreed in writing by the
Borrower.

     Section  4.2.     All  Borrowings  and  Conversion  to  Term  Loans.  The
                       -------------------------------------------------
obligation  of  each  Lender  to  make  any  advance  of any Loan and to convert
outstanding  Revolving  Loans  to Term Loans pursuant to Section 2.3, and of the
Issuing  Bank to issue any Letter of Credit hereunder (including any increase in
the  amount of, or extension of the expiration date of, any Letter of Credit) is
subject  to  satisfaction  of the following conditions precedent (but subject to
Sections  2.4(c)  and  2.14(c)):

     (a)     Notices.  The  Administrative  Agent shall have received (i) in the
             -------
case  of  any  Loan,  the  Borrowing  Request  required by the first sentence of
Section  2.4(a), or the Competitive Bid Request and notice of acceptance thereof
pursuant  to Section 2.5, as the case may be, (ii) in the case of any conversion
of  Revolving Loans to Term Loans pursuant to Section 2.3, the written notice as
to  the  exercise of the Term Loan Option as specified in Section 2.3, and (iii)
in  the  case  of the issuance, extension or increase of a Letter of Credit, the
Issuing  Bank  and the Administrative Agent shall have received a duly completed
Issuance  Request and Application for such Letter of Credit, as the case may be,
meeting  the  requirements  of  Section  2.14(b);

     (b)     Warranties  True  and  Correct.  In  the  case of any conversion of
             ------------------------------
Revolving  Loans  to  Term  Loans  pursuant  to  Section  2.3,  or  any advance,
Borrowing,  or  issuance  or increase of any Letter of Credit that increases the
aggregate amount of Loans and L/C Obligations outstanding after giving effect to
such advance, Borrowing or issuance or increase, each of the representations and
warranties  of  the  Borrower  and  its Subsidiaries set forth herein and in the
other  Credit Documents shall be true and correct in all material respects as of
the  time of such conversion, advance, Borrowing, or issuance or increase of any
Letter  of  Credit,  except  as a result of the transactions expressly permitted
hereunder or thereunder and except to the extent that any such representation or
warranty  relates  solely  to  an earlier date, in which case it shall have been
true  and  correct  in  all  material  respects  as  of  such  earlier  date;

     (c)     No Default.  No Default or Event of Default shall have occurred and
             ----------
be  continuing or would occur as a result of any such Borrowing or conversion of
Revolving  Loans  to  Term  Loans  pursuant  to  Section  2.3;  or

                                       42
<PAGE>
     (d)     Regulations  U  and  X.  The  Borrowing  to be made by the Borrower
             ----------------------
shall  not  result  in  the  Borrower  or  any  Lender  or Issuing Bank being in
non-compliance  with  or  in  violation  of  Regulation  U  or X of the Board of
Governors  of  the  Federal  Reserve  System.

Each  acceptance  by  the  Borrower of an advance of any Loan, the conversion of
Revolving Loans to Term Loans, or of the issuance of, increase in the amount of,
or extension of the expiration date of, a Letter of Credit shall be deemed to be
a  representation  and  warranty by the Borrower on the date of such acceptance,
that  all  conditions  precedent to such Borrowing set forth in this Section 4.2
and in Section 4.1 with respect to the initial Borrowings hereunder have (except
to  the  extent  waived  in  accordance with the terms hereof) been satisfied or
fulfilled  unless the Borrower gives to the Administrative Agent and the Lenders
written  notice  to  the  contrary,  in  which case none of the Lenders shall be
required  to  fund  or  convert  such  Loans,  and the Issuing Bank shall not be
required  to issue, increase the amount of or extend the expiration date of such
Letter  of  Credit,  unless the Required Lenders shall have previously waived in
writing  such  non-compliance.

ARTICLE  5.     REPRESENTATIONS  AND  WARRANTIES.

     The  Borrower  represents  and  warrants  to  each Lender, Issuing Bank and
Administrative  Agent  as  follows:

     Section  5.1.     Corporate  Organization.  The  Borrower  and  each of its
                       -----------------------
material Subsidiaries: (i) is duly organized and existing in good standing under
the laws of the jurisdiction of its organization; (ii) has all necessary company
power  and  authority to own the property and assets it uses in its business and
otherwise  to  carry  on  its  present  business;  and (iii) is duly licensed or
qualified  and  in good standing in each jurisdiction in which the nature of the
business  transacted  by  it or the nature of the property owned or leased by it
makes  such licensing or qualification necessary, except where the failure to be
so  licensed  or  qualified or to be in good standing, as the case may be, would
not  have  a  Material  Adverse  Effect.

     Section  5.2.     Power  and  Authority;  Validity.  The  Borrower  has the
                       --------------------------------
organizational  power  and authority to execute, deliver and carry out the terms
and  provisions  of  the  Credit  Documents  and has taken all necessary company
action  to  authorize  the  execution,  delivery  and performance of such Credit
Documents.  The  Borrower  has  duly executed and delivered each Credit Document
and  each  such  Credit  Document  constitutes  the  legal,  valid  and  binding
obligation  of the Borrower enforceable against it in accordance with its terms,
subject  as  to  enforcement  only  to  bankruptcy,  insolvency, reorganization,
moratorium  or other similar laws affecting the enforcement of creditors' rights
generally  and  equitable  principles.

     Section  5.3.     No  Violation.  Neither  the  execution,  delivery  or
                       -------------
performance  by  the  Borrower of the Credit Documents nor compliance by it with
the terms and provisions thereof, nor the consummation by it of the transactions
contemplated  herein or therein, will (i) contravene in any material respect any
applicable  provision of any law, statute, rule or regulation, or any applicable
order,  writ, injunction or decree of any court or governmental instrumentality,
(ii)  conflict  with or result in any breach of any term, covenant, condition or
other  provision of, or

                                       43
<PAGE>
constitute  a  default under, or result in the creation or imposition of (or the
obligation  to create or impose) any Lien other than any Permitted Lien upon any
of  the property or assets of the Borrower or any of its Subsidiaries under, the
terms of any material contractual obligation to which the Borrower or any of its
Subsidiaries  is  a  party or by which they or any of their properties or assets
are bound or to which they may be subject, or (iii) violate or conflict with any
provision  of  the  Memorandum and Articles of Association, charter, articles or
certificate  of  incorporation,  partnership  or  limited  liability  company
agreement,  by-laws, or other applicable governance documents of the Borrower or
any  of  its  Subsidiaries.

     Section  5.4.     Litigation.  There  are no actions, suits, proceedings or
                       ----------
counterclaims  (including, without limitation, derivative or injunctive actions)
pending or, to the knowledge of the Borrower, threatened against the Borrower or
any  of  its  Subsidiaries that are reasonably likely to have a Material Adverse
Effect.

     Section  5.5.     Use  of  Proceeds;  Margin  Regulations.
                       ---------------------------------------

     (a)     Use  of  Proceeds.  The  proceeds  of  the Loans and the Letters of
             -----------------
Credit shall only be used for general corporate purposes of the Borrower and its
Subsidiaries.

     (b)     Margin  Stock.  Neither the Borrower nor any of its Subsidiaries is
             -------------
engaged  in  the  business  of extending credit for the purpose of purchasing or
carrying  margin  stock.  No proceeds of the Loans or the Letters of Credit will
be  used  for  a  purpose  which  violates Regulations T, U or X of the Board of
Governors  of  the Federal Reserve System.  After application of the proceeds of
the Loans, the issuance of the Letters of Credit, and any acquisitions permitted
hereunder,  less  than  25%  of  the  assets  of  each  of  the Borrower and its
Subsidiaries consists of "margin stock" (as defined in Regulation U of the Board
of  Governors  of  the  Federal  Reserve  System).

     Section  5.6.     Investment  Company Act.  Neither the Borrower nor any of
                       -----------------------
its  Subsidiaries  is  an  "investment  company" or a company "controlled" by an
"investment  company," within the meaning of the Investment Company Act of 1940,
as  amended.

     Section  5.7.     Public Utility Holding Company Act.  Neither the Borrower
                       ----------------------------------
nor any of its Subsidiaries is a "holding company," or a "subsidiary company" of
a  "holding  company,"  or  an  "affiliate"  of  a  "holding  company"  or  of a
"subsidiary  company"  of  a "holding company," within the meaning of the Public
Utility  Holding  Company  Act  of  1935,  as  amended.

     Section  5.8.     True  and  Complete  Disclosure.  All factual information
                       -------------------------------
(taken  as  a  whole)  furnished  by  the Borrower or any of its Subsidiaries in
writing  to the Administrative Agent or any Lender in connection with any Credit
Document  or  the  Confidential  Information  Memorandum  or  any  transaction
contemplated therein did not, as of the date such information was furnished (or,
if  such  information  expressly related to a specific date, as of such specific
date),  contain  any  untrue  statement  of  a  material fact or omit to state a
material  fact  necessary  to make the statements therein (taken as a whole), in
light  of  the  circumstances  under  which  such information was furnished, not
misleading,  except  for  such  statements,  if  any,  as  have  been

                                       44
<PAGE>
updated,  corrected,  supplemented, superseded or modified pursuant to a written
correction  or  supplement  furnished  to  the Lenders prior to the date of this
Agreement.

     Section 5.9.     Financial Statements.  The financial statements heretofore
                      --------------------
delivered  to  the  Lenders  for  the Borrower's fiscal year ending December 31,
2000,  and  for  the  Borrower's  fiscal  quarter and year-to-date period ending
September  30,  2001,  have  been  prepared in accordance with GAAP applied on a
basis  consistent,  except  as  otherwise  noted  therein,  with  the Borrower's
financial  statements  for  the previous fiscal year.  Such annual and quarterly
financial  statements  fairly  present  on  a  consolidated  basis the financial
position  of the Borrower as of the dates thereof, and the results of operations
for  the periods indicated, subject in the case of interim financial statements,
to  normal  year-end  audit  adjustments  and  omission of certain footnotes (as
permitted  by  the  SEC).  As  of  the  Effective  Date,  the  Borrower  and its
Subsidiaries,  considered  as a whole, had no material contingent liabilities or
material  Indebtedness  required  under  GAAP  to be disclosed in a consolidated
balance  sheet  of  the  Borrower  that  were  not  disclosed  in  the financial
statements  referred to in this Section 5.9 or in the notes thereto or disclosed
in  writing  to  the  Administrative Agent (with a request to the Administrative
Agent  to  distribute  such  disclosure  to  the  Lenders).

     Section  5.10.     No Material Adverse Change.  There has occurred no event
                        --------------------------
or  effect  that  has  had  or  could  reasonably be expected to have a Material
Adverse  Effect.

     Section  5.11.     Labor  Controversies.  There  are no labor controversies
                        --------------------
pending  or,  to  the  best  knowledge  of  the Borrower, threatened against the
Borrower  or any of its Subsidiaries that could reasonably be expected to have a
Material  Adverse  Effect.

     Section  5.12.     Taxes.  The Borrower and its Subsidiaries have filed all
                        -----
United  States  federal  income  tax returns, and all other material tax returns
required  to  be  filed,  whether  in  the  United  States  or  in  any  foreign
jurisdiction,  and  have  paid all governmental taxes, rates, assessments, fees,
charges  and  levies (collectively, "Taxes") shown to be due and payable on such
returns  or on any assessments made against Borrower and its Subsidiaries or any
of  their  properties  (other than any such assessments, fees, charges or levies
that  are  not  more  than ninety (90) days past due, or which can thereafter be
paid  without penalty, or which are being contested in good faith by appropriate
proceedings  and  for which reserves have been provided in conformity with GAAP,
or  which the failure to pay could not reasonably be expected to have a Material
Adverse  Effect).

     Section  5.13.     ERISA.  With  respect to each Plan, the Borrower and its
                        -----
Subsidiaries  have  fulfilled  their  obligations  under  the  minimum  funding
standards  of,  and  are  in compliance in all material respects with, ERISA and
with  the  Code  to  the  extent  applicable  to  it,  and have not incurred any
liability under Title IV of ERISA to the PBGC other than a liability to the PBGC
for  premiums  under Section 4007 of ERISA, except as described in Schedule 5.13
and  in  each  case  with such exceptions as could not reasonably be expected to
have  a Material Adverse Effect.  As of the Effective Date, neither the Borrower
nor  any  of its Subsidiaries has any material contingent liability with respect
to  any  post-retirement  benefits  under a welfare plan subject to ERISA, other
than liability for continuation coverage described in Part 6 of Title I of ERISA
and  as  disclosed  in  the  financial statements of the Borrower for the fiscal
quarter  ending

                                       45
<PAGE>
September  30, 2000, described in Section 5.9, or any other liability that could
not  reasonably  be  expected  to  have  a  Material  Adverse  Effect.

     Section 5.14.     Consents.  On the Initial Availability Date, all consents
                       --------
and  approvals of, and filings and registrations with, and all other actions of,
all  governmental  agencies,  authorities  or instrumentalities required to have
been  obtained  or made by the Borrower in order to obtain the Loans and Letters
of Credit hereunder have been or will have been obtained or made and are or will
be  in  full  force  and  effect.

     Section  5.15.     Insurance.  The  Borrower  and its material Subsidiaries
                        ---------
currently  maintain  in  effect, with responsible insurance companies, insurance
against  any  loss  or  damage to all insurable property and assets owned by it,
which  insurance  is  of  a character and in or in excess of such amounts as are
customarily  maintained  by  companies  similarly  situated  and  operating like
property  or  assets  (subject  to self-insured retentions and deductibles), and
insurance  with  respect  to  employers'  and public and product liability risks
(subject  to  self-insured  retentions  and  deductibles).

     Section 5.16.     Intellectual Property.  The Borrower and its Subsidiaries
                       ---------------------
own  or hold valid licenses to use all the patents, trademarks, permits, service
marks,  and  trade  names that are necessary to the operation of the business of
the  Borrower  and  its  Subsidiaries  as  presently conducted, except where the
failure  to  own,  or  hold  valid  licenses  to  use, such patents, trademarks,
permits, service marks, and trade names could not reasonably be expected to have
a  Material  Adverse  Effect.

     Section 5.17.     Ownership of Property.  The Borrower and its Subsidiaries
                       ---------------------
have  good  title to or a valid leasehold interest in all of their real property
and  good  title  to,  or  a  valid  leasehold  interest  in, all of their other
property,  subject  to no Liens except Permitted Liens, except where the failure
to  have  such title or leasehold interest in such property could not reasonably
be  expected  to  have  a  Material  Adverse  Effect.

     Section  5.18.     Compliance  with  Statutes,  Etc.  The  Borrower and its
                        --------------------------------
Subsidiaries  are  in  compliance  with all applicable statutes, regulations and
orders  of, and all applicable restrictions imposed by, all governmental bodies,
domestic  and  foreign,  in  respect  of the conduct of their businesses and the
ownership  of  their  properties, except for such instances of non-compliance as
could  not  reasonably  be expected to, individually or in the aggregate, have a
Material  Adverse  Effect.

     Section  5.19.     Environmental  Matters.
                        ----------------------

     (a)     Compliance  with  Environmental  Laws.  Except  as  described  in
             -------------------------------------
Schedule  5.19,  the  Borrower  and  its Subsidiaries are in compliance with all
--------------
applicable  Environmental  Laws and the requirements of any permits issued under
such  Environmental  Laws,  except for such instances of non-compliance as could
not  reasonably  be  expected  to  have  a Material Adverse Effect.  To the best
knowledge  of  the  Borrower,  there  are  no  pending,  past  or  threatened
Environmental  Claims  against  the  Borrower  or any of its Subsidiaries on any
property  owned or operated by the Borrower or any of its Subsidiaries except as
described in Schedule 5.19 or except as could not
             -------------

                                       46
<PAGE>
reasonably  be expected to have a Material Adverse Effect. To the best knowledge
of the Borrower, there are no conditions or occurrences on any property owned or
operated by the Borrower or any of its Subsidiaries or on any property adjoining
or  in  the  vicinity  of any such property that could reasonably be expected to
form  the  basis  of  an  Environmental Claim against the Borrower or any of its
Subsidiaries  or  any  such property that individually or in the aggregate could
reasonably  be  expected  to  have  a  Material  Adverse  Effect.

     (b)     Hazardous  Materials.  To the best of the Borrower's knowledge, (i)
             --------------------
Hazardous Materials have not at any time been generated, used, treated or stored
on, or transported to or from, any property owned or operated by the Borrower or
any  of  its  Subsidiaries  in a manner that has violated or could reasonably be
expected to violate any Environmental Law, and (ii) Hazardous Materials have not
at  any  time  been  released  on  or from any property owned or operated by the
Borrower or any of its Subsidiaries, in the case of both (i) and (ii), with such
exceptions  as  could  not  reasonably  be  expected  to have a Material Adverse
Effect.

     Section 5.20.     Existing Indebtedness.  Schedule 5.20 contains a complete
                       ---------------------   -------------
and accurate list of all Indebtedness outstanding as of the Effective Date, with
respect to the Borrower and its Subsidiaries, in each case in a principal amount
of  $20,000,000  or  more (other than the Obligations hereunder and Indebtedness
permitted  by  Section 6.11(b) through (k)) and permitted by Section 6.11(a), in
each  case  showing  the  aggregate  principal  amount  thereof, the name of the
respective borrower and any other entity which directly or indirectly guaranteed
such  Indebtedness,  and  the  scheduled  payments  of  such  Indebtedness.

     Section  5.21.     Existing  Liens.  Schedule  5.21 contains a complete and
                        ---------------   --------------
accurate list of all Liens outstanding as of the Effective Date, with respect to
the  Borrower  and  its Subsidiaries where the Indebtedness or other obligations
secured by such Lien is in a principal amount of $20,000,000 or more (other than
the  Liens  permitted  by Section 6.10(b) through (r)), and permitted by Section
6.10(a), in each case showing the name of the Person whose assets are subject to
such  Lien,  the aggregate principal amount of the Indebtedness secured thereby,
and  a description of the Agreements or other instruments creating, granting, or
otherwise  giving  rise  to  such  Lien.

ARTICLE 6. COVENANTS.

     The  Borrower  covenants  and  agrees  that,  so  long  as  any Loan, Note,
Commitment,  or L/C Obligation is outstanding hereunder, or any other Obligation
is  due  and  payable  hereunder:

     Section  6.1.     Corporate  Existence.  Each  of  the  Borrower  and  its
                       --------------------
material  Subsidiaries  will preserve and maintain its organizational existence,
except  (i)  for  the  dissolution of any material Subsidiaries whose assets are
transferred  to  the Borrower or any of its Subsidiaries, (ii) where the failure
to  preserve,  renew  or  keep  in  full  force  and effect the existence of any
Subsidiary  could  not reasonably be expected to have a Material Adverse Effect,
or  (iii)  as  otherwise  expressly  permitted  in  this  Agreement.

     Section  6.2.     Maintenance.  Each  of  the  Borrower  and  its  material
                       -----------
Subsidiaries  will  maintain,  preserve  and  keep  its properties and equipment
necessary  to  the  proper  conduct  of  its

                                       47
<PAGE>
business in reasonably good repair, working order and condition (normal wear and
tear excepted) and will from time to time make all reasonably necessary repairs,
renewals,  replacements,  additions and betterments thereto so that at all times
such  properties  and equipment are reasonably preserved and maintained, in each
case  with  such  exceptions  as could not, individually or in the aggregate, be
reasonably  expected  to have a Material Adverse Effect; provided, however, that
nothing  in  this  Section  6.2  shall  prevent  the  Borrower  or  any material
Subsidiary  from  discontinuing  the  operation  or  maintenance  of  any  such
properties  or  equipment  if  such  discontinuance  is,  in the judgment of the
Borrower  or any material Subsidiary, as applicable, desirable in the conduct of
their  businesses.

     Section  6.3.     Taxes.  Each  of  the  Borrower and its Subsidiaries will
                       -----
duly  pay  and  discharge  all Taxes upon or against it or its properties before
penalties accrue thereon (or, if later, within ninety (90) days of becoming past
due),  unless  and  to  the  extent that (i) the same is being contested in good
faith  and  by  appropriate  proceedings  and  reserves have been established in
conformity  with  GAAP,  or (ii) the failure to effect such payment or discharge
could  not  reasonably  be  expected  to  have  a  Material  Adverse  Effect.

     Section  6.4.     ERISA.  Each  of  the  Borrower and its Subsidiaries will
                       -----
timely  pay and discharge all obligations and liabilities arising under ERISA or
otherwise  with  respect  to  each  Plan  of  a  character  which  if  unpaid or
unperformed  might  result  in  the  imposition  of  a material Lien against any
properties  or  assets  of  the  Borrower  or  any  material Subsidiary and will
promptly  notify  the  Administrative  Agent  upon  an  officer  of the Borrower
becoming  aware  thereof,  of  (i)  the  occurrence  of any reportable event (as
defined  in  ERISA)  relating  to  a  Plan (other than a multi-employer plan, as
defined  in ERISA), so long as the event thereunder could reasonably be expected
to  have  a  Material  Adverse Effect, other than any such event with respect to
which  the PBGC has waived notice by regulation; (ii) receipt of any notice from
PBGC  of  its  intention  to  seek  termination  of any Plan or appointment of a
trustee  therefor;  (iii)  Borrower's  or  any of its Subsidiaries' intention to
terminate  or  withdraw  from  any  Plan if such termination or withdrawal would
result  in  liability  under  Title  IV  of  ERISA,  unless  such termination or
withdrawal  could  not reasonably be expected to have a Material Adverse Effect;
and  (iv)  the  receipt  by  the  Borrower  or its Subsidiaries of notice of the
occurrence  of  any  event  that  could  reasonably be expected to result in the
incurrence  of  any  liability (other than for benefits), fine or penalty to the
Borrower and/or to the Borrower's Subsidiaries, or any plan amendment that could
reasonably  be expected to increase the contingent liability of the Borrower and
its  Subsidiaries,  taken  as  a  whole,  in connection with any post-retirement
benefit  under a welfare plan (subject to ERISA), unless such event or amendment
could  not  reasonably  be  expected  to  have  a  Material Adverse Effect.  The
Borrower  will also promptly notify the Administrative Agent of (i) any material
contributions  to  any  Foreign Plan that have not been made by the required due
date  for such contribution if such default could reasonably be expected to have
a  Material  Adverse  Effect;  (ii)  any  Foreign Plan that is not funded to the
extent  required  by  the law of the jurisdiction whose law governs such Foreign
Plan  based  on  the  actuarial  assumptions reasonably used at any time if such
underfunding  (together with any penalties likely to result) could reasonably be
expected  to  have  a  Material  Adverse  Effect,  and (iii) any material change
anticipated  to  any  Foreign  Plan  that could reasonably be expected to have a
Material  Adverse  Effect.

                                       48
<PAGE>
     Section  6.5.     Insurance.  Each  of  the  Borrower  and  its  material
                       ---------
Subsidiaries will maintain or cause to be maintained, with responsible insurance
companies,  insurance  against  any loss or damage to all insurable property and
assets  owned  by it, such insurance to be of a character and in or in excess of
such  amounts  as are customarily maintained by companies similarly situated and
operating  like  property  or  assets  (subject  to  self-insured retentions and
deductibles)  and  will  (subject  to  self-insured  retentions and deductibles)
maintain  or  cause  to  be  maintained insurance with respect to employers' and
public  and  product  liability  risks.

     Section  6.6.     Financial  Reports  and  Other  Information.
                       -------------------------------------------

     (a)     Periodic  Financial  Statements and Other Documents.  The Borrower,
             ---------------------------------------------------
its  Subsidiaries  and  any  SPVs  will  maintain a system of accounting in such
manner  as  will  enable  preparation of financial statements in accordance with
GAAP  and  will  furnish  to  the  Lenders  and  their  respective  authorized
representatives  such  information about the business and financial condition of
the  Borrower,  its  Subsidiaries  and  any  SPVs  as  any Lender may reasonably
request;  and,  without  any  request, will furnish to the Administrative Agent:

          (i)  within  sixty  (60) days after the end of each of the first three
     (3)  fiscal  quarters of each fiscal year of the Borrower, the consolidated
     balance  sheet  of  the Borrower and its Subsidiaries as at the end of such
     fiscal  quarter  and  the  related  consolidated  statements  of income and
     retained  earnings  and  of  cash flows for such fiscal quarter and for the
     portion  of the fiscal year ended with the last day of such fiscal quarter,
     all  of  which  shall be in reasonable detail or in the form filed with the
     SEC, and certified by the chief financial officer of the Borrower that they
     fairly present the financial condition of the Borrower and its Subsidiaries
     as  of  the dates indicated and the results of their operations and changes
     in  their  cash  flows  for  the  periods indicated and that they have been
     prepared  in accordance with GAAP, in each case, subject to normal year-end
     audit adjustments and the omission of any footnotes as permitted by the SEC
     (delivery to the Administrative Agent of a copy of the Borrower's Form 10-Q
     filed  with  the  SEC  (without  exhibits)  in  any  event will satisfy the
     requirements  of  this  subsection  subject  to  Section  6.6(b));

          (ii) within one hundred twenty (120) days after the end of each fiscal
     year  of  the  Borrower, the consolidated balance sheet of the Borrower and
     its  Subsidiaries  as  at  the  end  of  such  fiscal  year and the related
     consolidated  statements  of income and retained earnings and of cash flows
     for  such fiscal year and setting forth consolidated comparative figures as
     of  the end of and for the preceding fiscal year, audited by an independent
     nationally-recognized  accounting  firm  and in the form filed with the SEC
     (delivery to the Administrative Agent of a copy of the Borrower's Form 10-K
     filed  with  the  SEC  (without  exhibits)  in  any  event will satisfy the
     requirements  of  this  subsection  subject  to  Section  6.6(b));

          (iii)  commencing  with  fiscal  year  2001,  to  the  extent actually
     prepared and approved by the Borrower's board of directors, a projection of
     Borrower's  consolidated  balance  sheet  and consolidated income, retained
     earnings  and cash flows for its current

                                       49
<PAGE>
     fiscal  year  showing  such projected budget for each fiscal quarter of the
     Borrower  ending  during  such  year;  and

          (iv)  within ten (10) days after the sending or filing thereof, copies
     of  all  financial  statements,  projections,  documents  and  other
     communications  that  the  Borrower  sends to its stockholders generally or
     files  with  the SEC or any similar governmental authority (and is publicly
     available).

The  Administrative  Agent  will forward promptly to the Lenders the information
provided  by  the  Borrower  pursuant  to  (i)  through  (iv)  above.

     (b)     Compliance Certificates.  Each financial statement furnished to the
             -----------------------
Lenders  pursuant  to  subsections  (i)  and (ii) of Section 6.6(a) shall be (i)
accompanied  by  additional information setting forth calculations excluding the
effects  of any SPVs and containing such calculations for any SPVs as reasonably
requested  by  the  Administrative  Agent, and (ii) accompanied by (x) a written
certificate signed by the Borrower's chief financial officer (or other financial
officer  of the Borrower), in his or her capacity as such, to the effect that no
Default  or  Event  of  Default  then exists or, if any such Default or Event of
Default  exists  as of the date of such certificate, setting forth a description
of  such Default or Event of Default and specifying the action, if any, taken by
the Borrower to remedy the same, and (y) a Compliance Certificate in the form of
Exhibit  6.6 showing the Borrower's compliance with certain of the covenants set
------------
forth  herein.

     (c)     Management  Letters.  Promptly  upon  receipt thereof, the Borrower
             -------------------
will  provide the Administrative Agent with a copy of each report or "management
letter"  submitted to the Borrower by its independent accountants or auditors in
connection  with  any annual, interim or special audit made by them of the books
and  records  of  the  Borrower.

     (d)     Notice  of  Events  Relating  to  Environmental  Laws  and  Claims.
             ------------------------------------------------------------------
Promptly  after  any  officer  of  the  Borrower obtains knowledge of any of the
following,  the  Borrower  will  provide  the  Administrative Agent with written
notice in reasonable detail of any of the following that, individually or in the
aggregate,  could  reasonably  be  expected  to  have a Material Adverse Effect:

          (i)   any  pending  or  threatened  Environmental  Claim  against  the
     Borrower,  any  of  its  Subsidiaries  or  any SPV or any property owned or
     operated  by  the  Borrower,  any  of  its  Subsidiaries  or  any  SPV;

          (ii)  any condition or occurrence on any property owned or operated by
     the  Borrower,  any  of  its  Subsidiaries  or  any  SPV  that  results  in
     noncompliance  by the Borrower, any of its Subsidiaries or any SPV with any
     Environmental  Law;  and

          (iii)  the  taking  of any material remedial action in response to the
     actual  or alleged presence of any Hazardous Material on any property owned
     or  operated by the Borrower, any of its Subsidiaries or any SPV other than
     in  the  ordinary  course  of  business.

                                       50
<PAGE>
     (e)     Notices  of  Default, Litigation, Etc.  The Borrower will promptly,
             -------------------------------------
and  in  any  event  within  five (5) Days, after an officer of the Borrower has
knowledge  thereof, give written notice to the Administrative Agent of (who will
in turn provide notice to the Lenders of):  (i) the occurrence of any Default or
Event  of  Default;  (ii)  any litigation or governmental proceeding of the type
described  in  Section  5.4;  (iii)  any  circumstance  that  has  had  or could
reasonably be expected to have a Material Adverse Effect; (iv) the occurrence of
any  event which has resulted in a breach of, or is likely to result in a breach
of,  Sections 6.16 or 6.17; and (v) any notice received by it, any Subsidiary or
any  SPV  from  the holder(s) of Indebtedness of the Borrower, any Subsidiary or
any  SPV  in  an amount which, in the aggregate, exceeds $30,000,000, where such
notice  states  or claims the existence or occurrence of any default or event of
default with respect to such Indebtedness under the terms of any indenture, loan
or  credit agreement, debenture, note, or other document evidencing or governing
such  Indebtedness.

     Section 6.7.     Lender Inspection Rights.  Upon reasonable notice from the
                      ------------------------
Administrative  Agent or any Lender, the Borrower will permit the Administrative
Agent or any Lender (and such Persons as the Administrative Agent or such Lender
may  reasonably  designate)  during  normal business hours at such entity's sole
expense  unless  a  Default  or  Event  of  Default  shall  have occurred and be
continuing,  in  which event at the Borrower's expense, to visit and inspect any
of  the properties of the Borrower or any of its Subsidiaries, to examine all of
their  books  and records, to make copies and extracts therefrom, and to discuss
their  respective  affairs, finances and accounts with their respective officers
and  independent  public  accountants  (and  by  this  provision  the  Borrower
authorizes  such  accountants  to  discuss with the Administrative Agent and any
Lender  (and  such  Persons  as  the  Administrative  Agent  or  such Lender may
reasonably designate) the affairs, finances and accounts of the Borrower and its
Subsidiaries), all as often, and to such extent, as may be reasonably requested.
The  chief financial officer of the Borrower and/or his or her designee shall be
afforded  the  opportunity  to  be  present at any meeting of the Administrative
Agent  or  the Lenders and such accountants.  The Administrative Agent agrees to
use  reasonable  efforts  to  minimize, to the extent practicable, the number of
separate  requests  from the Lenders to exercise their rights under this Section
6.7  and/or  Section  6.6  and to coordinate the exercise by the Lenders of such
rights.

     Section  6.8.     Conduct  of  Business.  The Borrower and its Subsidiaries
                       ---------------------
will  at  all  times  remain  primarily  engaged  in  (i)  the contract drilling
business,  (ii)  the  provision  of services to the energy industry, (iii) other
existing businesses described in the Borrower's current SEC reports, or (iv) any
related  businesses  (each  a  "Permitted  Business").

     Section  6.9.     Restrictions  on Fundamental Changes.  The Borrower shall
                       ------------------------------------
not  merge  or  consolidate  with  any  other  Person,  or  cause  or permit any
dissolution  of  the Borrower or liquidation of its assets, or sell, transfer or
otherwise  dispose  of all or substantially all of the Borrower's assets, except
that:

     (a)     The  Borrower  or  any  of  its  Subsidiaries  may  merge  into, or
consolidate  with,  any other Person if upon the consummation of any such merger
or consolidation the Borrower or such Subsidiary is the surviving corporation to
any  such  merger  or  consolidation  (or  the  other Person is, or will thereby
become,  a  Subsidiary  of  the  Borrower);  and

                                       51
<PAGE>
     (b)     The  Borrower  may sell or transfer all or substantially all of its
assets  (including  stock in its Subsidiaries) to any Person if such Person is a
Subsidiary  of  the  Borrower  (or a Person who will contemporaneously therewith
become  a  Subsidiary  of  the  Borrower);

provided  in  the case of any transaction described in the preceding clauses (a)
and  (b),  no  Default  or Event of Default shall exist immediately prior to, or
after  giving  effect  to,  such  transaction.

     Section  6.10.     Liens.  The  Borrower  and  its  Subsidiaries  shall not
create, incur, assume or suffer to exist any Lien of any kind on any property or
asset  of  any  kind  of  the  Borrower  or any Subsidiary, except the following
(collectively,  the  "Permitted  Liens"):

     (a)     Liens existing on the date hereof (each such Lien, to the extent it
secures  Indebtedness or other obligations in an aggregate amount of $20,000,000
or  more,  being  described  on  Schedule  5.21  attached  hereto);
                                 --------------

     (b)     Liens  arising  in  the ordinary course of business by operation of
law,  deposits, pledges or other Liens in connection with workers' compensation,
unemployment  insurance,  old  age benefits, social security obligations, taxes,
assessments,  public  or  statutory  obligations  or other similar charges, good
faith  deposits, pledges or other Liens in connection with (or to obtain letters
of  credit  in  connection  with)  bids, performance, return-of-money or payment
bonds, contracts or leases to which the Borrower or its Subsidiaries are parties
or  other  deposits  required  to  be  made  in the ordinary course of business;
provided  that  in  each case the obligation secured is not for Indebtedness for
borrowed  money  and  is  not overdue or, if overdue, is being contested in good
faith  by appropriate proceedings and reserves in conformity with GAAP have been
provided  therefor;

     (c)     mechanics',  workmen's,  materialmen's,  landlords',  carriers'  or
other  similar  Liens arising in the ordinary course of business (or deposits to
obtain  the  release  of such Liens) related to obligations not overdue for more
than  thirty  (30)  days if such Liens arise with respect to domestic assets and
for  more  than  ninety  (90)  days  if such Liens arise with respect to foreign
assets, or, if so overdue, that are being contested in good faith by appropriate
proceedings and reserves in conformity with GAAP have been provided therefor, or
if  such  Liens  otherwise  could  not reasonably be expected to have a Material
Adverse  Effect;

     (d)     Liens  for  Taxes  not more than ninety (90) days past due or which
can  thereafter  be  paid  without  penalty or which are being contested in good
faith  by appropriate proceedings and reserves in conformity with GAAP have been
provided  therefor,  or if such Liens otherwise could not reasonably be expected
to  have  a  Material  Adverse  Effect;

     (e)     Liens imposed by ERISA (or comparable foreign laws) which are being
contested  in  good  faith by appropriate proceedings and reserves in conformity
with  GAAP  have  been  provided  therefor, or if such Liens otherwise could not
reasonably  be  expected  to  have  a  Material  Adverse  Effect;

                                       52
<PAGE>
     (f)     Liens  arising  out  of judgments or awards against the Borrower or
any  of  its  Subsidiaries,  or in connection with surety or appeal bonds or the
like  in  connection  with bonding such judgments or awards, the time for appeal
from  which  or  petition  for  rehearing of which shall not have expired or for
which  the  Borrower  or  such  Subsidiary  shall  be  prosecuting  on appeal or
proceeding  for review, and for which it shall have obtained (within thirty (30)
days with respect to a judgment or award rendered in the United States or within
sixty  (60)  days  with  respect  to  a  judgment or award rendered in a foreign
jurisdiction after entry of such judgment or award or expiration of any previous
such stay, as applicable) a stay of execution or the like pending such appeal or
proceeding  for  review;  provided,  that  the  aggregate amount of uninsured or
underinsured  liabilities (net of customary deductibles, and including interest,
costs,  fees and penalties, if any) of the Borrower and its Subsidiaries secured
by  such  Liens  shall  not  exceed  $50,000,000  at  any  one time outstanding;

     (g)     Liens  on  fixed  or  capital  assets  and  related  inventory  and
intangible  assets  acquired,  constructed, improved, altered or repaired by the
Borrower  or  any  Subsidiary;  provided that (i) such Liens secure Indebtedness
otherwise  permitted  by  this  Agreement,  (ii) such Liens and the Indebtedness
secured  thereby are incurred prior to or within 365 days after such acquisition
or  the later of the completion of such construction, improvement, alteration or
repair  or the date of commercial operation of the assets constructed, improved,
altered  or repaired, (iii) the Indebtedness secured thereby does not exceed the
cost  of acquiring, constructing, improving, altering or repairing such fixed or
capital  assets,  as  the case may be, and (iv) such Lien shall not apply to any
other  property  or  assets  of  the  Borrower  or  any  Subsidiary;

     (h)     Liens  securing  Interest  Rate  Protection  Agreements  or foreign
exchange hedging obligations incurred in the ordinary course of business and not
for  speculative  purposes;

     (i)     Liens on property existing at the time such property is acquired by
the  Borrower or any Subsidiary of the Borrower and not created in contemplation
of  such  acquisition  (or  on  repairs,  renewals,  replacements,  additions,
accessions  and  betterments  thereto), and Liens on the assets of any Person at
the  time  such  Person  becomes a Subsidiary of the Borrower and not created in
contemplation  of  such  Person  becoming  a  Subsidiary  of the Borrower (or on
repairs,  renewals, replacements, additions, accessions and betterments thereto;

     (j)     any  extension,  renewal  or replacement (or successive extensions,
renewals  or  replacements)  in  whole or in part of any Lien referred to in the
foregoing  subsections  (a)  through  (i), provided, however, that the principal
amount  of  Indebtedness  secured  thereby  does not exceed the principal amount
secured  at  the  time  of  such  extension,  renewal or replacement (other than
amounts  incurred  to  pay costs of such extension, renewal or replacement), and
that  such  extension, renewal or replacement is limited to the property already
subject  to  the Lien so extended, renewed or replaced (together with accessions
and  improvements  thereto  and  replacements  thereof);

     (k)     rights  reserved  to or vested in any municipality or governmental,
statutory  or  public  authority  by  the  terms of any right, power, franchise,
grant,  license  or permit, or by any provision of law, to terminate such right,
power,  franchise, grant, license or permit or to

                                       53
<PAGE>
purchase,  condemn,  expropriate or recapture or to designate a purchaser of any
of  the  property  of  a  Person;

     (l)     rights  reserved  to or vested in any municipality or governmental,
statutory  or  public  authority  to  control, regulate or use any property of a
Person;

     (m)     rights  of  a  common  owner  of any interest in property held by a
Person  and  such  common  owner  as  tenants  in common or through other common
ownership;

     (n)     encumbrances  (other  than  to secure the payment of Indebtedness),
easements,  restrictions, servitudes, permits, conditions, covenants, exceptions
or  reservations in any property or rights-of-way of a Person for the purpose of
roads,  pipelines, transmission lines, transportation lines, distribution lines,
removal  of  gas,  oil,  coal,  metals, steam, minerals, timber or other natural
resources,  and  other  like  purposes,  or  for the joint or common use of real
property,  rights-of-way,  facilities or equipment, or defects, irregularity and
deficiencies  in  title  of  any  property  or  rights-of-way;

     (o)     Liens  created  by  or  resulting  from  zoning,  planning  and
environmental  laws  and  ordinances  and  municipal  regulations;

     (p)     Liens  created  by  or resulting from financing statements filed by
lessors  of  property  (but  only  with  respect  to  the  property  so leased);

     (q)     Liens  on  property  securing  Non-recourse  Debt;

     (r)     Liens  on  the  stock  or  assets  of  SPVs;  and

     (s)     Liens  (not  otherwise  permitted by this Section 6.10) on property
securing  Indebtedness  (or other obligations) not exceeding $175,000,000 in the
aggregate  at  any  time  outstanding.

     Section  6.11.     Indebtedness.  The  Borrower  and its Subsidiaries shall
                        ------------
not  incur,  assume  or  suffer  to  exist  any  Indebtedness,  except:

     (a)     existing  Indebtedness  outstanding  on  the  Effective  Date (such
Indebtedness, to the extent the principal amount thereof is $20,000,000 or more,
being  described  on  Schedule  5.20  attached  hereto),  and  any  subsequent
                      --------------
extensions, renewals or refinancings thereof so long as such Indebtedness is not
increased in amount (other than amounts incurred to pay costs of such extension,
renewal  or  refinancing),  the scheduled maturity date thereof (if prior to the
Maturity  Date)  is  not  accelerated,  the  interest  rate per annum applicable
thereto  is  not  increased,  any scheduled amortization of principal thereunder
prior  to the Maturity Date is not shortened and the payments thereunder are not
increased;

     (b)     Indebtedness  under  the  Credit  Documents;

                                       54
<PAGE>
     (c)     intercompany  loans  and  advances  to  the  Borrower  or  its
Subsidiaries,  and intercompany loans and advances from any of such Subsidiaries
or  SPVs  to  the  Borrower  or  any  other  Subsidiaries  of  the  Borrower;

     (d)     Indebtedness  under  any  Interest  Rate  Protection Agreements and
under  foreign  exchange futures agreements, arrangements or options designed to
protect  against  fluctuations  in  currency  exchange  rates;

     (e)     Indebtedness  of  the  Borrower  that  may  be incurred, assumed or
suffered  to  exist  without violating any section of this Agreement, including,
without  limitation,  Sections  6.16  and  6.17  hereof;

     (f)     Indebtedness  of any Subsidiary of the Borrower (i) under unsecured
lines  of  credit  for  overdrafts  or  for  working capital purposes in foreign
countries  with  financial institutions, and (ii) arising from the honoring by a
bank  or  other  Person  of  a  check, draft or similar instrument inadvertently
drawing  against  insufficient  funds,  all  such  Indebtedness  not  to  exceed
$100,000,000  in  the  aggregate  at any time outstanding, provided that amounts
under  overdraft  lines of credit or outstanding as a result of drawings against
insufficient  funds  shall  be outstanding for one (1) Business Day before being
included  in  such  aggregate  amount;

     (g)     Indebtedness of a Person existing at the time such Person becomes a
Subsidiary  of  the  Borrower  or  is  merged  with  or into the Borrower or any
Subsidiary  of  the  Borrower  and  not  incurred  in  contemplation  of  such
transaction;

     (h)     Indebtedness  of the Borrower or any Subsidiary of the Borrower (i)
under  Performance  Guaranties  and Performance Letters of Credit, and (ii) with
respect  to  letters  of  credit  issued  in  the  ordinary  course of business;

     (i)     Indebtedness  of  any  Subsidiaries of the Borrower in an aggregate
principal  amount  for  all  Subsidiaries  not  to exceed an amount equal to ten
percent  (10%)  of Consolidated Net Assets (the "Subsidiary Debt Basket Amount")
in  the  aggregate  at  any  time  outstanding;

     (j)     other  Indebtedness  of  any  Subsidiary of the Borrower so long as
such  Subsidiary has in force a Subsidiary Guaranty in substantially the form of
Exhibit  6.11,  provided that such Subsidiary Guaranty shall contain a provision
-------------
that  such  Subsidiary  Guaranty and all obligations thereunder of the Guarantor
party  thereto  shall be terminated upon delivery to the Administrative Agent by
the Borrower of a certificate stating that (x) the aggregate principal amount of
Indebtedness  of  all  Subsidiaries outstanding pursuant to the preceding clause
(i)  and  this  clause  (j)  is equal to or less than the Subsidiary Debt Basket
Amount,  and  (y) no Default or Event of Default has occurred and is continuing;
and

     (k)     extensions,  renewals  or replacements of Indebtedness permitted by
this  Section  6.11  that do not increase the amount of such Indebtedness (other
than  amounts  incurred to pay costs of such extension, renewal or refinancing).

                                       55
<PAGE>
     Section  6.12.     Use of Property and Facilities; Environmental Laws.  The
                        --------------------------------------------------
Borrower  and  its  Subsidiaries  shall comply in all material respects with all
Environmental  Laws  applicable  to  or  affecting  the  properties  or business
operations  of the Borrower or any Subsidiary of the Borrower, where the failure
to  comply  could  reasonably  be  expected  to  have a Material Adverse Effect.

     Section  6.13.     Transactions  with  Affiliates.  Except  as  otherwise
                        ------------------------------
specifically  permitted  herein,  the  Borrower  and  its Subsidiaries shall not
(except  pursuant  to  contracts  outstanding  as  of  (i)  with  respect to the
Borrower,  the  Effective  Date  or  (ii)  with respect to any Subsidiary of the
Borrower, the Effective Date or, if later, the date such Subsidiary first became
a  Subsidiary  of the Borrower) enter into or engage in any material transaction
or  arrangement  or  series of related transactions or arrangements which in the
aggregate  would  be  material with any Controlling Affiliate, including without
limitation,  the purchase from, sale to or exchange of property with, any merger
or  consolidation  with  or into, or the rendering of any service by or for, any
Controlling  Affiliate, except pursuant to the requirements of the Borrower's or
such  Subsidiary's business and unless such transaction or arrangement or series
of related transactions or arrangements, taken as a whole, are no less favorable
to  the  Borrower or such Subsidiary (other than a wholly owned Subsidiary) than
would be obtained in an arms' length transaction with a Person not a Controlling
Affiliate.

     Section  6.14.     Sale and Leaseback Transactions.  The Borrower will not,
                        -------------------------------
and will not permit any of its Subsidiaries to, enter into, assume, or suffer to
exist  any  Sale-Leaseback  Transaction, except any such transaction that may be
entered into, assumed or suffered to exist without violating any other provision
of  this  Agreement,  including  without  limitation,  Sections  6.16  and 6.17.

     Section  6.15.     Compliance with Laws.  Without limiting any of the other
                        --------------------
covenants  of  the Borrower in this Article 6, the Borrower and its Subsidiaries
shall  conduct  their  business,  and  otherwise  be,  in  compliance  with  all
applicable  laws,  regulations,  ordinances  and  orders  of any governmental or
judicial  authorities;  provided,  however,  that  this  Section  6.15 shall not
require  the  Borrower or any Subsidiary of the Borrower to comply with any such
law,  regulation,  ordinance  or  order  if (x) it shall be contesting such law,
regulation,  ordinance  or  order  in  good faith by appropriate proceedings and
reserves in conformity with GAAP have been provided therefor, or (y) the failure
to  comply therewith could not reasonably be expected to have a Material Adverse
Effect.

     Section  6.16.     Interest  Coverage  Ratio.  The Borrower will not permit
                        -------------------------
the  Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower
to  be  less  than  3:00  to  1:00.

     Section 6.17.     Indebtedness to Total Capitalization Ratio.  The Borrower
                       ------------------------------------------
will  maintain,  as  of  the end of each fiscal quarter of the Borrower, a ratio
(expressed as a percentage) of Consolidated Indebtedness to Total Capitalization
of  no  greater  than  40%.

ARTICLE  7.     EVENTS  OF  DEFAULT  AND  REMEDIES.

                                       56
<PAGE>
     Section 7.1.     Events of Default.  Any one or more of the following shall
constitute  an  Event  of  Default:

     (a)     default  by  the Borrower in the payment of any principal amount of
any  Loan  or Reimbursement Obligation, any interest thereon or any fees payable
hereunder,  within  two  (2)  Business  Days  following  the  date  when  due;

     (b)     default  by  the  Borrower  in the observance or performance of any
covenant  set  forth  in  Sections  6.9,  6.10,  6.16,  or  6.17;

     (c)     default  by  the  Borrower  in the observance or performance of any
provision hereof or of any other Credit Document not mentioned in clauses (a) or
(b) above, which is not remedied within thirty (30) days after notice thereof to
the  Borrower  by  the  Administrative  Agent;

     (d)     any representation or warranty made or deemed made herein or in any
other  Credit  Document  by  the Borrower or any Subsidiary proves untrue in any
material  respect  as  of  the  date  of  the making, or deemed making, thereof;

     (e)     (x)  Indedtedness  in the aggregate principal amount of $50,000,000
of  the Borrower and its Subsidiaries ("Material Indebtedness") shall (i) not be
paid  at  maturity (beyond any applicable grace periods), or (ii) be declared to
be  due  and payable or required to be prepaid, redeemed or repurchased prior to
its  stated  maturity,  or  (y)  any default in respect of Material Indedtedness
shall  occur  which  permits  the  holders thereof, or any trustees or agents on
their  behalf,  to accelerate the maturity of such Indedtedness or requires such
Indedtedness  to  be  prepaid,  redeemed,  or  repurchased  prior  to its stated
maturity;

     (f)     the  Borrower  or  any  Significant  Subsidiary  (i)  has  entered
involuntarily  against it an order for relief under the United States Bankruptcy
Code  or  a comparable action is taken under any bankruptcy or insolvency law of
another  country  or  political subdivision of such country, (ii) generally does
not pay, or admits its inability generally to pay, its debts as they become due,
(iii) makes a general assignment for the benefit of creditors, (iv) applies for,
seeks,  consents to, or acquiesces in, the appointment of a receiver, custodian,
trustee,  liquidator  or  similar official for it or any substantial part of its
property under the Bankruptcy Code or under the bankruptcy or insolvency laws of
another  country  or a political subdivision of such country, (v) institutes any
proceeding  seeking  to  have  entered  against it an order for relief under the
United States Bankruptcy Code or any comparable law, to adjudicate it insolvent,
or  seeking  dissolution,  winding up, liquidation, reorganization, arrangement,
adjustment  or  composition  of  it  or  its  debts  under  any  law relating to
bankruptcy,  insolvency  or reorganization or relief of debtors or fails to file
an  answer  or other pleading denying the material allegations of or consents to
or  acquiesces  in any such proceeding filed against it, (vi) makes any board of
directors  resolution  in  direct furtherance of any matter described in clauses
(i)-(v)  above,  or  (vii)  fails  to  contest  in good faith any appointment or
proceeding  described  in  this  Section  7.1(f);

     (g)     a  custodian,  receiver, trustee, liquidator or similar official is
appointed for the Borrower or any Significant Subsidiary or any substantial part
of  its property under the

                                       57
<PAGE>
Bankruptcy Code or under the bankruptcy or insolvency laws of another country or
a  political  subdivision  of such country, or a proceeding described in Section
7.1(f)(v)  is instituted against the Borrower or any Significant Subsidiary, and
such appointment continues undischarged or such proceeding continues undismissed
and  unstayed  for a period of sixty (60) days (or one hundred twenty (120) days
in  the  case of any such event occurring outside the United States of America);

     (h)     the Borrower or any Subsidiaries of the Borrower fail within thirty
(30)  days  with  respect  to  any  judgments or orders that are rendered in the
United  States  or  sixty (60) days with respect to any judgments or orders that
are  rendered in foreign jurisdictions (or such earlier date as any execution on
such  judgments  or  orders  shall take place) to vacate, pay, bond or otherwise
discharge any judgments or orders for the payment of money the uninsured portion
of  which  is in excess of $50,000,000 in the aggregate and which are not stayed
on  appeal  or otherwise being appropriately contested in good faith in a manner
that  stays  execution;

     (i)     (x)  the  Borrower  or  any Subsidiary of the Borrower fails to pay
when due an amount that it is liable to pay to the PBGC or to a Plan under Title
IV  of  ERISA;  or a notice of intent to terminate a Plan having Unfunded Vested
Liabilities  of the Borrower or any of its Subsidiaries in excess of $30,000,000
(a  "Material  Plan")  is  filed under Title IV of ERISA; or the PBGC institutes
proceedings  under  Title  IV  of ERISA to terminate or to cause a trustee to be
appointed  to  administer  any  Material Plan or a proceeding is instituted by a
fiduciary of any Material Plan against any Borrower or any Subsidiary to collect
any  liability  under  Section 515 or 4219(c)(5) of ERISA, and in each case such
proceeding  is  not dismissed within thirty (30) days thereafter; or a condition
exists  by  reason  of  which  the  PBGC  would  be  entitled to obtain a decree
adjudicating  that  any Material Plan must be terminated, and (y) the occurrence
of  one  or  more of the matters in the preceding clause (x) could reasonably be
expected  to  have  a  Material  Adverse  Effect;  or

     (j)     any Person or group of Persons acting in concert (as such terms are
used  in Rule 13d-5 under the Securities Exchange Act of 1934, as amended) shall
own,  directly  or  indirectly,  beneficially  or  of  record, securities of the
Borrower  (or  other  securities  convertible into such securities) representing
fifty  percent  (50%)  or  more  of the combined voting power of all outstanding
securities  of the Borrower entitled to vote in the election of directors, other
than  securities  having  such  power  only  by  reason  of  the  happening of a
contingency.

     Section 7.2.     Non-Bankruptcy Defaults.  When any Event of Default (other
                      -----------------------
than  those  described  in subsections (f) or (g) of Section 7.1 with respect to
the Borrower) has occurred and is continuing, the Administrative Agent shall, by
notice  to  the  Borrower: (a) if so directed by the Required Lenders, terminate
the  remaining  Commitments to the Borrower hereunder on the date stated in such
notice  (which  may  be  the  date  thereof); (b) if so directed by the Required
Lenders,  declare  the  principal of and the accrued interest on all outstanding
Loans  to  be  forthwith  due  and  payable and thereupon all outstanding Loans,
including  both  principal and interest thereon, shall be and become immediately
due and payable together with all other accrued amounts payable under the Credit
Documents  without  further  demand, presentment, protest or notice of any kind,
including,  but  not  limited  to,  notice of intent to accelerate and notice of
acceleration,  each  of which is expressly waived by the Borrower; and (c) if so
directed  by  the  Required Lenders,

                                       58
<PAGE>
demand that the Borrower immediately pay to the Administrative Agent (to be held
by  the  Administrative  Agent  pursuant  to  Section  7.4) the full amount then
available  for drawing under each outstanding Letter of Credit, and the Borrower
agrees  to  immediately  make  such payment and acknowledges and agrees that the
Lenders,  the  Issuing  Bank  and  the  Administrative  Agent  would not have an
adequate  remedy at law for failure by the Borrower to honor any such demand and
that  the  Administrative  Agent, for the benefit of the Lenders and the Issuing
Bank,  shall have the right to require the Borrower to specifically perform such
undertaking  whether  or not any drawings or other demands for payment have been
made  under  any Letter of Credit. The Administrative Agent, after giving notice
to the Borrower pursuant to this Section 7.2, shall also promptly send a copy of
such  notice to the other Lenders and the Issuing Bank, but the failure to do so
shall  not  impair  or  annul  the  effect  of  such  notice.

     Section  7.3.     Bankruptcy Defaults.  When any Event of Default described
                       -------------------
in  subsections  (f)  or  (g) of Section 7.1 has occurred and is continuing with
respect to the Borrower, then all outstanding Loans shall immediately become due
and  payable  together  with  all other accrued amounts payable under the Credit
Documents  without  presentment,  demand, protest or notice of any kind, each of
which  is  expressly  waived by the Borrower; and all obligations of the Lenders
and  the  Issuing  Bank  to  extend  further credit pursuant to any of the terms
hereof shall immediately terminate and the Borrower shall immediately pay to the
Administrative Agent (to be held by the Administrative Agent pursuant to Section
7.4) the full amount then available for drawing under all outstanding Letters of
Credit,  the  Borrower acknowledging that the Lenders, the Issuing Bank, and the
Administrative Agent would not have an adequate remedy at law for failure by the
Borrower  to  honor  any such demand and that the Lenders, the Issuing Bank, and
the  Administrative  Agent  shall  have  the  right  to  require the Borrower to
specifically  perform  such  undertaking  whether  or  not any drawings or other
demands  for  payment  have  been  made  under  any  of  the  Letters of Credit.

     Section  7.4.     Collateral  for  Undrawn  Letters  of  Credit.
                       ---------------------------------------------

     (a)     If  the prepayment of the amount available for drawing under any or
all  outstanding  Letters  of  Credit  is required under Section 7.2 or 7.3, the
Borrower shall forthwith pay the amount required to be so prepaid, to be held by
the  Administrative  Agent  as  provided  in  subsection  (b)  below.

     (b)     All  amounts prepaid pursuant to subsection (a) above shall be held
by  the Administrative Agent in a separate collateral account (such account, and
the  credit  balances,  properties  and  any  investments from time to time held
therein,  and  any substitutions for such account, any certificate of deposit or
other  instrument  evidencing  any  of  the  foregoing  and  all proceeds of and
earnings  on  any  of  the  foregoing  being collectively called the "Collateral
Account")  as  security  for,  and  for application to, the reimbursement of any
drawing  under any Letter of Credit then or thereafter paid by the Issuing Bank,
and  to  the  payment  of  the unpaid balance of any Loans and all other due and
unpaid  Obligations  (collectively,  the  "Collateralized  Obligations").  The
Collateral  Account  shall  be  held in the name of and subject to the exclusive
dominion and control of the Administrative Agent, for the benefit of the Issuing
Bank,  the  Administrative Agent, and the Lenders, as pledgee hereunder.  If and
when  required  by  the  Borrower,  the  Administrative  Agent  shall invest and
reinvest  funds  held  in  the  Collateral

                                       59
<PAGE>
Account from time to time in Cash Equivalents specified from time to time by the
Borrower,  provided  that  the Administrative Agent is irrevocably authorized to
sell  on market terms any investments held in the Collateral Account when and as
required  to  make  payments  out  of  the Collateral Account for application to
Collateralized  Obligations due and owing from the Borrower to the Issuing Bank,
the Administrative Agent, or the Lenders. When and if (A) (i) the Borrower shall
have  made  payment  of all Collateralized Obligations then due and payable, and
(ii)  all  relevant  preference  or  other  disgorgement periods relating to the
receipt  of  such  payments  have  passed, or (B) no Default or Event of Default
shall  be  continuing,  the Administrative Agent shall repay to the Borrower any
remaining  amounts  and  assets held in the Collateral Account, provided that if
the  Collateral  Account is being released pursuant to clause (A) and any Letter
of  Credit then remains outstanding, the Borrower, prior to or contemporaneously
with  such  release,  shall  make  arrangements with respect to such outstanding
Letters of Credit in the manner described in the first sentence of Section 2.15.
In  addition,  if  the  aggregate  amount  on  deposit with the Collateral Agent
exceeds  the  Collateralized  Obligations then existing, then the Administrative
Agent  shall  release and deliver such excess amount upon the written request of
the  Borrower.

     Section  7.5.     Notice  of  Default.  The Administrative Agent shall give
                       -------------------
notice  to the Borrower under Section 7.2 promptly upon being requested to do so
by  the  Required  Lenders  and  shall thereupon notify all the Lenders thereof.

     Section  7.6.     Expenses.  The  Borrower  agrees  to  pay  to  the
                       --------
Administrative  Agent,  the  Issuing  Bank,  and  each  Lender  all  reasonable
out-of-pocket expenses incurred or paid by the Administrative Agent, the Issuing
Bank,  or  such Lender, including reasonable attorneys' fees and court costs, in
connection  with any Default or Event of Default hereunder or in connection with
the  enforcement  of  any  of  the  Credit  Documents.

     Section  7.7.     Distribution  and  Application  of  Proceeds.  After  the
                       --------------------------------------------
occurrence  of and during the continuance of an Event of Default, any payment to
the  Administrative Agent, the Issuing Bank, or any Lender hereunder or from the
proceeds  of  the  Collateral  Account  or  otherwise  shall  be  paid  to  the
Administrative  Agent to be distributed and applied as follows (unless otherwise
agreed  by  the  Borrower,  the  Administrative Agent, the Issuing Bank, and all
Lenders):

     (a)     First, to the payment of any and all reasonable out-of-pocket costs
and  expenses  of  the  Administrative  Agent,  including  without  limitation,
reasonable  attorneys' fees and out-of-pocket costs and expenses, as provided by
this  Agreement or by any other Credit Document, incurred in connection with the
collection of such payment or in respect of the enforcement of any rights of the
Administrative  Agent,  the Issuing Bank, or the Lenders under this Agreement or
any  other  Credit  Document;

     (b)     Second,  to  the  payment  of  any and all reasonable out-of-pocket
costs  and  expenses  of  the  Issuing  Bank and the Lenders, including, without
limitation,  reasonable attorneys' fees and out-of-pocket costs and expenses, as
provided  by  this  Agreement  or  by  any  other  Credit  Document, incurred in
connection  with the collection of such payment or in respect of the enforcement
of  any  rights  of  the Lenders or the Issuing Bank under this Agreement or any

                                       60
<PAGE>
other  Credit  Document,  pro rata in the proportion in which the amount of such
costs  and  expenses  unpaid  to  each  Lender  or the Issuing Bank bears to the
aggregate amount of the costs and expenses unpaid to all Lenders and the Issuing
Bank  collectively,  until  all  such fees, costs and expenses have been paid in
full;

     (c)     Third,  to  the  payment  of  any  due  and  unpaid  fees  to  the
Administrative Agent or any Lender or Issuing Bank as provided by this Agreement
or  any other Credit Document, pro rata in the proportion in which the amount of
such fees due and unpaid to the Administrative Agent and each Lender and Issuing
Bank  bears  to  the  aggregate  amount  of  the  fees  due  and  unpaid  to the
Administrative  Agent  and  all Lenders and Issuing Bank collectively, until all
such  fees  have  been  paid  in  full;

     (d)     Fourth,  to the payment of accrued and unpaid interest on the Loans
or  the  Reimbursement  Obligations to the date of such application, pro rata in
the  proportion in which the amount of such interest, accrued and unpaid to each
Lender  or  the  Issuing  Bank  bears  to  the aggregate amount of such interest
accrued  and  unpaid to all Lenders and the Issuing Bank collectively, until all
such  accrued  and  unpaid  interest  has  been  paid  in  full;

     (e)     Fifth,  to the payment of the outstanding due and payable principal
amount  of  each  of  the  Loans and the amount of the outstanding Reimbursement
Obligations  (reserving  cash  collateral  for  all  undrawn face amounts of any
outstanding  Letters  of Credit (if Section 7.4(a) has not been complied with)),
pro  rata  in  the  proportion in which the outstanding principal amount of such
Loans and the amount of such outstanding Reimbursement Obligations owing to each
Lender and Issuing Bank, together (if Section 7.4(a) has not been complied with)
with  the  undrawn  face amounts of such outstanding Letters of Credit, bears to
the  aggregate  amount  of  all  outstanding  Loans,  outstanding  Reimbursement
Obligations  and (if Section 7.4(a) has not been complied with) the undrawn face
amounts  of  all  outstanding  Letters  of  Credit.  In  the event that any such
Letters of Credit, or any portions thereof, expire without being drawn, any cash
collateral  therefor  shall be distributed by the Administrative Agent until the
principal amount of all Loans and Reimbursement Obligations shall have been paid
in  full;

     (f)     Sixth, to the payment of any other outstanding Obligations then due
and  payable,  pro  rata  in the proportion in which the outstanding Obligations
owing  to  each  Lender,  Issuing  Bank  and  Administrative  Agent bears to the
aggregate  amount  of  all such Obligations until all such Obligations have been
paid  in  full;  and

     (g)     Seventh,  to  the  Borrower  or  as  the  Borrower  may  direct.

ARTICLE 8.  CHANGE IN CIRCUMSTANCES.

     Section 8.1.  Change of  Law.
                   ---------------

     (a)     Notwithstanding any other provisions of this Agreement or any Note,
if  at  any time any change, after the date hereof (or, if later, after the date
the  Administrative  Agent  or  any  Issuing  Bank  or  Lender  becomes  the
Administrative  Agent  or  an  Issuing  Bank  or  Lender),  in

                                       61
<PAGE>
applicable  law or regulation or in the interpretation thereof makes it unlawful
for  any  Lender  to make or maintain Eurocurrency Loans, or the Issuing Bank to
issue  any  Letter  of  Credit, such Lender or Issuing Bank, as the case may be,
shall  promptly  give  written  notice  thereof  and  of  the  basis therefor in
reasonable  detail  to  the  Borrower,  and  such  Lender's  or  Issuing  Bank's
obligations  to  fund  affected  Eurocurrency Loans or make, continue or convert
such  Loans under this Agreement, or to issue any such Letters of Credit, as the
case  may  be,  shall  thereupon be suspended until it is no longer unlawful for
such  Lender  to  make  or  maintain such Loans or issue such Letters of Credit.

     (b)     Upon the giving of the notice to Borrower referred to in subsection
(a)  above  in  respect  of any such Loan, (i) any outstanding such Loan of such
Lender  shall  be  automatically converted to a Base Rate Loan in Dollars on the
last  day of the Interest Period then applicable thereto or on such earlier date
as  required  by law, and (ii) such Lender shall make or continue its portion of
any  requested Borrowing of such Loan as a Base Rate Loan in Dollars, which Base
Rate  Loan  shall, for all other purposes, be considered part of such Borrowing.

     (c)     Any  Lender  or  Issuing Bank that has given any notice pursuant to
Section  8.1(a)  shall, upon determining that it would no longer be unlawful for
it  to  make  such  Loans  or  issue such Letters of Credit, give prompt written
notice  thereof  to  the  Borrower and the Administrative Agent, and upon giving
such  notice,  its  obligation to make, allow conversions into and maintain such
Loans  or  issue  such  Letters  of  Credit  shall  be  reinstated.

     Section 8.2.     Unavailability of Deposits or Inability to Ascertain LIBOR
                      ----------------------------------------------------------
Rate.  If on or before the first day of any Interest Period for any Borrowing of
----
Eurocurrency  Loans  the  Administrative  Agent  determines in good faith (after
consultation with the other Lenders) that, due to changes in circumstances since
the  date hereof, adequate and fair means do not exist for determining the LIBOR
Rate  or  such rate will not accurately reflect the cost to the Required Lenders
of funding Eurocurrency Loans for such Interest Period, the Administrative Agent
shall  give  written  notice (in reasonable detail) of such determination and of
the  basis  therefor  to  the  Borrower  and  the  Lenders,  whereupon until the
Administrative  Agent  notifies  the Borrower and Lenders that the circumstances
giving  rise  to such suspension no longer exist (which the Administrative Agent
shall  do  promptly after they do not exist), (i) the obligations of the Lenders
to  make,  continue  or  convert Loans as or into such Eurocurrency Loans, or to
convert  Base  Rate  Loans  into such Eurocurrency Loans, shall be suspended and
(ii)  each  Eurocurrency  Loan  will  automatically  on the last day of the then
existing  Interest  Period  therefor,  convert into a Base Rate Loan in Dollars.

     Section  8.3.     Increased  Cost  and  Reduced  Return.
                       -------------------------------------

     (a)     If,  on  or after the date hereof, the adoption of or any change in
any  applicable  law, rule or regulation, or any change in the interpretation or
administration thereof by any governmental authority, central bank or comparable
agency  charged with the interpretation or administration thereof, or compliance
by  any  Lender  or  Issuing  Bank  (or its Lending Office), with any request or
directive  (whether  or  not  having  the  force  of law) of any such authority,
central  bank  or  comparable  agency exercising control over banks or financial
institutions

                                       62
<PAGE>
generally  issued  after  the  date  hereof  (or,  if  later, after the date the
Administrative  Agent, Issuing Bank, or Lender becomes the Administrative Agent,
Issuing  Bank,  or  Lender):

          (i)  subjects  any  Lender  or Issuing Bank (or its Lending Office) to
     any tax, duty or other charge related to any Eurocurrency Loan, Competitive
     Fixed  Rate Loan, Reimbursement Obligation, or its obligation to advance or
     maintain  Eurocurrency  Loans,  Competitive  Fixed Rate Loans, or issue any
     Letter  of Credit, or shall change the basis of taxation of payments to any
     Lender  or  Issuing  Bank  (or  its  Lending Office) of the principal of or
     interest  on  its Eurocurrency Loans, Competitive Fixed Rate Loans, Letters
     of Credit or Reimbursement Obligation or any participations in any thereof,
     or  any  other amounts due under this Agreement related to its Eurocurrency
     Loans,  Competitive  Fixed  Rate  Loans,  Letters  of Credit, Reimbursement
     Obligations  or  participations  therein,  or  its  obligation  to  make
     Eurocurrency  Loans  and  Competitive  Fixed  Rate  Loans, issue Letters of
     Credit,  or acquire participations therein (except for changes with respect
     to  taxes  that  are  not  Indemnified  Taxes  pursuant to Section 3.3); or

          (ii) imposes,  modifies  or  deems  applicable  any  reserve,  special
     deposit  or  similar  requirement  (including, without limitation, any such
     requirement  imposed  by  the  Board  of  Governors  of the Federal Reserve
     System,  but  excluding  for  any  Eurocurrency  Loan  any such requirement
     included  in  an  applicable  Statutory  Reserve  Rate)  against assets of,
     deposits  with  or for the account of, or credit extended by, any Lender or
     Issuing  Bank  (or  its Lending Office) or imposes on any Lender or Issuing
     Bank (or its Lending Office) or on the interbank market any other condition
     affecting  its  Eurocurrency  Loans,  Letters  of Credit, any Reimbursement
     Obligations  owed  to  it,  or  its  participation  in  any thereof, or its
     obligation  to  advance  or  maintain  Eurocurrency Loans, issue Letters of
     Credit  or  participate  in  any  thereof;

and the result of any of the foregoing is to increase the cost to such Lender or
Issuing  Bank  (or  its  Lending  Office)  of  advancing  or  maintaining  any
Eurocurrency  Loan  or  Competitive  Fixed  Rate  Loan, issuing or maintaining a
Letter  of  Credit  or participating therein, or to reduce the amount of any sum
received or receivable by such Lender or Issuing Bank (or its Lending Office) in
connection  therewith  under  this Agreement or its Note, by an amount deemed by
such  Lender  or  Issuing  Bank to be material, then, subject to Section 8.3(c),
from  time  to time, within thirty (30) days after receipt of a certificate from
such  Lender  or Issuing Bank (with a copy to the Administrative Agent) pursuant
to  subsection  (c)  below setting forth in reasonable detail such determination
and  the basis thereof, the Borrower shall be obligated to pay to such Lender or
Issuing Bank such additional amount or amounts as will compensate such Lender or
Issuing  Bank  for  such  increased  cost  or  reduction.

     (b)     If,  after  the date hereof, the Administrative Agent or any Lender
or  Issuing  Bank  shall  have reasonably determined that the adoption after the
date  hereof  of  any  applicable  law,  rule  or  regulation  regarding capital
adequacy,  or any change therein (including, without limitation, any revision in
the Final Risk-Based Capital Guidelines of the Board of Governors of the Federal
Reserve  System (12 CFR Part 208, Appendix A; 12 CFR Part 225, Appendix A) or of
the Office of the Comptroller of the Currency (12 CFR Part 3, Appendix A), or in
any other applicable capital adequacy rules heretofore adopted and issued by any
governmental  authority),

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<PAGE>
or  any  change  after  the  date hereof in the interpretation or administration
thereof by any governmental authority, central bank or comparable agency charged
with  the  interpretation  or  administration  thereof,  or  compliance  by  the
Administrative  Agent or any Lender or Issuing Bank (or its Lending Office) with
any  request  or directive regarding capital adequacy (whether or not having the
force  of  law) of any such authority, central bank or comparable agency, has or
would have the effect of reducing the rate of return on such Lender's or Issuing
Bank's  capital, or on the capital of any corporation controlling such Lender or
Issuing  Bank,  as  a  consequence of its obligations hereunder to a level below
that  which  such  Lender  or  Issuing  Bank  could  have  achieved but for such
adoption,  change  or  compliance  (taking  into  consideration such Lender's or
Issuing Bank's or its controlling corporation's policies with respect to capital
adequacy in effect immediately before such adoption, change or compliance) by an
amount  reasonably  deemed  by such Lender or Issuing Bank to be material, then,
subject  to Section 8.3(c), from time to time, within thirty (30) days after its
receipt  of  a  certificate from such Lender or Issuing Bank (with a copy to the
Administrative  Agent)  pursuant  to  subsection  (c)  below  setting  forth  in
reasonable  detail  such determination and the basis thereof, the Borrower shall
pay  to  such  Lender  or Issuing Bank such additional amount or amounts as will
compensate  such  Lender  or Issuing Bank for such reduction or the Borrower may
prepay  all  Eurocurrency Loans of such Lender or obtain the cancellation of all
such  Letters  of  Credit.

     (c)     The  Administrative  Agent  and  each  Lender and Issuing Bank that
determines  to  seek  compensation or additional interest under this Section 8.3
shall  give  written  notice  to  the  Borrower  and, in the case of a Lender or
Issuing  Bank  other  than the Administrative Agent, the Administrative Agent of
the  circumstances  that  entitle  the  Administrative  Agent  or such Lender or
Issuing  Bank  to  such  compensation  no  later than ninety (90) days after the
Administrative  Agent  or  such Lender or Issuing Bank receives actual notice or
obtains actual knowledge of the law, rule, order or interpretation or occurrence
of  another  event  giving rise to a claim hereunder.  In any event the Borrower
shall  not have any obligation to pay any amount with respect to claims accruing
prior  to  the  ninetieth day preceding such written demand.  The Administrative
Agent and each Lender and Issuing Bank shall use reasonable efforts to avoid the
need  for,  or reduce the amount of, such compensation, additional interest, and
any payment under Section 3.3, including, without limitation, the designation of
a  different Lending Office, if such action or designation will not, in the sole
judgment of the Administrative Agent or such Lender or Issuing Bank made in good
faith, be otherwise disadvantageous to it; provided that the foregoing shall not
in any way affect the rights of any Lender or Issuing Bank or the obligations of
the  Borrower  under  this  Section  8.3, and provided further that no Lender or
Issuing  Bank  shall  be obligated to make its Eurocurrency Loans or Competitive
Fixed  Rate  Loans  hereunder  or  fund any amount due in respect of a Letter of
Credit  at any office located in the United States of America.  A certificate of
the  Administrative Agent or any Lender or Issuing Bank, as applicable, claiming
compensation  or  additional  interest under this Section 8.3, and setting forth
the additional amount or amounts to be paid to it hereunder and accompanied by a
statement  prepared  by the Administrative Agent or such Lender or Issuing Bank,
as applicable, describing in reasonable detail the calculations thereof shall be
prima  facie  evidence  of the correctness thereof.  In determining such amount,
such  Lender  or  Issuing  Bank may use any reasonable averaging and attribution
methods.

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<PAGE>
     Section 8.4.     Lending Offices.  The Administrative Agent and each Lender
                      ---------------
and  Issuing  Bank  may,  at its option, elect to make or maintain its Loans and
issue  its  Letters  of  Credit hereunder at the Lending Office for each type of
Loan  or  Letter of Credit available hereunder or at such other of its branches,
offices  or  affiliates  as  it  may  from time to time elect and designate in a
written notice to the Borrower and the Administrative Agent,providedthat, except
in  the  case  of  any  such  transfer  to  another  of its branches, offices or
affiliates  made  at  the  request  of  the  Borrower, the Borrower shall not be
responsible  for  the  costs arising under Section 3.3 or 8.3 resulting from any
such  transfer  to the extent not otherwise applicable to such Lender or Issuing
Bank  prior  to  such  transfer.

     Section  8.5.     Discretion of Lender as to Manner of Funding.  Subject to
                       --------------------------------------------
the  other  provisions  of this Agreement, each Lender and Issuing Bank shall be
entitled  to  fund  and maintain its funding of all or any part of its Loans and
Letters  of  Credit  in  any  manner  it  sees  fit.

     Section 8.6.     Substitution of Lender or Issuing Bank.  If (a) any Lender
                      --------------------------------------
or Issuing Bank has demanded compensation or additional interest or given notice
of  its  intention  to  demand compensation or additional interest under Section
8.3,  (b) the Borrower is required to pay any additional amount to any Lender or
Issuing  Bank  under  Section  2.13, (c) any Lender or Issuing Bank is unable to
submit  any  form  or  certificate required under Section 3.3(b) or withdraws or
cancels  any  previously  submitted  form with no substitution therefor, (d) any
Lender  or  Issuing Bank gives notice of any change in law or regulations, or in
the  interpretation  thereof, pursuant to Section 8.1, (e) any Lender or Issuing
Bank has been declared insolvent or a receiver or conservator has been appointed
for  a  material portion of its assets, business or properties or (f) any Lender
or  Issuing Bank shall seek to avoid its obligation to make or maintain Loans or
issue Letters of Credit hereunder for any reason, including, without limitation,
reliance  upon  12 U.S.C. Sec. 1821(e) or (n) (1) (B), (g) any taxes referred to
in  Section  3.3 have been levied or imposed (or the Borrower determines in good
faith  that  there is a substantial likelihood that such taxes will be levied or
imposed)  so  as to require withholding or deductions by the Borrower or payment
by  the  Borrower  of additional amounts to any Lender or Issuing Bank, or other
reimbursement  or  indemnification  of  any  Lender or Issuing Bank, as a result
thereof,  (h) any Lender shall decline to consent to a modification or waiver of
the  terms  of  this  Agreement  or  any other Credit Documents requested by the
Borrower,  or  (i) the Issuing Bank gives notice pursuant to Section 2.14(a)(ii)
that  the issuance of the Letter of Credit would violate any legal or regulatory
restriction  then  applicable to such Issuing Bank, then and in such event, upon
request  from  the  Borrower  delivered  to such Lender or Issuing Bank, and the
Administrative  Agent,  such  Lender  shall  assign,  in  accordance  with  the
provisions of Section 10.10 and an appropriately completed Assignment Agreement,
all  of  its rights and obligations under the Credit Documents to another Lender
or a commercial banking institution selected by the Borrower and (in the case of
a  commercial banking institution) reasonably satisfactory to the Administrative
Agent,  in consideration for the payments set forth in such Assignment Agreement
and  payment  by  the  Borrower  to  such Lender of all other amounts which such
Lender  may  be  owed pursuant to this Agreement, including, without limitation,
Sections  2.13,  3.3,  8.3  and  10.13.

ARTICLE 9.  THE AGENTS.

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<PAGE>
     Section  9.1.     Appointment  and  Authorization  of Administrative Agent,
                       --------------------------------------------------------
Co-Syndication Agents, Co-Documentation Agents and Managing Agents.  Each Lender
------------------------------------------------------------------
hereby  appoints  STB  as  the Administrative Agent, ABN AMRO Bank, N.V. and The
Royal  Bank  of Scotland plc as the Co-Syndication Agents, Bank of America, N.A.
and Wells Fargo Bank Texas, National Association as the Co-Documentation Agents,
and The Bank of Nova Scotia, Credit Lyonnais New York Branch, HSBC Bank USA, and
Westdeutsche Landesbank Girozentrale, New York Branch, as Managing Agents, under
the  Credit  Documents  and  hereby  authorizes  the  Administrative  Agent, the
Co-Syndication  Agents,  the  Co-Documentation Agents and the Managing Agents to
take  such  action  as  Administrative  Agent,  Co-Syndication  Agents,
Co-Documentation  Agents  and  Managing  Agents  on  each  of  its behalf and to
exercise  such  powers  under  the  Credit  Documents  as  are  delegated to the
Administrative Agent, the Co-Syndication Agents, the Co-Documentation Agents and
the  Managing  Agents,  respectively,  by  the terms thereof, together with such
powers  as  are  reasonably  incidental  thereto.

     Section  9.2.     Rights  and  Powers.  The  Administrative  Agent,  the
                       -------------------
Co-Syndication Agents, the Co-Documentation Agents and the Managing Agents shall
have  the  same rights and powers under the Credit Documents as any other Lender
and  may  exercise or refrain from exercising such rights and power as though it
were  not  an  Administrative  Agent, a Co-Syndication Agent, a Co-Documentation
Agent  or  a  Managing  Agent,  and the Administrative Agent, the Co-Syndication
Agents, the Co-Documentation Agents and the Managing Agents and their respective
Controlling  Affiliates  may  accept deposits from, lend money to, and generally
engage  in  any kind of business with the Borrower or any of its Subsidiaries or
Controlling  Affiliates  as  if  it  were  not  an  Administrative  Agent,  a
Co-Syndication  Agent,  a  Co-Documentation  Agent or a Managing Agent under the
Credit  Documents.  The  term Lender as used in all Credit Documents, unless the
context  otherwise  clearly  requires,  includes  the  Administrative Agent, the
Co-Syndication  Agents,  the  Co-Documentation Agents and the Managing Agents in
their  respective  individual  capacities  as  a  Lender.

     Section  9.3.     Action  by  Administrative  Agent, Co-Syndication Agents,
                       --------------------------------------------------------
Co-Documentation  Agents  and  Managing  Agents.  The  obligations  of  the
-----------------------------------------------
Administrative Agent, the Co-Syndication Agents, the Co-Documentation Agents and
the  Managing  Agents  under  the  Credit Documents are only those expressly set
forth  therein.  Without  limiting  the  generality  of  the  foregoing,  the
Administrative  Agent  shall  not  be required to take any action concerning any
Default  or  Event  of Default, except as expressly provided in Sections 7.2 and
7.4.  Unless  and  until the Required Lenders (or, if required by Section 10.11,
all  of  the  Lenders)  give  such direction (including, without limitation, the
giving  of  a  notice  of  default  as  described  in  Section  7.1(c)),  the
Administrative  Agent  may,  except  as  otherwise  expressly provided herein or
therein, take or refrain from taking such actions as it deems appropriate and in
the  best  interest  of  all  the  Lenders.  In  no  event,  however,  shall the
Administrative  Agent, the Co-Syndication Agents, the Co-Documentation Agents or
the  Managing  Agents  be required to take any action in violation of applicable
law  or  of any provision of any Credit Document, and each of the Administrative
Agent,  the  Co-Syndication Agents, the Co-Documentation Agents and the Managing
Agents  shall  in  all  cases  be  fully justified in failing or refusing to act
hereunder  or  under  any  other  Credit  Document  unless it first receives any
further  assurances of its indemnification from the Lenders that it may require,
including  prepayment  of  any  related  expenses  and  any  other protection it
requires  against  any  and all costs, expenses, and liabilities it may incur in
taking or continuing to

                                       66
<PAGE>
take  any such action. The Administrative Agent shall be entitled to assume that
no  Default  or  Event  of  Default,  other  than  non-payment  of any scheduled
principal  or  interest payment due hereunder, exists unless notified in writing
to  the  contrary  by a Lender or the Borrower. In all cases in which the Credit
Documents  do  not  require the Administrative Agent, the Co-Syndication Agents,
the  Co-Documentation Agents or the Managing Agents to take specific action, the
Administrative  Agent,  each  of the Co-Syndication Agents, the Co-Documentation
Agents  and the Managing Agents shall be fully justified in using its discretion
in  failing  to take or in taking any action thereunder. Any instructions of the
Required  Lenders,  or  of  any other group of Lenders called for under specific
provisions  of  the  Credit  Documents,  shall be binding on all the Lenders and
holders  of  Notes.

     Section  9.4.     Consultation  with  Experts.  Each  of the Administrative
                       ---------------------------
Agent,  the  Co-Syndication Agents, the Co-Documentation Agents and the Managing
Agents  may consult with legal counsel, independent public accountants and other
experts  selected  by it and shall not be liable for any action taken or omitted
to  be  taken by it in good faith in accordance with the advice of such counsel,
accountants  or  experts.

     Section  9.5.     Indemnification Provisions; Credit Decision.  Neither the
                       -------------------------------------------
Administrative  Agent,  the  Co-Syndication Agents, the Co-Documentation Agents,
the  Managing  Agents nor any of their directors, officers, agents, or employees
shall be liable for any action taken or not taken by them in connection with the
Credit  Documents (i) with the consent or at the request of the Required Lenders
(or,  if  required by Section 10.11, all of the Lenders), or (ii) in the absence
of their own gross negligence or willful misconduct.  Neither the Administrative
Agent,  the  Co-Syndication  Agents,  the  Co-Documentation Agents, the Managing
Agents  nor  any  of  their  directors,  officers,  agents or employees shall be
responsible  for  or  have any duty to ascertain, inquire into or verify (i) any
statement,  warranty  or  representation made in connection with this Agreement,
any  other  Credit Document or any Borrowing; (ii) the performance or observance
of  any  of  the  covenants  or  agreements  of  the  Borrower or any Subsidiary
contained  herein or in any other Credit Document; (iii) the satisfaction of any
condition  specified  in  Article  4,  except  receipt  of  items required to be
delivered  to  the  Administrative  Agent;  or (iv) the validity, effectiveness,
genuineness,  enforceability,  value,  worth  or collectability hereof or of any
other  Credit  Document  or  of  any  other  documents  or writings furnished in
connection  with  any  Credit  Document;  and  the  Administrative  Agent,  the
Co-Syndication  Agents, the Co-Documentation Agents and the Managing Agents make
no  representation  of  any  kind  or character with respect to any such matters
mentioned  in  this  sentence.  The  Administrative  Agent,  the  Co-Syndication
Agents,  the  Co-Documentation Agents and the Managing Agents may execute any of
their  duties under any of the Credit Documents by or through employees, agents,
and  attorneys-in-fact  and  shall not be answerable to the Lenders or any other
Person  for  the  default  or misconduct of any such agents or attorneys-in-fact
selected  with  reasonable  care.  The  Administrative Agent, the Co-Syndication
Agents,  the Co-Documentation Agents and the Managing Agents shall not incur any
liability  by  acting  in  reliance upon any notice, consent, certificate, other
document  or statement (whether written or oral) believed by it to be genuine or
to  be  sent by the proper party or parties.  In particular and without limiting
any  of  the foregoing, the Administrative Agent and the Co-Documentation Agents
shall  have  no  responsibility  for  confirming  the accuracy of any Compliance
Certificate  or  other  document or instrument received by any of them under the
Credit  Documents.  The Administrative Agent, the Co-Syndication Agents, the Co-

                                       67
<PAGE>
Documentation  Agents  and  the  Managing Agents may treat the payee of any Note
as  the  holder  thereof  until written notice of transfer shall have been filed
with such Administrative Agent signed by such owner in form satisfactory to such
Administrative  Agent.  Each  Lender acknowledges that it has independently, and
without  reliance  on  the  Administrative Agent, the Co-Syndication Agents, the
Co-Documentation  Agents  or  the  Managing Agents or any other Lender, obtained
such  information  and  made  such  investigations  and  inquiries regarding the
Borrower  and  its  Subsidiaries  as  it  deems appropriate, and based upon such
information,  investigations  and  inquiries,  made  its own credit analysis and
decision  to extend credit to the Borrower in the manner set forth in the Credit
Documents.  It  shall  be  the  responsibility  of  each  Lender  to keep itself
informed  about  the  creditworthiness  and  business,  properties,  assets,
liabilities,  condition  (financial  or otherwise) and prospects of the Borrower
and  its  Subsidiaries, and the Administrative Agent, the Co-Syndication Agents,
the  Co-Documentation  Agents  and  the  Managing Agents shall have no liability
whatsoever  to  any  Lender  for  such  matters.  The  Administrative Agent, the
Co-Syndication Agents, the Co-Documentation Agents and the Managing Agents shall
have  no duty to disclose to the Lenders information that is not required by any
Credit  Document  to  be  furnished  by the Borrower or any Subsidiaries to such
Agent  at such time, but is voluntarily furnished to such Agent (either in their
respective  capacity  as  Administrative  Agent,  the Co-Syndication Agents, the
Co-Documentation Agents or the Managing Agents or in their individual capacity).

     Section  9.6.     Indemnity.  The Lenders shall ratably, in accordance with
                       ---------
their  Percentages,  indemnify  and  hold  the  Administrative  Agent,  the
Co-Syndication  Agents,  the  Co-Documentation  Agents, the Managing Agents, and
their  directors,  officers, employees, agents and representatives harmless from
and  against  any liabilities, losses, costs or expenses suffered or incurred by
it under any Credit Document or in connection with the transactions contemplated
thereby,  regardless  of when asserted or arising, except to the extent they are
promptly  reimbursed  for the same by the Borrower and except to the extent that
any  event  giving rise to a claim was caused by the gross negligence or willful
misconduct  of  the  party  seeking  to  be indemnified.  The obligations of the
Lenders  under  this  Section  9.6  shall survive termination of this Agreement.

     Section  9.7.     Resignation  of  Agents  and  Successor  Agents.  The
                       -----------------------------------------------
Administrative Agent, the Co-Syndication Agents, the Co-Documentation Agents and
the  Managing  Agents  may  resign at any time and shall resign upon any removal
thereof as a Lender pursuant to the terms of this Agreement upon at least thirty
(30)  days'  prior  written  notice  to  the  Lenders  and  the  Borrower.  Any
resignation  of  the  Administrative  Agent  shall  not  be  effective  until  a
replacement  therefor  is appointed pursuant to the terms hereof.  Upon any such
resignation  of  the  Administrative  Agent  or  any  Co-Syndication  Agent, the
Co-Documentation  Agent  or Managing Agent, the Required Lenders and, so long as
no  Event  of  Default shall then exist, with the consent of the Borrower (which
consent  shall  not be unreasonably withheld or delayed) shall have the right to
appoint a successor Administrative Agent, Co-Syndication Agent, Co-Documentation
Agent  or  Managing  Agent,  as the case may be.  If no successor Administrative
Agent,  Co-Syndication  Agent,  Co-Documentation Agent or Managing Agent, as the
case may be, shall have been so appointed by the Required Lenders and shall have
accepted  such  appointment  within  thirty  (30)  days  after  the  retiring
Administrative  Agent's,  Co-Syndication  Agent's,  Managing  Agent's  or
Co-Documentation  Agent's  giving  of  notice  of resignation, then the retiring
Administrative  Agent,

                                       68
<PAGE>
Co-Syndication  Agent, Co-Documentation Agent or Managing Agent, as the case may
be, may, on behalf of the Lenders and, so long as no Event of Default shall then
exist, with the consent of the Borrower (which consent shall not be unreasonably
withheld  or  delayed)  appoint a successor Administrative Agent, Co-Syndication
Agent, Co-Documentation Agent or Managing Agent, as the case may be, which shall
be  any  Lender hereunder or any commercial bank organized under the laws of the
United  States  of America or of any State thereof and having a combined capital
and  surplus  of at least $1,000,000,000. Upon the acceptance of its appointment
as  the  Administrative  Agent,  the  Co-Syndication Agent, the Co-Documentation
Agent  or  the  Managing  Agent  hereunder, such successor Administrative Agent,
Co-Syndication  Agent, Co-Documentation Agent or Managing Agent, as the case may
be,  shall thereupon succeed to and become vested with all the rights and duties
of  the  retiring  Administrative  Agent, Co-Syndication Agent, Co-Documentation
Agent or Managing Agent, as the case may be, under the Credit Documents, and the
retiring  Administrative  Agent, Co-Syndication Agent, Co-Documentation Agent or
the  Managing  Agent  shall  be  discharged  from  its  duties  and  obligations
thereunder.  After  any retiring Administrative Agent's, Co-Syndication Agent's,
Co-Documentation  Agent's  or  Managing  Agent's  resignation  hereunder  as
Administrative  Agent,  Co-Syndication Agent, Co-Documentation Agent or Managing
Agent,  as  the case may be, the provisions of this Article 9 and all protective
provisions  of  the  other Credit Documents shall inure to its benefit as to any
actions  taken  or  omitted to be taken by it while it was Administrative Agent,
Co-Syndication  Agent, Co-Documentation Agent or Managing Agent, as the case may
be.

ARTICLE 10. MISCELLANEOUS.

     Section  10.1.     No  Waiver.  No  delay  or  failure  on  the part of the
                        ----------
Administrative Agent or any Lender or Issuing Bank, or on the part of the holder
or holders of any Notes, in the exercise of any power, right or remedy under any
Credit  Document  shall operate as a waiver thereof or as an acquiescence in any
default,  nor shall any single or partial exercise thereof preclude any other or
further  exercise  of  any  other power, right or remedy.  To the fullest extent
permitted  by  applicable  law, the powers, rights and remedies under the Credit
Documents  of  the  Administrative  Agent, the Lenders, the Issuing Bank and the
holder  or  holders  of  any  Notes are cumulative to, and not exclusive of, any
powers,  rights  or  remedies  any  of  them  would  otherwise  have.

     Section 10.2.     Non-Business Day.  Subject to Section 2.6, if any payment
                       ----------------
of  principal  or  interest  on  any  portion  of  any  Loan,  any Reimbursement
Obligation,  or  any  other  Obligation  shall  fall due on a day which is not a
Business Day, interest or fees (as applicable) at the rate, if any, such portion
of  any  Loan,  any  Reimbursement Obligation, or other Obligation bears for the
period prior to maturity shall continue to accrue in the manner set forth herein
on  such  Obligation  from  the  stated  due date thereof to the next succeeding
Business  Day,  on  which  the  same  shall  instead  be  payable.

     Section  10.3.     Documentary Taxes.  The Borrower agrees that it will pay
                        -----------------
any  documentary,  stamp  or  similar  taxes  payable with respect to any Credit
Document,  including  interest  and  penalties,  in the event any such taxes are
assessed irrespective of when such assessment is made, other than any such taxes
imposed  as  a result of any transfer of an interest in

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<PAGE>
a  Credit  Document.  Each  Lender  and  Issuing  Bank  that  determines to seek
compensation  under  this Section 10.3 shall give written notice to the Borrower
and,  in  the  case  of  a  Lender or Issuing Bank other than the Administrative
Agent, the Administrative Agent of the circumstances that entitle such Lender or
Issuing  Bank  to  such  compensation  no later than ninety (90) days after such
Lender or Issuing Bank receives actual notice or obtains actual knowledge of the
law, rule, order or interpretation or occurrence of another event giving rise to
a  claim  hereunder. In any event, the Borrower shall not have any obligation to
pay  any  amount with respect to claims accruing prior to the 90th day preceding
such  written  demand.

     Section  10.4.     Survival  of  Representations.  All  representations and
                        -----------------------------
warranties  made  herein  or in certificates given pursuant hereto shall survive
the execution and delivery of this Agreement and the other Credit Documents, and
shall  continue  in  full  force and effect with respect to the date as of which
they  were  made  as  long  as  the Borrower has any Obligation hereunder or any
Commitment  hereunder  is  in  effect.

     Section  10.5.     Survival  of  Indemnities.  All  indemnities  and  all
                        -------------------------
provisions  relative to reimbursement to the Lenders and Issuing Bank of amounts
sufficient  to protect the yield of the Lenders and Issuing Bank with respect to
the  Loans and the L/C Obligations, including, but not limited to, Section 2.13,
Section  3.3,  Section 7.6, Section 8.3, Section 10.3, and Section 10.13 hereof,
shall,  subject to Section 8.3(c), survive the termination of this Agreement and
the  other  Credit  Documents  and  the  payment  of  the  Loans  and  all other
Obligations  and, with respect to any Lender or Issuing Bank, any replacement by
the  Borrower  of  such  Lender pursuant to the terms hereof, in each case for a
period  of  one  (1)  year.

     Section  10.6.     Setoff.  In  addition  to  any  rights  now or hereafter
                        ------
granted  under  applicable  law and not by way of limitation of any such rights,
upon the occurrence of, and throughout the continuance of, any Event of Default,
each  Lender  and  Issuing Bank and each subsequent holder of any Note is hereby
authorized  by  the Borrower at any time or from time to time, without notice to
the Borrower or any other Person, any such notice being hereby expressly waived,
to  set  off  and  to  appropriate and to apply any and all deposits (general or
special,  including,  but not limited to, Indebtedness evidenced by certificates
of  deposit, whether matured or unmatured, but not including trust accounts, and
in  whatever  currency denominated) and any other Indebtedness at any time owing
by  that Lender or that subsequent holder to or for the credit or the account of
the  Borrower,  whether  or  not  matured, against and on account of the due and
unpaid  obligations  and  liabilities  of the Borrower to that Lender or Issuing
Bank  or  that  subsequent  holder  under  the Credit Documents, irrespective of
whether  or not that Lender or Issuing Bank or that subsequent holder shall have
made  any  demand  hereunder.  Each  Lender  or Issuing Bank shall promptly give
notice  to  the  Borrower  of  any  action  taken  by  it  under  this  Section
10.6,provided  that  any  failure  of  such  Lender or Issuing Bank to give such
notice  to  the  Borrower  shall  not  affect the validity of such setoff.  Each
Lender  and  Issuing Bank agrees with each other Lender and Issuing Bank a party
hereto  that  if  such  Lender or Issuing Bank receives and retains any payment,
whether by setoff or application of deposit balances or otherwise, in respect of
the  Loans  or L/C Obligations in excess of its ratable share of payments on all
such  Obligations then owed to the Lenders and Issuing Bank hereunder, then such
Lender  or  Issuing  Bank  shall  purchase  for  cash at face value, but without
recourse,  ratably  from  each of the other Lenders such amount of the Loans and
L/C  Obligations  and  participations  therein held by each such other Lender as
shall  be

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<PAGE>
necessary  to  cause  such  Lender  or Issuing Bank to share such excess payment
ratably with all the other Lenders; provided, however, that if any such purchase
is  made  by  any  Lender  or  Issuing  Bank, and if such excess payment or part
thereof is thereafter recovered from such purchasing Lender or Issuing Bank, the
related  purchases  from  the  other  Lenders or Issuing Bank shall be rescinded
ratably and the purchase price restored as to the portion of such excess payment
so  recovered,  but  without  interest.

     Section  10.7.     Notices.  Except  as  otherwise  specified  herein,  all
                        -------
notices  under  the  Credit  Documents  shall  be  in  writing (including cable,
telecopy  or  telex)  and  shall  be  given to a party hereunder at its address,
telecopier  number  or  telex  number  set  forth  below  or such other address,
telecopier  number or telex number as such party may hereafter specify by notice
to the Administrative Agent and the Borrower, given by courier, by United States
certified  or  registered mail, by telegram or by other telecommunication device
capable  of  creating  a written record of such notice and its receipt.  Notices
under  the  Credit  Documents  to  the Lenders, the Administrative Agent and the
Issuing  Bank  shall  be  addressed to their respective addresses, telecopier or
telex  number, or telephone numbers set forth on the signature pages hereof, and
to  the  Borrower  to:

                       Transocean  Sedco  Forex  Inc.
                       4  Greenway  Plaza
                       Houston,  Texas  77046
                       Attention:  Gregory  Cauthen
                       Telephone  No.:  (713)  232-7487
                       Fax  No.:  (713)  232-7033

With a copy to:
                       Baker  Botts  LLP
                       One  Shell  Plaza
                       Houston,  Texas  77002-4995
                       Attention:  Stephen  Krebs
                       Telephone  No.  (713)  229-1467
                       Fax  No.:  (713)  229-1522

Each such notice, request or other communication shall be effective (i) if given
by  telecopier,  when  such  telecopy  is  transmitted  to the telecopier number
specified  in  this  Section  10.7, on the signature pages hereof or pursuant to
Section  10.10  and a confirmation of receipt of such telecopy has been received
by the sender, (ii) if given by courier, when delivered, (iii) if given by mail,
five  (5)  days  after such communication is deposited in the mail, certified or
registered  with  return receipt requested, or (iv) if given by any other means,
when delivered at the addresses specified in this Section 10.7, on the signature
pages  hereof  or  pursuant  to  Section  10.10;  provided that any notice given
pursuant  to  Article  2  shall  be  effective  only  upon receipt and, provided
further,  that any notice that but for this proviso would be effective after the
close of business on a Business Day or on a day that is not a Business Day shall
be  effective  at  the  opening  of  business  on  the  next  Business  Day.

                                       71
<PAGE>
     Section  10.8.     Counterparts.  This  Agreement  may  be  executed in any
                        ------------
number  of  counterparts,  and by the different parties on different counterpart
signature  pages,  each  of which when executed shall be deemed an original, but
all  such  counterparts  taken  together  shall  constitute  one  and  the  same
Agreement.

     Section  10.9.     Successors and Assigns.  This Agreement shall be binding
                        ----------------------
upon  the  Borrower,  each  of the Lenders, the Issuing Bank, the Administrative
Agent,  the  Co-Syndication  Agents,  the  Co-Documentation Agents, the Managing
Agents,  and  their  respective  successors  and assigns, and shall inure to the
benefit  of  the  Borrower,  each  of  the  Lenders,  the  Issuing  Bank,  the
Administrative  Agent,  the  Co-Syndication Agents, the Co-Documentation Agents,
the  Managing Agents, and their respective successors and assigns, including any
subsequent  holder  of  any Note; provided, however, the Borrower may not assign
any  of  its  rights  or  obligations  under  this Agreement or any other Credit
Document  without  the  written  consent  of  all Lenders, the Issuing Bank, the
Administrative Agent, the Co-Syndication Agents, the Co-Documentation Agents and
the  Managing  Agents,  and the Administrative Agent, the Co-Syndication Agents,
the  Co-Documentation Agents and the Managing Agents may not assign any of their
respective  rights  or  obligations  under this Agreement or any Credit Document
except in accordance with Article 9 and no Lender or Issuing Bank may assign any
of  its  rights or obligations under this Agreement or any other Credit Document
except  in  accordance with Section 10.10. Any Lender or Issuing Bank may at any
time  pledge or assign all or any portion of its rights under this Agreement and
the  Notes  issued  to  it (i) to a Federal Reserve Bank to secure extensions of
credit  by  such Federal Reserve Bank to such Lender, or (ii) in the case of any
Lender  that  is  a fund comprised in whole or in part of commercial loans, to a
trustee  for  such fund in support of such Lender's obligations to such trustee;
provided  that  no  such  pledge or assignment shall release a Lender or Issuing
Bank  from  any  of  its  obligations  hereunder  or substitute any such Federal
Reserve Bank or such trustee for such Lender as a party hereto and the Borrower,
the  Administrative  Agent  and  the other Lenders shall continue to deal solely
with  such  Lender or Issuing Bank in connection with the rights and obligations
of  such  Lender  and  Issuing  Bank  under  this  Agreement.

     Section  10.10.     Sales  and  Transfers  of  Borrowing  and  Notes;
                         ------------------------------------------------
Participations  in  Borrowings  and  Notes.
------------------------------------------

     (a)     Any  Lender  may,  upon written notice to the Borrower, at any time
sell  to  one  or  more  commercial  banking  or  other  financial  or  lending
institutions  ("Participants") participating interests in any Commitment of such
Lender  and Related Credit Extensions of such Lender hereunder, provided that no
Lender  may  sell  any  participating  interests  in any such Commitment or such
Related Credit Extensions hereunder without also selling to such Participant the
appropriate  pro  rata  share of all such Lender's Commitment and Related Credit
Extensions  hereunder (but excluding interests in respect of Competitive Loans),
and  provided  further  that  no  Lender  shall  transfer,  grant  or assign any
participation  under  which the Participant shall have rights to vote upon or to
consent  to  any  matter  to  be  decided by the Lenders or the Required Lenders
hereunder  or  under any other Credit Document or to approve any amendment to or
waiver  of this Agreement or any other Credit Document except to the extent such
amendment  or  waiver  would (i) increase the amount of such Lender's Commitment
and  such  increase would affect such Participant, (ii) reduce the principal of,
or  interest  on,  any of such Lender's Borrowings,

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<PAGE>
or any fees or other amounts payable to such Lender hereunder and such reduction
would  affect  such Participant, (iii) postpone any date fixed for any scheduled
payment of principal of, or interest on, any of such Lender's Borrowings, or any
fees  or  other  amounts  payable to such Lender hereunder and such postponement
would  affect  such Participant, or (iv) release any collateral security for any
Obligation, except as otherwise specifically provided in any Credit Document. In
the  event  of  any  such  sale  by  a  Lender  of  participating interests to a
Participant, such Lender's obligations under this Agreement to the other parties
to  this  Agreement  shall  remain  unchanged,  such  Lender shall remain solely
responsible  for the performance thereof, such Lender shall remain the holder of
any  such  Note  for  all  purposes  under  this Agreement, the Borrower and the
Administrative Agent shall continue to deal solely and directly with such Lender
in connection with such Lender's rights and obligations under this Agreement and
such  Lender  shall  retain  the  sole  right  to enforce the obligations of the
Borrower  under  any  Credit  Document.  The  Borrower  agrees  that  if amounts
outstanding under this Agreement and the Notes shall have been declared or shall
have  become  due  and  payable  in  accordance with Section 7.2 or 7.3 upon the
occurrence  of an Event of Default, each Participant shall be deemed to have the
right  of setoff in respect of its participating interest in amounts owing under
this  Agreement  and  any  Note  to  the  same  extent  as  if the amount of its
participating  interest  were  owing  directly  to  it  as  a  Lender under this
Agreement  or  any  Note, provided that such right of setoff shall be subject to
the  obligation  of  such Participant to share with the Lenders, and the Lenders
agree  to share with such Participant, as provided in Section 10.6. The Borrower
also  agrees that each Participant shall be entitled to the benefits of Sections
2.13,  3.3  and 8.3 with respect to its participation in the Commitments and the
Borrowings  outstanding from time to time, provided that no Participant shall be
entitled  to  receive  any  greater  amount  pursuant  to such Sections than the
transferor  Lender  would have been entitled to receive in respect of the amount
of  the  participation  transferred if no participation had been transferred and
provided,  further,  that  Sections 8.3(c) and 8.6 shall apply to the transferor
Lender  with  respect  to any claim by any Participant pursuant to Section 2.13,
3.3 or 8.3 as fully as if such claim was made by such Lender. Anything herein to
the  contrary notwithstanding, the Borrower shall not, at any time, be obligated
to  pay  to any Lender any sum in excess of the sum the Borrower would have been
obligated  to  pay  to  such  Lender  hereunder  if such Lender had not sold any
participation  in  its  rights and obligations under this Agreement or any other
Credit  Document.

     (b)     Any  Lender  may  at  any  time  sell  to  (i) any of such Lender's
affiliates  or to any other Lender or any affiliate thereof that is a commercial
banking or other financial or lending institution not subject to Regulation T of
the  Board  of  Governors of the Federal Reserve System and, (ii) with the prior
written consent of the Administrative Agent and the Borrower (which shall not be
unreasonably  withheld  or  delayed), to one or more commercial banking or other
financial  or  lending  institutions not subject to Regulation T of the Board of
Governors  of  the  Federal  Reserve  System  (any of (i) or (ii), a "Purchasing
Lender"), all or any part of its rights and obligations under this Agreement and
the  other  Credit  Documents,  pursuant  to an Assignment Agreement in the form
attached  as  Exhibit  10.10,  executed  by  such  Purchasing  Lender  and  such
              --------------
transferor  Lender  (and, in the case of a Purchasing Lender which is not then a
Lender  or  an  affiliate thereof, by the Borrower and the Administrative Agent)
and  delivered  to  the  Administrative Agent; provided that each such sale to a
Purchasing Lender shall be in an amount of $5,000,000 (calculated as hereinafter
set  forth) or more, or if in a lesser amount or if as a result of such sale the
sum  of  the  unfunded  Commitment  of  such  Lender  plus  the  aggregate

                                       73
<PAGE>
principal amount of such Lender's Loans and participations in Letters of Credits
would  be  less  than  an  amount  of  $5,000,000 (calculated as hereinafter set
forth),  such sale shall be of all of such Lender's rights and obligations under
this  Agreement  and  all  of  the  other  Credit Documents payable to it to one
Purchasing Lender. Notwithstanding the requirement of the Borrower's consent set
forth  above,  but  subject  to  all  of  the other terms and conditions of this
Section 10.10(b), any Lender may sell to one or more commercial banking or other
financial  or  lending  institutions not subject to Regulation T of the Board of
Governors  of  the  Federal  Reserve System, all or any part of their rights and
obligations  under  this  Agreement and the other Credit Documents with only the
consent of the Administrative Agent (which shall not be unreasonably withheld or
delayed) if an Event of Default shall have occurred and be continuing. No Lender
may  sell  or assign any portion of its Commitment and Related Credit Extensions
(excluding  Competitive  Loans)  to  a Purchasing Lender without also selling to
such  Purchasing  Lender (i) the appropriate pro rata share of all such Lender's
Commitment  and  Related Credit Extensions hereunder (but excluding interests in
respect of Competitive Loans), and (ii) a pro rata amount of such Lender's loans
(excluding  loans made by such Lender on a competitive bid basis pursuant to the
Five-Year  Credit  Agreement), borrowings, promissory notes, commitment, and any
obligations  and  interests in respect of letter of credit obligations under the
Five-Year  Credit Agreement (but excluding interests in respect of loans made by
such  Lender  on a competitive bid basis thereunder); provided, however, that no
such  sale or assignment shall be required in respect of any interests under the
Five-Year Credit Agreement where the Lender is effecting such sale or assignment
under  this Agreement as a Non-Extending Lender pursuant to Section 2.16(c). For
purposes  of  calculating  the  satisfaction  of  the  $5,000,000 minimum amount
requirement  set  forth  in  the  first sentence of this Section 10.10(b) and in
Section  2.15(c),  such  amount shall be the sum of the total amount so sold and
assigned  to  the  Purchasing  Lender  pursuant  to this Agreement and the total
amount  so  sold and assigned to the Purchasing Lender pursuant to the Five-Year
Credit  Agreement  in  accordance  with the immediately preceding sentence. Upon
such  execution,  delivery  and acceptance, from and after the effective date of
the  transfer  determined  pursuant  to  such  Assignment  Agreement,  (x)  the
Purchasing Lender thereunder shall be a party hereto and, to the extent provided
in  such  Assignment  Agreement,  have  the  rights  and obligations of a Lender
hereunder  with  a  Commitment as set forth herein and (y) the transferor Lender
thereunder  shall,  to  the  extent  provided  in  such Assignment Agreement, be
released  from  its  obligations  under  this  Agreement (and, in the case of an
Assignment  Agreement  covering  all  or  the  remaining portion of a transferor
Lender's  rights  and  obligations  under this Agreement, such transferor Lender
shall  cease to be a party hereto). Such Assignment Agreement shall be deemed to
amend this Agreement to the extent, and only to the extent, necessary to reflect
the  addition  of  such  Purchasing  Lender  and  the  resulting  adjustment  of
Commitments  and Percentages arising from the purchase by such Purchasing Lender
of  all  or  a  portion  of the rights and obligations of such transferor Lender
under  this  Agreement, the Notes and the other Credit Documents. On or prior to
the  effective  date  of  the  transfer  determined  pursuant to such Assignment
Agreement,  the  Borrower,  at its own expense, shall execute and deliver to the
Administrative  Agent  in  exchange  for  any  surrendered  Note,  a new Note as
appropriate  to  the  order  of such Purchasing Lender in an amount equal to the
Commitments  assumed  by  it  pursuant to such Assignment Agreement, and, if the
transferor  Lender  has retained a Commitment or Borrowing hereunder, a new Note
to  the  order of the transferor Lender in an amount equal to the Commitments or
Borrowings  retained  by it hereunder. Such new Notes shall be dated the Initial
Availability  Date  and  shall  otherwise  be  in the form of the Notes replaced
thereby.  The  Notes

                                       74
<PAGE>
surrendered  by  the  transferor  Lender shall be returned by the Administrative
Agent  to  the  Borrower  marked  "cancelled."

     (c)     Upon  its  receipt  of  an  Assignment  Agreement  executed  by  a
transferor Lender, a Purchasing Lender and the Administrative Agent (and, in the
case  of  a Purchasing Lender that is not then a Lender or an affiliate thereof,
by  the  Borrower),  together  with  payment  by  the  transferor  Lender to the
Administrative  Agent  hereunder  of a registration and processing fee of $1,000
(unless  the  Borrower is replacing such Lender pursuant to the terms hereof, in
which  event  such  fee shall be paid by the Borrower), the Administrative Agent
shall  (i)  promptly accept such Assignment Agreement, and (ii) on the effective
date  of the transfer determined pursuant thereto give notice of such acceptance
and  recordation  to  the  Lenders  and the Borrower.  The Borrower shall not be
responsible  for  such  registration and processing fee or any costs or expenses
incurred  by  any  Lender,  any Purchasing Lender or the Administrative Agent in
connection  with  such  assignment  except  as  provided  above.

     (d)     If,  pursuant  to this Section 10.10 any interest in this Agreement
or  any  Loan  or Note is transferred to any transferee which is organized under
the  laws  of  any  jurisdiction  other than the United States of America or any
State  thereof,  the transferor Lender shall cause such transferee, concurrently
with  the  effectiveness  of  such  transfer, (i) to represent to the transferor
Lender  (for  the benefit of the transferor Lender, the Administrative Agent and
the  Borrower)  that under applicable law and treaties no taxes will be required
to  be  withheld  by  the  Administrative  Agent, the Borrower or the transferor
Lender  with respect to any payments to be made to such transferee in respect of
the Loans or the L/C Obligations, (ii) to furnish to the transferor Lender (and,
in the case of any Purchasing Lender, the Administrative Agent and the Borrower)
two  duly  completed  and  signed copies of either U.S. Internal Revenue Service
Form  W-8  BEN  or  U.S. Internal Revenue Service Form W-8 ECI or such successor
forms as shall be adopted from time to time by the relevant United States taxing
authorities  (wherein  such  transferee claims entitlement to complete exemption
from U.S. federal withholding tax on all interest payments hereunder), and (iii)
to agree (for the benefit of the transferor Lender, the Administrative Agent and
the  Borrower)  to  provide  the  transferor  Lender  (and,  in  the case of any
Purchasing  Lender,  the  Administrative  Agent  and  the Borrower) new forms as
contemplated  by  Section  3.3(b)  upon  the  expiration  or obsolescence of any
previously  delivered  form  and  comparable  statements  in  accordance  with
applicable  U.S. laws and regulations and amendments duly executed and completed
by  such  transferee,  and  to comply from time to time with all applicable U.S.
laws  and  regulations  with  regard  to  such  withholding  tax  exemption.

     (e)     Notwithstanding  any  other  provisions  of  this Section 10.10, no
transfer  or assignment of the interests of any Lender hereunder or any grant of
participations  therein shall be permitted if such transfer, assignment or grant
would  require  the Borrower to file a registration statement with the SEC or to
qualify  the Loans, the Notes or any other Obligations under the securities laws
of  any  jurisdiction.

     Section  10.11.     Amendments, Waivers and Consents.  Any provision of the
                         --------------------------------
Credit  Documents  may  be  amended or waived if, but only if, such amendment or
waiver  is  in  writing  and  is  signed  by  (a) the Borrower, (b) the Required
Lenders,  and  (c)  if  the  rights  or  duties of the Administrative Agent, the
Co-Syndication  Agent,  the  Co-Documentation  Agent  or  the Managing

                                       75
<PAGE>
Agent  are affected thereby, the Administrative Agent, the Co-Syndication Agent,
the  Co-Documentation  Agent  or the Managing Agent, as the case may be,provided
that:

          (i)  no  amendment  or  waiver shall (A) increase the Revolving Credit
     Commitment  Amount  without  the  consent  of  all  Lenders or increase any
     Commitment  of  any  Lender  without  the  consent  of  such Lender, or (B)
     postpone  the  Commitment  Termination  Date  or  Maturity Date without the
     consent  of  all  Lenders, or reduce the amount of or postpone the date for
     any  scheduled  payment of any principal of or interest (including, without
     limitation,  any reduction in the rate of interest unless such reduction is
     otherwise  provided  herein)  on any Loan or Reimbursement Obligation or of
     any fee payable hereunder, without the consent of each Lender owed any such
     Obligation,  or  (C)  release  any  Collateral  for  any  Collateralized
     Obligations (other than as provided in accordance with Section 7.4) without
     the  consent  of  all  Lenders;  and

          (ii) no  amendment  or  waiver  shall,  unless  signed by each Lender,
     change  the  provisions of this Section 10.11 or the definition of Required
     Lenders  or  the  number  of  Lenders required to take any action under any
     other  provision  of  the  Credit  Documents.

     Section  10.12.     Headings.  Section  headings used in this Agreement are
                         --------
for  reference  only  and  shall  not affect the construction of this Agreement.

     Section  10.13.     Legal  Fees,  Other  Costs  and  Indemnification.  The
                         ------------------------------------------------
Borrower,  upon demand by the Administrative Agent, agrees to pay the reasonable
fees  and  disbursements  of  legal  counsel  to  the  Administrative  Agent  in
connection  with  the  preparation  and execution of the Credit Documents (which
shall  be  in  an  amount agreed in writing by the Borrower), and any amendment,
waiver  or consent related thereto, whether or not the transactions contemplated
therein  are consummated.  The Borrower further agrees to indemnify each Lender,
Issuing  Bank,  the  Administrative  Agent,  the  Co-Syndication  Agents,  the
Co-Documentation  Agents,  the  Managing Agents, and their respective directors,
officers,  employees  and  attorneys  (collectively, the "Indemnified Parties"),
against  all  losses,  claims,  damages,  penalties,  judgments, liabilities and
expenses  (including,  without  limitation,  all  reasonable attorneys' fees and
other reasonable expenses of litigation or preparation therefor,  whether or not
such Indemnified Party is a party thereto) which any of them may pay or incur as
a  result  of  (a)  any  action,  suit  or  proceeding  by  any  third  party or
governmental authority against such Indemnified Party and relating to any Credit
Document,  the  Loans,  any  Letter  of  Credit,  or the application or proposed
application  by  any  of  the Borrower of the proceeds of any Loan or use of any
Letter  of  Credit, REGARDLESS OF  WHETHER SUCH CLAIMS OR ACTIONS ARE FOUNDED IN
WHOLE  OR  IN  PART UPON THE ALLEGED SIMPLE OR CONTRIBUTORY NEGLIGENCE OF ANY OF
THE  INDEMNIFIED  PARTIES  AND/OR  ANY  OF THEIR RESPECTIVE DIRECTORS, OFFICERS,
EMPLOYEES  OR  ATTORNEYS,  (b)  any  investigation  of  any  third  party or any
governmental  authority  involving  any  Lender (as a lender hereunder), Issuing
Bank,  or  the  Administrative  Agent,  the  Co-Syndication  Agents,  the
Co-Documentation  Agents or the Managing Agents (in such capacity hereunder) and
related  to  any use made or proposed to be made by the Borrower of the proceeds
of any Loan, or use of any Letter of Credit or any transaction financed or to be
financed  in  whole  or in part, directly or indirectly with the proceeds of any
Loan  or  Letter  of Credit, and (c) any investigation of any third party or any
governmental

                                       76
<PAGE>
authority, litigation or proceeding involving any Lender (as a lender hereunder)
or  the  Administrative  Agent,  the Co-Syndication Agents, the Co-Documentation
Agents  or  the  Managing Agents (in such capacity hereunder) and related to any
environmental  cleanup,  audit,  compliance  or  other  matter  relating  to any
Environmental  Law or the presence of any Hazardous Material (including, without
limitation,  any  losses,  liabilities,  damages,  injuries,  costs, expenses or
claims  asserted  or  arising  under  any Environmental Law) with respect to the
Borrower,  regardless  of  whether  caused  by,  or  within  the control of, the
Borrower;  provided,  however,  that  the  Borrower  shall  not  be obligated to
indemnify  any  Indemnified  Party  for any of the foregoing arising out of such
Indemnified  Party's  gross  negligence  or  willful  misconduct,  as determined
pursuant  to a final nonappealable judgment of a court of competent jurisdiction
or  as expressly agreed in writing by such Indemnified Party. The Borrower, upon
demand  by  the  Administrative  Agent,  the  Co-Syndication  Agents,  the
Co-Documentation  Agents, the Managing Agents or a Lender or Issuing Bank at any
time,  shall  reimburse  such  Agent  or  such  Lender  or  Issuing Bank for any
reasonable  legal or other expenses incurred in connection with investigating or
defending  against  any  of  the  foregoing, except if the same is excluded from
indemnification  pursuant  to  the  provisions  of  the preceding sentence. Each
Indemnified  Party  agrees  to contest any indemnified claim if requested by the
Borrower, in a manner reasonably directed by the Borrower, with counsel selected
by  the Indemnified Party and approved by the Borrower, which approval shall not
be  unreasonably  withheld  or  delayed.  Any Indemnified Party that proposes to
settle  or compromise any such indemnified claim shall give the Borrower written
notice  of  the  terms  of  such proposed settlement or compromise reasonably in
advance  of  settling  or compromising such claim or proceeding and shall obtain
the  Borrower's  prior  written  consent  thereto,  which  consent  shall not be
unreasonably  withheld or delayed; provided that the Indemnified Party shall not
be  restricted  from  settling or compromising any such claim if the Indemnified
Party  waives its right to indemnity from the Borrower in respect of such claim.

     Section  10.14.     Governing  Law;  Submission  to Jurisdiction; Waiver of
                         -------------------------------------------------------
Jury Trial.
----------

     (A)     THIS  AGREEMENT  AND THE OTHER CREDIT DOCUMENTS, AND THE RIGHTS AND
DUTIES  OF  THE  PARTIES  THERETO,  SHALL  BE  CONSTRUED  IN ACCORDANCE WITH AND
GOVERNED  BY  THE  INTERNAL  LAWS  OF  THE  STATE  OF  NEW  YORK.

     (B)  TO  THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO
AGREE  THAT  ANY  LITIGATION  BASED  HEREON,  OR  ARISING  OUT  OF, UNDER, OR IN
CONNECTION  WITH,  THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT, OR ANY COURSE OF
CONDUCT,  COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF
THE  ADMINISTRATIVE AGENT, THE CO-DOCUMENTATION AGENTS, THE MANAGING AGENTS, THE
CO-SYNDICATION  AGENTS,  THE  LENDERS,  THE ISSUING BANK, OR THE BORROWER MAY BE
BROUGHT  AND  MAINTAINED  IN  THE COURTS OF THE STATE OF NEW YORK SITTING IN THE
BOROUGH  OF  MANHATTAN  OR  THE  UNITED  STATES  DISTRICT COURT FOR THE SOUTHERN
DISTRICT  OF  NEW  YORK.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
BORROWER  HEREBY  EXPRESSLY  AND  IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE
COURTS  OF  THE  STATE  OF NEW

                                       77
<PAGE>
YORK  AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES
TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION.
THE  BORROWER  HEREBY  IRREVOCABLY  DESIGNATES  CT  CORPORATION  SYSTEM, 111 8TH
AVENUE,  NEW  YORK,  NEW YORK 10011, AS THE DESIGNEE, APPOINTEE AND AGENT OF THE
BORROWER  TO  RECEIVE,  FOR AND ON BEHALF OF THE BORROWER, SERVICE OF PROCESS IN
SUCH  JURISDICTION IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT HERETO. TO THE
FULLEST  EXTENT  PERMITTED  BY  APPLICABLE LAW, THE BORROWER FURTHER IRREVOCABLY
CONSENTS  TO  THE SERVICE OF PROCESS, BY REGISTERED MAIL, POSTAGE PREPAID, OR BY
PERSONAL  SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. TO THE FULLEST EXTENT
PERMITTED  BY  APPLICABLE  LAW,  THE  BORROWER  HEREBY EXPRESSLY AND IRREVOCABLY
WAIVES  ANY  OBJECTION  WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF
VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY
CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE
EXTENT  THAT  THE  BORROWER  HAS  OR  HEREAFTER  MAY  ACQUIRE  ANY IMMUNITY FROM
JURISDICTION  OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OF
NOTICE,  ATTACHMENT  PRIOR  TO  JUDGMENT,  ATTACHMENT  IN  AID  OF  EXECUTION OR
OTHERWISE)  WITH  RESPECT  TO  ITSELF  OR  ITS  PROPERTY,  THE  BORROWER  HEREBY
IRREVOCABLY  WAIVES  TO  THE  FULLEST  EXTENT  PERMITTED BY APPLICABLE LAW, SUCH
IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER CREDIT
DOCUMENTS.

     (C)     TO  THE  FULLEST  EXTENT  PERMITTED  BY  APPLICABLE LAW, EACH PARTY
HERETO  WAIVES  ANY  RIGHT  TO  A  TRIAL  BY JURY IN ANY ACTION OR PROCEEDING TO
ENFORCE  OR  DEFEND  ANY  RIGHTS  UNDER  THIS  AGREEMENT OR UNDER ANY AMENDMENT,
INSTRUMENT,  DOCUMENT  OR  AGREEMENT  DELIVERED  OR  WHICH  MAY IN THE FUTURE BE
DELIVERED  IN  CONNECTION  HEREWITH  OR  ARISING  FROM  ANY BANKING RELATIONSHIP
EXISTING  IN  CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION OR
PROCEEDING  SHALL  BE  TRIED  BEFORE  A  COURT  AND  NOT  BEFORE  A  JURY.

     (D)  EACH  PARTY  TO  THIS  AGREEMENT  IRREVOCABLY  CONSENTS  TO SERVICE OF
PROCESS  IN  THE  MANNER  PROVIDED  FOR NOTICES IN SECTION 10.7. NOTHING IN THIS
AGREEMENT  WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS
IN  ANY  OTHER  MANNER  PERMITTED  BY  APPLICABLE  LAW.

     Section  10.15.     Confidentiality.  Each  of the Agents, Issuing Bank and
                         ---------------
Lenders  agree  to  maintain  the confidentiality of the Information (as defined
below),  except  that  Information  may

                                       78
<PAGE>
be  disclosed  (i)  to their respective affiliates and to prospective Purchasing
Lenders and Participants and their respective directors, officers, employees and
agents,  including accountants, legal counsel and other advisors who have reason
to  use  such  Information in connection with the evaluation of the transactions
contemplated by this Agreement (subject to similar confidentiality provisions as
provided herein) solely for purposes of evaluating such Information, (ii) to the
extent  requested  by  any regulatory authority, (iii) to the extent required by
applicable  law  or regulation or by any subpoena or similar legal process, (iv)
in  connection  with  the  exercise of any remedies hereunder or any proceedings
relating  to  this Agreement or the other Credit Documents, (v) with the consent
of  the  Borrower,  or  (vi) to the extent such Information (x) becomes publicly
available  other  than  as  a  result  of a breach of this Section 10.15, or (y)
becomes  available  on  a  non-confidential  basis  from a source other than the
Borrower  or  its  affiliates or the Lenders or their respective affiliates. For
purposes  hereof,  "Information"  means  all information received by the Lenders
from  the Borrower relating to the Borrower or its business, other than any such
information  that  is available to the Lenders on a non-confidential basis prior
to  disclosure by the Borrower. The Lenders shall be considered to have complied
with their respective obligations if they have exercised the same degree of care
to  maintain  the confidentiality of such Information as they would accord their
own  confidential  information.

     Section 10.16.     Effectiveness.  This Agreement shall become effective on
                        -------------
the date (the "Effective Date") on which the Borrower, the Administrative Agent,
and  each  Lender  have  signed  and  delivered  to  the  Administrative Agent a
counterparty  signature  page  hereto  or,  in  the  case  of  a  Lender,  the
Administrative Agent has received a facsimile notice that such a counterpart has
been  signed  and  mailed  to  the  Administrative  Agent.

     Section  10.17.     Severability.  Any  provision of this Agreement that is
                         ------------
prohibited  or unenforceable in any jurisdiction shall, as to such jurisdiction,
be  ineffective  to  the  extent of such prohibition or unenforceability without
invalidating  the  remaining  provisions  hereof,  and  any  such prohibition or
unenforceability  in  any  jurisdiction  shall  not  invalidate  or  render
unenforceable  such  provision  in  any  other  jurisdiction.

     Section  10.18.     Currency Conversion.  All payments of Obligations under
                         -------------------
this Agreement, the Notes or any other Credit Document shall be made in Dollars.
If any payment of any Obligation, whether through payment by the Borrower or the
proceeds of any collateral, shall be made in a currency other than Dollars, such
amount  shall  be  converted  into  Dollars  at  the current market rate for the
purchase  of  Dollars  with  the  currency in which such obligation was paid, as
quoted  by  the  Lender  who  is the Administrative Agent in accordance with the
methods customarily used by such Lender for such purposes as of the time of such
determination.  The parties hereto hereby agree, to the fullest extent that they
may  effectively  do  so  under  applicable law, that (i) if for the purposes of
obtaining  any  judgment  or  award  it  becomes  necessary  to convert from any
currency  other  than  Dollars  into  Dollars  any amount in connection with the
Obligations, then the conversion shall be made as provided above on the Business
Day  before  the  day on which the judgment or award is given, (ii) in the event
that  there  is a change in the rate of exchange prevailing between the Business
Day  before  the  day  on  which  the judgment or award is given and the date of
payment,  the  Borrower will pay to the Administrative Agent, for the benefit of
the  Lenders,  such  additional  amounts  (if  any) as may be necessary, and the
Administrative  Agent,  on  behalf of the Lenders, will pay to the Borrower such
excess  amounts  (if any) as result

                                       79
<PAGE>
from such change in the rate of exchange, to assure that the amount paid on such
date  is  the amount in such other currency, which when converted at the rate of
exchange  described  herein  on  the  date of payment, is the amount then due in
Dollars,  and  (iii)  any  amount due from the Borrower under this Section 10.18
shall  be  due as a separate debt and shall not be affected by judgment or award
being  obtained  for  any  other  sum  due.

     Section  10.19.  Change in Accounting  Principles, Fiscal Year or Tax Laws.
                      ----------------------------------------------------------
If (i) any change in accounting principles from those used in the preparation of
the financial statements of the Borrower referred to in Section 5.9 is hereafter
occasioned  by  the  promulgation  of  rules,  regulations,  pronouncements  and
opinions  by  or  required  by  the  Financial Accounting Standards Board or the
American  Institute  of  Certified  Public  Accounts  (or  successors thereto or
agencies  with  similar  functions),  and  such  change  materially  affects the
calculation  of  any component of any financial covenant, standard or term found
in  this Agreement, or (ii) there is a material change in federal or foreign tax
laws  which materially affects any of the Borrower and its Subsidiaries' ability
to  comply  with  the  financial  covenants,  standards  or  terms found in this
Agreement,  the  Borrower  and  the  Lenders agree to enter into negotiations in
order  to  amend such provisions (with the agreement of the Required Lenders or,
if  required  by  Section  10.11, all of the Lenders) so as to equitably reflect
such changes with the desired result that the criteria for evaluating any of the
Borrower's  and  its  Subsidiaries'  financial condition shall be the same after
such  changes  as  if  such  changes  had  not  been made. Unless and until such
provisions  have been so amended, the provisions of this Agreement shall govern.

     Section  10.20.     Final  Agreement.  The  Credit Documents constitute the
                         ----------------
entire  understanding  among  the Credit Parties, the Lenders, the Issuing Bank,
and  the  Administrative  Agent  and  supersede  all  earlier or contemporaneous
agreements, whether written or oral, concerning the subject matter of the Credit
Documents. THIS WRITTEN  AGREEMENT  TOGETHER  WITH  THE  OTHER  CREDIT DOCUMENTS
REPRESENTS  THE  FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
BY  EVIDENCE  OF  PRIOR,  CONTEMPORANEOUS,  OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES.  THERE  ARE  NO  UNWRITTEN  ORAL  AGREEMENTS  BETWEEN  THE  PARTIES.

     Section  10.21.     Officer's  Certificates.  It  is  not intended that any
                         -----------------------
certificate of any officer of the Borrower delivered to the Administrative Agent
or  any  Lender  pursuant  to  this  Agreement  shall  give rise to any personal
liability  on  the  part  of  such  officer.

     Section  10.22.     Effect  of Inclusion of Exceptions.  It is not intended
                         ----------------------------------
that  the specification of any exception to any covenant herein shall imply that
the  excepted  matter  would, but for such exception, be prohibited or required.

                                       80
<PAGE>
     IN  WITNESS  WHEREOF,  the  parties hereto have caused this Agreement to be
duly  executed and delivered by their duly authorized officers as of the day and
year  first  above  written.

                                          BORROWER:
                                          --------

                                          TRANSOCEAN  SEDCO  FOREX  INC.,
                                          a  Cayman  Islands  company

                                          By:   /s/ GREGORY L. CAUTHEN
                                                --------------------------------
                                          Name:  Gregory L. Cauthen
                                          Title: Vice President, Chief Financial
                                                 Officer and Treasurer

                                          Attest:
                                                 -------------------------------
                                          Name:
                                          Title:

<PAGE>
                                          SUNTRUST  BANK,
                                          As Administrative Agent, Issuing Bank,
                                          and a Lender

                                          By:   /s/ JOHN A. FIELDS, JR.
                                                --------------------------------
                                          Name:  John A. Fields, Jr.
                                          Title: Managing Director

COMMITMENT AMOUNT:     $21,500,000

PERCENTAGE:            8.60%

Address  for  Notices:
---------------------

SunTrust Bank
SunTrust Plaza
303 Peachtree Street, N.E., 3rd Floor
Atlanta, GA 30308
Attn:   Mr. John Fields
Telephone No.:    404/724-3667
Telecopy No.:     404/827-6270

Lending  Office:
---------------

SunTrust Bank
SunTrust Plaza
303 Peachtree Street, N.E., 3rd  Floor
Atlanta, GA 30308
Attn:    Mr. John Fields
Telephone No.:    404/724-3667
Telecopy No.:     404/827-6270

Payment Instructions:
--------------------

Bank Name:       SunTrust Bank
ABA Number:      061 000 104
City, State:     Atlanta, Georgia
Account Number:  908  8000  112
Attention:       Pat Etheridge 404/588-8358
Reference:       Transocean Sedco Forex Inc.

<PAGE>
                                            ABN  AMRO  BANK,  N.V.,
                                            As Co-Syndication Agent and a Lender

                                            By:    /s/ STUART MURRAY
                                                   -----------------------------
                                            Name:  Stuart  Murray
                                            Title: Group  Vice  President

                                            By:    /s/ BO FORD
                                                   -----------------------------
                                            Name:  Bo Ford
                                            Title: Assistant Vice President

COMMITMENT AMOUNT:   $19,000,000

PERCENTAGE:          7.60%

Address  for  Notices:
---------------------

ABN AMRO Bank, N.V.
208 South LaSalle Street, Suite 1500
Chicago, IL 60604-1003
Attn:            Melanie  Drzazga
Telephone No.:   312/992-5135
Telecopy No.:    312/992-5111

with  a  copy  to:

ABN AMRO Bank, N.V.
Three Riverway, Suite 1700
Houston, TX 77056
Attn:            Stuart Murray
Telephone No.:   832/681-7158
Telecopy No.:    832/681-7145

Lending  Office:
---------------

ABN AMRO Bank, N.V.
208 South LaSalle Street, Suite 1500
Chicago, IL 60604-1003
Attn:            Loan Administration
Telephone No.:   312/992-5150
Telecopy No.:    312/992-5155

<PAGE>
                                            ABN AMRO BANK, N.V.,  (CONTINUED)
                                            As Co-Syndication Agent and a Lender

Letter of Credit:
----------------

ABN AMRO Bank N.V.
200 West Monroe Street, Suite 1100
Chicago, I  60608-5002

Payment  Instructions:
---------------------

Bank Name:       ABN AMRO Bank, N.V.
ABA Number:      026009580
City, State:     New York, NY
Account Name:    F/O ABN AMRO Bank, N.V.
                 Chicago Branch CPU
Account Number:  650-001-178941
Attention:
Reference:       CPU  00193232 - Transocean Sedco

Letters  of  Credit:
-------------------

Bank Name:       ABN AMRO Bank, N.V.
ABA Number:      026009580
City, State:     New York, NY
Account Name:    F/O ABN AMRO Bank, N.V.
                 Chicago Trade Services CPU
Account Number:  653-001 1738 41
Attention:
Reference:       Transocean Sedco

<PAGE>
                                            THE ROYAL BANK OF SCOTLAND PLC,
                                            As Co-Syndication Agent and a Lender

                                            By: /s/ SCOTT W. BARTON
                                                --------------------------------
                                            Name:  Scott W. Barton
                                            Title: Senior Vice President

COMMITMENT AMOUNT:   $19,000,000

PERCENTAGE:          7.60%

Address  for  Notices:
---------------------

The Royal Bank of Scotland plc
88 Pine Street
New York, NY 10005
Attn:  Scott Barton
       Vice President Lending
Telephone No.:  212/269-1706
Telecopy No.:   212/480-0791

Lending  Office:
---------------

The Royal Bank of Scotland plc
Wall Street Plaza, 26th Floor
New York, NY 10005
Attn:  Jeanne De Quar
       Supv Operations
Telephone No.:  212/269-1700,  Ext. 260
Telecopy No.:   212/344-4065

Payment  Instructions:
---------------------

Bank Name:       Northern Trust International New York
ABA Number:      026-001-122
City/State:      Swift  Address  (NCR  US33
Account Name:    The Royal Bank of Scotland plc
Account Number:  104083-20230
Attention:
Reference:       Transocean Offshore Inc.

<PAGE>
                                          BANK OF AMERICA, N.A.,
                                          As Co-Documentation Agent and a Lender

                                          By:   /s/ CLAIRE LIU
                                                --------------------------------
                                          Name: Claire Liu
                                          Title: Managing Director

COMMITMENT AMOUNT:   $19,000,000

PERCENTAGE:          7.60%

Address  for  Notices:
---------------------

Bank of America, N.A.
333 Clay Street, Suite 4550
Houston, TX 77002
Attn:   Patrick Delaney, Managing Director
Telephone No.:    713/651-4929
Telecopy No.:     713/651-4808

Lending  Office:
---------------

Bank of America, N.A.
901 Main Street
Dallas, TX 75202
Attn:  Ramon  Garcia
       Customer Service Representative
Telephone No.:    214/209-2119
Telecopy No.:     214/290-9462

with  a  copy  to:

Bank of America, N.A.
333 Clay Street, Suite 4550
Houston, TX 77002
Attn:  Thelma  Johnson
Telephone No.:    713/651-4864
Telecopy No.:     713/651-4808

<PAGE>
                                          BANK OF AMERICA, N.A., (CONTINUED)
                                          As Co-Documentation Agent and a Lender

Payment  Instructions:
---------------------

Bank Name:       Bank of America, N.A.
ABA Number:      #111000012
City, State:
Account Number:  1292000883
Attention:       Corporate  Loan  Funds
Reference:       Transocean  Sedco  Forex  Inc.

<PAGE>
                                          WELLS FARGO BANK TEXAS,
                                          NATIONAL ASSOCIATION,
                                          As Co-Documentation Agent and a Lender

                                          By: /s/ ERIC R. HOLLINGSWORTH
                                              ----------------------------------
                                          Name:  Eric R. Hollingsworth
                                          Title: Vice President

COMMITMENT AMOUNT:   $19,000,000

PERCENTAGE:          7.60%

Address  for  Notices:
---------------------

Wells Fargo Bank Texas, National Association
1000 Louisiana
3rd Floor, Energy Department
Houston, TX 77002
Attn:   Eric Hollingsworth, Vice President
Telephone No.:    713/319-1354
Telecopy No.:     713/739-1087

(or Credit Contact Back Up)

Attn:  April Zaring, Relationship Associate
Telephone No.:    713/319-1379
Telecopy No.:     713/739-1087

Lending  Office:
---------------

Wells Fargo Bank Texas, National Association
1740 Broadway
Denver, CO 80274
Attn:  Tanya Ivie, Production Manager
Telephone No.:    303/863-6102
Telecopy No.:     303/863-2729

<PAGE>
                                          WELLS FARGO BANK TEXAS, (CONTINUED)
                                          NATIONAL ASSOCIATION,
                                          As Co-Documentation Agent and a Lender

Payment  Instructions:
---------------------

Bank  Name:       Wells  Fargo  Bank
ABA  Number:      121-000-248
City,  State:     San  Francisco,  CA  94103
Account  Number:  2969507201
Attention:        Syndicated  Loans
Reference:        Transocean - Obligor 9051645463, Obligation 406

<PAGE>
                                                THE  BANK  OF  NOVA  SCOTIA,
                                                As a Managing Agent and a Lender

                                                By: /s/ N. BELL
                                                   -----------------------------
                                                Name:  N. Bell
                                                Title: Assistant Agent

COMMITMENT AMOUNT:   $16,000,000

PERCENTAGE:          6.40%

Address  for  Notices:
---------------------

The Bank of Nova Scotia
Houston Representative Office
1100 Louisiana, Suite 3000
Houston, TX 77002
Attn:        Jean Paul Purdy
Telephone No.:    713/759-3433
Telecopy No.:     713/752-2425

The Bank of Nova Scotia
Houston Representative Office
1100 Louisiana, Suite 3000
Houston, TX 77002
Attn:        Julie Hellman
Telephone No.:    713/759-3442
Telecopy No.:     713/752-2425

Lending  Office:
---------------

PRIMARY                             SECONDARY
The Bank of Nova Scotia             The Bank of Nova Scotia
Atlanta Agency                      Atlanta  Agency
Suite 2700, 600 Peachtree St. NE    Suite 2700, 600 Peachtree St. NE
Atlanta, GA 30308                   Atlanta, GA 30308
Attn:  Donna Gardner                Attn:  Michelle Wingard
Telephone No.:    404/877-1552      Telephone No.:    404/877-1562
Telecopy No.:     404/888-8998      Telecopy No.:     404/888-8998

<PAGE>
                                            THE BANK OF NOVA SCOTIA, (CONTINUED)
                                            As a Managing Agent and a Lender

Domestic and Eurodollar Lending Office:
--------------------------------------

The  Bank  of  Nova  Scotia
Atlanta  Agency
Suite 2700, 600 Peachtree Street, N.E.
Atlanta,  GA  30308

Payment  Instructions:
---------------------

Bank Name:      The Bank of Nova Scotia, New York Agency
ABA Number:     026002532
City, State:    New York, NY
Account Name:   BNS Atlanta Agency
Account Number: #0606634
Reference:      Transocean Sedco Forex Inc.

<PAGE>
                                                CREDIT LYONNAIS NEW YORK BRANCH,
                                                As a Managing Agent and a Lender

                                                By: /s/ BERNARO WEYMULLER
                                                    ----------------------------
                                                Name:  Bernaro Weymuller
                                                Title: Senior Vice President

COMMITMENT AMOUNT:   $16,000,000

PERCENTAGE:          6.40%

Address  for  Notices:
---------------------

Credit Lyonnais
1000 Louisiana
Suite 5360
Houston, TX 77002
Attn:     Page  Dillehunt
Telephone No.:    713/753-8713
Telecopy No.:     713/751-0307

Credit Lyonnais
1301 Avenue of the Americas
New York, NY 10019
Attn:     Bindu Menon
Telephone No.:    212/761-7633
Telecopy No.:     917/849-5440

Domestic and Eurodollar Lending Office:
--------------------------------------

Credit Lyonnais New York Branch
1301 Avenue of the Americas
New York, NY 10019

<PAGE>
                                    CREDIT LYONNAIS NEW YORK BRANCH,
                                    As a Managing Agent and a Lender (CONTINUED)

Payment Instructions:
---------------------

Bank Name:      Credit Lyonnais New York
ABA Number:     026008073
City, State:    New  York,  NY
Account Number: 01-88179-3701-00-179
Attention:
Reference:      Transocean Sedco Forex Inc.

<PAGE>
                                                HSBC BANK USA
                                                As a Managing Agent and a Lender

                                                By: /s/ GEORGE LINHART
                                                    ----------------------------
                                                Name:  George Linhart #9429
                                                Title: Vice President

COMMITMENT AMOUNT:   $16,000,000

PERCENTAGE:          6.40%

Address  for  Notices:
---------------------

HSBC Bank USA
452 Fifth Avenue, 5th Floor
New York, NY 10018
Attn:   George Linhart
        Vice President
Telephone No.:    212/575-3326
Telecopy No.:     212/575-2469

Lending  Office:
---------------

HSBC Bank USA
One HSBC Center 26th Floor
Buffalo, NY 14203
Attn:   Marie Bax
        Loan Administrator
Telephone No.:    716/841-5668
Telecopy No.:     716/841-0269

Payment  Instructions:
---------------------

Bank Name:       HSBC Bank USA
ABA Number:      021 001 088
Account Name:    Syndication & Assets  Trading
Account Number:  001-940503
Attention:       Maria  Bax
Reference:
                 ----------------------------------

<PAGE>
                                                WESTDEUTSCHE LANDESBANK
                                                GIROZENTRALE, NEW YORK BRANCH,
                                                As a Managing Agent and a Lender

                                                By: /s/ JEFFREY S. DAVIDSON
                                                    ----------------------------
                                                Name:  Jeffrey S. Davidson
                                                Title: Associate Director

                                                By: /s/ WALTER T. DUFFY, III
                                                    ----------------------------
                                                Name:  Walter T. Duffy, III
                                                Title: Associate Director

COMMITMENT AMOUNT:   $16,000,000

PERCENTAGE:          6.40%

Address for Notices:
-------------------

Westdeutsche Landesbank Girozentrale,
New York Branch
1211 Avenue of the Americas
New York, NY 10036
Attn:     Daniel Palermo
          Associate Director, Loan Administration
Telephone No.:    212/852-6157
Telecopy No.:     212/302-7946

Lending  Office:
---------------

Westdeutsche Landesbank Girozentrale,
New York Branch
1211 Avenue of the Americas
New York, NY 10036
Attn:     Jeffrey S. Davidson
Telephone No.:    212/852-6204
Telecopy No.:     212/852-6148

Payment  Instructions:
---------------------

Bank Name:        The Chase Manhattan Bank, N.A.
                  1 Chase Manhattan Plaza, New York, NY
ABA Number:       021-000-021
Account Name:     Westdeutsche Landesbank Girozentrale,  New York Branch
Account Number:   9201060663
Attention:
Reference:        Transocean Sedco Forex Inc. Revolvers

<PAGE>
                                              THE BANK OF TOKYO-MITSUBISHI, LTD.
                                              As a Lender

                                              By: /s/ KELTON GLASSCOCK
                                                  ------------------------------
                                              Name:  Kelton Glasscock
                                              Title: Vice President & Manager

COMMITMENT AMOUNT:   $8,000,000

PERCENTAGE:          3.20%

Address  for  Notices:
---------------------

The Bank of Tokyo-Mitsubishi, Ltd.
1100 Louisiana Street
Suite 2800
Houston, TX 77002
Attn:    Iris Munoz, Senior Associate
Telephone  No.:    713/655-3814
Telecopy  No.:     713/655-3855

Lending  Office:
---------------

The Bank of Tokyo-Mitsubishi, Ltd.
1100 Louisiana Street
Suite 2800
Houston, TX 77002
Attn:     Nadra Breir
Telephone No.:    713/655-3847
Telecopy No.:     713/658-0116

Payment  Instructions:
---------------------

Bank Name:      The  Bank  of  Tokyo-Mitsubishi, Ltd. - New York
ABA Number:     026009632
City, State:    New  York,  New  York
Account Name:   The  Bank of Tokyo-Mitsubishi, Ltd. - Houston Agency
Account Number: 30001710
Attention:      Nadra Breir
Reference:      Transocean Sedco Forex

<PAGE>
                                                 THE FUJI BANK, LIMITED,
                                                 As a Lender

                                                 By: /s/ JACQUES AZAGURY
                                                     ---------------------------
                                                 Name:  Jacques Azagury
                                                 Title: Senior Vice President
                                                        & Manager

COMMITMENT AMOUNT:   $15,000,000

PERCENTAGE:          6.00%

Address  for  Notices:
---------------------

The Fuji Bank, Limited
95 Columbus Circle
Jersey City, NJ 07302
Attn:   Tina Catapano
        Vice President and Department Head
Telephone No.:   212/282-4561
Telecopy No.:    201/432-6805

Lending  Office:
---------------

The Fuji Bank, Limited
1221 McKinney Street
Suite 4100
Houston, TX 77010
Attn:   Mark Polasek
        Vice President
Telephone No.:   713/759-1800
Telecopy No.:    713/759-0717

Payment  Instructions:
---------------------

Bank Name:      The Fuji Bank,  Limited
ABA Number:     026009700
Account Number: 515011
Attention:      US Corporate
Reference:      Transocean Sedco Forex Inc.

<PAGE>
                                                   BANK  ONE,  N.A.
                                                   As  a  Lender

                                                   By: /s/ DIANE L. RUSSELL
                                                       -------------------------
                                                   Name:  Diane L. Russell
                                                   Title: Vice President

COMMITMENT AMOUNT:   $15,000,000

PERCENTAGE:          6.00%

Address  for  Notices:
---------------------

Bank One, N.A.
Bank One Center
910 Travis, 6th Floor
Houston, TX 77002
Attn:            Dianne Russell
Telephone No.:   713/751-3982
Telecopy No.:    713/751-3679

Borrowings,  Payments,  Interest,  Etc.
---------------------------------------

Bank One, N.A.
1 Bank One Plaza
0634, 1FNP, 10th Floor
Chicago, IL 60670
Attn:            John Beirne
Telephone No.:   312/732-3659
Telecopy No.:    312/732-4840

Domestic  Lending  Office:
-------------------------

Bank One, N.A.
1 Bank One Plaza
0634, 1FNP, 10th Floor
Chicago, IL 60670

<PAGE>
                                                      BANK ONE, N.A. (CONTINUED)
                                                      As a Lender

Eurodollar Lending Office:
-------------------------

Bank One, NA
1 Bank One Plaza
Suite 0634, 10th Floor
Chicago, IL 60670

Payment  Instructions:
---------------------

Bank Name:       Bank  One,  Chicago
ABA Number:      071000013
City, State:     Chicago,  IL
Account Number:  481152860000
Account Name:    LSII Incoming  Clearing  A/C
Attention:       John Beirne
Reference:       Transocean Sedco Forex Inc.

<PAGE>
                                                        THE BANK OF NEW YORK
                                                        As a Lender

                                                         By: /s/ PETER W. KELLER
                                                             -------------------
                                                         Name:  Peter W. Keller
                                                         Title: Vice President

COMMITMENT AMOUNT:   $15,000,000

PERCENTAGE:          6.00%

Address  for  Notices:
---------------------

The Bank of New York
One Wall Street, 19th Floor
New York, NY 10286
Attn:   Theresa M. Burke
        Oil & Gas Division
Telephone No.:    212/635-7532
Telecopy No.:     212/635-7923

Domestic Borrowings:             Payment Instructions:
-------------------              --------------------

The Bank of New York             Bank Name:      The Bank of New York
101 Barclay Street               ABA Number:     021000018
New York, NY  10286              City, State:    New York, NY
Attn  Bill Barbiero              Account Name:   Comm. Loan Servicing Dept.
      Commercial Loan Servicing  Account Number: 111 556
       Department                Attention:      Bill Barbiero
Telephone No.:                   Reference:      Transocean Sedco Forex Inc.
Telecopy No.:

Eurodollar  Lending  Office:
---------------------------

The Bank of New York             Bank Name:      The Bank of New York
101 Barclay Street               ABA Number:     021000018
New York, NY  10286              City, State:    New York, NY
Attn: Bill Barbiero              Account Name:   Comm. Loan Servicing Dept.
      Commercial Loan Servicing  Account Number: 111 556
       Department                Attention:      Bill Barbiero
Telephone No.:                   Reference:      Transocean Sedco Forex Inc.
Telecopy No.:

<PAGE>
                                                THE BANK OF NEW YORK (CONTINUED)
                                                As a Lender

Letters of Credit:                Payment Instructions:
-----------------                 --------------------

The Bank of New York              Bank Name:      The Bank of New York
101 Barclay Street                ABA Number:     021000018
New York, NY  10286               City, State:    New York, NY
Attn:  Venus McGregor             Account Name:   Trade Services Department
       Trade Services Department  Account Number: GLA #111115
Telephone No.:                    Attention:      Venus McGregor
Telecopy No.:                     Reference:      Transocean Sedco Forex Inc.

Domestic Borrowings:              Payment Instructions:
-------------------               --------------------

The Bank of New York              Bank Name:      The Bank of New York
101 Barclays Street               ABA Number:     021000018
New York, NY  10286               City, State:    New York, NY
Attn:  Bill Barbiero              Account Name:   Comm. Loan Servicing Dept.
       Commercial Loan Servicing  Account Number: 111 556
       Department                 Attention:      Bill Barbiero
Telephone No.:                    Reference:      Transocean Sedco Forex Inc.
Telecopy No.:

<PAGE>
                                                 CITIBANK,  N.A.,
                                                 As a Lender

                                                 By: /s/ MARK S. JOHNSON
                                                    ----------------------------
                                                 Name:  Mark S. Johnson
                                                 Title: Director

COMMITMENT AMOUNT:        $15,000,000

PERCENTAGE:               6.00%

Address  for  Notices:
---------------------

Citibank, N.A.
New York Shipping & Logistics
388 Greenwich Street, 23rd Floor
New York, NY 10013
Attn:      Mark S. Johnson
           Director
Telephone No.:     212/816-5435
Telecopy  No.:     212/816-5429

Lending  Office:
---------------

Citibank, N.A.
Two Penns Way
Suite 200
New Castle, DE 19720
Attn:   Tracey Pinkett
Telephone No.:     302/894-6078
Telecopy No.:      302/894-6120

Payment  Instructions:
---------------------

<TABLE>
<CAPTION>
<S>              <C>
Bank Name:       Citibank, N.A.
ABA Number:      021000089
City, State:     New Castle, DE
Account Name:    Shipping Concentration
Account Number:  4054-8046
Attention:       Tracey Pinkett
Reference:       Transocean Sedco Forex Inc.
</TABLE>

<PAGE>
                                                     CREDIT SUISSE FIRST BOSTON,
                                                     As a Lender

                                                     By: /s/ JAMES P. MORAN
                                                        ------------------------
                                                     Name:  James P. Moran
                                                     Title: Director

                                                     By: /s/ DAVID M. KOCZAN
                                                        ------------------------
                                                     Name:  David M. Koczan
                                                     Title: Associate

COMMITMENT AMOUNT:     $8,000,000

PERCENTAGE:            3.20%

Address  for  Notices:
---------------------

Credit Suisse First Boston
Eleven Madison Avenue
New York, NY 10010
Attn:    David Koczan
         Associate
Telephone No.:     212/325-9096
Telecopy No.:      212/325-8314

Lending  Office:
---------------

Credit Suisse First Boston
Eleven Madison Avenue
New York, NY 10010
Attn:   Nimala Durgana
Telephone No.:     212/538-3525
Telecopy No.:      212/538-3477

Payment  Instructions:
---------------------

Bank Name:       Bank of New York
ABA Number:      021 000 018
City, State:     New York, NY
Account Name:    CSFB NY Loan Clearing
Account Number:  890-0329-262
Attention:       Client Services
Reference:       Transocean Sedco Forex Inc.

<PAGE>
                                            NORDEA BANK FINLAND PLC,
                                             NEW YORK BRANCH,
                                            (AS SUCCESSOR TO CHRISTIANIA BANK OG
                                              KREDITKASSE ASA, NEW YORK BRANCH),
                                             As a Lender

                                             By: /s/ PETER M. DODGE
                                                 -------------------------------
                                             Name:  Peter M. Dodge
                                             Title: Senior Vice President

                                             By: /s/ ANGELA DOGANCAY
                                                 -------------------------------
                                             Name:  Angela Dogancay
                                             Title: Vice President

COMMITMENT AMOUNT:     $8,000,000

PERCENTAGE:            3.20%

Address  for  Notices:
---------------------

Nordea Bank Finland Plc,
  New  York  Branch
11 West 42nd Street, 7th Floor
New York, NY 10036
Attn:     Martin Lunder
          Senior Vice President
Telephone No.:     212/827-4828
Telecopyo.:        212/827-4888

Lending  Office:
---------------

Nordea Bank Finland Plc,
  New  York  Branch
437 Madison Avenue
New York, NY 10022
Attn:     Thelma Dongallo
          Assistant Treasurer
Telephone No.:     212/318-9300
Telecopy No.:      212/421-4420

<PAGE>
                                            NORDEA BANK FINLAND PLC,
                                             NEW YORK BRANCH,
                                            (AS SUCCESSOR TO CHRISTIANIA BANK OG
                                              KREDITKASSE ASA, NEW YORK BRANCH),
                                            As a Lender

Payment  Instructions:
---------------------

Bank Name:       Federal Reserve Bank of New York
ABA Number:      026 010 786
City, State:     New York, NY
Account Name:    Nordea Bank Finland Plc - New York Branch
Account Number:  #52150000032201001
Attention:       Credit Administration
Reference:       Transocean Sedco Forex Inc.

<PAGE>
                                                       AUSTRALIA AND NEW ZEALAND
                                                       BANKING GROUP LIMITED,
                                                       As a Lender

                                                 By: /s/ ROY J. MARSDEN
                                                    ---------------------
                                                 Name:  Roy J. Marsden
                                                 Title: Executive Vice President
                                                        - Americas

COMMITMENT AMOUNT:    $4,500,000

PERCENTAGE:           1.80%

Address  for  Notices:
---------------------

Australia and New Zealand Banking
  Group Limited
1177 6th Avenue
New York, NY 10036
Attn:    David Giacalone
         Vice President
Telephone No.:     212/801-9814
Telecopy No.:      212/556-4814

Lending  Office:
---------------

Australia and New Zealand Banking
  Group  Limited
1177 6th Avenue
New York, NY 10036
Attn:    Tessie Amante
         Supervisor
Telephone No.:    212/801-9744
Telecopy No.:     212/801-9859

Payment  Instructions:
---------------------

Bank Name:       Chase Manhattan Bank
ABA Number:      021-000-021
City, State:     New York, NY
Account Name:    Australia and New Zealand Bank, New York
Account Number:  400-928884
Reference:       Transocean Sedco Forex Inc. Revolvers

<PAGE>

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