Document:

Exhibit 10.1

EXECUTION COPY

$200,000,000

DELUXE CORPORATION

7.375% Senior Notes due
2015

PURCHASE AGREEMENT

May 9, 2007

J.P. MORGAN SECURITIES
INC.
   As Representative of the
   several Initial Purchasers listed
   in Schedule I hereto

c/o J.P. Morgan Securities Inc.

270 Park Avenue

New York, New York  10017

Ladies and Gentlemen:

Deluxe Corporation, a
Minnesota corporation (the “Company”), proposes to issue and sell to the
several initial purchasers listed in Schedule I hereto (the “Initial
Purchasers”), for whom you are acting as representative (the “Representative”),
$200,000,000 principal amount of its 7.375% Senior Notes due 2015 (the “Securities”).  The Securities will be issued pursuant to an
Indenture to be dated as of May 14, 2007 (the “Indenture”), between the
Company and The Bank of New York, as trustee (the “Trustee”).

The Securities will be sold
to the Initial Purchasers without being registered under the Securities Act of
1933, as amended (the “Securities Act”), in reliance upon an exemption
therefrom.  The Company has prepared a
preliminary offering memorandum dated April 30, 2007 (the “Preliminary
Offering Memorandum”) and will prepare an offering memorandum dated the
date hereof (the “Offering Memorandum”) setting forth information
concerning the Company and the Securities. 
Copies of the Preliminary Offering Memorandum have been, and copies of
the Offering Memorandum will be, delivered by the Company to the Initial
Purchasers pursuant to the terms of this Agreement.  The Company hereby confirms that it has
authorized the use of the Preliminary Offering Memorandum, the other Time of
Sale Information (as defined below) and the Offering Memorandum in connection
with the offering and resale of the Securities by the Initial Purchasers in the
manner contemplated by this Agreement. 
Capitalized terms used but not defined herein shall have the meanings
given to such terms in the Preliminary Offering Memorandum.  References herein to the Preliminary Offering
Memorandum, the Time 

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of
Sale Information and the Offering Memorandum shall be deemed to refer to and
include any document incorporated by reference therein.

At or prior to the time when
sales of the Securities were first made (the “Time of Sale”), the
following information shall have been prepared (collectively, the “Time of
Sale Information”): the Preliminary Offering Memorandum, as supplemented
and amended by the written communications listed on Annex A hereto.

Holders of the Securities
(including the Initial Purchasers and their direct and indirect transferees)
will be entitled to the benefits of a Registration Rights Agreement, to be
dated the Closing Date (as defined below) and substantially in the form
attached hereto as Exhibit A (the “Registration Rights Agreement”),
pursuant to which the Company will agree to file one or more registration
statements with the Securities and Exchange Commission (the “Commission”)
providing for the registration under the Securities Act of the Securities or
the Exchange Securities referred to (and as defined) in the Registration Rights
Agreement.

The Company hereby confirms
its agreement with the several Initial Purchasers concerning the purchase and
resale of the Securities, as follows:

1.                                       Purchase
and Resale of the Securities. 
(a)  The Company agrees to issue
and sell the Securities to the several Initial Purchasers as provided in this
Agreement, and each Initial Purchaser, on the basis of the representations,
warranties and agreements set forth herein and subject to the conditions set
forth herein, agrees, severally and not jointly, to purchase from the Company
the respective principal amount of Securities set forth opposite such Initial
Purchaser’s name in Schedule I hereto at a price equal to 98.5% of the
principal amount thereof plus accrued interest, if any, from May 14, 2007 to
the Closing Date.  The Company will not
be obligated to deliver any of the Securities except upon payment for all the
Securities to be purchased as provided herein.

(b)                                 The Company understands that the Initial
Purchasers intend to offer the Securities for resale on the terms set forth in
the Time of Sale Information.  Each
Initial Purchaser, severally and not jointly, represents, warrants and agrees
that:

(i)                                     it is a qualified institutional buyer within
the meaning of Rule 144A under the Securities Act (a “QIB”) and an
accredited investor within the meaning of Rule 501(a) under the Securities Act;

(ii)                                  it has not solicited offers for, or offered
or sold, and will not solicit offers for, or offer or sell, the Securities by
means of any form of general solicitation or general advertising within the
meaning of Rule 502(c) of Regulation D under the Securities Act (“Regulation
D”) or in any manner involving a public offering within the meaning of
Section 4(2) of the Securities Act; and

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(iii)                               it has not solicited offers for, or offered
or sold, and will not solicit offers for, or offer or sell, the Securities as
part of their resale offering of the Securities as contemplated by the Offering
Memorandum (the “Resale Offering”) except:

(A)                              within the United States to persons whom it
reasonably believes to be QIBs in transactions pursuant to Rule 144A under the
Securities Act (“Rule 144A”) and in connection with each such sale, it
has taken or will take reasonable steps to ensure that the purchaser of the
Securities is aware that such sale is being made in reliance on Rule 144A; or

(B)                                in accordance with the restrictions set forth
in Annex C hereto.

(c)                                  Each Initial Purchaser acknowledges and
agrees that the Company and, for purposes of the opinions to be delivered to
the Initial Purchasers pursuant to Sections 6(f) and 6(h), counsel for the
Company and counsel for the Initial Purchasers, respectively, may rely upon the
accuracy of the representations and warranties of the Initial Purchasers, and
compliance by the Initial Purchasers with their agreements, contained in
paragraph (b) above (including Annex C hereto), and each Initial Purchaser
hereby consents to such reliance.

(d)                                 The Company acknowledges and agrees that the
Initial Purchasers may offer and sell Securities to or through any affiliate of
an Initial Purchaser and that any such affiliate may offer and sell Securities
purchased by it to or through any Initial Purchaser.

(e)                                  The Company acknowledges and agrees that the
Initial Purchasers are acting solely in the capacity of an arm’s length
contractual counterparty to the Company with respect to the offering of
Securities contemplated hereby (including in connection with determining the
terms of the offering) and not as financial advisors or fiduciaries to, or
agents of, the Company or any other person. 
Additionally, neither the Representative nor any other Initial Purchaser
is advising the Company or any other person as to any legal, tax, investment,
accounting or regulatory matters in any jurisdiction.  The Company shall consult with its own
advisors concerning such matters and shall be responsible for making its own
independent investigation and appraisal of the transactions contemplated
hereby, and neither the Representative nor any other Initial Purchaser shall
have any responsibility or liability to the Company with respect thereto. Any
review by the Representative or any other Initial Purchaser of the Company and
the transactions contemplated hereby or other matters relating to such transactions
will be performed solely for the benefit of the Representative or such Initial
Purchaser, as the case may be, and shall not be on behalf of the Company or any
other person.

2.                                       Payment
and Delivery.  (a)  Payment for and delivery of the Securities
will be made at the offices of Simpson Thacher & Bartlett LLP at 10:00
A.M., New York City time, on May 14, 2007, or at such other time or place on
the same or such other date, not later than the fifth business day thereafter,
as the Representative and the Company may agree upon in writing.  The time and date of such payment and
delivery is referred to herein as the “Closing Date”.

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(b)                                 Payment
for the Securities shall be made by wire transfer in immediately available
funds to the account(s) specified by the Company to the Representative against
delivery to the nominee of The Depository Trust Company, for the account of the
Initial Purchasers, of one or more global notes representing the Securities
(collectively, the “Global Note”), with any transfer taxes payable in
connection with the sale of the Securities duly paid by the Company.  The Global Note will be made available for
inspection by the Representative not later than 1:00 P.M., New York City time,
on the business day prior to the Closing Date.

3.                                       Representations
and Warranties of the Company.  The
Company represents and warrants to each Initial Purchaser that:

(a)                                  Preliminary Offering
Memorandum, Time of Sale Information and Offering Memorandum.  The
Preliminary Offering Memorandum, as of its date, did not, the Time of Sale
Information, at the Time of Sale, did not, and at the Closing Date, will not,
and the Offering Memorandum, in the form first used by the Initial Purchasers
to confirm sales of the Securities and as of the Closing Date, will not,
contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that
the Company makes no representation or warranty with respect to any statements
or omissions made in reliance upon and in conformity with information relating
to any Initial Purchaser furnished to the Company in writing by such Initial
Purchaser expressly for use in the Preliminary Offering Memorandum, the Time of
Sale Information or the Offering Memorandum.

(b)                                 Additional Written
Communications.   The Company (including its agents and
representatives, other than the Initial Purchasers in their capacity as such)
has not prepared, made, used, authorized, approved or referred to and will not
prepare, make, use, authorize, approve or refer to any written communication
that constitutes an offer to sell or solicitation of an offer to buy the
Securities (each such communication by the Company or its agents and
representatives (other than a communication referred to in clauses (i), (ii)
and (iii) below) an “Issuer Written Communication”) other than (i) the
Preliminary Offering Memorandum, (ii) the Offering Memorandum, (iii) the
documents listed on Annex A hereto, including a term sheet substantially in the
form of Annex B hereto, which constitute part of the Time of Sale Information,
and (iv) any electronic road show or other written communications, in each case
used in accordance with Section 4(c). 
Each such Issuer Written Communication, when taken together with the
Time of Sale Information, did not, and at the Closing Date will not, contain
any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that
the Company makes no representation and warranty with respect to any statements
or omissions made in each such Issuer Written Communication in reliance upon and
in conformity with information relating to any Initial Purchaser furnished to
the Company in writing by such Initial Purchaser expressly for use in any
Issuer Written Communication.

(c)                                  Incorporated
Documents.  The documents incorporated by reference in
each of the Time of Sale Information and the Offering Memorandum, when filed
with the Commission, conformed or will conform, as the case may be, in all
material respects to the requirements of the 

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Exchange Act and the rules
and regulations of the Commission thereunder, and did not and will not contain
any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

(d)                                 Financial Statements.  The
financial statements and the related notes thereto included or incorporated by
reference in each of the Time of Sale Information and the Offering Memorandum
present fairly the financial position of the Company and its consolidated
subsidiaries (the “Subsidiaries”) as of the dates indicated and the
results of their operations and the changes in their cash flows for the periods
specified; except as described in each of the Time of Sale Information and the
Offering Memorandum, such financial statements have been prepared in conformity
with accounting principles generally accepted in the United States of America
applied on a consistent basis throughout the periods covered thereby; the other
financial information included or incorporated by reference in each of the Time
of Sale Information and the Offering Memorandum has been derived from the
accounting records of the Company and its subsidiaries and presents fairly the
information shown thereby.

(e)                                  No Material Adverse Change. 
Except as otherwise disclosed in the Time of Sale Information and the
Offering Memorandum, since the date of the latest audited financial statements
of the Company included or incorporated by reference in each of the Time of
Sale Information and the Offering Memorandum there has been no material adverse
change, nor any development or event that could reasonably be expected to
result in a material adverse change, in the condition (financial or other),
business, properties or results of operations of the Company and its
subsidiaries taken as a whole.

(f)                                    Organization and Good
Standing.  The Company and each of its subsidiaries have
been duly organized and are validly existing and in good standing under the
laws of their respective jurisdictions of organization, are duly qualified to
do business and are in good standing in each jurisdiction in which their
respective ownership or lease of property or the conduct of their respective
businesses requires such qualification, and have all power and authority
necessary to own or hold their respective properties and to conduct the
businesses in which they are engaged, except where the failure to be so
qualified, in good standing or have such power or authority would not,
individually or in the aggregate, reasonably be expected to have a material
adverse effect on the condition (financial or other), business, properties or
results of operations of the Company and its subsidiaries taken as a whole (a “Material
Adverse Effect”).  The subsidiaries
listed in Schedule II to this Agreement are the only significant subsidiaries
of the Company.

(g)                                 Due Authorization.  The
Company has full right, power and authority to execute and deliver this
Agreement, the Securities, the Indenture, the Exchange Securities and the
Registration Rights Agreement (collectively, the “Transaction Documents”)
and to perform its obligations hereunder and thereunder; and all action
required to be taken for the due and proper authorization, execution and
delivery of each of the Transaction Documents and the consummation of the
transactions contemplated thereby has been duly and validly taken.

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(h)                                 The Indenture.  The
Indenture has been duly authorized by the Company and, when duly executed and
delivered in accordance with its terms by each of the parties thereto, will
constitute a valid and legally binding agreement of the Company  enforceable against the Company in
accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally or by equitable principles relating to
enforceability (collectively, the “Enforceability Exceptions”); and on
the Closing Date, the Indenture will
conform in all material respects to the requirements of the Trust
Indenture Act of 1939, as amended (the “Trust Indenture Act”), and the
rules and regulations of the Commission applicable
to an indenture that is qualified thereunder.

(i)                                     The Securities.  The
Securities have been duly authorized by the Company  and, when duly executed, authenticated, issued and delivered as
provided in the Indenture and paid for as provided herein, will be duly and
validly issued and outstanding and will constitute valid and legally binding
obligations of the Company enforceable against the Company in accordance with
their terms, subject to the Enforceability Exceptions, and will be entitled to
the benefits of the Indenture.

(j)                                     The
Exchange Securities.  On the Closing
Date, the Exchange Securities
will have been duly authorized by the Company and, when duly executed,
authenticated, issued and delivered as contemplated by the Registration Rights
Agreement and the Indenture, will be duly and validly issued and outstanding
and will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance
with their terms, subject to the Enforceability Exceptions, and will be entitled
to the benefits of the Indenture.

(k)                                  Purchase and Registration
Rights Agreements.  This Agreement has been duly authorized,
executed and delivered by the Company; and the Registration Rights Agreement
has been duly authorized by the Company and
on the Closing Date will be duly executed and delivered by the Company and,
when duly executed and delivered in accordance with its terms by each of the
parties thereto, will constitute a valid and legally binding agreement of the
Company enforceable against the Company in accordance with its terms, subject
to the Enforceability Exceptions, and except that rights to indemnity and
contribution thereunder may be limited by applicable law and public policy.

(l)                                     Descriptions of the
Transaction Documents.  Each Transaction Document conforms in all
material respects to the description thereof contained in each of the Time of
Sale Information and the Offering Memorandum.

(m)                               No Violation or Default. 
Neither the Company nor any of its Subsidiaries is (i) in violation of its charter or by-laws;
(ii) in default, and no event has occurred that, with notice or lapse of
time or both, would constitute such a default, in the due performance or
observance of any term, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to
which the Company or any of its Subsidiaries is a party or by which the Company
or any of its Subsidiaries is bound or to which any of the property or assets
of the Company or any of its Subsidiaries is subject; or (iii) in violation of
any law or statute or any judgment, order, rule or regulation of any court or
arbitrator or governmental or regulatory 

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authority,
except, in the case of clauses (ii) and (iii) above, for any such default or
violation that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

(n)                                 No
Conflicts.  The execution, delivery
and performance by the Company of each of the Transaction Documents, the
issuance and sale of the Securities and compliance by the Company with the
terms thereof and the consummation of the transactions contemplated by the
Transaction Documents will not (i) conflict with or result in a breach or
violation of any of the terms or
provisions of, or constitute a default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of
the Company or any of its Subsidiaries pursuant to, any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which the
Company or any of its Subsidiaries is a party or by which the Company any of
its Subsidiaries is bound or to which any of the property or assets of the
Company or any of its Subsidiaries is subject, (ii) result in any violation of
the provisions of the charter or by-laws or similar organizational documents of
the Company or any of its Subsidiaries or (iii) result in the violation of any
law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory
authority, except, in the case of clauses (i) and (iii) above, for any
such conflict, breach, violation or default that would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

(o)                                 No Consents Required.  No
consent, approval, authorization, order, registration or qualification of or
with any court or arbitrator or
governmental or regulatory authority is required for the execution, delivery and performance by the
Company of each of the Transaction Documents, the issuance and sale of the
Securities and compliance by the Company with the terms thereof and the consummation
of the transactions contemplated by the Transaction Documents, except
for such consents, approvals, authorizations, orders and registrations or
qualifications as may be required (i) under applicable state securities laws in
connection with the purchase and resale of the Securities by the Initial
Purchasers and (ii) with respect to the Exchange Securities under the
Securities Act, the Trust Indenture Act and applicable state securities laws as
contemplated by the Registration Rights Agreement.

(p)                                 Legal Proceedings. 
Except as described in each of the Time of Sale Information and the
Offering Memorandum, there are no legal, governmental or regulatory
investigations, actions, suits or proceedings pending to which the Company or any
of its Subsidiaries is or may be a party or to which any property of the
Company or any of its Subsidiaries is or may be the subject that would,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, or would reasonably be expected to materially and adversely
affect the ability of the Company to perform its obligations under the
Indenture or this Agreement, or which are otherwise material in the context of
the sale of the Securities; and to the Company’s knowledge, no such
investigations, actions, suits or proceedings are threatened.

(q)                                 Independent Registered
Public Accounting Firm.  PricewaterhouseCoopers LLP, who have audited
the consolidated financial statements of the Company at December 31, 2006 and
2005 and for each of the three years in the period ended December 31, 2006, are
independent registered public accountants with respect to the Company and its
Subsidiaries within the 

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applicable rules and
regulations adopted by the Commission and the Public Company Accounting
Oversight Board (United States) and as required by the Securities Act.

(r)                                    Title to Real and Personal
Property.  The Company and its Subsidiaries have good
and marketable title in fee simple to, or have valid rights to lease or
otherwise use, all items of real and personal property that are material to the
businesses of the Company and its Subsidiaries, taken as a whole, in each case
free and clear of all liens, encumbrances, claims and defects and imperfections
of title except those that (i) do not materially interfere with the use made
and proposed to be made of such property by the Company and its Subsidiaries,
taken as a whole, or (ii) could not reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect.

(s)                                  Title
to Intellectual Property.  The Company and
its Subsidiaries own or possess adequate rights to use all material patents,
patent applications, trademarks, service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses and know-how
(including trade secrets and other unpatented and/or unpatentable proprietary
or confidential information, systems or procedures) necessary for the conduct
of their respective businesses; and the conduct of their respective businesses
will not conflict in any material respect with any such rights of others;
except where the failure to own or possess such rights or such conflict would
not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect; and the Company and its Subsidiaries have not received
any notice of any claim of infringement of or conflict with any such rights of
others, except for any notices or conflicts that would not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect.

(t)                                    Investment Company Act.  The
Company is not, and after giving effect to the offering and sale of the
Securities and the application of the proceeds thereof as described in each of
the Time of Sale Information and the Offering Memorandum will not be, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended,
and the rules and regulations of the Commission thereunder (collectively, the “Investment
Company Act”).

(u)                                 Taxes.  (i)
The Company and its Subsidiaries have paid all federal, state, local and
foreign taxes and filed all tax returns required to be paid or filed through
the date hereof, and (ii) except as otherwise disclosed in each of the Time of
Sale Information and the Offering Memorandum, there is no tax deficiency that
has been, or could reasonably be expected to be, asserted against the Company
or any of its Subsidiaries or any of their respective properties or assets,
except in the case of each of clauses (i) and (ii), (x) for any such taxes or
tax deficiencies that are currently being contested in good faith and for which
the Company has established adequate reserves, or (y) as would not,
individually or in the aggregate, have a Material Adverse Effect.

(v)                                 Licenses
and Permits.  The Company and its
Subsidiaries possess all licenses, certificates, permits and other
authorizations issued by, and have made all declarations and filings with, the
appropriate federal, state, local or foreign governmental or regulatory
authorities that are necessary for the ownership or lease of their respective
properties or the conduct of their respective 

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businesses
as described in each of the Time of Sale Information and the Offering
Memorandum, except where the failure to possess or make the same would not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect; and except as described in each of the Time of Sale Information
and the Offering Memorandum, neither the Company nor any of its Subsidiaries
has received notice of any revocation or modification of any such license,
certificate, permit or authorization or has any reason to believe that any such
license, certificate, permit or authorization will not be renewed in the
ordinary course, except where failure to receive such renewal would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(w)                               Compliance with
Environmental Laws.  Except as described in each of the Time of
Sale Information and the Offering Memorandum, neither the Company nor any of
its Subsidiaries is in violation of any statute, rule, regulation, decision or
order of any governmental agency or body or any court, domestic or foreign,
relating to the use, disposal or release of hazardous or toxic substances or
relating to the protection or restoration of the environment or human exposure
to hazardous or toxic substances (collectively, “Environmental Laws”),
to the knowledge of the Company owns or operates any real property contaminated
with any substance that is subject to any Environmental Laws, is liable for any
off-site disposal or contamination pursuant to any Environmental Laws, or is
subject to any claim relating to any Environmental Laws, which violation,
contamination, liability or claim would individually or in the aggregate
reasonably be expected to have a Material Adverse Effect; and the Company is
not aware of any pending investigation which is reasonably expected to lead to
any such claim.

(x)                                   Disclosure Controls.  The
Company on a consolidated basis, including its Subsidiaries, maintain an
effective system of “disclosure controls and procedures” (as defined in Rule
13a-15(e) of the Exchange Act) that is designed to ensure that information
required to be disclosed by the Company in reports that it files or submits
under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in the Commission’s rules and forms, including
controls and procedures designed to ensure that such information is accumulated
and communicated to the Company’s management as appropriate to allow timely
decisions regarding required disclosure. 
The Company on a consolidated basis, including its Subsidiaries, have
carried out evaluations of the effectiveness of their disclosure controls and
procedures as required by Rule 13a-15 of the Exchange Act.

(y)                                 Accounting
Controls.  The Company on a consolidated basis, including
its Subsidiaries, maintain systems of “internal control over financial
reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with
the requirements of the Exchange Act and have been designed by, or under the
supervision of, their respective principal executive and principal financial
officers, or persons performing similar functions, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with accounting
principles generally accepted in the United States of America.  Except as disclosed in each of the Time of
Sale Information and the Offering Memorandum, there are no material weaknesses
in the Company’s internal controls.

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(z)                                   No Broker’s Fees. 
Neither the Company nor any of its subsidiaries is a party to any
contract, agreement or understanding with any person (other than this
Agreement) that would give rise to a valid claim against any of them or any
Initial Purchaser for a brokerage commission, finder’s fee or like payment in
connection with the offering and sale of the Securities.

(aa)                            Rule 144A Eligibility.  On
the Closing Date, the Securities will not be of the same class as securities
listed on a national securities exchange registered under Section 6 of the
Exchange Act or quoted in an automated inter-dealer quotation system; and each
of the Preliminary Offering Memorandum and the Offering Memorandum, as of its
respective date, contains or will contain all the information that, if
requested by a prospective purchaser of the Securities, would be required to be
provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the
Securities Act.

(bb)                          No Integration. 
Neither the Company nor any of its affiliates (as defined in Rule 501(b)
of Regulation D) has, directly or through any agent, sold, offered for sale,
solicited offers to buy or otherwise negotiated in respect of, any security (as
defined in the Securities Act), that is or will be integrated with the sale of
the Securities in a manner that would require registration of the Securities
under the Securities Act.

(cc)                            No General Solicitation or
Directed Selling Efforts.  None of the Company or any of its affiliates
or any other person acting on its or their behalf (other than the Initial
Purchasers, as to which no representation is made) has (i) solicited offers
for, or offered or sold, the Securities by means of any form of general
solicitation or general advertising within the meaning of Rule 502(c) of
Regulation D or in any manner involving a public offering within the meaning of
Section 4(2) of the Securities Act or (ii) engaged in any directed selling
efforts within the meaning of Regulation S under the Securities Act (“Regulation
S”), and all such persons have complied with the offering restrictions
requirement of Regulation S.

(dd)                          Securities Law Exemptions. 
Assuming the accuracy of the representations and warranties of the
Initial Purchasers contained in Section 1(b) (including Annex C hereto) and
their compliance with their agreements set forth therein, it is not necessary,
in connection with the issuance and sale of the Securities to the Initial
Purchasers and the offer, resale and delivery of the Securities by the Initial
Purchasers in the manner contemplated by this Agreement, the Time of Sale
Information and the Offering Memorandum, to register the Securities under the
Securities Act or to qualify the Indenture under the Trust Indenture Act.

(ee)                            No Stabilization.  The Company has not taken, directly or indirectly, any action designed to or that could
reasonably be expected to cause or result in any stabilization or manipulation
of the price of the Securities.

(ff)                                Forward-Looking
Statements.  No forward-looking statement
(within the meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act) contained in any of the Time of Sale Information or the Offering
Memorandum has been made or reaffirmed without a reasonable basis or has been
disclosed other than in good faith.

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(gg)                          Sarbanes-Oxley Act. 
There is and has been no failure on the part of the Company or any of
the Company’s directors or officers, in their capacities as such, to comply
with any provision of the Sarbanes-Oxley Act of 2002 and the rules and
regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”),
including Section 402 related to loans and Sections 302 and 906 related to
certifications.

4.                                       Further
Agreements of the Company.  The
Company covenants and agrees with each Initial Purchaser that:

(a)                                  Delivery of Copies.  The
Company will deliver, without charge, to the Initial Purchasers as many copies
of the Preliminary Offering Memorandum, any other Time of Sale Information, any
Issuer Written Communication and the Offering Memorandum (including all
amendments and supplements thereto) as the Representative may reasonably
request.

(b)                                 Offering Memorandum,
Amendments or Supplements.  At any time prior to the later of the Closing
Date and the completion of the Resale Offering (the “Covenant Period”),
before finalizing the Offering Memorandum or making or distributing any
amendment or supplement to any of the Time of Sale Information or the Offering
Memorandum or filing with the Commission any document that will be incorporated
by reference therein, the Company will furnish to the Representative and
counsel for the Initial Purchasers a copy of the proposed Offering Memorandum
or such amendment or supplement or document to be incorporated by reference
therein for review, and will not distribute any such proposed Offering
Memorandum, amendment or supplement or file any such document with the
Commission to which the Representative reasonably objects.

(c)                                  Additional Written Communications. 
During the Covenant Period, before making, preparing, using,
authorizing, approving or referring to any Issuer Written Communication, the
Company will furnish to the Representative and counsel for the Initial Purchasers
a copy of such written communication for review and will not make, prepare,
use, authorize, approve or refer to any such written communication to which the
Representative reasonably objects.

(d)                                 Notice to the
Representative.  During the Covenant Period, the Company will
advise the Representative promptly, and confirm such advice in writing, (i) of
the issuance by any governmental or regulatory authority of any order
preventing or suspending the use of any of the Time of Sale Information, any
Issuer Written Communication or the Offering Memorandum or the initiation or
threatening of any proceeding for that purpose; (ii) of the occurrence of any
event as a result of which any of the Time of Sale Information, any Issuer
Written Communication or the Offering Memorandum as then amended or
supplemented would include any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the
light of the circumstances existing when such Time of Sale Information, Issuer
Written Communication or the Offering Memorandum is delivered to a purchaser,
not misleading; and (iii) of the receipt by the Company of any notice with
respect to any suspension of the qualification of the Securities for offer and
sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose; and the Company will use its 

 11
 

commercially reasonable
efforts to prevent the issuance of any such order preventing or suspending the
use of any of the Time of Sale Information, any Issuer Written Communication or
the Offering Memorandum or suspending any such qualification of the Securities
and, if any such order is issued, will use commercially reasonable efforts to
obtain the withdrawal thereof.

(e)                                  Time of Sale
Information.  If at any time prior to the Closing Date (i)
any event shall occur or condition shall exist as a result of which any of the
Time of Sale Information as then amended or supplemented would include any
untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (ii) it is
necessary to amend or supplement any of the Time of Sale Information to comply
with law, the Company will promptly notify the Initial Purchasers thereof and
forthwith prepare and, subject to paragraph (b) above, furnish to the Initial
Purchasers such amendments or supplements to any of the Time of Sale
Information (or any document to be filed with the Commission and incorporated
by reference therein) as may be necessary so that the statements in any of the
Time of Sale Information as so amended or supplemented will not, in light of
the circumstances under which they were made, be misleading or so that any of
the Time of Sale Information will comply with law.

(f)                                    Ongoing Compliance of the
Offering Memorandum.  If during the Covenant Period (i) any event
shall occur or condition shall exist as a result of which the Offering
Memorandum as then amended or supplemented would include any untrue statement
of a material fact or omit to state any material fact necessary in order to
make the statements therein, in the light of the circumstances existing when
the Offering Memorandum is delivered to a purchaser, not misleading or (ii) it
is necessary to amend or supplement the Offering Memorandum to comply with law,
the Company will promptly notify the Initial Purchasers thereof and forthwith
prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers
such amendments or supplements to the Offering Memorandum (or any document to
be filed with the Commission and incorporated by reference therein) as may be
necessary so that the statements in the Offering Memorandum as so amended or
supplemented (including such document to be incorporated by reference therein)
will not, in the light of the circumstances existing when the Offering
Memorandum is delivered to a purchaser, be misleading or so that the Offering
Memorandum will comply with law.

(g)                                 Blue Sky Compliance.  The
Company will cooperate with the Initial Purchasers to qualify the Securities
for offer and sale under the securities or Blue Sky laws of such jurisdictions
as the Representative shall reasonably request and will continue such
qualifications in effect so long as required for the Resale Offering; provided
that the Company shall not be required to (i) qualify as a foreign corporation
or other entity or as a dealer in securities in any such jurisdiction where it
would not otherwise be required to so qualify, (ii) file any general consent to
service of process in any such jurisdiction or (iii) subject itself to taxation
in any such jurisdiction if it is not otherwise so subject.

(h)                                 Clear Market. 
During the period from the date hereof through and including the date
that is 90 days after the date hereof, the Company will not, without the prior
written consent 

 12
 

of J.P. Morgan Securities
Inc., offer, sell, contract to sell or otherwise dispose of any debt securities
issued or guaranteed by the Company and having a tenor of more than one year.

(i)                                     Use of Proceeds.  The
Company will apply the net proceeds from the sale of the Securities as
described in each of the Time of Sale Information and the Offering Memorandum
under the heading “Use of proceeds”.

(j)                                     Supplying
Information.  While the Securities remain
outstanding and are “restricted securities” within the meaning of Rule
144(a)(3) under the Securities Act, the Company will, during any period in which the Company is
not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities and
prospective purchasers of the Securities designated by such holders, upon the
request of such holders or such prospective purchasers, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

(k)                                  PORTAL
and DTC.   The Company will assist the Initial
Purchasers in arranging for the Securities to be designated Private Offerings,
Resales and Trading through Automated Linkages (“PORTAL”) Market
securities in accordance with the rules and regulations adopted by the National
Association of Securities Dealers, Inc. (the “NASD”) relating to trading
in the PORTAL Market and for the Securities to be eligible for clearance and
settlement through The Depository Trust Company (“DTC”).

(l)                                     No
Resales by the Company.  Until the
issuance of the Exchange Securities, the Company will not, and will not permit
any of its affiliates (as defined in Rule 144 under the Securities Act)
to, resell any of the Securities that have been acquired by any of them, except
for Securities purchased by the Company or any of its affiliates and resold in
a transaction registered under the Securities Act.

(m)                               No Integration. 
Neither the Company nor any of its affiliates (as defined in Rule 501(b)
of Regulation D) will, directly or through any agent, sell, offer for sale,
solicit offers to buy or otherwise negotiate in respect of, any security (as
defined in the Securities Act), that is or will be integrated with the sale of
the Securities in a manner that would require registration of the Securities
under the Securities Act.

(n)                                 No General Solicitation or
Directed Selling Efforts.  None of the Company or any of its affiliates
or any other person acting on its or their behalf (other than the Initial Purchasers,
as to which no covenant is given) will (i) solicit offers for, or offer or
sell, the Securities by means of any form of general solicitation or general
advertising within the meaning of Rule 502(c) of Regulation D or in any manner
involving a public offering within the meaning of Section 4(2) of the
Securities Act or (ii) engage in any directed selling efforts within the
meaning of Regulation S, and all such persons will comply with the offering
restrictions requirement of Regulation S.

(o)                                 No
Stabilization.  The Company will not take, directly or indirectly, any action designed to or that could
reasonably be expected to cause or result in any stabilization or manipulation
of the price of the Securities.

 13

5.                                       Certain
Agreements of the Initial Purchasers. 
Each Initial Purchaser hereby represents and agrees that it has not and
will not use, authorize use of, refer to, or participate in the planning for
use of, any written communication that constitutes an offer to sell or the
solicitation of an offer to buy the Securities other than (i) the Preliminary
Offering Memorandum and the Offering Memorandum, (ii) a written communication
that contains no “issuer information” (as defined in Rule 433(h)(2) under the
Securities Act) that was not included (including through incorporation by
reference) in the Preliminary Offering Memorandum or the Offering Memorandum,
(iii) any written communication listed on Annex A or prepared pursuant to
Section 4(c) above (including any electronic road show), (iv) any written
communication prepared by such Initial Purchaser and approved by the Company in
advance in writing or (v) any written communication relating to or that
contains the terms of the Securities and/or other information that was included
(including through incorporation by reference) in the Preliminary Offering
Memorandum or the Offering Memorandum.

6.                                       Conditions
of Initial Purchasers’ Obligations. 
The obligation of each Initial Purchaser to purchase Securities on the
Closing Date as provided herein is subject to the performance by the Company of
its covenants and other obligations hereunder and to the following additional
conditions:

(a)                                  Representations and Warranties.  The representations and warranties of the
Company contained herein shall be true and correct on the date hereof and on
and as of the Closing Date; and the statements of the Company  and its officers made in any certificates
delivered pursuant to this Agreement shall be true and correct on and as of the
Closing Date.

(b)                                 No Downgrade.  Subsequent to the earlier of (A) the Time of
Sale and (B) the execution and delivery of this Agreement, (i) no downgrading
shall have occurred in the rating accorded the Securities or any other debt
securities issued or guaranteed by the Company by any “nationally recognized
statistical rating organization”, as such term is defined by the Commission for
purposes of Rule 436(g)(2) under the Securities Act; and (ii) no such
organization shall have publicly announced that it has under surveillance or
review, or has changed its outlook with respect to, its rating of the
Securities or of any other debt securities issued or guaranteed by the Company
(other than an announcement with positive implications of a possible
upgrading).

(c)                                  No Material Adverse Change.  No event or condition of a type described in
Section 3(e) hereof shall have occurred or shall exist, which event or
condition is not described in each of the Time of Sale Information (excluding
any amendment or supplement thereto) and the Offering Memorandum (excluding any
amendment or supplement thereto) the effect of which in the judgment of the
Representative makes it impracticable or inadvisable to proceed with the
offering, sale or delivery of the Securities on the terms and in the manner
contemplated by this Agreement, the Time of Sale Information and the Offering
Memorandum.

(d)                                 Officer’s Certificate.  The Representative shall have received on and
as of the Closing Date a certificate of an executive officer of the Company who
has specific knowledge of the Company’s financial matters and is satisfactory
to the Representative (i) confirming that such 

 14
 

officer has
carefully reviewed the Time of Sale Information and the Offering Memorandum
and, to the best knowledge of such officer, the representations set forth in
Sections 3(a) and 3(b) hereof are true and correct, (ii) confirming that the
other representations and warranties of the Company in this Agreement are true
and correct and that the Company has complied with all agreements and satisfied
all conditions on its part to be performed or satisfied hereunder at or prior
to the Closing Date and (iii) to the effect set forth in paragraphs (b) and (c)
above.

(e)                                  Comfort Letters.  On the date of this Agreement and on the
Closing Date, PricewaterhouseCoopers LLP shall have furnished to the
Representative, at the request of the Company, letters, dated the respective
dates of delivery thereof and addressed to the Initial Purchasers, in form and
substance reasonably satisfactory to the Representative, containing statements
and information of the type customarily included in accountants’ “comfort
letters” to underwriters with respect to the financial statements and certain
financial information contained or incorporated by reference in each of the
Time of Sale Information and the Offering Memorandum; provided that the
letter delivered on the Closing Date shall use a “cut-off” date no more than
three business days prior to the Closing Date.

(f)                                    Opinion and 10b-5 Statement of Counsel for the Company.  Dorsey & Whitney LLP, counsel for the
Company, shall have furnished to the Representative, at the request of the
Company, their written opinion and 10b-5 statement, dated the Closing Date and
addressed to the Initial Purchasers, in form and substance reasonably
satisfactory to the Representative, to the effect set forth in Annex D hereto

(g)                                 Opinion of General Counsel of the Company.  Anthony Scarfone, as General Counsel of the
Company, shall have furnished to the Representative his written opinion, dated
the Closing Date and addressed to the Initial Purchasers, in the form and
substance reasonably satisfactory to the Representative, to the effect set
forth in Annex E hereto.

(h)                                 Opinion and 10b-5 Statement of Counsel for the
Initial Purchasers.  The
Representative shall have received on and as of the Closing Date an opinion and
10b-5 statement of Simpson Thacher & Bartlett LLP, counsel for the Initial
Purchasers, with respect to such matters as the Representative may reasonably
request, and such counsel shall have received such documents and information as
they may reasonably request to enable them to pass upon such matters.

(i)                                     No Legal Impediment to Issuance.  No action shall have been taken and no
statute, rule, regulation or order shall have been enacted, adopted or issued
by any federal, state or foreign governmental or regulatory authority that
would, as of the Closing Date, prevent the issuance or sale of the Securities;
and no injunction or order of any federal, state or foreign court shall have
been issued that would, as of the Closing Date, prevent the issuance or sale of
the Securities.

(j)                                     Good Standing.  The Representative shall have received on and
as of the Closing Date satisfactory evidence of the good standing of the
Company and its significant subsidiaries in their respective jurisdictions of
organization and their good standing in such other jurisdictions 

 15
 

as the
Representative may reasonably request, in each case in writing or any standard
form of telecommunication, from the appropriate governmental authorities of
such jurisdictions.

(k)                                  Registration Rights Agreement.  The
Initial Purchasers shall have received a counterpart of the Registration Rights
Agreement that shall have been executed and delivered by a duly authorized
officer of the Company.

(l)                                     PORTAL and DTC.  The
Securities shall have been approved by the NASD for trading in the PORTAL
Market and shall be eligible for clearance and settlement through DTC.

(m)                               Additional Documents.  On or prior to the Closing Date, the Company
shall have furnished to the Representative such further certificates and
documents as the Representative may reasonably request.

All opinions,
letters, certificates and evidence mentioned above or elsewhere in this
Agreement shall be deemed to be in compliance with the provisions hereof only
if they are in form and substance reasonably satisfactory to counsel for the
Initial Purchasers.

7.                                       Indemnification
and Contribution.

(a)                                  Indemnification of the Initial Purchasers.  The Company agrees to indemnify and hold
harmless each Initial Purchaser, its affiliates and their respective directors,
officers, employees and agents and each Person, if any, who controls such
Initial Purchaser within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, from and against any and all losses, claims,
damages and liabilities (including, without limitation, legal fees and other
expenses reasonably incurred in connection with any suit, action or proceeding
or any claim asserted, as such fees and expenses are incurred), joint or
several, that arise out of, or are based upon, any untrue statement or alleged
untrue statement of a material fact contained in the Preliminary Offering
Memorandum, any of the other Time of Sale Information, any Issuer Written
Communication or the Offering Memorandum (or any amendment or supplement
thereto) or any omission or alleged omission to state therein a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, in each case except
insofar as such losses, claims, damages or liabilities arise out of, or are
based upon, any untrue statement or omission or alleged untrue statement or
omission made in any such documents in reliance upon and in conformity with any
information relating to any Initial Purchaser furnished to the Company in
writing by such Initial Purchaser through the Representative expressly for use
therein.

(b)                                 Indemnification of the Company.  Each Initial Purchaser agrees, severally and
not jointly, to indemnify and hold harmless the Company, each of its directors
and officers and each person, if any, who controls the Company within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
to the same extent as the indemnity set forth in paragraph (a) above, but only
with respect to any losses, claims, damages or liabilities that arise out of,
or are based upon, any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with any information
relating to such Initial Purchaser furnished 

 16
 

to the Company
in writing by such Initial Purchaser through the Representative expressly for
use in the Preliminary Offering Memorandum, any of the other Time of Sale Information,
any Issuer Written Communication or the Offering Memorandum (or any amendment
or supplement thereto), it being understood and agreed that the only such
information consists of the information appearing in (i) the fourth and fifth
sentences of the tenth paragraph concerning market making activities of the
Initial Purchasers under the caption “Plan of distribution” in the Offering
Memorandum and (ii) the second-to-last paragraph concerning stabilizing
transactions under the caption “Plan of distribution” in the Offering
Memorandum.

(c)                                  Notice and Procedures.  If any suit, action, proceeding (including
any governmental or regulatory investigation), claim or demand shall be brought
or asserted against any person in respect of which indemnification may be
sought pursuant to either paragraph (a) or (b) above, such person (the “Indemnified
Person”) shall promptly notify the person against whom such indemnification
may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve
it from any liability that it may have under paragraphs (a) or (b) above except
to the extent that it has been materially prejudiced (through the forfeiture of
substantive rights or defenses) by such failure; and provided, further,
that the failure to notify the Indemnifying Person shall not relieve it from
any liability that it may have to an Indemnified Person otherwise than under
paragraphs (a) or (b) above.  If any such
proceeding shall be brought or asserted against an Indemnified Person and it
shall have notified the Indemnifying Person thereof, the Indemnifying Person
shall retain counsel reasonably satisfactory to the Indemnified Person (who
shall not, without the consent of the Indemnified Person, be counsel to the
Indemnifying Person) to represent the Indemnified Person and any others
entitled to indemnification pursuant to this Section 7 that the Indemnifying
Person may designate in such proceeding and shall pay the fees and expenses of
such proceeding and shall pay the fees and expenses of such counsel related to
such proceeding, as incurred.  In any
such proceeding, any Indemnified Person shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Person unless (i) the Indemnifying Person and the Indemnified
Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person
has failed within a reasonable time to retain counsel reasonably satisfactory
to the Indemnified Person; (iii) the Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it that are
different from or in addition to those available to the Indemnifying Person; or
(iv) the named parties in any such proceeding (including any impleaded parties)
include both the Indemnifying Person and the Indemnified Person and
representation of both parties by the same counsel would be inappropriate due
to actual or potential differing interests between them.  It is understood and agreed that the
Indemnifying Person shall not, in connection with any proceeding or related
proceeding in the same jurisdiction, be liable for the fees and expenses of
more than one separate firm (in addition to any local counsel) for all
Indemnified Persons, and that all such fees and expenses shall be reimbursed as
they are incurred.  Any such separate
firm for any Initial Purchaser, its affiliates, directors and officers and any
control persons of such Initial Purchaser shall be designated in writing by
J.P. Morgan Securities Inc. and any such separate firm for the Company, its
directors and officers and any control persons of the Company shall be
designated in writing by the Company. 
The Indemnifying Person shall not be liable for any settlement of any
proceeding 

 17
 

effected
without its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, the Indemnifying Person agrees to indemnify
each Indemnified Person from and against any loss or liability by reason of
such settlement or judgment. 
Notwithstanding the foregoing sentence, if at any time an Indemnified
Person shall have requested that an Indemnifying Person reimburse the
Indemnified Person for fees and expenses of counsel as contemplated by this
paragraph, the Indemnifying Person shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by the Indemnifying Person of such
request and (ii) the Indemnifying Person shall not have reimbursed the
Indemnified Person in accordance with such request prior to the date of such
settlement.  No Indemnifying Person
shall, without the written consent of the Indemnified Person, effect any settlement
of any pending or threatened proceeding in respect of which any Indemnified
Person is or could have been a party and indemnification could have been sought
hereunder by such Indemnified Person, unless such settlement (x) includes an
unconditional release of such Indemnified Person, in form and substance
reasonably satisfactory to such Indemnified Person, from all liability on
claims that are the subject matter of such proceeding and (y) does not include
any statement as to or any admission of fault, culpability or a failure to act
by or on behalf of any Indemnified Person.

(d)                                 Contribution.  If the indemnification provided for in
paragraphs (a) and (b) above is unavailable to an Indemnified Person or
insufficient in respect of any losses, claims, damages or liabilities referred
to therein, then each Indemnifying Person under such paragraph, in lieu of
indemnifying such Indemnified Person thereunder, shall contribute to the amount
paid or payable by such Indemnified Person as a result of such losses, claims,
damages or liabilities (i) in such proportion as is appropriate to reflect the
relative benefits received by the Company on the one hand and the Initial
Purchasers on the other from the offering of the Securities or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) but also the relative fault of the Company on the one hand and
the Initial Purchasers on the other in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities, as well as any
other relevant equitable considerations. 
The relative benefits received by the Company on the one hand and the
Initial Purchasers on the other shall be deemed to be in the same respective
proportions as the net proceeds (before deducting expenses) received by the
Company from the sale of the Securities and the total discounts and commissions
received by the Initial Purchasers in connection therewith, as provided in this
Agreement, bear to the aggregate offering price of the Securities.  The relative fault of the Company on the one
hand and the Initial Purchasers on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company or by the Initial Purchasers and
the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

(e)                                  Limitation on Liability.  The Company and the Initial Purchasers agree
that it would not be just and equitable if contribution pursuant to this
Section 7 were determined by pro  rata allocation (even if the
Initial Purchasers were treated as one entity for such purpose) or by 

 18
 

any other
method of allocation that does not take account of the equitable considerations
referred to in paragraph (d) above.  The
amount paid or payable by an Indemnified Person as a result of the losses,
claims, damages and liabilities referred to in paragraph (d) above shall be
deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such Indemnified Person in connection
with any such action or claim. 
Notwithstanding the provisions of this Section 7, in no event shall an
Initial Purchaser be required to contribute any amount in excess of the amount
by which the total discounts and commissions received by such Initial Purchaser
with respect to the offering of the Securities exceeds the amount of any
damages that such Initial Purchaser has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission.  No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.  The
Initial Purchasers’ obligations to contribute pursuant to this Section 7 are
several in proportion to their respective purchase obligations hereunder and
not joint.

(f)                                    Non-Exclusive Remedies.  The remedies provided for in this Section 7
are not exclusive and shall not limit any rights or remedies that may otherwise
be available to any Indemnified Person at law or in equity.

8.                                       Termination.  This Agreement may be terminated in the
absolute discretion of the Representative, by notice to the Company, if after
the execution and delivery of this Agreement and on or prior to the Closing
Date (i) trading generally shall have been suspended or materially limited on
the New York Stock Exchange or the over-the-counter market; (ii) trading of any
securities issued or guaranteed by the Company shall have been suspended on any
exchange or in any over-the-counter market; (iii) a general moratorium on
commercial banking activities shall have been declared by federal or New York
State authorities; or (iv) there shall have occurred any outbreak or escalation
of hostilities or any change in financial markets or any calamity or crisis,
either within or outside the United States, that, in the judgment of the
Representative, is material and adverse and makes it impracticable or
inadvisable to proceed with the offering, sale or delivery, of the Securities
on the terms and in the manner contemplated by this Agreement, the Time of Sale
Information and the Offering Memorandum.

If the sale to the
Initial Purchasers of the Securities, as contemplated by this Agreement, is not
consummated by the Initial Purchasers for any reason permitted under this
Agreement or if such sale is not carried out because the Company shall be
unable to comply with any of the terms of this Agreement, the Company shall not
be under any obligation or liability under this Agreement (except to the extent
provided by Sections 7 and 10 hereof), and the Initial Purchasers shall be
under no obligation or liability to the Company under this Agreement (except to
the extent provided in Section 7 hereof).

9.                                       Defaulting
Initial Purchaser.  (a)  If, on the Closing Date, any Initial
Purchaser defaults on its obligation to purchase the Securities
that it has agreed to purchase hereunder, the non-defaulting Initial Purchasers
may in their discretion arrange for the purchase of such Securities by other
persons satisfactory to the Company on the terms contained in this 

 19
 

Agreement.  If,
within 36 hours after any such default by any Initial Purchaser, the
non-defaulting Initial Purchasers do not arrange for the purchase of such
Securities, then the Company shall be entitled to a further period of 36 hours
within which to procure other persons satisfactory to the non-defaulting
Initial Purchasers to purchase such Securities on such terms.  If other persons become obligated or agree to
purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting
Initial Purchasers or the Company may postpone the Closing Date for up to five
full business days in order to effect any changes that in the opinion of
counsel for the Company or counsel for the Initial Purchasers may be necessary
in the Time of Sale Information, the Offering Memorandum or in any other
document or arrangement, and the Company agrees to promptly prepare any
amendment or supplement to the Time of Sale Information or the Offering
Memorandum that effects any such changes. 
As used in this Agreement, the term “Initial Purchaser” includes, for
all purposes of this Agreement unless the context otherwise requires, any
person not listed in Schedule I hereto that, pursuant to this Section 9,
purchases Securities that a defaulting Initial Purchaser agreed but failed to
purchase.

(b)                                 If,
after giving effect to any arrangements for the purchase of the Securities of a
defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial
Purchasers and the Company as provided in paragraph (a) above, the aggregate
principal amount of such Securities that remains unpurchased does not exceed
one-eleventh of the aggregate principal amount of all the Securities, then the
Company shall have the right to require each non-defaulting Initial Purchaser
to purchase the principal amount of Securities that such Initial Purchaser
agreed to purchase hereunder plus such Initial Purchaser’s pro  rata
share (based on the principal amount of Securities that such Initial Purchaser
agreed to purchase hereunder) of the Securities of such defaulting Initial
Purchaser or Initial Purchasers for which such arrangements have not been made.

(c)                                  If,
after giving effect to any arrangements for the purchase of the Securities of a
defaulting Initial Purchaser or Initial Purchasers by the non-defaulting
Initial Purchasers and the Company as provided in paragraph (a) above, the
aggregate principal amount of such Securities that remains unpurchased exceeds
one-eleventh of the aggregate principal amount of all the Securities, or if the
Company shall not exercise the right described in paragraph (b) above, then
this Agreement shall terminate without liability on the part of the
non-defaulting Initial Purchasers.  Any
termination of this Agreement pursuant to this Section 9 shall be without
liability on the part of the Company, except that the Company and will continue
to be liable for the payment of expenses as set forth in Section 10 hereof
and except that the provisions of Section 7 hereof shall not terminate and
shall remain in effect.

(d)                                 Nothing
contained herein shall relieve a defaulting Initial Purchaser of any liability
it may have to the Company or any non-defaulting Initial Purchaser for damages
caused by its default.

10.                                 Payment
of Expenses.  (a) 
Whether or not the transactions contemplated by this Agreement are
consummated or this Agreement is terminated, the Company agrees to pay or cause to be paid all
costs and expenses incident to the performance of its obligations hereunder,
including without limitation, (i) the
costs incident to the authorization, issuance, sale, preparation 

 20
 

and delivery of the Securities
and any taxes payable in that connection; (ii) the costs incident to the
preparation and printing of the Preliminary Offering Memorandum, any other Time
of Sale Information, any Issuer Written Communication and the Offering
Memorandum (including any amendment or supplement thereto) and the distribution
thereof; (iii) the costs of reproducing and distributing each of the
Transaction Documents; (iv) the fees and expenses of the Company’s counsel and
independent accountants; (v) the reasonable fees and expenses incurred
in connection with the registration or qualification and determination of
eligibility for investment of the Securities under the laws of such
jurisdictions as the Representative may designate and the preparation, printing and distribution of a Blue Sky
Memorandum (including the related fees and expenses of counsel for the
Initial Purchasers); (vi) any fees
charged by rating agencies for rating the Securities; (vii) the fees and
expenses of the Trustee and any paying agent (including related fees and
expenses of any counsel to such parties); (viii) all expenses and application
fees incurred in connection with the application for the inclusion of the
Securities on the PORTAL Market and the approval of the Securities for
book-entry transfer by DTC; and (ix) all expenses incurred by the
Company in connection with any “road show” presentation to potential
investors.  Except as provided in Section
8 and Section 10(b), the Initial Purchasers will pay all of their
own costs and expenses in connection with the transactions contemplated hereby,
including, without limitation, the fees and expenses of their counsel.

(b)                                 If
(i) this Agreement is terminated pursuant to Section 8, (ii) the Company for
any reason fails to tender the Securities for delivery to the Initial
Purchasers or (iii) the Initial Purchasers decline to purchase the Securities
for any reason permitted under this Agreement, the Company agrees to reimburse
the Initial Purchasers for all out-of-pocket costs and expenses (including the
fees and expenses of their counsel) reasonably incurred by the Initial
Purchasers in connection with this Agreement and the offering contemplated
hereby.

11.                                 Persons
Entitled to Benefit of Agreement. 
This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and any controlling persons
referred to herein, and the affiliates, officers and directors of each Initial
Purchaser referred to in Section 7 hereof. 
Nothing in this Agreement is intended or shall be construed to give any
other person any legal or equitable right, remedy or claim under or in respect
of this Agreement or any provision contained herein.  No purchaser of Securities from any Initial
Purchaser shall be deemed to be a successor merely by reason of such purchase.

12.                                 Survival.  The respective indemnities, rights of
contribution, representations, warranties and agreements of the Company and the
Initial Purchasers contained in this Agreement or made by or on behalf of the
Company or the Initial Purchasers pursuant to this Agreement or any certificate
delivered pursuant hereto shall survive the delivery of and payment for the
Securities and shall remain in full force and effect, regardless of any
termination of this Agreement or any investigation made by or on behalf of the
Company or the Initial Purchasers.

13.                                 Certain
Defined Terms.  For purposes of this
Agreement, (a) except where otherwise expressly provided, the term “affiliate”
has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business
day” means any day other than a day on which banks are permitted or required to
be closed in New York City; (c) the term “Exchange Act” means the 

 21
 

Securities Exchange Act of 1934, as amended; (d) the
term “subsidiary” has the meaning set forth in Rule 405 under the Securities
Act; (e) the term “written communication” has the meaning set forth in Rule 405
under the Securities Act; and (f) the term “significant subsidiary” has the
meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act.

14.                                 Miscellaneous.  (a)  Authority of the Representative.  Any action by the Initial Purchasers
hereunder may be taken by J.P. Morgan Securities Inc. on behalf of the Initial
Purchasers, and any such action taken by J.P. Morgan Securities Inc. shall be
binding upon the Initial Purchasers.

(b)                                 Notices. 
All notices and other communications hereunder shall be in writing and
shall be deemed to have been duly given if mailed or transmitted and confirmed
by any standard form of telecommunication. 
Notices to the Initial Purchasers shall be given to the Representative
c/o J.P. Morgan Securities Inc., 270 Park Avenue, New York, New York 10017
(fax: (212)-270-1063); Attention: Matthew Lyness.  Notices to the Company shall be given to it
at Deluxe Corporation, 3680 Victoria St., N., Shoreview, Minnesota 55126 (fax:
(651) 872-2749); Attention: General Counsel, with a copy to Dorsey &
Whitney LLP, 250 Park Avenue, New York, New York (fax: (212) 953-7201);
Attention: Steven Khadavi.

(c)                                  Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

(d)                                 Counterparts.  This Agreement may be signed in counterparts
(which may include counterparts delivered by any standard form of
telecommunication), each of which shall be an original and all of which
together shall constitute one and the same instrument.

(e)                                  Amendments or Waivers.  No amendment or waiver of any provision of
this Agreement, nor any consent or approval to any departure therefrom, shall
in any event be effective unless the same shall be in writing and signed by the
parties hereto.

(f)                                    Headings. 
The headings herein are included for convenience of reference only and
are not intended to be part of, or to affect the meaning or interpretation of,
this Agreement.

[Remainder of page left intentionally blank.]

 22
 

If the
foregoing is in accordance with your understanding, please indicate your
acceptance of this Agreement by signing in the space provided below.

	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
  DELUXE CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard S. Greene

  	
   

  
	
   

  	
  Name:

  	
  Richard S. Greene

  
	
   

  	
  Title:

  	
  SVP and Chief Financial Officer

  
							

 

 23
 

 

	
  Confirmed and accepted as of
  the date first above written:

  	
   

  
	
  J.P.
  MORGAN SECURITIES INC.

  	
   

  
	
        For itself and
  on behalf of the

  	
   

  
	
        several
  Initial Purchasers

  	
   

  
	
   

  
	
  By

  	
     /s/
  Thomas Bergen

  	
   

  
	
   

  	
  Authorized Signatory

  
	
  Name:

  	
  Thomas Bergen

  
	
  Title:

  	
  Executive Director

  
					

 

 24Exhibit
10.1

Paramount Acquisition
Corp.

787 7th Avenue, 48th
Floor

New York, New York
10019

April 21, 2007

EarlyBirdCapital, Inc.

275 Madison Avenue

Suite 1203

New York, New York 10016

Gentlemen:

Reference is made
to the letter agreements, dated July 25, 2005 (each, a “Letter Agreement”),
between EarlyBirdCapital, Inc., Paramount Acquisition Corp. and each of Lindsay
A. Rosenwald, Lindsay A. Rosenwald 2000 Family Trusts, J. Jay Lobell, I. Keith
Maher, Michael Weiser, Arie Belldegrun and Isaac Kier.

Paragraph 2 of
each Letter Agreement is hereby amended by replacing the phrase “effective date
(“Effective Date”) of the registration statement relating to the IPO” with the
phrase “consummation of the IPO”. 
Notwithstanding such amendment, the phrase “Effective Date” as used
elsewhere in each Letter Agreement shall continue to mean the effective date of
the registration statement relating to the IPO.

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  PARAMOUNT ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ J. JAY LOBELL

  	
   

  
	
   

  	
   

  	
  J. Jay Lobell

  
	
   

  	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ACNOWLEDGED AND AGREED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EARLYBIRDCAPITAL, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ STEVEN LEVINE

  	
   

  	
   

  	
   

  
	
  Name: Steven Levine

  	
   

  	
   

  
	
  Title: CEO

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