Document:

Exhibit 10-2 - Amended and Restated $24 Bil Revolving Credit Agreement

    
      
        

          AMENDMENT
            TO REVOLVING CREDIT AGREEMENT

          

          As
            of December 7,
            2006

          

          Reference
            is made
            to the Revolving Credit Agreement dated as of July 27, 2005 (as amended
            as of
            July 30, 2006 and as may be further amended, supplemented or otherwise
            modified
            prior to the date hereof, the “Credit
            Agreement”)
            among Procter
& Gamble International S.A.R.L., a société
à
            responsabilité limitée
            organized under
            the laws of the Grand Duchy of Luxembourg (the “Initial
            Borrower”),
            the Additional
            Borrowers party thereto, the Lenders party thereto, Citibank, N.A., as
            administrative agent for such Lenders (the “Agent”),
            Citigroup
            Global Markets Inc., as sole lead arranger and sole book runner, JPMorgan
            Chase
            Bank, N.A., as syndication agent, and ABN Amro Bank N.V. and Deutsche
            Bank
            Securities Inc., as co-documentation agents. Capitalized terms not otherwise
            defined in this Amendment shall have the same meanings as specified therefor
            in
            the Credit Agreement. 

           

          PRELIMINARY
            STATEMENTS

           

          The
            Lenders have
            agreed to make and have made loans and other extensions of credit to
            the
            Borrowers under the Credit Agreement. The Initial Borrower has requested
            and,
            upon this Amendment becoming effective, the Lenders will have agreed,
            that
            certain provisions of the Credit Agreement be amended and otherwise modified
            in
            the manner provided for herein.

           

          NOW
            THEREFORE,
            in consideration
            of the premises and mutual covenants contained herein, and for other
            valuable
            consideration the receipt of which is hereby acknowledged, the parties
            hereto
            hereby agree as follows:

           

          SECTION
            1.
Amendment
            To The
            Credit Agreement.
            As of the
            Amendment Effective Date (as hereinafter defined), the Credit Agreement
            shall be
            amended and restated in its entirety in the form of Exhibit A
            hereto.

          

          SECTION
            2.
Conditions
            Precedent.
            This Amendment
            shall become effective as of the first date (the “Amendment
            Effective Date”)
            on which the
            Borrowers, the Required Lenders and the Agent shall have executed this
            Amendment.

           

          SECTION
            3. Reference
            To And
            Effect On The Loan Documents.
            On and after the
            Amendment Effective Date, each reference in the Credit Agreement to “this
            Agreement”, “hereunder”, “hereof” or words of like import referring to the
            Credit Agreement, and each reference in the other Loan Documents to “the Credit
            Agreement”, “thereunder”, “thereof” or words of like import referring to the
            Credit Agreement, shall mean and be a reference to the Credit Agreement,
            as
            amended and otherwise modified hereby. Except as amended or waived herein,
            all
            of the provisions of the Credit Agreement and the other Loan Documents
            are and
            shall remain in full force and effect in accordance with the terms thereof
            and
            are hereby in all respects ratified and confirmed. 

           

          SECTION
            4. Execution
            in
            Counterparts.
            This Amendment
            may be executed by one or more of the parties hereto in any number of
            separate
            counterparts and all of said counterparts taken together shall be deemed
            to
            constitute one and the same instrument. Delivery of an executed signature
            page
            of this Amendment by facsimile transmission shall be effective as delivery
            of a
            manually executed counterpart hereof. A set of the copies of this Amendment
            signed by all the parties shall be lodged with the Initial Borrower and
            the
            Administrative Agent.

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          SECTION
            5. GOVERNING
            LAW.
            THIS AMENDMENT
            AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED
            BY, AND
            CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
            NEW
            YORK.

           

          

           

          

           

          [signature
            pages follow]

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

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

           

          PROCTER
&
            GAMBLE INTERNATIONAL S.A.R.L.,

          as
            the Initial
            Borrower

           

           

          By___________________________________________

          Name:

          Title:

          

           

          PROCTER
&
            GAMBLE HOLDING (HK) LIMITED,
            as

          a
            Borrower

           

           

          By___________________________________________

          Name:

          Title:

          

           

          PROCTER
&
            GAMBLE INTERNATIONAL

          OPERATION
            S.A.,
as
            a
            Borrower

           

           

          By___________________________________________

          Name:

          Title:

          CITIBANK,
            N.A., as
            Agent and Lender 

           

           

          By___________________________________________

          Name:

          Title:

          
 

          ABN
            AMRO BANK N.V.,
as
            Lender

           

           

          By___________________________________________

          Name:

          Title:

          
 

          HSBC
            BANK USA,
as
            Lender

           

           

          By___________________________________________

          Name:

          Title:

          JPMORGAN
            CHASE
            BANK, N.A., as
            Lender

           

           

          By___________________________________________

          Name:

          Title:

          
 

          MERRILL
            LYNCH
            CAPITAL CORP., as
            Lender

           

           

          By___________________________________________

          Name:

          Title:

          
 

          MORGAN
            STANLEY
            BANK, as
            Lender

           

           

          By___________________________________________

          Name:

          Title:

          

           

          MORGAN
            STANLEY
            SENIOR FUNDING, INC., as
            Lender

           

           

          By___________________________________________

          Name:

          Title:

          
 

          GOLDMAN
            SACHS
            CREDIT PARTNERS L.P., as
            Lender

           

          

          By___________________________________________

          Name:

          Title:

          

           

          

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          EXHIBIT
            A - FORM
            OF

          AMENDMENT
            AND
            RESTATEMENT

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXECUTION
        COPY

       

       

      
        

        

      

       

      U.S.
        $24,000,000,000

       

      REVOLVING
        CREDIT AGREEMENT

       

      Dated
        as of July
        27, 2005,

       

      as
        amended as of
        July 30, 2006 and as further amended as of December 7, 2006, 

       

      among

       

      PROCTER
        & GAMBLE INTERNATIONAL S.A.R.L.
        AND

       

      THE
        ADDITIONAL BORROWERS (AS DEFINED HEREIN)

       

      as
        the
        Borrowers

       

      and

       

      THE
        LENDERS
        PARTY HERETO

       

      as
        Lenders

       

      and

       

      CITIBANK,
        N.A.

       

      as
        Administrative
        Agent

       

      and

       

      CITIGROUP
        GLOBAL MARKETS INC.

       

      as
        Sole Lead
        Arranger and Sole Book Runner

       

      and

       

      JPMORGAN
        CHASE BANK, N.A.

       

      as
        Syndication
        Agent

       

      and

       

      ABN
        AMRO
        BANK N.V. AND DEUTSCHE BANK SECURITIES INC.

       

      as
        Co-Documentation Agents

       

      
 

      
        

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      TABLE
        OF
        CONTENTS

       

                                                                                                                  Page

      
 

      ARTICLE
        I    DEFINITIONS
        AND
        ACCOUNTING TERMS

       

              SECTION
        1.01    Certain
        Defined
        Terms

       

      SECTION
        1.02    Computation
        of Time
        Periods

       

      SECTION
        1.03    Accounting
        Terms

       

      ARTICLE
        II    AMOUNTS
        AND TERMS
        OF THE ADVANCES

       

      SECTION
        2.01    The
        Revolving
        Credit Advances and Reallocation between Facilities

       

      SECTION
        2.02    Making
        the
        Revolving Credit Advances

       

      SECTION
        2.03    Competitive
        Bid
        Facility

       

      SECTION
        2.04    Facility
        Fees

       

      SECTION
        2.05    Termination
        or
        Reduction of the Commitments

       

      SECTION
        2.06    Repayment
        of
        Advances

       

      SECTION
        2.07    Interest
        on
        Revolving Credit Advances

       

      SECTION
        2.08    Interest
        Rate
        Determination

       

      SECTION
        2.09    Optional
        Conversion
        of Advances

       

      SECTION
        2.10    Prepayments

       

      SECTION
        2.11    Increased
        Costs

       

      SECTION
        2.12    Illegality

       

      SECTION
        2.13    Payments
        and
        Computations

       

      SECTION
        2.14    Taxes

       

      SECTION
        2.15    Sharing
        of
        Payments, Etc.

       

      SECTION
        2.16    Use
        of
        Proceeds

       

      SECTION
        2.17    Evidence
        of
        Debt

       

      SECTION
        2.18    Call
        Right of
        Affiliates

       

      SECTION
        2.19    Put
        Right of
        Affiliates

       

      ARTICLE
        III    CONDITIONS
        TO
        EFFECTIVENESS AND LENDING

       

      SECTION
        3.01    Conditions
        Precedent to Initial Borrowing

       

      SECTION
        3.02    Conditions
        Precedent to Each Borrowing

       

      SECTION
        3.03    Determinations
        Under Section 3.01

       

      ARTICLE
        IV    REPRESENTATIONS
        AND
        WARRANTIES

       

      SECTION
        4.01    Representations
        and
        Warranties of the Borrowers

       

      ARTICLE
        V    COVENANTS
        OF THE
        BORROWERS

       

      SECTION
        5.01    Affirmative
        Covenants

       

      
        
          
          

        

        
          -
            i -

          
            

          

        

        
          
          

        

      

      SECTION
        5.02    Negative
        Covenants

       

      ARTICLE
        VI    EVENTS
        OF
        DEFAULT

       

      SECTION
        6.01    Events
        of
        Default

       

      SECTION
        6.02    Remedies

       

      ARTICLE
        VII    THE
        AGENT

       

      SECTION
        7.01    Authorization
        and
        Action

       

      SECTION
        7.02    Agent’s
        Reliance,
        Etc.

       

      SECTION
        7.03    Citibank
        and
        Affiliates

       

      SECTION
        7.04    Lender
        Credit
        Decision

       

      SECTION
        7.05    Indemnification

       

      SECTION
        7.06    Successor
        Agent

       

      SECTION
        7.07    Sub-Agent

       

      SECTION
        7.08    Other
        Agents

       

      ARTICLE
        VIII    MISCELLANEOUS

       

      SECTION
        8.01    Amendments,
        Etc.

       

      SECTION
        8.02    Notices,
        Etc.

       

      SECTION
        8.03    No
        Waiver;
        Remedies

       

      SECTION
        8.04    Costs
        and
        Expenses

       

      SECTION
        8.05    Right
        of
        Set-off

       

      SECTION
        8.06    Binding
        Effect

       

      SECTION
        8.07    Assignments
        and
        Participations

       

      SECTION
        8.08    Confidentiality

       

      SECTION
        8.09    Judgment
        Currency

       

      SECTION
        8.10    Additional
        Borrowers; Assumption of Advances

       

      SECTION
        8.11    Governing
        Law

       

      SECTION
        8.12    Jurisdiction

       

      SECTION
        8.13    Execution
        in
        Counterparts

       

      SECTION
        8.14    Waiver
        of Jury
        Trial

       

      SECTION
        8.15    Patriot
        Act

      

      
        
          
          

        

        
          -
            ii -

          
            

          

        

        
          
          

        

      

       

      Schedules

       

      Schedule
        I - List
        of Applicable
        Lending Offices

      Schedule
        II - Commitments

       

      

       

      Exhibits

       

      
        	
                Exhibit
                  A-1

              	
                -

              	
                Form
                  of
                  Notice of Revolving Credit
                  Borrowing

              

      

      
        	
                Exhibit
                  A-2

              	
                -

              	
                Form
                  of
                  Notice of Competitive Bid Borrowing

              

      

      
        	
                Exhibit
                  B

              	
                -

              	
                Form
                  of
                  Assignment and Acceptance

              

      

      
        	
                Exhibit
                  C-1

              	
                -

              	
                Form
                  of
                  Opinion of Luxembourg Counsel for the Initial
                  Borrower

              

      

      
        	
                Exhibit
                  C-2

              	
                -

              	
                Form
                  of
                  Opinion of In-house Counsel for the Initial
                  Borrower

              

      

      
        	
                Exhibit
                  C-3

              	
                -

              	
                Form
                  of
                  Opinion of Special Counsel for the Initial
                  Borrower

              

      

      
        	
                Exhibit
                  D

              	
                -

              	
                Form
                  of
                  Borrower Accession Agreement

              

      

      
        	
                Exhibit
                  E

              	
                -

              	
                Form
                  of
                  Section 2.14 Certificate

              

      

      
        	
                Exhibit
                  F-1

              	
                -

              	
                Form
                  of
                  Tranche A Note

              

      

      
        	
                Exhibit
                  F-2

              	
                -

              	
                Form
                  of
                  Tranche B Note 

              

      

      
        	
                Exhibit
                  F-3

              	
                -

              	
                Form
                  of
                  Competitive Bid Note

              

      

      

      

      
        
          
          

        

        
          -
            iii
            -

          
            

          

        

        
          
          

        

      

      $24,000,000,000

      REVOLVING
        CREDIT
        AGREEMENT

      

      Dated
        as of July
        27, 2005,

      

      as
        amended as of
        July 30, 2006 and as further amended as of December 7, 2006

       

      PROCTER
&
        GAMBLE INTERNATIONAL S.A.R.L.,
        a société
à
        responsabilité limitée
        organized under
        the laws of the Grand Duchy of Luxembourg (the “Initial
        Borrower”
and,
        together
        with the Additional Borrowers (as hereinafter defined), collectively, the
        “Borrowers”),
        the LENDERS
        PARTY HERETO, CITIBANK, N.A., as administrative agent for such Lenders (together
        with any successor thereto appointed pursuant to Article VII, the
“Agent”),
        CITIGROUP
        GLOBAL MARKETS INC., as sole lead arranger and sole book runner, JPMORGAN
        CHASE
        BANK, N.A., as syndication agent, and ABN AMRO BANK N.V. and DEUTSCHE BANK
        SECURITIES INC., as co-documentation agents, agree as follows:

       

      ARTICLE
        I

       

      DEFINITIONS
        AND
        ACCOUNTING TERMS

       

      SECTION
        1.01  Certain
        Defined
        Terms.

       

      As
        used in this
        Agreement, the following terms shall have the following meanings (such meanings
        to be equally applicable to both the singular and plural forms of the terms
        defined):

       

       “Act”
has
        the meaning
        specified in Section 8.15.

       

       “Additional
        Borrowers”
has
        the meaning
        specified in Section 8.10(a).

       

       “Advance”
means
        a Tranche A
        Advance, a Tranche B Advance or a Competitive Bid Advance by a Lender to
        a
        Borrower as part of a Borrowing, and refers to a Base Rate Advance or a
        Eurocurrency Rate Advance (each of which shall be a “Type”
of
        Advance).

       

       “Affiliate”
means,
        as to any
        Person, any other Person that, directly or indirectly, controls, is controlled
        by or is under common control with such Person or is a director or officer
        of
        such Person. For purposes of this definition, the term “control” (including the
        terms “controlling”, “controlled by” and “under common control with”) of a
        Person means the possession, direct or indirect, of the power to vote 10%
        or
        more of the Voting Equity of such Person.

       

       “Agent’s
        Account”
means
        (a) the account of the Agent maintained thereby at Citibank, N.A., at its
        office at Two Penns Way, New Castle, Delaware 19720, Account No. 36852248,
        Attention: Bank Loan Syndications, (b) in the case of Advances denominated
        in Euros, the account of the Sub-Agent designated in writing from time to
        time
        by the Agent to the Borrowers and the Lenders for such purpose, and (c) in
        any such case, such other account of the Agent as is designated in writing
        from
        time to time by the Agent to each of the Borrowers and the Lenders for such
        purpose.

       

       “Amendment
        Effective Date”
means
        the date on
        which the condition precedent to the effectiveness of the Amendment to this
        Agreement, dated as of December 7, 2006, has been satisfied.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       “Applicable
        Lending Office”
means,
        with
        respect to each Lender, such Lender’s Domestic Lending Office in the case of a
        Base Rate Advance and such Lender’s Eurocurrency Lending Office in the case of a
        Eurocurrency Rate Advance and, in the case of a Competitive Bid Advance,
        the
        office of such Lender or any of its Affiliates notified by such Lender to
        the
        Agent as its Applicable Lending Office with respect to such Competitive Bid
        Advance. It is acknowledged and agreed that any Lender may have one or more
        Applicable Lending Offices with respect to Advances of any Type made or to
        be
        made to any Borrower and one or more other Applicable Lending Offices with
        respect to Advances of such Type made or to be made to any other
        Borrower.

       

       “Applicable
        Margin”
means,
        as of any
        date, (a) for Base Rate Advances, 0.000% per annum and (b) for
        Eurocurrency Rate Advances, 0.060% per annum.

       

       “Assignment
        and
        Acceptance”
means
        an
        assignment and acceptance entered into by a Lender and any Person and approved
        by the Initial Borrower and the Agent, in substantially the form of Exhibit
        B
        hereto or in such other form as agreed to by the Initial Borrower, the Agent
        and
        the applicable assignee Lender.

       

       “Base
        Rate”
means
        a
        fluctuating interest rate per annum in effect from time to time, which rate
        per
        annum shall at all times be equal to the higher of:

       

      (a)  the
        rate of
        interest announced publicly by Citibank, N.A. in New York, New York, from
        time
        to time, as Citibank, N.A.’s base rate; and

       

      (b)  0.50%
        per annum
        above the Federal Funds Rate.

       

       “Base
        Rate
        Advance”
means
        a Revolving
        Credit Advance denominated in Dollars that bears interest as provided in
        Section 2.07(a)(i).

       

       “beneficial
        owner”
has
        the meaning
        specified in Section 2.14(c)(v).

       

       “Borrowers”
has
        the meaning
        specified in the recital of parties to this Agreement.

       

       “Borrowing”
means
        a Revolving
        Credit Borrowing or a Competitive Bid Borrowing.

       

       “Borrower
        Accession Agreement”
has
        the meaning
        specified in Section 8.10(a).

       

       “Business
        Day”
means
        a day of
        the year on which banks are not required or authorized by law to close in
        New
        York City and, if the applicable Business Day relates to any Eurocurrency
        Rate
        Advances, on which dealings are carried on in the London interbank market
        (or,
        in the case of an Advance denominated in Euros, on which the Trans-European
        Automated Real-Time Gross Settlement Express Transfer (TARGET) System is
        open).

       

        “Closing
        Date”
has
        the meaning
        specified in Section 3.01.

       

        “Commitment”
means,
        with
        respect to each Lender, the Tranche A Commitment or the Tranche B Commitment
        of
        such Lender, as the context may require.

       

        “Communications”
has
        the meaning
        specified in Section 8.02(b).

       

        “Company”
means
        The Procter
& Gamble Company, an Ohio corporation of which the Initial Borrower is, as
        of the Closing Date, a wholly-owned Subsidiary.

       

      
        
          
          

        

        
          -
            2 -

          
            

          

        

        
          
          

        

      

        “Competitive
        Bid
        Advance”
means
        an advance
        by a Lender to any Borrower as part of a Competitive Bid Borrowing and refers
        to
        a Fixed Rate Advance or a Eurocurrency Rate Advance.

       

        “Competitive
        Bid
        Borrowing”
means
        a borrowing
        consisting of simultaneous Competitive Bid Advances from each of the Lenders
        whose offer to make one or more Competitive Bid Advances as part of such
        Borrowing has been accepted under the competitive bidding procedure described
        in
        Section 2.03.

       

        “Competitive
        Bid
        Note”
has
        the meaning
        specified in Section 2.03(f).

       

        “Competitive
        Bid
        Reduction”
means,
        at any
        time, the deemed use of each Lender’s Tranche A Commitment in an amount equal to
        such Lender’s Pro Rata Share of all outstanding Competitive Bid Advances at such
        time.

       

        “Confidential
        Information”
means
        information
        that the Company or any Loan Party furnishes to the Agent or any Lender on
        a
        confidential basis or that a reasonable Person would conclude is confidential
        or
        proprietary, but does not include any such information that is or becomes
        generally available to the public or that is or becomes available to the
        Agent
        or such Lender from a source other than any of the Loan Parties, the Company
        or
        any of their Affiliates or any of their respective advisors.

       

        “Consolidated”
refers
        to the
        consolidation of accounts in accordance with GAAP.

       

        “Consolidated
        Assets”
means,
        with
        respect to any Loan Party, all assets of such Loan Party and its Included
        Subsidiaries that, in accordance with GAAP, would be classified as assets
        on the
        balance sheet of such Loan Party determined on a Consolidated
        basis.

       

        “Convert”,
“Conversion”
and
“Converted”
each
        refers to a
        conversion of Revolving Credit Advances under a particular Facility and of
        one
        Type into Revolving Credit Advances under such particular Facility of the
        other
        Type pursuant to Section 2.08 or 2.09.

       

        “Covered
        Jurisdiction”
means,
        with
        respect to any Borrower, the United States, Switzerland and Ireland.

       

        “Debt”
of
        any Person
        means, without duplication, (a) all indebtedness of such Person for
        borrowed money, (b) all obligations of such Person for the deferred
        purchase price of property or services (other than trade payables incurred
        in
        the ordinary course of such Person’s business), (c) all obligations of such
        Person evidenced by notes, bonds, debentures or other similar instruments,
        (d) all obligations of such Person created or arising under any conditional
        sale or other title retention agreement with respect to property acquired
        by
        such Person (even though the rights and remedies of the seller or lender
        under
        such agreement in the event of default are limited to repossession or sale
        of
        such property), (e) all obligations of such Person as lessee under leases
        that have been or should be, in accordance with GAAP, recorded as capital
        leases, (f) all non-contingent obligations to reimburse any Person in
        respect of any amounts paid under acceptances, letters of credit or similar
        extensions of credit, (g) all obligations of such Person in respect of
        Hedge Agreements, (h) all Debt of others referred to in clauses (a)
        through (g) above or clause (i) below guaranteed directly or indirectly in
        any manner by such Person, or in effect guaranteed directly or indirectly
        by
        such Person through an agreement (i) to pay or purchase such Debt or to
        advance or supply funds for the payment or purchase of such Debt, (ii) to
        purchase, sell or lease (as lessee or lessor) property, or to purchase or
        sell
        services, primarily for the purpose of enabling the debtor to make payment
        of
        such Debt or to assure the holder of such Debt against loss, (iii) to
        supply funds to or in any other manner invest in the debtor (including any
        agreement to pay for property or services irrespective of whether such property
        is received or such services are rendered) or (iv) otherwise to assure a
        creditor against loss, and (i) all Debt referred to in clauses (a)
        through (h) above secured by (or for which the holder of such Debt has an
        existing right, contingent or otherwise, to be secured by) any Mortgage on
        property (including, without limitation, accounts and contract rights) owned
        by
        such Person, even though such Person has not assumed or become liable for
        the
        payment of such Debt.

       

      
        
          
          

        

        
          -
            3 -

          
            

          

        

        
          
          

        

      

        “Default”
means
        any Event
        of Default or any event that would constitute an Event of Default but for
        the
        requirement that notice be given or time elapse or both.

       

        “Dollars”
and
        the
“$”
sign
        each means
        lawful currency of the United States of America.

       

        “Domestic
        Lending
        Office”
means,
        with
        respect to any Lender, the office, offices, Affiliate or Affiliates of such
        Lender specified as its “Domestic Lending Office” opposite its name on Schedule
        I hereto or in the Assignment and Acceptance pursuant to which it became
        a
        Lender, or such other office or Affiliate of such Lender as such Lender may
        from
        time to time specify to each of the Borrowers and the Agent. It is acknowledged
        and agreed that any Lender may specify one or more Domestic Lending Offices
        with
        respect to Advances made or to be made to any Borrower and one or more other
        Domestic Lending Offices with respect to Advances made or to be made to any
        other Borrower; provided
        that no Lender may
        specify more than one Domestic Lending Office unless it also specifies a
        “Principal Domestic Lending Office”, in which case such “Principal Domestic
        Lending Office” shall be deemed to be its “Domestic Lending Office” for purposes
        of the definition herein of “Eurocurrency Lending Office” and Section
        8.02.

       

        “EBITDA”
means,
        for any
        Person for any period, net income (or net loss) plus the sum of
        (a) interest expense, (b) income tax expense, (c) depreciation
        expense and (d) amortization expense, in each case determined for such
        Person and its Consolidated Subsidiaries in accordance with GAAP for such
        period.

       

        “EMU”
means
        Economic
        and Monetary Union as contemplated in the Treaty of Rome.

       

        “EMU
        Legislation”
means
        legislative
        measures of the European Union for the introduction of, changeover to or
        operation of the Euro in one or more member states, being in part legislative
        measures to implement EMU.

       

        “Equivalent”
in
        Dollars of
        Euros on any date means the equivalent in Dollars of Euros determined by
        using
        the quoted spot rate at which the Sub-Agent’s principal office in London offers
        to exchange Dollars for Euros in London prior to 4:00 P.M. (London time)
        (unless otherwise indicated by the terms of this Agreement) on such date
        as is
        required pursuant to the terms of this Agreement, and the “Equivalent” in Euros
        of Dollars means the equivalent in Euros of Dollars determined by using the
        quoted spot rate at which the Sub-Agent’s principal office in London offers to
        exchange Euros for Dollars in London prior to 4:00 P.M. (London time)
        (unless otherwise indicated by the terms of this Agreement) on such date
        as is
        required pursuant to the terms of this Agreement.

       

        “ERISA”
means
        the
        Employee Retirement Income Security Act of 1974, as amended from time to
        time,
        and the regulations promulgated and rulings issued thereunder.

       

        “EURIBO
        Rate”
means,
        for any
        Interest Period, the rate per annum (rounded upward to the nearest whole
        multiple of 1/100 of 1% per annum, if such average is not such a multiple)
        appearing on Page 248 of the Moneyline Telerate Service (or on any
        successor or substitute page) as the London interbank offered rate for deposits
        in Euro at approximately 11:00 A.M. (London time) on the Business Day
        immediately preceding the commencement of such Interest Period, for a term
        comparable to such Interest Period or, if for any reason such rate is not
        available, the average (rounded upward to the nearest whole multiple of 1/100
        of
        1% per annum, if such average is not such a multiple) of the respective rates
        per annum at which deposits in Euros are offered by the principal office
        of each
        of the Reference Banks in London, England to prime banks in the London interbank
        market at 11:00 A.M. (London time) on the Business Day immediately
        preceding the first day of such Interest Period in an amount substantially
        equal
        to such Reference Bank’s Eurocurrency Rate Advance comprising part of such
        Borrowing to be outstanding during such Interest Period and for a period
        equal
        to such Interest Period, subject, however, to the provisions of
        Section 2.08.

       

      
        
          
          

        

        
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        “Euro”
and
“(euro)”
means
        the lawful
        currency of the European Union as constituted by the Treaty of Rome which
        established the European Community.

       

        “Eurocurrency
        Liabilities”
has
        the meaning
        assigned to that term in Regulation D of the Board of Governors of the Federal
        Reserve System, as in effect from time to time.

       

        “Eurocurrency
        Lending Office”
means,
        with
        respect to any Lender, the office, offices, Affiliate or Affiliates of such
        Lender specified as its “Eurocurrency Lending Office” opposite its name on
        Schedule I hereto or in Assignment and Acceptance pursuant to which it became
        a
        Lender (or, if no such office is specified, its Domestic Lending Office),
        or
        such other office, offices, Affiliate or Affiliates of such Lender as such
        Lender may from time to time specify to each of the Borrowers and the Agent.
        It
        is acknowledged and agreed that any Lender may specify one or more Eurocurrency
        Lending Offices with respect to Advances made or to be made to any Borrower
        and
        one or more other Eurocurrency Lending Offices with respect to Advances made
        or
        to be made to any other Borrower.

       

        “Eurocurrency
        Rate”
means,
        for any
        Interest Period for each Eurocurrency Rate Advance comprising part of the
        same
        Borrowing, (a) in the case of any Advance denominated in Dollars, the rate
        per annum (rounded upward to the nearest whole multiple of 1/100 of 1% per
        annum) appearing on Moneyline Telerate Markets Page 3750 (or on any
        successor or substitute page) as the London interbank offered rate for deposits
        in Dollars at approximately 11:00 A.M. (London time) on the Business Day
        immediately preceding the first day of such Interest Period, for a term
        comparable to such Interest Period or, if for any reason such rate is not
        available, the average (rounded upward to the nearest whole multiple of 1/100
        of
        1% per annum, if such average is not such a multiple) of the rate per annum
        at
        which deposits in Dollars is offered by the principal office of each of the
        Reference Banks in London, England to prime banks in the London interbank
        market
        at 11:00 A.M. (London time) on the Business Day immediately preceding the
        first day of such Interest Period in an amount substantially equal to such
        Reference Bank’s Eurocurrency Rate Advance comprising part of such Borrowing to
        be outstanding during such Interest Period and for a period equal to such
        Interest Period or, (b) in the case of any Advance denominated in Euros,
        the EURIBO Rate. If the Moneyline Telerate Markets Page 3750 (or on any
        successor or substitute page) is unavailable, the Eurocurrency Rate for any
        Interest Period for each Eurocurrency Rate Advance comprising part of the
        same
        Borrowing shall be determined by the Agent on the basis of applicable rates
        furnished to and received by the Agent from the Reference Banks on the Business
        Day immediately preceding the first day of such Interest Period, subject,
        however, to the provisions of Section 2.08.

       

        “Eurocurrency
        Rate Advance”
means
        a Revolving
        Credit Advance denominated in either Optional Currency that bears interest
        as
        provided in Section 2.07(a)(ii) or a Competitive Bid Advance denominated in
        either Optional Currency that bears interest by reference to the Eurocurrency
        Rate.

       

        “Events
        of
        Default”
has
        the meaning
        specified in Section 6.01.

       

        “Excluded
        Taxes”
means,
        (a) with
        respect to any Lender or the Agent, Taxes imposed on such Person’s overall net
        income (and franchise Taxes imposed on such Person in lieu of net income
        Taxes)
        as a result of any present or former connection between such Person and the
        relevant taxing authority, in each case, whether in effect as of the date
        hereof
        or subsequently imposed as a result of a Change in Law, and (b) with respect
        to
        payments made by any Borrower organized in a Covered Jurisdiction to any
        Person,
        any Taxes not imposed as a direct result of a Change in Law occurring after
        the
        date on which such Person became a Lender or the Agent. 

       

      
        
          
          

        

        
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        “Existing
        Agent”
means
        Merrill
        Lynch Capital Corporation, in its capacity as agent under the Existing Credit
        Agreement.

       

        “Existing
        Credit
        Agreement”
means
        the Bridge
        Credit Agreement dated as of January 28, 2005 between the Initial Borrower
        and the Existing Agent, as amended, supplemented and otherwise modified by
        the
        First Amendment to Bridge Credit Agreement and Pledge Agreement dated as
        of
        April 14, 2005, the Second Amendment to Bridge Credit Agreement dated as of
        May 4, 2005 and the Third Amendment to Bridge Credit Agreement dated as of
        May 17, 2005.

       

        “Existing
        Pledge
        Agreement”
means
        the Pledge
        Agreement dated as of March 28, 2005 by the Initial Borrower in favor of
        the Existing Agent, as amended, supplemented and otherwise modified by the
        First
        Amendment to Bridge Credit Agreement and Pledge Agreement dated as of
        April 14, 2005 and the Third Amendment to Bridge Credit Agreement dated as
        of May 17, 2005.

       

        “Facility”
means
        the Tranche
        A Facility or the Tranche B Facility, as the context may require.

       

        “Facility
        Fee”
has
        the meaning
        specified in Section 2.04(a).

       

        “Federal
        Funds
        Rate”
means,
        for any
        period, a fluctuating interest rate per annum equal for each day during such
        period to the weighted average of the rates on overnight Federal funds
        transactions with members of the Federal Reserve System arranged by Federal
        funds brokers, as published for such day (or, if such day is not a Business
        Day,
        for the next preceding Business Day) by the Federal Reserve Bank of New York,
        or, if such rate is not so published for any day that is a Business Day,
        the
        average of the quotations for such day on such transactions received by the
        Agent from three Federal funds brokers of recognized standing selected by
        it.

       

        “Fixed
        Rate
        Advances”
means
        a
        Competitive Bid Advance denominated in either Optional Currency that bears
        interest as provided in Section 2.03(a)(i).

       

        “GAAP”
has
        the meaning
        specified in Section 1.03.

       

        “Guarantor”
means
        the Initial
        Borrower, in its capacity as a guarantor under each of Guarantee Agreements
        dated as of April 12, 2006 made by the Initial Borrower in favor of the Agent
        and the Lenders.

       

        “Hedge
        Agreements”
means
        interest
        rate swap, cap or collar agreements, interest rate future or option contracts,
        currency swap agreements, currency future or option contracts and other similar
        agreements.

       

      

      “Included
        Subsidiaries”
means
        with
        respect to any Loan Party, the Subsidiaries of such Loan Parties that such
        Loan
        Party elects to include in the Consolidated financial statements of such
        Loan
        Party most recently delivered to the Agent pursuant to Section 4.01(e) or
        5.01(d)(i).

       

        “Initial
        Lender”
means
        each
        financial institution identified as an Initial Lender on the signature pages
        to
        this Agreement.

       

      
        
          
          

        

        
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        “Interest
        Payment
        Date”
means
        (a) with respect to any Base Rate Advance, (i) the last day of each
        March, June, September and December during the period in which such Base
        Rate
        Advance is outstanding and (ii) the date such Base Rate Advance is
        Converted or paid in full, and (b) with respect to any Eurocurrency Rate
        Advance, (i) the last day of each Interest Period applicable to such
        Eurocurrency Rate Advance and, if such Interest Period has a duration of
        more
        than three months, each day that occurs during such Interest Period every
        three
        months from the first day of such Interest Period and (ii) the date such
        Eurocurrency Rate Advance is Converted or paid in full.

       

        “Interest
        Period”
means,
        for each
        Eurocurrency Rate Advance comprising part of the same Borrowing, the period
        commencing on the date of such Eurocurrency Rate Advance or the date of the
        Conversion of any Base Rate Advance into such Eurocurrency Rate Advance and
        ending on the last day of the period selected by the Borrower requesting
        a
        Borrowing pursuant to the provisions below and, thereafter, with respect
        to
        Eurocurrency Rate Advances, each subsequent period commencing on the last
        day of
        the immediately preceding Interest Period and ending on the last day of the
        period selected by such Borrower pursuant to the provisions below. The duration
        of each such Interest Period shall be one week or one, two, three or six
        months,
        as such Borrower may, upon notice received by the Agent not later than 9:00
        A.M.
        (New York City time) on the Business Day immediately preceding the first
        day of
        such Interest Period, select; provided,
however,
        that:

       

      (a)  no
        Borrower may
        select any Interest Period that ends after the Termination Date;

       

      (b)  Interest
        Periods
        commencing on the same date for Eurocurrency Rate Advances comprising part
        of
        the same Borrowing shall be of the same duration;

       

      (c)  whenever
        the last
        day of any Interest Period would otherwise occur on a day other than a Business
        Day, the last day of such Interest Period shall be extended to occur on the
        next
        succeeding Business Day, provided,
however,
        that, if such
        extension would cause the last day of such Interest Period to occur in the
        next
        following calendar month, the last day of such Interest Period shall occur
        on
        the next preceding Business Day; and

       

      (d)  whenever
        the first
        day of any Interest Period occurs on a day of an initial calendar month for
        which there is no numerically corresponding day in the calendar month that
        succeeds such initial calendar month by the number of months equal to the
        number
        of months in such Interest Period, such Interest Period shall end on the
        last
        Business Day of such succeeding calendar month.

       

        “Internal
        Revenue
        Code”
means
        the
        Internal Revenue Code of 1986, as amended from time to time, and the regulations
        promulgated and rulings issued thereunder.

       

        “Lenders”
means
        each
        Initial Lender and each Person that shall become a party hereto pursuant
        to
        Section 8.07 and, as to any Lender, the term “Lender” includes any of its
        Affiliates designated as such by such Lender located in (e.g.,
        being fiscally
        resident in or organized in or having a branch, office, permanent establishment
        or other place of business in) a Covered Jurisdiction.

       

        “Loan
        Documents”
means,
        collectively, this Agreement, each Note, if any, and each Borrower Accession
        Agreement.

       

        “Loan
        Parties”
means,
        collectively, at any time, the Borrowers and the Guarantors at such
        time.

       

        “Material
        Adverse
        Change”
means
        any
        material adverse change in the financial condition or results of operations
        of
        the Borrowers and their Subsidiaries, taken as a whole.

       

      
        
          
          

        

        
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            7 -

          
            

          

        

        
          
          

        

      

        “Material
        Adverse
        Effect”
means
        a material
        adverse effect on (a) the financial condition or results of operations of
        the Loan Parties and their Subsidiaries, taken as a whole, (b) the rights
        and remedies of the Agent or the Lenders under any Loan Document or (c) the
        ability of the Loan Parties to perform their obligations under the Loan
        Document.

       

        “Material
        Subsidiary”
means,
        at any
        time, any Subsidiary of the Initial Borrower having (a) assets with a value
        of not less than 5% of the total value of the assets of the Initial Borrower
        and
        its Subsidiaries, taken as a whole, or (b) Consolidated EBITDA of not less
        than 5% of the aggregate Consolidated EBITDA of the Initial Borrower and
        its
        Subsidiaries, taken as a whole, in each case as of the end of or for the
        most
        recently completed fiscal quarter of the Initial Borrower.

       

        “Moody’s”
means
        Moody’s
        Investors Service, Inc.

       

        “Mortgage”
means
        any lien or
        security interest or other charge or encumbrance having the effect of a lien
        or
        security interest.

       

        “Non-Excluded
        Taxes”
has
        the meaning
        specified in Section 2.14(a).

       

        “Note”
means
        a Tranche A
        Note, a Tranche B Note or a Competitive Bid Note, as context may
        require.

       

        “Notice”
has
        the meaning
        specified in Section 8.02(c).

       

        “Notice
        of
        Competitive Bid Borrowing”
has
        the meaning
        specified in Section 2.03(a).

       

        “Notice
        of
        Revolving Credit Borrowing”
has
        the meaning
        specified in Section 2.02(a).

       

        “Optional
        Currency”
means
        Dollars or
        Euros, as context may require.

       

        “P&G
        Guaranty”
means
        the
        Guaranty dated as of August 23, 2006 made by the Company in favor of the
        Agent
        and the Lenders.

       

        “Permitted
        Mortgages”
means
        the
        following types of Mortgages:

       

      (a)  Mortgages
        for
        taxes, assessments and governmental charges or levies to the extent not
        otherwise required to be paid under Section 5.01(b);

       

      (b)  Mortgages
        imposed
        by law, including, without limitation, materialmen’s, mechanics’, carriers’,
        workmen’s, storage and repairmen’s Mortgages and other similar Mortgages arising
        in the ordinary course of business;

       

      (c)  pledges
        or deposits
        to secure obligations under workers’ compensation laws, unemployment insurance
        or other similar social security legislation (including, without limitation,
        in
        respect of employee benefit plans subject to ERISA) or to secure public or
        statutory obligations;

       

      (d)  Mortgages
        securing
        the performance of, or payment in respect of, tenders, statutory obligations,
        progress or advance payments, contract bids, government or utility obligations,
        payment, performance, surety and return-of-money bonds and other similar
        obligations incurred in the ordinary course of business and other obligations
        of
        a similar nature, whether pursuant to statutory requirements, common law
        or
        consensual arrangements;

       

      
        
          
          

        

        
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      (e)  any
        interest or
        title of a lessor or sublessor or a licensor and any restriction or encumbrance
        to which the interest or title of such lessor, sublessor or licensor may
        be
        subject;

       

      (f)  Mortgages
        arising
        out of judgments or awards that do not constitute an Event of Default under
        Section 6.01(e) or 6.01(f);

       

      (g)  rights
        of way,
        easements, restrictions (including zoning restrictions), covenants, consents,
        reservations, encroachments, variations, mineral reservations and rights,
        leases, licenses and other similar restrictions, charges, encumbrances (whether
        or not recorded), prior rights of other Persons, and similar obligations
        with
        respect to real property arising by operation of law or contained in similar
        instruments;

       

      (h)  Mortgages
        arising
        from the rights of lessors under leases (including financing statements
        regarding property subject to such leases or subleases); and

       

      (i)  rights
        of
        consignors of goods, whether or not perfected by the filing of a financing
        statement under the Uniform Commercial Code of any jurisdiction (or similar
        filings and recordings under equivalent provisions of applicable law),
        including, without limitation, goods which are the subject of tolling agreements
        or manufacturing and servicing agreements.

       

        “Person”
means
        an
        individual, partnership, corporation (including a business trust), joint
        stock
        company, trust, unincorporated association, joint venture, limited liability
        company or other entity, or a government or any political subdivision or
        agency
        thereof.

       

        “Platform”
has
        the meaning
        specified in Section 8.02(b).

       

        “Pledge
        Agreement”
means
        that
        certain Pledge Agreement, dated as of July 27, 2005, executed by the Initial
        Borrower in favor of the Agent, as such Pledge Agreement has been amended,
        supplemented and otherwise modified and in effect from time to time prior
        to the
        Amendment Effective Date.

       

        “Pre-Amendment
        Advances”
means
        the
        Advances outstanding under this Agreement on the Amendment Effective Date
        immediately prior to the effectiveness of the Amendment to this Agreement,
        dated
        as of December 7, 2006.

       

        “Pre-Amendment
        Commitments”
means
        the
        Commitments under this Agreement as in effect on the Amendment Effective
        Date
        immediately prior to the effectiveness of the Amendment to this Agreement,
        dated
        as of December 7, 2006.

       

      “Principal
        Manufacturing Property”
means
        any
        facility (together with the land on which it is erected and fixtures comprising
        a part thereof) used primarily for manufacturing or processing, wherever
        located, owned or leased by any Borrower, any Subsidiary of any Borrower,
        or any
        Guarantor and having a gross book value in excess of $750,000,000, other
        than
        any such facility or portion thereof (a) which is a pollution control or
        other
        facility financed by obligations issued by (i) a state or local governmental
        unit pursuant to Section 103(b)(4)(E), 103(b)(4)(F) or 103(b)(6) of the Internal
        Revenue Code of 1954, or any successor provision thereof, or (ii) the equivalent
        of the financing referred to in subclause (a)(i) above in any jurisdiction
        other
        than the United States, or (b) which, in the opinion of the Board of Directors
        of the Intial Borrower or the applicable Loan Party, is not of material
        importance to the total business conducted by the Loan Parties and their
        Subsidiaries, considered as a whole.

       

      “Process
        Agent”
has
        the meaning
        specified in Section 8.12.

       

      
        
          
          

        

        
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        “Pro
        Rata
        Share”
of
        any amount
        means, with respect to any Lender at any time, the product of (a) such amount
        multiplied by (b) a fraction the numerator of which is the amount of such
        Lender's Commitment(s) under the applicable Facility or Facilities at such
        time
        (or, if the Commitments shall have been terminated pursuant to Section 2.05
        or
        6.01 at or prior to such time, such Lender's Commitment(s) under the applicable
        Facility or Facilities as in effect immediately prior to such termination)
        and
        the denominator of which is the aggregate amount of such Facility or Facilities
        at such time (or, if the Commitments shall have been terminated pursuant
        to
        Section 2.05 or 6.01 at or prior to such time, the applicable Facility or
        Facilities as in effect immediately prior to such termination).

       

        “Reference
        Advance”
has
        the meaning
        specified in Section 2.07(c).

       

      “Reference
        Banks”
means
        (a) in the
        case of any Revolving Credit Borrowing, Citibank, N.A. and JPMorgan Chase
        Bank,
        N.A. and (b) in the case of any Competitive Bid Borrowing, two of the Lenders
        making the all or part of such Competitive Bid Borrowing (as selected by
        the
        applicable Borrower) or if only one Lender is making such Competitive Bid
        Borrowing, such Lender. 

       

      “Register”
has
        the meaning
        specified in Section 8.07(d).

       

        “Registration
        Rights Agreement”
means
        the
        Registration Rights Agreement, dated as of July 27, 2005, by and between
        the
        Company and the Agent, as such Registration Rights Agreement has been amended,
        supplemented and otherwise modified and in effect from time to time prior
        to the
        Amendment Effective Date.

       

        “Related
        Party”
means
        a Person
        (a) a majority of whose voting common equity is owned directly or
        indirectly by, or is under common control with, the Initial Borrower, and
        that
        includes the name “Procter & Gamble” or “P&G” in its legal name or
        commonly used trade names, or (b) that directly or indirectly owns a majority
        of
        the voting common equity in the Initial Borrower and includes the name “Procter
& Gamble” or “P&G” in its legal name or commonly used trade
        names.

       

        “Required
        Lenders”
means
        at any time
        Lenders owed in excess of 50% of the then aggregate unpaid principal amount
        (based on the Equivalent in Dollars at such time) of the Revolving Credit
        Advances owing to Lenders, or, if no such principal amount is then outstanding,
        Lenders having in excess of 50% of the Commitments; provided,
        however,
        that if any
        Lender shall be an Affiliate of any Borrower at such time, there shall be
        excluded from the determination of Required Lenders at such time the then
        aggregate unpaid principal amount (based on the Equivalent in Dollars at
        such
        time) of the Revolving Credit Advances owing to such Affiliate (in its capacity
        as a Lender) at such time or, if no such principal amount is then outstanding,
        such Affiliate’s Commitment at such time.

       

        “Revolving
        Credit
        Advance”
means
        a Tranche A
        Advance or a Tranche B Advance, as applicable.

       

        “Revolving
        Credit
        Borrowing”
means
        a Tranche A
        Borrowing or a Tranche B Borrowing, as applicable.

       

        “S&P”
means
        Standard
& Poor’s, a division of The McGraw-Hill Companies, Inc.

       

        “Sub-Agent”
means
        Citibank
        International plc.

       

        “Subsidiary”
of
        any Person
        means any corporation, partnership, joint venture, limited liability company,
        trust or estate of which (or in which) more than 50% of (a) the issued and
        outstanding capital stock having ordinary voting power to elect a majority
        of
        the Board of Directors of such corporation (irrespective of whether at the
        time
        capital stock of any other class or classes of such corporation shall or
        might
        have voting power upon the occurrence of any contingency), (b) the interest
        in the capital or profits of such limited liability company, partnership
        or
        joint venture or (c) the beneficial interest in such trust or estate is at
        the time directly or indirectly owned or controlled by such Person, by such
        Person and one or more of its other Subsidiaries or by one or more of such
        Person’s other Subsidiaries.

       

      
        
          
          

        

        
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        “Taxes”
has
        the meaning
        specified in Section 2.14(a).

       

        “Termination
        Date”
means
        the earlier
        of (a) July 27, 2008 and (b) the date of termination in whole of
        the aggregate Commitments pursuant to Section 2.05 or 6.02.

       

        “Tranche
        A
Advance”
means
        an advance
        by a Lender to a Borrower as part of a Tranche A Borrowing and refers to
        a Base
        Rate Advance or a Eurocurrency Rate Advance.

       

        “Tranche
        A
Borrowing”
means
        a Borrowing
        consisting of simultaneous Tranche A Advances of the same Type made by each
        of
        the Lenders pursuant to Section 2.01(b).

       

        “Tranche
        A
Commitment”
means,
        with
        respect to each Lender, the amount set forth opposite such Lender’s name on
        Schedule II hereof and identified as its “Tranche A Commitment” or, if such
        Lender has entered into any Assignment and Acceptance, the amount set forth
        for
        such Lender in the Register maintained by the Agent pursuant to
        Section 8.07(d), as such amount may be reduced pursuant to
        Section 2.05.

       

        “Tranche
        A
        Facility”
means,
        at any
        time, the aggregate Tranche A Commitments of all of the Lenders at such
        time.

       

        “Tranche
        A
Note”
has
        the meaning
        specified in Section 2.17(a).

       

        “Tranche
        B
Advance”
means
        an advance
        by a Lender to a Borrower as part of a Tranche B Borrowing and refers to
        a Base
        Rate Advance or a Eurocurrency Rate Advance.

       

        “Tranche
        B
Borrowing”
means
        a Borrowing
        consisting of simultaneous Tranche B Advances of the same Type made by each
        of
        the Lenders pursuant to Section 2.01(c).

       

        “Tranche
        B
Commitment”
means,
        with
        respect to each Lender, the amount set forth opposite such Lender’s name on
        Schedule II hereof and identified as its “Tranche B Commitment” or, if such
        Lender has entered into any Assignment and Acceptance, the amount set forth
        for
        such Lender in the Register maintained by the Agent pursuant to
        Section 8.07(d), as such amount may be reduced pursuant to
        Section 2.05.

       

        “Tranche
        B
        Facility”
means,
        at any
        time, the aggregate Tranche B Commitments of all of the Lenders at such
        time.

       

        “Tranche
        B
Note”
has
        the meaning
        specified in Section 2.17(a).

       

        “Transaction”
means
        the
        Company’s acquisition of The Gillette Company as announced in the Company’s
        press release dated January 28, 2005 filed on Form 8-K with the United States
        Securities and Exchange Commission.

       

        “Transaction
        Termination Date”
means
        the date of
        any public announcement by the Company that the Transaction has expired or
        has
        been terminated.

       

      
        
          
          

        

        
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        “Treaty
        of
        Rome”
means
        the Treaty
        of Rome of 25 March 1957, as amended by the Single European Act 1986 and
        the
        Maastricht Treaty (which was signed at Maastricht on 7 February 1992 and
        came
        into force on 1 November 1993), as such treaty may be amended from time to
        time
        and as referred to in the EMU legislation.

       

        “Type”
has
        the meaning
        specified in the definition of “Advance”
in
        Section 1.01.

       

        “Unused
        Tranche A
        Commitment”
means,
        with
        respect to any Lender at any time, (a) such Lender’s Tranche A Commitment
        at such time, less
        (b) the sum
        of:

       

      (i)  the
        aggregate
        principal amount of all Tranche A Advances made by such Lender (in its capacity
        as a Lender) and outstanding at such time; and

       

      (ii)  the
        product of
        (x) a fraction the numerator of which is the amount of such Lender’s
        Tranche A Commitment at such time minus
        the aggregate
        principal amount of the Tranche A Advances held by such Lender at such time
        and
        the denominator of which is the aggregate Tranche A Commitments of all Lenders
        at such time minus
        the aggregate
        principal amount of the Tranche A Advances made by the Lenders and outstanding
        at such time and (y) the aggregate principal amount of Competitive Bid Advances
        made by the Lenders and outstanding at such time.

       

        “Unused
        Tranche B
        Commitment”
means,
        with
        respect to any Lender at any time, (a) such Lender’s Tranche B Commitment
        at such time less
        (b) the
        aggregate principal amount of all Tranche B Advances made by such Lender
        (in its
        capacity as a Lender) and outstanding at such time.

       

        “Utilization
        Fee”
means,
        as of any
        date that the sum of the aggregate principal amount of the Advances (other
        than
        Competitive Bid Advances) outstanding exceeds 50% of the aggregate Commitments,
        0.015% per annum.

       

        “Voting
        Equity”
means
        capital
        stock issued by a corporation, or equivalent interests in any other Person,
        the
        holders of which are ordinarily, in the absence of contingencies, entitled
        to
        vote for the election of directors (or persons performing similar functions)
        of
        such Person, even if the right so to vote has been suspended by the happening
        of
        such a contingency.

       

      SECTION
        1.02  Computation
        of
        Time Periods.

       

      In
        this Agreement
        in the computation of periods of time from a specified date to a later specified
        date, the word “from” means “from and including” and the words “to” and “until”
each mean “to but excluding”.

       

      SECTION
        1.03  Accounting
        Terms.

       

      All
        accounting
        terms not specifically defined herein shall be construed in accordance with
        generally accepted accounting principles consistent with those applied in
        the
        preparation of the financial statements referred to in Section 4.01(e)
        (“GAAP”).

       

      ARTICLE
        II

       

      AMOUNTS
        AND TERMS
        OF THE ADVANCES

       

      SECTION
        2.01  The
        Revolving
        Credit Advances and Reallocation between Facilities.

       

      (a)  Reallocation
        of
        Pre-Amendment Commitments and Pre-Amendment Advances.
        The Lenders
        hereby agree that on the Amendment Effective Date, subject to the terms and
        conditions hereinafter set forth, (i) $3,000,000,000 of the Pre-Amendment
        Commitments shall be reallocated ratably among the Lenders (based on their
        respective Pre-Amendment Commitments) as Tranche B Commitments and the remaining
        Pre-Amendment Commitments shall be reallocated ratably among the Lenders
        (based
        on their respective Pre-Amendment Commitments) as Tranche A Commitments for
        any
        and all purposes of the Loan Documents, and (ii) as part of the aggregate
        Pre-Amendment Commitments reallocated among the Lenders in accordance with
        clause (i) above, (A) $2,186,465,659.84 of the Pre-Amendment Advances comprising
        part of the same Borrowing and having an Interest Period maturing on December
        18, 2006 and (B) $540,321,316.31 of the Pre-Amendment Advances comprising
        part
        of the same Borrowing and having an Interest Period maturing on December
        20,
        2006, shall be reallocated ratably among the Lenders (based on their respective
        Tranche B Commitments) as Tranche B Advances comprising part of the same
        Tranche
        B Borrowings and having Interest Periods maturing on the same respective
        dates
        and the remaining Pre-Amendment Advances shall be reallocated ratably among
        the
        Lenders (based on their respective Tranche A Commitments) as Tranche A Advances
        without any changes to their respective Interest Periods.

       

      
        
          
          

        

        
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      (b)  Tranche
        A
        Advances.
        Each Lender
        severally agrees, on the terms and conditions hereinafter set forth, to make
        Tranche A Advances to each Borrower from time to time on any Business Day
        during
        the period from the Closing Date until the Termination Date in an aggregate
        amount (based in respect of any Advances to be denominated in Euros by reference
        to the Equivalent thereof in Dollars determined on the date of delivery of
        the
        applicable Notice of Revolving Credit Borrowing) not to exceed such Lender’s
        Unused Tranche A Commitment at such time. Each such Borrowing shall be in
        a
        minimum amount of $10,000,000, in respect of Tranche A Advances denominated
        in
        Dollars, or (euro)10,000,000, in respect of Tranche A Advances denominated
        in
        Euros (or, if less, an aggregate amount equal to the amount by which the
        aggregate amount of a proposed Competitive Bid Borrowing requested by any
        Borrower exceeds the aggregate amount of Competitive Bid Advances offered
        to be
        made by the Lenders and accepted by such Borrower in respect of such Competitive
        Bid Borrowing, if such Competitive Bid Borrowing is made on the same date
        as
        such Tranche A Borrowing), and shall consist of Tranche A Advances of the
        same
        Type made on the same day by the Lenders ratably according to their respective
        Tranche A Commitments; provided
        that such minimum
        amount shall not apply with respect to any Tranche A Advances made in accordance
        with the provisions of Section 2.04(b) or Section 2.07(c). Within the
        limits of each Lender’s Tranche A Commitment, each Borrower may borrow under
        this Section 2.01(b), prepay pursuant to Section 2.10 and reborrow
        under this Section 2.01(b).

       

      (c)  Tranche
        B
        Advances.
        Each Lender
        severally agrees, on the terms and conditions hereinafter set forth, to make
        Tranche B Advances to each Borrower from time to time on any Business Day
        during
        the period from the Closing Date until the Termination Date in an aggregate
        amount (based in respect of any Advances to be denominated in Euros by reference
        to the Equivalent thereof in Dollars determined on the date of delivery of
        the
        applicable Notice of Revolving Credit Borrowing) not to exceed such Lender’s
        Unused Tranche B Commitment at such time. Each such Borrowing shall be in
        a
        minimum amount of $10,000,000, in respect of Tranche B Advances denominated
        in
        Dollars, or (euro)10,000,000, in respect of Tranche B Advances denominated
        in
        Euros, and shall consist of Tranche B Advances of the same Type made on the
        same
        day by the Lenders ratably according to their respective Tranche B Commitments;
        provided
        that such minimum
        amount shall not apply with respect to any Tranche B Advances made in accordance
        with the provisions of Section 2.04(c) or Section 2.07(c). Within the
        limits of each Lender’s Tranche B Commitment, each Borrower may borrow under
        this Section 2.01(c), prepay pursuant to Section 2.10 and reborrow
        under this Section 2.01(c).

       

      (d)  Further
        Reallocation of Advances and Commitments. The
        Initial
        Borrower shall be entitled, upon at least one Business Day's notice to the
        Agent, to reallocate a portion of the Tranche A Commitments to additional
        Tranche B Commitments (and vice versa) and/or to reallocate all or a portion
        of
        the outstanding Tranche A Advances comprising part of the same Borrowings
        to
        additional Tranche B Advances comprising part of the same Borrowings (and
        vice
        versa); provided
        that (a) each such
        reallocation of Commitments and/or Advances shall be made ratably among the
        Lenders; provided
        that the Initial
        Borrower, in its sole discretion, may elect to reallocate all, a portion
        or none
        of such Commitments and/or Advances to any Lender that is an Affiliate of
        a
        Borrower, (b) any such reallocation of Advances shall be in an aggregate
        principal amount of at least $100,000,000 (or the Euro Equivalent thereof)
        or
        shall otherwise be all of the Revolving Credit Advances comprising part of
        the
        same Borrowings and (c) any such reallocation of Commitments and/or Advances
        may
        (but shall not be required) be made in conjunction with the exercise of the
        call
        rights set forth in Section 2.18 and/or the put rights set forth in Section
        2.19. Any notice delivered by the Initial Borrower pursuant to this Section
        2.01(d) shall specify (i) the effective date of each intended reallocation
        of
        Commitments and/or Advances (ii) whether the reallocation is of Commitments,
        Revolving Credit Advances or both, (iii) the amount of each such reallocation
        of
        Commitments and/or Revolving Credit Advances and, in the case of Revolving
        Credit Advances, which Borrowings are to comprise such reallocation. On or
        promptly following the effective date of any reallocation of Commitments
        and/or
        Revolving Credit Advances pursuant to this Section 2.01(d), the Agent shall
        notify the Lenders of the effective date of each such reallocation and shall
        distribute a revised Schedule II hereto reflecting each such
        reallocation.

       

      
        
          
          

        

        
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      SECTION
        2.02  Making
        the
        Revolving Credit Advances.

       

      

      (a)  Each
        Revolving
        Credit Borrowing shall be made on notice, given not later than
        (i) 9:00 A.M. (New York City time) on the Business Day immediately
        preceding the date of the proposed Borrowing in the case of a Revolving Credit
        Borrowing consisting of Eurocurrency Rate Advances denominated in Dollars,
        (ii) 11:00 A.M. (London time) on the second Business Day prior to the
        date of the proposed Revolving Credit Borrowing in the case of a Revolving
        Credit Borrowing consisting of Eurocurrency Rate Advances denominated in
        Euros,
        or (iii) 9:00 A.M. (New York City time) on the Business Day of the
        date of the proposed Revolving Credit Borrowing in the case of a Revolving
        Credit Borrowing consisting of Base Rate Advances, by any Borrower to the
        Agent
        (and, in the case of a Revolving Credit Borrowing consisting of Eurocurrency
        Rate Advances denominated in Euros, simultaneously to the Sub-Agent), which
        shall give to each Lender prompt notice thereof by telecopier or Email. Each
        such notice of a Revolving Credit Borrowing (a “Notice
        of
        Revolving Credit Borrowing”)
        shall be by
        Email, confirmed promptly by telephone, shall be in substantially the form
        of
Exhibit A-1
        hereto, specifying
        therein (A) the requested date of such Revolving Credit Borrowing, (B)
        whether such Borrowing is a Tranche A Borrowing or a Tranche B Borrowing,
        (C) the requested Type and Optional Currency of Revolving Credit Advances
        comprising such Revolving Credit Borrowing, (D) the requested aggregate
        amount of such Revolving Credit Borrowing, (E) in the case of a Revolving
        Credit Borrowing consisting of Eurocurrency Rate Advances, the requested
        initial
        Interest Period for each such Revolving Credit Advance, and (F) the
        requested account to which the proceeds of the requested Revolving Credit
        Borrowing are to be transferred. Each Lender shall, before 11:00 A.M. (New
        York
        City time) on the date of such Revolving Credit Borrowing, make available
        for
        the account of its Applicable Lending Office to the Agent at the Agent’s
        Account, in same day funds, such Lender’s ratable portion of such Revolving
        Credit Borrowing. After the Agent’s receipt of such funds and upon fulfillment
        of the applicable conditions set forth in Article III, the Agent will make
        such
        funds available to the appropriate Borrower by transferring the amount thereof
        to the account designated by such Borrower for such purpose.

       

      (b)  Anything
        in
        subsection (a) above to the contrary notwithstanding, no Borrower may
        select Eurocurrency Rate Advances for any Revolving Credit Borrowing if the
        obligation of the Lenders to make Eurocurrency Rate Advances shall then be
        suspended pursuant to Section 2.08 or 2.12.

       

      (c)  Each
        Notice of
        Revolving Credit Borrowing shall be irrevocable and binding on the Borrower
        giving such notice. In the case of any Revolving Credit Borrowing which the
        related Notice of Revolving Credit Borrowing specifies is to be composed
        of
        Eurocurrency Rate Advances, such Borrower shall indemnify each Lender against
        any loss, cost or expense incurred by such Lender as a result of any failure
        to
        fulfill on or before the date specified in such Notice of Revolving Credit
        Borrowing for such Revolving Credit Borrowing the applicable conditions set
        forth in Article III, including, without limitation, any loss (excluding
        loss of
        anticipated profits), cost or expense incurred by reason of the liquidation
        or
        reemployment of deposits or other funds acquired by such Lender to fund the
        Revolving Credit Advance to be made by such Lender as part of such Revolving
        Credit Borrowing when such Revolving Credit Advance, as a result of such
        failure, is not made on such date.

       

      
        
          
          

        

        
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      (d)  Unless
        the Agent or
        the Sub-Agent, as the case may be, shall have received notice from a Lender
        prior to the date of any Revolving Credit Borrowing that such Lender will
        not
        make available to the Agent or the Sub-Agent, as the case may be, such Lender’s
        Pro Rata Share of such Revolving Credit Borrowing, the Agent or the Sub-Agent,
        as the case may be, may assume that such Lender has made such portion available
        to the Agent or the Sub-Agent, as the case may be, on the date of such Revolving
        Credit Borrowing in accordance with subsection (a) of this
        Section 2.02 and the Agent or the Sub-Agent, as the case may be, may, in
        reliance upon such assumption, make available to the Borrower requesting
        such
        Revolving Credit Borrowing on such date a corresponding amount. If and to
        the
        extent that such Lender shall not have so made such ratable portion available
        to
        the Agent or the Sub-Agent, as the case may be, such Lender and such Borrower
        severally agree to repay to the Agent or the Sub-Agent, as the case may be,
        forthwith on demand such corresponding amount together with interest thereon,
        for each day from the date such amount is made available to such Borrower
        until
        the date such amount is repaid to the Agent or the Sub-Agent, as the case
        may
        be, at (i) in the case of such Borrower, the interest rate applicable at
        the time to Revolving Credit Advances comprising such Revolving Credit Borrowing
        and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender
        shall repay to the Agent or the Sub-Agent, as the case may be, such
        corresponding amount, such amount so repaid shall constitute such Lender’s
        Revolving Credit Advance as part of such Revolving Credit Borrowing for purposes
        of this Agreement.

       

      (e)  The
        failure of any
        Lender to make the Revolving Credit Advance to be made by it as part of any
        Revolving Credit Borrowing shall not relieve any other Lender of its obligation,
        if any, hereunder to make its Revolving Credit Advance on the date of such
        Revolving Credit Borrowing, but no Lender shall be responsible for the failure
        of any other Lender to make the Revolving Credit Advance to be made by such
        other Lender on the date of any Revolving Credit Borrowing.

       

      (f) Any
        Revolving
        Credit Advance made by any Applicable Lending Office of any Lender shall
        be
        deemed to be an Advance of such Lender for purposes of calculating the
        utilization of the Tranche A Commitment or the Tranche B Commitment (as
        applicable) of such Lender hereunder, except that if such Applicable Lending
        Office of such Lender is another Lender, such Revolving Credit Advance shall
        be
        deemed to be an Advance of such other Lender for purposes of calculating
        the
        utilization of the Tranche A Commitments or the Tranche B Commitments (as
        applicable) of both such Lenders hereunder.

       

      SECTION
        2.03  Competitive
        Bid
        Facility.

       

      (a)  Each
        Lender severally agrees that any Borrower may make Competitive Bid Borrowings
        under this Section 2.03 from time to time on any Business Day during the
        period from the Closing Date until the date occurring 30 days prior to the
        then
        scheduled Termination Date in the manner set forth below; provided
        that, the
        aggregate principal amount of the Competitive Bid Advances comprising each
        Competitive Bid Borrowing shall not exceed the aggregate Unused Tranche A
        Commitments of the Lenders at such time.

       

      (i)  Any
        Borrower may
        request a Competitive Bid Borrowing under this Section 2.03 by delivering
        to the Agent (and, in the case of a Competitive Bid Borrowing not consisting
        of
        Fixed Rate Advances or Eurocurrency Rate Advances to be denominated in Dollars,
        simultaneously to the Sub-Agent), by telephone or Email, confirmed promptly
        in
        writing, or by telecopier, a notice of a Competitive Bid Borrowing (a
“Notice
        of
        Competitive Bid Borrowing”),
        in
        substantially the form of Exhibit
        A-2
        hereto, specifying
        therein (A) the requested date of such proposed Competitive Bid Borrowing
        (which shall be a Business Day), (B) the requested aggregate amount and
        Optional Currency of such proposed Competitive Bid Borrowing, (C) whether
        such proposed Competitive Bid Borrowing shall consist of Fixed Rate Advances
        or
        Eurocurrency Rate Advances, (D) in the case of a Competitive Bid Borrowing
        consisting of (1) Eurocurrency Rate Advances, the requested Interest Period
        for each such Eurocurrency Rate Advance and (2) Fixed Rate Advances, the
        requested maturity date for repayment of each such Fixed Rate Advance (which
        maturity date may not be earlier than the date occurring seven days after
        the
        date of such proposed Competitive Bid Borrowing or later than the earlier
        of
        (x) 360 days after the date of such proposed Competitive Bid Borrowing and
        (y) the Termination Date), (E) the requested interest payment date or
        dates for each Competitive Bid Advance comprising part of such proposed
        Competitive Bid Borrowing, (F) whether or not the Competitive Bid Advances
        comprising such proposed Competitive Bid Borrowing may be prepaid and, if
        so,
        whether with or without penalty, (G) the address and account number of such
        Borrower to which the proceeds of such proposed Competitive Bid Borrowing
        are to
        be advanced, and (H) the requested other terms, if any, to be applicable to
        such proposed Competitive Bid Borrowing, not later than (I) 9:00 A.M.
        (New York City time) at least two Business Days prior to the date of the
        proposed Competitive Bid Borrowing, if such Borrower shall specify in the
        related Notice of Competitive Bid Borrowing that the rates of interest to
        be
        offered by the Lenders shall be fixed rates per annum (the Advances comprising
        any such Competitive Bid Borrowing, which shall be denominated in Dollars
        or
        Euros, being referred to herein as “Fixed
        Rate
        Advances”)
        (II) 9:00 A.M. (New York City time) three Business Days preceding the
        date of the proposed Competitive Bid Borrowing in the case of a Competitive
        Bid
        Borrowing consisting of Eurocurrency Rate Advances denominated in Dollars,
        and
        (III) 2:00 P.M. (New York City time) three Business Days preceding the
        date of the proposed Competitive Bid Borrowing in the case of a Competitive
        Bid
        Borrowing consisting of Eurocurrency Rate Advances denominated in Euros.
        Each
        Notice of Competitive Bid Borrowing shall be irrevocable and binding on the
        Borrower that requested such Competitive Bid Borrowing. The Agent or the
        Sub-Agent, as the case may be, shall in turn promptly notify each Lender
        of each
        request for a Competitive Bid Borrowing received by it from any Borrower
        by
        sending such Lender a copy of the related Notice of Competitive Bid
        Borrowing.

       

      
        
          
          

        

        
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      (ii)  Each
        Lender may, in
        its sole discretion, elect to irrevocably offer to make one or more Competitive
        Bid Advances to the Borrower requesting the Competitive Bid Advances as part
        of
        such proposed Competitive Bid Borrowing at a rate or rates of interest specified
        by such Lender in its sole discretion, by notifying the Agent or the Sub-Agent,
        as the case may be (which shall give prompt notice thereof to the Borrower
        requesting the Competitive Bid Borrowing), before 12:00 P.M. (New York City
        time) one Business Day prior to the date of such proposed Competitive Bid
        Borrowing, in the case of a Competitive Bid Borrowing consisting of Fixed
        Rate
        Advances, and (B) before 1:00 P.M. (New York City time) two Business
        Days prior to the date of the proposed Competitive Bid Borrowing, in the
        case of
        a Competitive Bid Borrowing consisting of Eurocurrency Rate Advances, of
        the
        minimum amount and maximum amount of each Competitive Bid Advance that such
        Lender would be willing to make as part of such proposed Competitive Bid
        Borrowing (which amounts, subject to the proviso
        of the first
        sentence of this Section 2.03(a), may exceed such Lender’s Tranche A
        Commitment, if any), the rate or rates of interest therefor and such Lender’s
        Applicable Lending Office with respect to such Competitive Bid Advance;
provided
        that if the Agent,
        in its capacity as a Lender, shall, in its sole discretion, elect to make
        any
        such offer, it shall notify the Borrower requesting such Competitive Bid
        Borrowing of such offer at least 30 minutes before the time and on the date
        on
        which notice of such election is to be given to the Agent or to the Sub-Agent,
        as the case may be, by the other Lenders. If any Lender shall elect not to
        make
        such an offer, such Lender shall so notify the Agent, before 10:00 A.M.
        (New York City time) or the Sub-Agent before 12:00 noon (London time), as
        the
        case may be, on the date on which notice of such election is to be given
        to the
        Agent or to the Sub-Agent, as the case may be, by the other Lenders, and
        such
        Lender shall not be obligated to, and shall not, make any Competitive Bid
        Advance as part of such proposed Competitive Bid Borrowing; provided
        that the failure
        by any Lender to give such notice shall not cause such Lender to be obligated
        to
        make any Competitive Bid Advance as part of such proposed Competitive Bid
        Borrowing.

       

      
        
          
          

        

        
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      (iii)  The
        Borrower
        requesting any particular Competitive Bid Borrowing shall, in turn, before
        (A) 4:00 P.M. (New York City time) one Business Day prior to the date
        of such proposed Competitive Bid Borrowing, in the case of a Competitive
        Bid
        Borrowing consisting of Fixed Rate Advances, and (B) 4:00 P.M. (New
        York City time) two Business Days prior to the date of such proposed Competitive
        Bid Borrowing, in the case of a Competitive Bid Borrowing consisting of
        Eurocurrency Rate Advances, either:

       

      (A)  cancel
        such
        Competitive Bid Borrowing by giving the Agent notice to that effect;
        or

       

      (B)  accept
        one or more
        of the offers made by any Lender or Lenders pursuant to
        Section 2.03(a)(ii), in its sole discretion but subject to the next two
        succeeding sentences, by giving notice to the Agent or to the Sub-Agent,
        as the
        case may be, of the amount of each Competitive Bid Advance (which amount
        shall
        be equal to or greater than the minimum amount, and equal to or less than
        the
        maximum amount, notified to such Borrower by the Agent or the Sub-Agent,
        as the
        case may be, on behalf of such Lender for such Competitive Bid Advance pursuant
        to Section 2.03(a)(ii)) to be made by each Lender as part of such
        Competitive Bid Borrowing, and reject any remaining offers made by Lenders
        pursuant to Section 2.03(a)(ii) by giving the Agent or the Sub-Agent, as
        the case may be, notice to that effect; provided,
however,
        that such
        Borrower may not accept offers that, in the aggregate, exceed the amount
        of the
        proposed Competitive Bid Borrowing specified in the related Notice of
        Competitive Bid Borrowing. The Borrower that requested such Competitive Bid
        Borrowing shall accept the offers made by any Lender or Lenders to make
        Competitive Bid Advances in order of the lowest to the highest rates of interest
        offered by such Lenders for a particular Competitive Bid Borrowing. If two
        or
        more Lenders have offered the same interest rate for a particular Competitive
        Bid Borrowing, the amount to be borrowed at such interest rate will be allocated
        among such Lenders ratably according to the amount that each such Lender
        offered
        at such interest rate.

       

      (iv)  If
        the Borrower
        that requested any particular Competitive Bid Borrowing notifies the Agent
        or
        the Sub-Agent, as the case may be, that such Competitive Bid Borrowing is
        cancelled pursuant to Section 2.03(a)(iii)(A), the Agent or the Sub-Agent,
        as the case may be, shall give prompt notice thereof to each of the Lenders
        and
        such Competitive Bid Borrowing shall not be made.

       

      (v)  If
        the Borrower
        that requested any particular Competitive Bid Borrowing accepts one or more
        of
        the offers made by any Lender or Lenders pursuant to
        Section 2.03(a)(iii)(B) in respect of such Competitive Bid Borrowing, the
        Agent or the Sub-Agent, as the case may be, shall in turn promptly notify
        (A) each Lender that has made an offer as described in
        Section 2.03(a)(ii) of the date and the aggregate amount of such
        Competitive Bid Borrowing and whether or not any offer or offers made by
        such
        Lender pursuant to Section 2.03(a)(ii) have been accepted by such Borrower
        and (B) each Lender that is to make a Competitive Bid Advance as part of
        such Competitive Bid Borrowing, (1) of the amount of each Competitive Bid
        Advance to be made by such Lender as part of such Competitive Bid Borrowing
        and
        (2) upon receipt, that the Agent or the Sub-Agent, as the case may be, has
        received forms of documents appearing to fulfill the applicable conditions
        set
        forth in Article III. Each Lender that is to make a Competitive Bid Advance
        as part of any Competitive Bid Borrowing shall, before 12:00 Noon (New York
        City time) on the date of such Competitive Bid Borrowing specified in the
        notice
        received from the Agent or from the Sub-Agent, as the case may be, pursuant
        to
        subclause (v)(A) of the immediately preceding sentence or any later time
        when such Lender shall have received notice from the Agent or from the
        Sub-Agent, as the case may be, pursuant to subclause (v)(B)(2) of the
        immediately preceding sentence, make available for the account of its Applicable
        Lending Office to the Agent at the applicable Agent’s Account, in same day
        funds, such Lender’s portion of such Competitive Bid Borrowing. Upon fulfillment
        of the applicable conditions set forth in Article III and after receipt by
        the Agent of such funds, the Agent will make such funds available to the
        Borrower that requested such Borrowing at the address and the account number
        specified by such Borrower in the related Notice of Competitive Bid Borrowing
        or, if no such address and account number are specified in the related Notice
        of
        Competitive Bid Borrowing, at the Agent’s address referred to in
        Section 8.02. Promptly after (x) each Competitive Bid Borrowing, the
        Agent will notify each Lender of the amount of such Competitive Bid Borrowing,
        the corresponding Competitive Bid Reduction resulting therefrom and the dates
        upon which such Competitive Bid Reduction commenced and will terminate and
        (y) the prepayment of any Competitive Bid Borrowing by the applicable
        Borrower, the Agent will notify each Lender of the amount and date of each
        such
        prepayment and the amount, if any, of the corresponding Competitive Bid
        Reduction remaining after giving effect thereto.

       

      
        
          
          

        

        
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      (vi)  If
        the Borrower
        that requested any applicable Competitive Bid Borrowing notifies the Agent
        or
        the Sub-Agent, as the case may be, that it accepts one or more of the offers
        made by any Lender or Lenders pursuant to Section 2.03(a)(iii)(B), such
        notice of acceptance shall be irrevocable and binding on such Borrower. Such
        Borrower shall indemnify each Lender against any loss, cost or expense incurred
        by such Lender as a result of any failure to fulfill on or before the date
        specified in such Notice of Competitive Bid Borrowing for such Competitive
        Bid
        Borrowing the applicable conditions set forth in Article III, including,
        without
        limitation, any loss (excluding loss of anticipated profits), cost or expense
        incurred by reason of the liquidation or reemployment of deposits or other
        funds
        acquired by such Lender to fund the Competitive Bid Advance to be made by
        such
        Lender as part of such Competitive Bid Borrowing when such Competitive Bid
        Advance, as a result of such failure, is not made on such date.

       

      (b)  Each
        Competitive
        Bid Borrowing shall be in an aggregate amount of not less than $10,000,000,
        in
        respect of Revolving Credit Advances denominated in Dollars, or
        (euro)10,000,000, in respect of Revolving Credit Advances denominated in
        Euros
        and, following the making of each Competitive Bid Borrowing, the Borrowers
        shall
        be in compliance with the limitation set forth in the proviso
        to the first
        sentence of Section 2.03(a).

       

      (c)  Within
        the limits
        and on the conditions set forth in this Section 2.03, any Borrower may from
        time to time borrow under Section 2.03(a), repay pursuant to
        Section 2.06(b) or prepay pursuant to Section 2.03(d), and reborrow
        under Section 2.03(a).

       

      (d)  The
        Borrower to
        which any particular Competitive Bid Borrowing is made shall have no right
        to
        prepay the principal amount of any Competitive Bid Advance (or any portion
        thereof) unless, and then only on the terms, specified by such Borrower for
        such
        Competitive Bid Advance in the related Notice of Competitive Bid Borrowing
        delivered pursuant to Section 2.03(a)(i) and, if applicable, set forth in
        the Competitive Bid Note evidencing such Competitive Bid Advance.

       

      
        
          
          

        

        
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      (e)  The
        Borrower to
        which any particular Competitive Bid Borrowing is made shall pay interest
        on the
        unpaid principal amount of each Competitive Bid Advance from the date of
        such
        Competitive Bid Advance to the date the principal amount of such Competitive
        Bid
        Advance is repaid in full, at the rate of interest for and in the Optional
        Currency of such Competitive Bid Advance specified by the Lender making such
        Competitive Bid Advance in its notice with respect thereto delivered pursuant
        to
        Section 2.03(a)(ii), payable on the interest payment date or dates
        specified by such Borrower for such Competitive Bid Advance in the related
        Notice of Competitive Bid Borrowing delivered pursuant to
        Section 2.03(a)(i) and, if applicable, provided in the Competitive Bid Note
        evidencing such Competitive Bid Advance.

       

      (f)  Each
        Borrower
        agrees that upon notice by any Lender to such Borrower (with a copy of such
        notice to the Agent) to the effect that a promissory note or other evidence
        of
        indebtedness is required or appropriate in order for such Lender to evidence
        (whether for purposes of pledge, enforcement or otherwise) any Competitive
        Bid
        Advance owing to, or to be made by, such Lender as part of a Competitive
        Bid
        Borrowing, such Borrower shall promptly execute and deliver to such Lender
        a
        separate promissory note, in substantially the form of Exhibit
        F-3
        hereto (each, a
“Competitive
        Bid
        Note”),
        payable to the
        order of such Lender in a principal amount equal to the amount of indebtedness
        of such Borrower resulting from such Competitive Bid Advance.

       

      SECTION
        2.04  Facility
        Fees.

       

      (a)  The
        Initial
        Borrower agrees to pay to the Agent for the account of each Lender a facility
        fee (a “Facility
        Fee”)
        in Dollars on
        the aggregate amount of such Lender’s Commitments, from the Closing Date in the
        case of each Initial Lender and from the effective date specified in the
        Assignment and Acceptance pursuant to which it became a Lender in the case
        of
        each other Lender until the Termination Date, at a rate per annum equal to
        0.025% per annum, payable in arrears quarterly on the last day of each March,
        June, September and December and on the Termination Date.

       

      
        
          
          

        

        
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      (b)  Unless
        the Initial
        Borrower shall have notified the Agent in writing on or before 9:00 A.M.
        (New
        York City time) on the Business Day immediately preceding the last day of
        each
        March, June, September and December and the Termination Date, that it will
        pay,
        in cash, the Facility Fees that are due and payable by it on such date, the
        Lenders will be deemed to have made Tranche A Advances and/or Tranche B
        Advances, as appropriate, on such date in an amount equal to the Facility
        Fees
        that would otherwise be due and payable on such date, in each case which
        Revolving Credit Advance, unless the Initial Borrower has otherwise notified
        the
        Agent in writing on or before such Business Day, shall be a Eurocurrency
        Rate
        Advance denominated in Dollars having an initial Interest Period of one month.
        Each Revolving Credit Advance made pursuant to this Section 2.04(b) shall
        be deemed to have made pursuant to the Commitments and shall be subject to
        the
        limitations that the aggregate outstanding principal amount of the Tranche
        A
        Advances may at no time exceed the amount of the Tranche A Facility then
        in
        effect and the aggregate outstanding principal amount of the Tranche B Advances
        may at no time exceed the amount of the Tranche B Facility then in
        effect.

       

      SECTION
        2.05  Termination
        or
        Reduction of the Commitments.

       

      (a)  Optional.
        The Initial
        Borrower shall have the right, upon at least three Business Days’ notice to the
        Agent, to terminate in whole or reduce in part the Unused Tranche A Commitments
        or the Unused Tranche B Commitments of the Lenders, provided
        that each partial
        reduction shall be in the aggregate amount of $10,000,000; and provided,
further,
        that the Initial
        Borrower, in its sole discretion, may elect to effect such termination or
        reduction on a non-ratable basis with respect to the Unused Tranche A
        Commitments or the Unused Tranche B Commitments of one or more Lenders that
        are
        Affiliates of a Borrower (it being understood that such termination or reduction
        shall be on a ratable basis as to all other Lenders). 

       

      (b)  Mandatory.
(i) The
        Commitments shall automatically terminate on the Termination Date.

       

      (ii)  In
        the event the
        Transaction Termination Date occurs, the Commitments shall be reduced to
        zero on
        the date which is 30 Business Days after the Transaction Termination
        Date.

       

      (iii)  The
        Commitments
        shall be automatically reduced pro rata on each date on which the prepayment
        of
        Advances is required to be made pursuant to Section 2.10(b)(iii) by an
        amount equal to 75% of the amount of the net cash proceeds received by the
        Borrowers from any issuance of any publicly traded bonds, debentures, or
        similar
        debt securities described in such Section 2.10(b)(iii).

       

      SECTION
        2.06  Repayment
        of
        Advances.

       

      (a)  Revolving
        Credit
        Advances.
        Each Borrower
        shall repay to the Agent for the ratable account of the Lenders on the
        Termination Date the aggregate principal amount of all Revolving Credit Advances
        made to it that are then outstanding.

       

      (b)  Repayment
        of
        Competitive Bid Advances.
        Each Borrower
        shall repay to the Agent, for the account of each Lender that has made a
        Competitive Bid Advance, the aggregate outstanding principal amount of each
        Competitive Bid Advance made to such Borrower and owing to such Lender on
        the
        earlier of (i) the maturity date therefor, in the case of any such
        Competitive Bid Advance that is a Fixed Advance, or the last day of the Interest
        Period therefor, in the case of any such Competitive Bid Advance that is
        a
        Eurocurrency Rate Advance, in each case as specified in the related Notice
        of
        Competitive Bid Borrowing delivered pursuant to Section 2.03(a)(i) and, if
        applicable, provided in the Competitive Bid Note evidencing such Competitive
        Bid
        Advance, and (ii) the Termination Date.

       

      SECTION
        2.07  Interest
        on
        Revolving Credit Advances.

       

      (a)  Scheduled
        Interest.
        Subject to the
        provisions of Section 2.07(c), each Borrower shall pay interest on the
        unpaid principal amount of each Revolving Credit Advance made to it that
        is
        owing to each Lender from the date of such Revolving Credit Advance until
        such
        principal amount shall be paid in full, at the following rates per
        annum:

       

      (i)  Base
        Rate
        Advances.
        During such
        periods as such Revolving Credit Advance is a Base Rate Advance, a rate per
        annum equal at all times to the sum of (x) the Base Rate in effect from
        time to time plus (y) the Applicable Margin in effect from time to time
        plus (z) the Utilization Fee, if any, in effect from time to time, payable
        in arrears on each Interest Payment Date with respect to such Base Rate
        Advance.

       

      (ii)  Eurocurrency
        Rate Advances.
        During such
        periods as such Revolving Credit Advance is a Eurocurrency Rate Advance,
        a rate
        per annum equal at all times during each Interest Period for such Advance
        to the
        sum of (x) the Eurocurrency Rate for such Interest Period for such Advance
        plus (y) the Applicable Margin in effect from time to time plus
        (z) the Utilization Fee, if any, in effect from time to time, payable in
        arrears on each Interest Payment Date with respect to such Eurocurrency Rate
        Advance.

       

      
        
          
          

        

        
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      (b)  Default
        Interest.
        Each Borrower
        shall pay interest on:

       

      (i)  any
        portion of the
        unpaid principal amount of each Revolving Credit Advance made to it that
        is
        owing to each Lender that is not paid when due, from the date such amount
        shall
        be due until such amount shall be paid in full, payable in arrears on the
        date
        such amount shall be paid in full and on demand, at a rate per annum equal
        at
        all times to 2% per annum above the rate per annum required to be paid on
        such
        Revolving Credit Advance pursuant to clause (a)(i) or (a)(ii) above, as the
        case may be; 

       

      (ii)  any
        portion of the
        unpaid principal amount of each Competitive Bid Advance made to such Borrower
        and owing to any Lender, payable in arrears on the date or dates interest
        is
        payable on such Competitive Bid Advance, at a rate per annum equal at all
        times
        to 2% per annum above the rate per annum required to be paid on such Competitive
        Bid Advance in the offer made by such Lender pursuant to
        Section 2.03(a)(ii) and accepted by such Borrower under
        Section 2.03(a)(v), and

       

      (iii)  to
        the fullest
        extent permitted by law, the amount of any interest, fee or other amount
        payable
        hereunder that is not paid when due, from the date such amount shall be due
        until such amount shall be paid in full, payable in arrears on the date such
        amount shall be paid in full and on demand, at a rate per annum equal at
        all
        times to 2% per annum above the rate per annum required to be paid on Base
        Rate
        Advances pursuant to clause (a)(i) above.

       

      (c)  Capitalization
        of Interest.
        Anything
        contained in this Agreement to the contrary notwithstanding, unless the
        appropriate Borrower has notified the Agent in writing on or before 9:00
        A.M.
        (New York City time) on the Business Day immediately preceding any Interest
        Payment Date or date of a prepayment pursuant to Section 2.10(b)(i), that
        it will pay, in cash, the interest applicable to any Revolving Credit Advance,
        including any applicable Utilization Fee, that is due and payable by it on
        such
        Interest Payment Date in accordance with Section 2.07(a) or on such
        prepayment date in accordance with Section 2.10(b)(i), as applicable, the
        Lenders will be deemed to have made Tranche A Advances and/or Tranche B
        Advances, as appropriate, on such Interest Payment Date or prepayment date,
        as
        applicable, in an amount equal to the aggregate amount of interest, including
        any applicable Utilization Fee, that would otherwise be due and payable on
        such
        date, which Revolving Credit Advances shall, unless such Borrower has otherwise
        notified the Agent in writing on or before such Business Day, (i) be of the
        same
        Type and Optional Currency as the Advance (the “Reference
        Advance”)
        in respect of
        which such interest (including any applicable Utilization Fee) shall have
        accrued (in each case after giving effect to any Conversion of the Reference
        Advance on such Interest Payment Date), and (ii) if such Revolving Credit
        Advance is a Eurocurrency Rate Advance, have an initial Interest Period of
        the
        same duration as the Interest Period commencing on such Interest Payment
        Date
        with respect to the Reference Advance. Each Revolving Credit Advance made
        pursuant to this Section 2.07(c) shall be deemed to have been made pursuant
        to the Commitments and shall be subject to the limitations that the aggregate
        outstanding principal amount of the Tranche A Advances may at no time exceed
        the
        amount of the Tranche A Facility then in effect and the aggregate outstanding
        principal amount of the Tranche B Advances may at no time exceed the amount
        of
        the Tranche B Facility then in effect.

       

      SECTION
        2.08  Interest
        Rate
        Determination.

       

      (a)  Each
        Reference Bank
        agrees to furnish to the Agent timely information for the purpose of determining
        each Eurocurrency Rate. If any one or more of the Reference Banks shall not
        furnish such timely information to the Agent for the purpose of determining
        any
        such interest rate, the Agent shall determine such interest rate on the basis
        of
        timely information furnished by the remaining Reference Banks. The Agent
        shall
        give prompt notice to each of the Borrowers and the Lenders of the applicable
        interest rate determined by the Agent for purposes of Section 2.07(a)(i) or
        (ii), and the rate, if any, furnished by each Reference Bank for the purpose
        of
        determining the interest rate under Section 2.07(a)(ii).

       

      
        
          
          

        

        
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      (b)  If,
        with respect to
        any Eurocurrency Rate Advances, the Required Lenders in good faith notify
        the
        Agent that the Eurocurrency Rate for any Interest Period for such Advances
        will
        not adequately reflect the cost to such Required Lenders of making, funding or
        maintaining their respective Eurocurrency Rate Advances for such Interest
        Period, the Agent shall forthwith so notify each of the Borrowers and the
        Lenders, whereupon (i)(A) each Eurocurrency Rate Advance denominated in
        Dollars will automatically Convert into Base Rate Advances, and (B) each
        Eurocurrency Rate Advance denominated in Euros will automatically be exchanged
        for an Equivalent of Dollars and Convert into Base Rate Advances, and
        (ii) the obligation of the Lenders to make, or to Convert Advances into,
        Eurocurrency Rate Advances shall be suspended until the Agent shall notify
        each
        of the Borrowers and the Lenders that the circumstances causing such suspension
        no longer exist.

       

      (c)  If
        any Borrower
        shall fail to select the duration of any Interest Period for any Eurocurrency
        Rate Advances in accordance with the provisions contained in the definition
        of
“Interest
        Period”
in
        Section 1.01, the Agent will forthwith so notify each of the Borrowers and
        the Lenders and such Advances will automatically, on the last day of the
        then
        existing Interest Period therefor, Convert into Eurocurrency Rate Advances
        denominated in the same Optional Currency and having an Interest Period of
        one
        week.

       

      (d)  On
        the date on
        which the aggregate unpaid principal amount of Eurocurrency Rate Advances
        comprising any Borrowing shall be reduced, by payment or prepayment or
        otherwise, to less than $10,000,000, in respect of Advances denominated in
        Dollars, or (euro)10,000,000, in respect of Advances denominated in Euros,
        such
        Advances shall automatically (i) if such Eurocurrency Rate Advances are
        denominated in Dollars, Convert into Base Rate Advances and (ii) if such
        Eurocurrency Rate Advances are denominated in Euros, be exchanged for an
        Equivalent amount of Dollars and Convert into Base Rate Advances.

       

      (e)  Upon
        the occurrence
        and during the continuance of any Event of Default, (i) each Eurocurrency
        Rate Advance will, upon the written request of the Agent (at the request
        of the
        Required Lenders), on the last day of the then existing Interest Period
        therefor, (A) if such Eurocurrency Rate Advance is denominated in Dollars,
        be Converted into a Base Rate Advance and (B) if such Eurocurrency Rate
        Advance is denominated in Euros, be exchanged for an Equivalent amount of
        Dollars and be Converted into a Base Rate Advance and (ii) the obligation
        of the Lenders to make, or to Convert Advances into, Eurocurrency Rate Advances
        shall be suspended.

       

      (f)  If
        either, with
        respect to Eurocurrency Rate Advances denominated in Dollars, the Moneyline
        Telerate Markets Page 3750, or, with respect to Eurocurrency Rate Advances
        denominated in Euros, the Page 248 of the Moneyline Telerate Service, is
        unavailable and, in each such case, fewer than two Reference Banks furnish
        timely information to the Agent for determining the applicable Eurocurrency
        Rate,

       

      (i)  the
        Agent shall
        forthwith notify the applicable Borrower and the Lenders that the interest
        rate
        cannot be determined for such Eurocurrency Rate Advances,

       

      (ii)  each
        such Advance
        will automatically, on the last day of the then existing Interest Period
        therefor, (A) if such Eurocurrency Rate Advance is denominated in Dollars,
        Convert into a Base Rate Advance and (B) if such Eurocurrency Rate Advance
        is denominated in Euros, be prepaid by the applicable Borrower or be
        automatically exchanged for an Equivalent amount of Dollars and be Converted
        into a Base Rate Advance (or if such Advance is then a Base Rate Advance,
        will
        continue as a Base Rate Advance), and

       

      
        
          
          

        

        
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      (iii)  the
        obligation of
        the Lenders to make Eurocurrency Rate Advances or to Convert Advances into
        Eurocurrency Rate Advances shall be suspended until the Agent shall notify
        each
        of the Borrowers and the Lenders that the circumstances causing such suspension
        no longer exist.

       

      SECTION
        2.09  Optional
        Conversion of Advances.

       

      Any
        Borrower may
        subject to the provisions of Sections 2.08 and 2.12, Convert all or any
        portion of Revolving Credit Advances under the same Facility of one Type
        made to
        it and comprising the same Borrowing into Advances of the other Type;
provided,
however,
        that (a) any
        such Conversion of (i) Base Rate Advances into Eurocurrency Advances denominated
        in Dollars or of Eurocurrency Advances of one Interest Period into Eurocurrency
        Advances denominated in Dollars and of another Interested Period shall be
        made
        on notice received no later than 9:00 A.M. (New York City time) on the
        Business Day immediately preceding the date of the proposed Conversion, or
        (ii) in all other cases, shall be made on notice received no later than
        9:00 A.M. (New York City time) on the Business Day of the proposed
        Conversion, (b) in the case of any Conversion of Eurocurrency Rate Advances
        denominated in Dollars into Base Rate Advances other than on the last day
        of an
        Interest Period therefor, the Borrower requesting such Conversion shall be
        obligated to reimburse the Lenders in respect thereof pursuant to
        Section 8.04(c), and (c) any Conversion of Base Rate Advances into
        Eurocurrency Rate Advances shall be in an amount not less than $10,000,000.
        Each
        such notice of a Conversion shall, within the restrictions specified above,
        specify (i) the date of such Conversion, (ii) whether the Advances to be
        Converted are Tranche A Advances or Tranche B Advances, (iii) the Dollar
        denominated Advances to be Converted and (iv) if such Conversion is into
        Eurocurrency Rate Advances, the duration of the initial Interest Period for
        each
        such Advance. Each notice of Conversion shall be irrevocable and binding
        on the
        Borrower giving such notice.

       

      SECTION
        2.10  Prepayments.

       

      (a)  Optional.  Each
        Borrower may, upon at least three Business Days notice to the Agent stating
        the
        proposed date and aggregate principal amount of the prepayment, and if such
        notice is given such Borrower shall, prepay the outstanding principal amount
        of
        the Tranche A Advances or the Tranche B Advances comprising part of the same
        Borrowing in whole or ratably in part, together with accrued interest to
        the
        date of such prepayment on the principal amount prepaid; provided,
however,
        that
        (i) each partial prepayment shall be in an aggregate principal amount of
        $10,000,000, in respect of each prepayment of Revolving Credit Advances
        denominated in Dollars, or (euro)10,000,000, in respect of each prepayment
        of
        Revolving Credit Advances denominated in Euros, and in an integral multiples
        of
        $1,000,000 or (euro)1,000,000, as applicable, in excess thereof, and
        (ii) in the event of any such prepayment of a Eurocurrency Rate Advance,
        such Borrower shall be obligated to reimburse the Lenders in respect thereof
        pursuant to Section 8.04(c). Notwithstanding anything in the previous
        sentence to the contrary, no Borrower may prepay any Competitive Bid Advances
        other than in accordance with Section 2.03(d).

       

      (b)  Mandatory.  (i)  If,
        on
        any date, the Agent notifies the Initial Borrower that, on any Interest Payment
        Date, the sum of (A) the aggregate principal amount of all Advances
        denominated in Dollars plus (B) the Equivalent in Dollars (determined on
        the Business Day immediately preceding such Interest Payment Date) of the
        aggregate principal amount of all Advances denominated in Euros then outstanding
        exceeds 110% of the aggregate Commitments of the Lenders on such date, one
        or
        more of the Borrowers (as determined by the Initial Borrower) shall, as soon
        as
        practicable and in any event within five Business Days after receipt of such
        notice, subject to the proviso to this sentence below, prepay the outstanding
        principal amount of any such Advances (which may be, at the Initial Borrower’s
        election, Tranche A Advances and/or Tranche B Advances) owing by such Borrowers
        in an aggregate amount sufficient to reduce such sum to an amount not to
        exceed
        100% of the aggregate Commitments of the Lenders on such date, together with
        any
        interest accrued to the date of such prepayment on the aggregate principal
        amount of Advances prepaid; provided, however,
        that if the
        aggregate principal amount of Base Rate Advances outstanding at the time
        of such
        required prepayment is less than the amount of such required prepayment,
        the
        portion of such required prepayment in excess of the aggregate principal
        amount
        of Base Rate Advances then outstanding shall be deferred until the earliest
        to
        occur of the last day of the Interest Period of the outstanding Eurocurrency
        Rate Advances in an aggregate amount equal to the excess of such required
        prepayment. The Agent shall give prompt notice of any prepayment required
        under
        this Section 2.10(b)(i) to each of the Borrowers and the Lenders, and shall
        provide prompt notice to each of the Borrowers of any such notice of required
        prepayment received by it from any Lender.

       

      
        
          
          

        

        
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      (ii)  On
        each Business
        Day, each of the Borrowers shall repay (A) the outstanding Tranche A Advances
        by
        an amount equal to the excess of the outstanding principal amount of the
        Tranche
        A Advances over the aggregate Tranche A Commitments after giving effect to
        any
        reduction of the Tranche A Commitments pursuant to Section 2.05 on the
        immediately preceding Business Day and (B) the outstanding Tranche B Advances
        by
        an amount equal to the excess of the outstanding principal amount of the
        Tranche
        B Advances over the aggregate Tranche B Commitments after giving effect to
        any
        reduction of the Tranche B Commitments pursuant to Section 2.05 on the
        immediately preceding Business Day.

       

      (iii)  Each
        Borrower shall
        prepay an aggregate principal amount of the Revolving Credit Advances comprising
        part of the same Borrowings in an amount equal to 75% of the amount of net
        cash
        proceeds received by such Borrower from each issuance in the U.S. or European
        capital markets of publicly traded bonds, debentures, or similar debt securities
        having a maturity in excess of one year.

       

      SECTION
        2.11  Increased
        Costs.

       

      (a)  If,
        due to either
        (i) the introduction of or any change in or in the interpretation of any
        law or regulation enacted or issued after the date of this Agreement or
        (ii) the compliance with any guideline or request from any central bank or
        other governmental authority (whether or not having the force of law) issued
        after the date of this Agreement, there shall be any material increase in
        the
        cost to any Lender of agreeing to make or making, funding or maintaining
        Eurocurrency Rate Advances (excluding for purposes of this Section 2.11 any
        such increased costs resulting from (i) Taxes (as to which
        Section 2.14 shall govern) and (ii) changes in the basis of taxation
        of overall net income or overall gross income by the United States or by
        the
        foreign jurisdiction, state or any political subdivision thereof under the
        laws
        of which such Lender has any present or former connection, then the applicable
        Borrower shall from time to time, within 30 days of written demand by such
        Lender (with a copy of such demand to the Agent), pay to the Agent for the
        account of such Lender additional amounts sufficient to compensate such Lender
        for such increased cost. A certificate as to the amount of such increased
        cost
        in reasonable detail and stating the basis upon which such amount has been
        calculated and certifying that such Lender’s method of allocating such costs is
        fair and reasonable and that such Lender’s demand for payment of such costs
        hereunder is not inconsistent with its treatment of other borrowers which,
        as a
        credit matter, are similarly situated to such Borrower and which are subject
        to
        similar provisions, submitted to such Borrower and the Agent by such Lender,
        shall be conclusive and binding for all purposes, absent error in the
        calculation of such amount.

       

      (b)  If
        any Lender
        reasonably determines that compliance with any law or regulation enacted
        or
        issued after the date of this Agreement, or any guideline or request from
        any
        central bank or other governmental authority (whether or not having the force
        of
        law) issued after the date of this Agreement, affects or would affect the
        amount
        of capital required or expected to be maintained by such Lender or any
        corporation controlling such Lender and that the amount of such capital is
        materially increased by or based upon the existence of such Lender’s commitment
        to lend hereunder and other commitments of this type, then, within 30 days
        of
        written demand by such Lender (with a copy of such demand to the Agent),
        the
        applicable Borrower shall pay to the Agent for the account of such Lender,
        from
        time to time as specified by such Lender, additional amounts sufficient to
        compensate such Lender or such corporation in the light of such circumstances,
        to the extent that such Lender reasonably determines such increase in capital
        to
        be allocable to the existence of such Lender’s commitment to lend hereunder. A
        certificate as to the amount of such increased cost in reasonable detail
        and
        stating the basis upon which such amount has been calculated and certifying
        that
        such Lender’s method of allocating such costs is fair and reasonable and that
        such Lender’s demand for payment of such costs hereunder is not inconsistent
        with its treatment of other borrowers which, as a credit matter, are similarly
        situated to such Borrower and which are subject to similar provisions, submitted
        to such Borrower and the Agent by such Lender, shall be conclusive and binding
        for all purposes, absent error in the calculation of such amount.

       

      
        
          
          

        

        
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      (c)  Before
        making any
        demand under this Section 2.11, each Lender agrees to use reasonable
        efforts (consistent with its internal policy and legal and regulatory
        restrictions) to designate a different Applicable Lending Office if the making
        of such a designation would avoid the need for, or reduce the amount of,
        such
        increased cost and would not, in the reasonable judgment of such Lender,
        be
        otherwise disadvantageous to such Lender.

       

      (d)  If
        any Lender shall
        subsequently recoup any costs (other than from a Borrower) for which such
        Lender
        has theretofore been compensated by a Borrower under this Section 2.11,
        such Lender shall remit to such Borrower an amount equal to the amount of
        such
        recoupment. 

       

      SECTION
        2.12  Illegality.

       

      Notwithstanding
        any
        other provision of this Agreement, if any Lender shall notify the Agent that
        the
        introduction of or any change in or in the interpretation of any law or
        regulation makes it unlawful, or any central bank or other governmental
        authority asserts that it is unlawful, for any Lender or its Eurocurrency
        Lending Office to perform its obligations hereunder to make Eurocurrency
        Rate
        Advances in Dollars or Euros or to fund or maintain Eurocurrency Rate Advances
        in Dollars or Euros hereunder, (a) each Eurocurrency Rate Advance, as the
        case may be, will automatically, upon such demand, (i) if such Eurocurrency
        Rate Advance is denominated in Dollars, Convert into a Base Rate Advance
        and
        (ii) if such Eurocurrency Rate Advance is denominated in Euros, be
        exchanged for an Equivalent amount of Dollars and Convert into a Base Rate
        Advance, and (b) the obligation of the Lenders to make Eurocurrency Rate
        Advances or to Convert Advances into Eurocurrency Rate Advances shall be
        suspended until the Agent shall notify each of the Borrowers and the Lenders
        that the circumstances causing such suspension no longer exist; provided,
however,
        that before
        making any such demand, each Lender agrees to use reasonable efforts (consistent
        with its internal policy and legal and regulatory restrictions) to designate
        a
        different Eurocurrency Lending Office if the making of such a designation
        would
        allow such Lender or its Eurocurrency Lending Office to continue to perform
        its
        obligations to make Eurocurrency Rate Advances or to continue to fund or
        maintain Eurocurrency Rate Advances and would not, in the judgment of such
        Lender, be otherwise disadvantageous to such Lender.

       

      SECTION
        2.13  Payments
        and
        Computations.

       

      (a)  Each
        Borrower shall
        make each payment hereunder and under the Notes, if any, with respect to
        principal of, interest on, and other amounts relating to, Advances denominated
        in Dollars, irrespective of any right of counterclaim or set-off, not later
        than
        11:00 A.M. (New York City time) on the day when due in Dollars to the Agent,
        by
        deposit of such funds to the applicable Agent’s Account in same day funds. Each
        Borrower shall make each payment hereunder and under the Notes, if any,
        irrespective of any right of counterclaim or set-off, with respect to principal
        of, interest on, and other amounts relating to, Advances denominated in Euros,
        not later than 11:00 A.M. (London time) on the day when due in Euros to the
        Agent, by deposit of such funds to the applicable Agent’s Account in same day
        funds. The Agent will promptly thereafter cause to be distributed like funds
        relating to the payment of principal or interest or facility fees ratably
        (other
        than amounts payable pursuant to Section 2.03, 2.11, 2.14 or 8.04(c)) to
        the Lenders for the account of their respective Applicable Lending Offices,
        and
        like funds relating to the payment of any other amount payable to any Lender
        to
        such Lender for the account of its Applicable Lending Office, in each case
        to be
        applied in accordance with the terms of this Agreement. Upon its acceptance
        of
        an Assignment and Acceptance or the effective date of the exercise of the
        call
        rights in Section 2.18 or the put rights in Section 2.19, as the case may
        be,
        and, in any such case, its recording of the information contained therein
        or
        relating thereto in the Register pursuant to Section 8.07(c), from and
        after the effective date specified in such Assignment and Acceptance or the
        applicable notice delivered pursuant to Section 2.18 or Section 2.19, as
        applicable, the Agent shall make all payments hereunder and under the Notes,
        if
        any, in respect of the interest assigned thereby to the Lender assignee
        thereunder, and the parties to such Assignment and Acceptance shall make
        all
        appropriate adjustments in such payments for periods prior to such effective
        date directly between themselves.

       

      
        
          
          

        

        
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      (b)  All
        computations of
        interest based on the Base Rate shall be made by the Agent on the basis of
        a
        year of 365 or 366 days, as the case may be, and all computations of interest
        based on the Eurocurrency Rate or the Federal Funds Rate and of facility
        fees
        shall be made by the Agent or the Sub-Agent, as the case may be, on the basis
        of
        a year of 360 days, in each case for the actual number of days (including
        the
        first day but excluding the last day) occurring in the period for which such
        interest or facility fees are payable. Each determination by the Agent of
        an
        interest rate hereunder shall be conclusive and binding for all purposes,
        absent
        manifest error.

       

      (c)  Whenever
        any
        payment hereunder or under the Notes, if any, shall be stated to be due on
        a day
        other than a Business Day, such payment shall be made on the next succeeding
        Business Day, and such extension of time shall in such case be included in
        the
        computation of payment of interest or facility fee, as the case may be;
provided,
however,
        that, if such
        extension would cause payment of interest on or principal of Eurocurrency
        Rate
        Advances to be made in the next following calendar month, such payment shall
        be
        made on the next preceding Business Day.

       

      (d)  Unless
        the Agent or
        the Sub-Agent, as the case may be, shall have received notice from the
        appropriate Borrower prior to the date on which any payment is due to the
        Lenders hereunder that such Borrower will not make such payment in full,
        the
        Agent or the Sub-Agent, as the case may be, may assume that such Borrower
        has
        made such payment in full to the Agent or to the Sub-Agent, as the case may
        be,
        on such date, and the Agent or the Sub-Agent, as the case may be, may, in
        reliance upon such assumption, cause to be distributed to each Lender on
        such
        due date an amount equal to the amount then due such Lender. If and to the
        extent such Borrower shall not have so made such payment in full to the Agent
        or
        to the Sub-Agent, as the case may be, each Lender shall repay to the Agent
        or to
        the Sub-Agent, as the case may be, forthwith on demand such amount distributed
        to such Lender together with interest thereon, for each day from the date
        such
        amount is distributed to such Lender until the date such Lender repays such
        amount to the Agent or to the Sub-Agent, as the case may be, at (i) the
        Federal Funds Rate, in the case of Advances denominated in Dollars, or
        (ii) the cost of funds incurred by the Sub-Agent, in respect of such amount
        in the case of Advances denominated in Euros.

       

      
        
          
          

        

        
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      SECTION
        2.14  Taxes.

       

      (a)  Each
        Borrower shall
        only be required to pay or reimburse any Lender or the Agent for present
        or
        future taxes, levies, imposts, deductions, charges or withholdings arising
        from
        or in connection with any payments made by any Borrower under this Agreement
        or
        any of the other Loan Documents, or any liabilities with respect to the
        foregoing (collectively, “Taxes”),
        other than
        Excluded Taxes. If any Borrower shall be required by law to deduct any Taxes
        from or in respect of any sum payable hereunder or under any of the other
        Loan
        Documents to any Lender or the Agent, (i) such Borrower shall make such
        deductions in respect of Taxes, (ii) such Borrower shall pay the full
        amount deducted in respect of Taxes to the relevant taxation authority or
        other
        governmental or regulatory authority in accordance with applicable law, and
        (iii) to the extent, there is an increase in any Taxes (other than Excluded
        Taxes) imposed on such Lender or the Agent as a result of this Agreement
        or any
        of the other Loan Documents (such increased amount being the “Non-Excluded
        Taxes”
of
        such Lender or
        the Agent), the sum payable by such Borrower shall be increased as may be
        necessary so that after making all required deductions of Non-Excluded Taxes
        such Lender or the Agent (as the case may be) receives an amount equal to
        the
        sum it would have received had no such deductions been made in respect of
        Non-Excluded Taxes. Within 30 days after the date of any payment of Non-Excluded
        Taxes by any Borrower, such Borrower shall furnish to the Agent, at its address
        referred to in Section 8.02, the original or a copy of a receipt evidencing
        such payment. For purposes of this section 2.14, the term “Change in Law” shall
        mean the adoption of any law, rule, regulation, court decision or precedential
        administrative guidance after the date of this Agreement. 

       

      (b)  Each
        of the
        Borrowers shall indemnify each Lender and the Agent for, and hold each of
        them
        harmless against, the full amount of Non-Excluded Taxes paid by such Lender
        or
        the Agent, as the case may be. This indemnification shall be made within
        90 days
        from the date on which such Lender or the Agent, as the case may be, makes
        written demand therefor and provides adequate documentary evidence of payment
        thereof.

       

      (c)  Each
        Lender and the
        Agent shall deliver or cause to be delivered to any requesting Borrower required
        to withhold under section 1441 or 1442 or comply with any information reporting
        or backup withholding requirements of the U.S. Internal Revenue Code of 1986,
        as
        amended, or the regulations thereunder, the following properly completed
        and
        duly executed documents: 

       

      (i)  if
        such Lender or
        the Agent is not a United States Person, a complete and executed (A) U.S.
        Internal Revenue Form W-8BEN with Part II completed in which Lender claims
        and
        validly establishes the benefits of a tax treaty with the United States
        providing for a zero or reduced rate of withholding (or any successor forms
        thereto), including all appropriate attachments or (B) a U.S. Internal
        Revenue Service Form W-8ECI (or any successor forms thereto);

       

      (ii)  if
        such Lender or
        the Agent is a natural person, a complete and executed (A) U.S. Internal
        Revenue Service Form W-8BEN (or any successor forms thereto) and a certificate,
        in substantially the form of Exhibit
        E
        hereto (a “Section
        2.14
        Certificate”),
        or
        (B) U.S. Internal Revenue Service Form W-9 (or any successor forms
        thereto);

       

      (iii)  if
        such Lender or
        the Agent is organized under the laws of the United States, any State thereof,
        or the District of Columbia, (A) a complete and executed U.S. Internal
        Revenue Service Form W-9 (or any successor forms thereto), including all
        appropriate attachments or (B) if such Person is disregarded for federal
        income tax purposes, the documents that would be required under clause (i),
        (ii), this clause (iii), (iv), (v) or (vi) of this Section 2.14(c) with respect
        to its beneficial owner as if such beneficial owner were a Lender;

       

      
        
          
          

        

        
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      (iv)  if
        such Lender or
        the Agent (A) is not organized under the laws of the United States, any
        State thereof, or the District of Columbia and (B) is treated as a
        corporation for U.S. federal income tax purposes, a complete and executed
        U.S.
        Internal Revenue Service Form W-8BEN establishing a zero rate of withholding
        (or
        any successor forms thereto) and a Section 2.14 Certificate;

       

      (v)  if
        such Lender or
        the Agent (A) is treated as a partnership or other non-corporate entity,
        and (B) is not organized under the laws of the United States, any State
        thereof, or the District of Columbia, (1) a complete and executed U.S.
        Internal Revenue Service Form W-8IMY (or any successor forms thereto) (including
        all required documents and attachments) and (2) a Section 2.14 Certificate,
        and, without duplication, with respect to each of its beneficial owners and
        the
        beneficial owners of such beneficial owners looking through chains of owners
        to
        individuals or entities that are treated as corporations for U.S. federal
        income
        tax purposes (all such owners, “beneficial
        owners”),
        the documents
        that would be required by clause (i), (ii), (iii), (iv), this clause (v)
        and/or
        clause (vi) of this Section 2.14(c) with respect to each such beneficial
        owner if such beneficial owner were Lender, provided,
however,
        that no such
        documents will be required with respect to a beneficial owner to the extent
        the
        actual Lender or the Agent is determined to be in compliance with the
        requirements for certification on behalf of its beneficial owner as may be
        provided in applicable U.S. Treasury Regulations, or the requirements of
        this
        clause (v) of Section 2.14(c) are otherwise determined to be
        unnecessary (all such determinations under this clause (v) of
        Section 2.14(c) to be made in the sole discretion of the Initial Borrower);
        or

       

      (vi)  
        (A) if such Lender
        or the Agent is disregarded for U.S. federal income tax purposes, such Person
        shall deliver the document that would be required by this clause (vi), or
        by clause (i), (ii), (iii), (iv), or (v) of Section 2.14(c) with respect to
        its sole owner if such sole owner were such Lender or the Agent, or (B) if
        such
        Lender or the Agent is not a United States person and is acting in the capacity
        as an “intermediary” (as defined in U.S. Treasury Regulations), (1) a
        complete and executed U.S. Internal Revenue Service Form W-8IMY (or any
        successor form thereto) (including all required documents and attachments),
        and
        (2) if such intermediary is a “non-qualified intermediary” (as defined in U.S.
        Treasury Regulations), from each person upon whose behalf the “non-qualified
        intermediary” is acting, the documents that would be required by clause (i),
        (ii), (iii), (iv), (v) or this clause (vi) of Section 2.14(c) with respect
        to each such Person if each such Person were Lender.

       

      In
        addition, each
        Lender or the Agent, shall provide any requesting Borrower with such other
        forms, certificates and documentation that such Lender or the Agent is legally
        entitled to furnish as may be necessary or appropriate to obtain any reduction
        of or exemption from any withholding or other Tax imposed by any governmental
        authority on payments made by such Borrower under any Loan
        Document.

       

      Each
        Lender and the
        Agent shall provide the appropriate forms, certificates and other documentation
        described in this Section 2.14(c) (x) prior to becoming a party to this
        Agreement; (y) upon a Change in Law or circumstances requiring or making
        appropriate a new or additional form, certificate or documentation; and
        (z) whenever reasonably requested by any of the Borrowers or the Agent. If
        the forms referred to above in this Section 2.14(c) that are provided by a
        Lender at the time such Lender becomes a party to this Agreement indicate
        a
        withholding tax rate in excess of zero on payments under this Agreement to
        be
        received by such Lender from a Borrower organized in a Covered Jurisdiction,
        such withholding tax at such rate shall be treated as Excluded Taxes unless
        and
        until such Lender provides all such forms, duly completed and delivered,
        establishing that a lesser rate applies, whereupon such withholding tax at
        such
        lesser rate shall be considered Excluded Taxes solely for the periods governed
        by such form. If the forms referred to above in this Section 2.14(c) that
        are
        provided by a Lender at the time such Lender becomes a party to this Agreement
        indicate a withholding tax rate in excess of zero on payments under this
        Agreement to be received by such Lender from a Borrower that is not organized
        in
        a Covered Jurisdiction, such withholding tax at such rate shall be treated
        as
        Non-Excluded Taxes solely for the periods governed by such form. If,
        however, on the
        date a Lender assigns all or a portion of its commitments under this Agreement
        to an Affiliate thereof, such Lender assignor was entitled to additional
        amounts
        under Section 2.14(a), then the
        related Lender
        assignee shall be entitled to additional amounts solely to the extent that
        amounts payable to such Lender assignee are themselves subject to a withholding
        tax imposed as a direct result of a Change in Law occurring after the date
        on
        which the Lender assignor became a party to this Agreement. Any additional
        Taxes
        imposed on any Lender as a direct result of a change in the Applicable Lending
        Office of such Lender shall be treated as Excluded Taxes except to the extent
        that (I) any such additional Non-Excluded Taxes are imposed as a result of
        a Change in Law occurring after the date of change of its Applicable Lending
        Office, or (II) such change is made at the request of the Initial Borrower
        in which case the additional Non-Excluded Taxes shall be treated as Non-Excluded
        Taxes imposed by reason of a Change in Law and indemnified pursuant to
        subsection (a) above. 

       

      
        
          
          

        

        
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      (d)  For
        any period with
        respect to which any Lender or the Agent has failed to provide the Initial
        Borrower with the duly completed forms, certificates or other documents
        described in Section 2.14(c) or any successor thereto (other than if such
        failure is due to such Lender or the Agent, as the case may be, not being
        legally entitled to provide any such form, certificate or other document
        or if
        it is legally inadvisable for such Lender or the Agent, as the case may be,
        to
        deliver such form, certificate or other document), such Lender or the Agent
        shall not be entitled to the payment of any additional amounts pursuant to
        Section 2.14(a) or to indemnification under Section 2.14(b) with
        respect to Non-Excluded Taxes by reason of such failure, and such Taxes shall
        be
        considered Excluded Taxes; provided,
however,
        that should any
        Lender or the Agent become subject to Non-Excluded Taxes because of its failure
        to deliver a form required hereunder, the appropriate Borrower shall, at
        the
        Agent’s or such Lender’s sole expense, take such steps (consistent with legal
        and regulatory restrictions) as such Lender or the Agent shall reasonably
        request to assist such Person in recovering such Non-Excluded Taxes from
        the
        proper governmental or regulatory authority. However, none of the Borrowers
        will
        be required to take any action that would be inadvisable or overly
        burdensome.

       

      (e)  Each
        Lender and the
        Agent hereby agrees that, upon the occurrence of any circumstances entitling
        such Person to any additional amounts under Section 2.14(a) or to
        indemnification under Section 2.14(b), such Lender or the Agent shall use
        its best efforts (consistent with its internal policy and legal and regulatory
        restrictions), at its own expense, to designate a different Applicable Lending
        Office if the making of such a change would avoid the need for, or reduce
        the
        amount of, any such additional amounts or indemnification that may thereafter
        accrue.

       

      (f)  If
        any Lender or
        the Agent entitled to additional compensation under any of the foregoing
        provisions of this Section 2.14 shall fail to designate a different
        Applicable Lending Office that avoids the need for additional compensation
        as
        provided in Section 2.14, then the Initial Borrower may cause such Lender
        or the Agent to (and, if the Initial Borrower so demands, such Lender or
        the
        Agent shall) assign all of its rights and obligations under this Agreement
        to
        one or more other Persons identified by any Borrower in accordance with the
        terms of Section 8.07(a).

       

      (g)  If
        any Lender or
        the Agent determines that it has received a refund of or credit against any
        Taxes as to which it has been indemnified by any Borrower or with respect
        to
        which any Borrower has paid additional amounts pursuant to this Section 2.14,
        it shall pay over
        such refund or credit to Borrower (but only to the extent of amounts paid
        by
        such Borrower under this Section
        2.14),
        net of all out-of-pocket expenses of such Lender or the Agent and without
        interest (other than any interest paid by the relevant governmental or
        regulatory authority with respect to such refund or credit); provided,
however,
        that such
        Borrower, upon the request of such Lender or the Agent, agrees to repay the
        amount paid over to such Borrower to such Lender or the Agent in the event
        such
        Lender or the Agent is required to repay such refund to such governmental
        authority or such credit is subsequently denied. Nothing in this Section
        2.14(g)
        shall be deemed to require the Agent or any Lender to provide copies of tax
        returns or other confidential tax information.

       

      
        
          
          

        

        
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      (i)  Each
        Lender and the
        Agent shall take all actions reasonably requested by any Borrower to assist
        such
        Borrower, at the sole expense of such Borrower, to recover from the relevant
        taxation authority or other governmental authority any Taxes in respect of
        which
        amounts were paid by such Borrower pursuant to Section 2.14(a) or
        Section 2.14(b).

       

      SECTION
        2.15  Sharing
        of
        Payments, Etc.

       

      If
        any Lender shall
        obtain any payment (whether voluntary, involuntary, through the exercise
        of any
        right of set-off, or otherwise) on account of the Revolving Credit Advances
        owing to it (other than pursuant to Section 2.11, 2.14 or 8.04(c)) in
        excess of its ratable share of payments on account of the Revolving Credit
        Advances obtained by all the Lenders, such Lender shall forthwith purchase
        from
        the other Lenders such participations in the Revolving Credit Advances owing
        to
        them as shall be necessary to cause such purchasing Lender to share the excess
        payment ratably with each of them; provided,
however,
        that if all or
        any portion of such excess payment is thereafter recovered from such purchasing
        Lender, such purchase from each Lender shall be rescinded and such Lender
        shall
        repay to the purchasing Lender the purchase price to the extent of such recovery
        together with an amount equal to such Lender’s ratable share (according to the
        proportion of (i) the amount of such Lender’s required repayment to
        (ii) the total amount so recovered from the purchasing Lender) of any
        interest or other amount paid or payable by the purchasing Lender in respect
        of
        the total amount so recovered. Each of the Borrowers agrees that any Lender
        so
        purchasing a participation from another Lender pursuant to this
        Section 2.15 may, to the fullest extent permitted by law, exercise all its
        rights of payment (including the right of set-off) with respect to such
        participation as fully as if such Lender were the direct creditor of such
        Borrower in the amount of such participation.

       

      SECTION
        2.16  Use
        of
        Proceeds.

       

      The
        proceeds of the
        Advances shall be available (and each Borrower agrees that it shall use such
        proceeds) for general corporate purposes of each Borrower and its Subsidiaries,
        including to finance acquisitions, providing backup liquidity to support
        the
        issuance of commercial paper and the consummation of the
        Transaction.

       

      SECTION
        2.17  Evidence
        of
        Debt.

       

      (a)  Each
        Lender shall
        maintain in accordance with its usual practice an account or accounts evidencing
        the indebtedness of each Borrower to such Lender resulting from each Advance
        owing to such Lender from time to time, including the amounts of principal
        and
        interest payable and paid to such Lender from time to time on account thereof.
        Each Borrower agrees that upon notice by any Lender to such Borrower (with
        a
        copy of such notice to the Agent) to the effect that a promissory note or
        other
        evidence of indebtedness is required or appropriate in order for such Lender
        to
        evidence (whether for purposes of pledge, enforcement or otherwise) the
        Revolving Credit Advances owing to, or to be made by, such Lender, such Borrower
        shall promptly execute and deliver to such Lender promissory notes of such
        Borrower payable to the order of such Lender, in substantially the forms
        of
Exhibit F-1
        hereto (a
“Tranche
        A
        Note”)
        and of
Exhibit F-2
        hereto (a
“Tranche
        B
        Note”),
        in a principal
        amount equal to the respective Tranche A Commitment and Tranche B Commitment,
        respectively, of such Lender.

       

      
        
          
          

        

        
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      (b)  The
        Register
        maintained by the Agent pursuant to Section 8.07(d) shall include a control
        account, and a subsidiary account for each Lender, in which accounts (taken
        together) shall be recorded (i) the date and amount of each Borrowing made
        hereunder, the Type of Advances comprising such Borrowing, whether such Advances
        are Tranche A Advances or Tranche B Advances and, if appropriate, the Interest
        Period applicable thereto, (ii) the terms of each Assignment and Acceptance
        delivered to and accepted by it, (iii) the amount of any principal or
        interest due and payable or to become due and payable from each Borrower
        to each
        Lender hereunder and (iv) the amount of any sum received by the Agent from
        such Borrower hereunder and each Lender’s share thereof.

       

      (c)  Entries
        made in
        good faith by the Agent in the Register pursuant to subsection (b) above,
        and by each Lender in its account or accounts pursuant to subsection (a)
        above, shall be prima facie evidence of the amount of principal and interest
        due
        and payable or to become due and payable from each Borrower to, in the case
        of
        the Register, each Lender and, in the case of such account or accounts, such
        Lender, under this Agreement, absent manifest error; provided,
however,
        that the failure
        of the Agent or such Lender to make an entry, or any finding that an entry
        is
        incorrect, in the Register or such account or accounts shall not limit or
        otherwise affect the obligations of any Borrower under this
        Agreement.

       

      SECTION
        2.18  Call
        Right of
        Affiliates.

       

      Any
        Affiliate of a
        Borrower may, upon at least one Business Day’s notice to the Agent stating the
        proposed date and aggregate principal amount of the purchase, and, if such
        notice is given such Affiliate shall, purchase from the Lenders at par the
        outstanding principal amount of Tranche A Advances or Tranche B Advances
        comprising part of the same Borrowings in whole or in part, and assume from
        the
        Lenders Tranche A Commitments or Tranche B Commitments, as the case may be,
        in
        an amount at least equal to the principal amount of the Advances so purchased;
        provided
        that the Initial
        Borrower, in its sole discretion, may elect to effect such purchase on a
        non-ratable basis with respect to the Advances and Commitments under the
        applicable Facility held by one or more Lenders that are Affiliates of a
        Borrower (it being understood that such purchase shall be on a ratable basis
        as
        to all other Lenders). After giving effect to each such purchase, the purchasing
        Affiliate shall be treated as a Lender to the extent of the rights and
        obligations so purchased, except as otherwise expressly set forth herein.
        Each
        purchase made pursuant to this Section 2.18 shall also be subject to
        Section 8.07(a).

       

      SECTION
        2.19  Put
        Right of
        Affiliates.

       

      Any
        Lender that is
        an Affiliate of a Borrower shall be entitled, upon at least two Business
        Day's
        notice to the Agent, to sell and assign to the other Lenders, and each of
        the
        Lenders irrevocably agrees to purchase, at par all or a portion of the
        outstanding Tranche A Advances or Tranche B Advances owing to such Affiliate
        of
        the Borrower, and to assign to the other Lenders Tranche A Commitments or
        Tranche B Commitments, as the case may be, in an amount at least equal to
        the
        principal amount of the Advances so sold and assigned; provided
        that each such
        sale and assignment shall be made to the other Lenders (based on their respect
        Commitments under the applicable Facility); provided,
        further,
        that the Initial
        Borrower, in its sole discretion, may elect to effect such sale and assignment
        on a non-ratable basis with respect to the Advances and Commitments under
        the
        applicable Facility held by one or more Lenders that are Affiliates of a
        Borrower (it being understood that such sale and assignment shall be on a
        ratable basis as to all other Lenders). Any notice delivered by a Lender
        that is
        an Affiliate of a Borrower pursuant to this Section 2.19 shall specify (i)
        the
        effective date of such sale and assignment and (ii) the amount of Revolving
        Credit Advances under each Facility subject each such sale and assignment.
        After
        giving effect to each such sale and assignment, the selling Affiliate shall
        cease to be a Lender to the extent of the right and obligations so sold and
        assigned. On or promptly following the effective date of any sale and assignment
        pursuant to this Section 2.19, the Agent shall notify the Lenders of the
        effective date thereof and shall distribute a revised Schedule II hereto
        reflecting each such sale and assignment.

       

      
        
          
          

        

        
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      ARTICLE
        III

       

      CONDITIONS
        TO
        EFFECTIVENESS AND LENDING

       

      SECTION
        3.01  Conditions
        Precedent to Initial Borrowing.

       

      The
        initial
        Borrowing of Advances under this Agreement shall be made on and as of the
        first
        date (the “Closing
        Date”)
        on which the
        following conditions precedent have been satisfied:

       

      (a)  All
        amounts owing
        by the Initial Borrower under the Existing Credit Agreement shall have been,
        or
        concurrently with the initial Borrowing hereunder shall be, paid in full,
        and
        all commitments of the lenders thereunder shall have been, or concurrently
        with
        the initial Borrowing hereunder shall be, terminated in accordance with the
        terms of the Existing Credit Agreement.

       

      (b)  The
        Initial
        Borrower shall have paid all accrued fees and expenses of the Agent (including
        reasonable fees and expenses of counsel to the Agent).

       

      (c)  On
        the Closing
        Date, the following statements shall be true and the Agent shall have received
        for the account of each Lender a certificate signed by a duly authorized
        representative of the Initial Borrower, dated the Closing Date, stating
        that:

       

      (i)  The
        representations
        and warranties contained in Section 4.01 are correct in all material
        respects on and as of the Closing Date, and

       

      (ii)  No
        event has
        occurred and is continuing that constitutes a Default.

       

      (d)  The
        Agent shall
        have received on or before the Closing Date the following, each dated such
        date,
        in form and substance satisfactory to the Agent and in sufficient copies
        for
        each Lender:

       

       

      (i)  Certified
        copies of
        each of the charter or other organizational documents of the Initial Borrower
        and of resolutions of the Initial Borrower approving this Agreement and of
        all
        documents evidencing other necessary corporate action and governmental
        approvals, if any, with respect to this Agreement, together with an English
        translation of each of the foregoing documents that are not otherwise being
        provided in English.

       

      (ii)  A
        certificate of an
        authorized representative of the Initial Borrower certifying the names and
        true
        signatures of the other authorized representatives of the Initial Borrower
        authorized to sign this Agreement and the other documents to be delivered
        hereunder.

       

      (iii)  The
        Pledge
        Agreement and the Registration Rights Agreement, in each case duly executed
        and
        delivered by the Initial Borrower, together with (A) proper financing
        statements under the Uniform Commercial Code and similar requirements of
        law
        that are necessary to perfect and protect the Mortgage created or purported
        to
        be created under the Pledge Agreement, covering all collateral described
        therein, and (B) proper termination statements under the Uniform Commercial
        Code and similar requirements of law that are necessary to terminate or amend
        existing liens on all collateral described therein granted in favor of the
        Existing Agent under the terms of the Existing Pledge Agreement, in each
        case,
        in appropriate form for filing or recording.

       

      (iv)  Favorable
        written
        opinions of counsel for the Initial Borrower, in the form of
        (A) Exhibit
        C-1
        hereto from
        Luxembourg counsel to the Initial Borrower, (B) Exhibit
        C-2
        hereto from the
        Initial Borrower’s special counsel, and (C) Exhibit
        C-3
        hereto from
        Cadwalader, Wickersham & Taft LLP, special counsel to the Initial
        Borrower.

       

      
        
          
          

        

        
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      (v)  A
        favorable opinion
        of Shearman & Sterling LLP, counsel for the Agent, in form and substance
        satisfactory to the Agent.

       

      SECTION
        3.02  Conditions
        Precedent to Each Borrowing.

       

      The
        obligation of
        each Lender to make any Advance on the occasion of each Borrowing (other
        than
        any deemed Revolving Credit Borrowing pursuant to Section 2.04(b) or
        Section 2.07(c)) shall be subject to the conditions precedent
        that:

       

      (a)  on
        the date of such
        Borrowing the following statements shall be true (and each of the giving
        of the
        applicable Notice of Revolving Credit Borrowing or Notice of Competitive
        Bid
        Borrowing, as applicable, and the acceptance by any Borrower of the proceeds
        of
        such Borrowing shall constitute a representation and warranty by the applicable
        Borrower that on the date of such Borrowing such statements are
        true):

       

      (i)  the
        representations
        and warranties contained in Section 4.01 (except the representations set
        forth in the last sentence of subsection (e) thereof and in
        subsection (f) thereof) are correct in all material respects on and as of
        the date of such Borrowing, before and after giving effect to such Borrowing
        and
        to the application of the proceeds therefrom, as though made on and as of
        such
        date; and

       

      (ii)  no
        event has
        occurred and is continuing, or would result from such Borrowing or from the
        application of the proceeds therefrom, that constitutes a Default;
        and

       

      (b)  the
        Agent shall
        have received such other approvals, opinions or documents as the Required
        Lenders through the Agent may reasonable request.

       

      SECTION
        3.03  Determinations
        Under Section 3.01.

       

      For
        purposes of
        determining compliance with the conditions specified in Section 3.01, each
        Lender shall be deemed to have consented to, approved or accepted or to be
        satisfied with each document or other matter required thereunder to be consented
        to or approved by or acceptable or satisfactory to the Lenders unless an
        officer
        of the Agent responsible for the transactions contemplated by this Agreement
        shall have received notice from such Lender prior to the date that the Initial
        Borrower, by notice to the Lenders, designates as the proposed Closing Date,
        specifying its objection thereto.

       

      ARTICLE
        IV

       

      REPRESENTATIONS
        AND
        WARRANTIES

       

      SECTION
        4.01  Representations
        and Warranties of the Borrowers.

       

      Each
        of the
        Borrowers represents and warrants as to itself as follows:

       

      (a)  Such
        Borrower and
        its Guarantor, if any, is a corporation, general partnership or limited
        liability company duly organized, validly existing and in good standing under
        the laws of the jurisdiction of its incorporation or formation and is duly
        qualified and in good standing in each jurisdiction wherein the failure to
        so
        qualify would have a material adverse effect on the financial condition or
        results of operations of such Borrower and its Subsidiaries, taken as a whole.
        Each of the Subsidiaries of such Borrower and its Guarantor, if any, is duly
        organized and validly existing under the laws of its jurisdiction of
        incorporation or formation.

       

      
        
          
          

        

        
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      (b)  The
        execution,
        delivery and performance by such Borrower and its Guarantor, if any, of each
        Loan Document to which it is a party delivered hereunder, and the consummation
        of the transactions contemplated hereby, are within their respective corporate
        or other similar organization powers, have been duly authorized by all necessary
        corporate or other similar organization action, and do not contravene
        (i) their respective charter, by-laws or other organizational documents or
        (ii) law or any material contractual restriction binding on or affecting
        such Borrower or such Guarantor, as the case may be.

       

      (c)  No
        authorization or
        approval or other action by, and no notice to or filing with, any governmental
        authority or regulatory body or any other third party is required for the
        due
        execution, delivery and performance by such Borrower and its Guarantor, if
        any,
        of this Agreement or any other Loan Document to which it is a party, except
        for
        any such authorizations, approvals, actions, notices or filings as have already
        been made or obtained and are in full force and effect.

       

      (d)  This
        Agreement has
        been, and each other Loan Document when delivered hereunder will have been,
        duly
        executed and delivered by such Borrower and its Guarantor, if any, party
        thereto. This Agreement is, and each other Loan Document to which it is a
        party
        when delivered hereunder will be, the legal, valid and binding obligation
        of
        such Borrower and its Guarantor, if any, enforceable against it in accordance
        with their respective terms.

       

      (e)  Except
        for the
        Transaction or as disclosed in writing to the Agent prior to the Closing
        Date,
        since December 31, 2004, there has been no Material Adverse
        Change.

       

      (f)  There
        is no pending
        or overtly threatened action, suit, investigation, litigation or proceeding
        affecting such Borrower, any of its Subsidiaries or its Guarantor, if any,
        before any court, governmental agency or arbitrator that could reasonably
        be
        expected to adversely affect the legality, validity or enforceability of
        any
        Loan Document, or the consummation of the transactions contemplated
        hereby.

       

      (g)  Such
        Borrower is
        not engaged in the business of extending credit for the purpose of purchasing
        or
        carrying margin stock (within the meaning of Regulation U issued by the Board
        of
        Governors of the Federal Reserve System).

       

      (h)  Following
        application of the proceeds of each Advance, not more than 25% of the value
        of
        the assets (either of the Borrowers only or of the Borrowers and their
        Subsidiaries, taken as a whole) subject to the provisions of Section 5.02(a)
        will be margin stock (within the meaning of Regulation U issued by the Board
        of
        Governors of the Federal Reserve System).

       

      (i)  All
        written
        information (other than financial information, projections, estimates and
        other
        forward looking statements) heretofore furnished by such Borrower and its
        Guarantor, if any, to the Lenders for purposes of or in connection with this
        Agreement or any transaction contemplated hereby, taken as a whole, in each
        case
        as such written information may be amended, modified or supplemented by it
        from
        time to time, is correct in all material respects and does not omit to state
        any
        material fact or any fact necessary to make the statements contained therein
        not
        materially misleading in light of the circumstances under which such statements
        were made.

       

      
        
          
          

        

        
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      (j)  Such
        Borrower is
        not an “investment company”, or a company “controlled” by an “investment
        company”, within the meaning of the Investment Company Act of 1940, as
        amended.

       

      (k)  All
        of the Advances
        and other obligations owing by such Borrower to the Agent and the other Lenders
        and under the Credit Agreement and the Notes, if any, rank pari
        passu
or
        senior to all of
        its other senior unsecured indebtedness for money borrowed.

       

      ARTICLE
        V

       

      COVENANTS
        OF THE
        BORROWERS

       

      SECTION
        5.01  Affirmative
        Covenants.

       

      So
        long as any
        Advance shall remain unpaid or any Lender shall have any Commitment hereunder,
        the Initial Borrower will, in the case of clause (d) of this Section 5.01,
        and
        each of the Borrowers will, in all other cases under this Section:

       

      (a)  Compliance
        with
        Laws, Etc.
        Comply, and cause
        each of its Subsidiaries and its Guarantors, if any, to comply, in all material
        respects, with all applicable laws, rules, regulations and orders, except
        where
        the failure to so comply would not have a Material Adverse Effect.

       

      (b)  Payment
        of
        Taxes, Etc.
        Pay and discharge,
        and cause each of its Subsidiaries and its Guarantor, if any, to pay and
        discharge, before the same shall become delinquent, (i) all material taxes,
        assessments and governmental charges or levies imposed upon it or upon its
        property and (ii) all material lawful claims that, if unpaid, might by law
        become a Mortgage upon its property; provided,
however,
        that none of the
        Borrowers, the Subsidiaries of a Borrower or the Guarantors shall be required
        to
        pay or discharge any such tax, assessment, charge, levy or claim that is
        being
        contested in good faith and by proper proceedings and as to which appropriate
        reserves are being maintained, unless and until any Mortgage resulting therefrom
        attaches to its property and enforcement, collection, execution, levy or
        foreclosure proceedings shall have been commenced with respect
        thereto.

       

      (c)  Preservation
        of
        Corporate Existence, Etc.
        Preserve and
        maintain, and cause each of its Subsidiaries and its Guarantor, if any, to
        preserve and maintain, its existence as a corporation, general partnership
        or
        limited liability company, as applicable, its rights (charter and statutory)
        and
        franchises; provided,
however,
        that
        (i) each of the Borrowers, each of their respective Subsidiaries and each
        of the Guarantors may consummate any merger, consolidation or transfer, sale
        or
        lease of its assets as an entirety to any Person not prohibited under
        Section 5.02(b), (ii) each of the Borrowers, each of their respective
        Subsidiaries and each of the Guarantors may wind up, liquidate or dissolve
        any
        inactive or immaterial Subsidiary of such Person, (iii) none of the
        Borrowers, the Subsidiaries of a Borrower or the Guarantors shall be required
        to
        preserve any right or franchise if the Board of Directors of such Borrower,
        such
        Subsidiary or such Guarantor shall determine that the preservation thereof
        is no
        longer desirable in the conduct of its business, and that the loss thereof
        is
        not disadvantageous in any material respect to the Loan Parties and their
        Subsidiaries, taken as a whole, or the Lenders, and (iv) each of the
        Borrowers, each of their respective Subsidiaries and each of the Guarantors
        may
        reincorporate or otherwise change its legal form so long as (A) the
        applicable Borrower provides written notice thereof to the Agent reasonably
        promptly following such reincorporation or change (together with certified
        copies of each amended charter or other organizational document), and
        (B) such reincorporation or change would not result in a Material Adverse
        Effect.

       

      
        
          
          

        

        
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      (d)  Reporting
        Requirements.
        Deliver to the
        Agent (for distribution by the Agent to the Lenders):

       

      (i)  within
        the time
        periods specified in the rules and regulations of the Securities and Exchange
        Commission, but only for so long as the Company is subject to the periodic
        reporting requirements of the Securities Exchange Act of 1934, as amended,
        a
        Quarterly Report on Form 10-Q for each of the first three fiscal quarters
        of
        each fiscal year of the Company and an Annual Report on Form 10-K for each
        fiscal year of the Company;

       

      (ii)  as
        soon as possible
        and in any event within five days after the occurrence of each Default or
        Event
        of Default continuing on the date of such statement, a statement of any Loan
        Party setting forth details of such Default or Event of Default and the action
        that one or more of the Loan Parties and their Subsidiaries has taken and
        propose to take with respect thereto;

       

      (iii)  promptly
        after the
        sending or filing thereof, copies of all reports that any Borrower sends
        to any
        of its security holders, and copies of all reports and registration statements
        that such Borrower or any of its Subsidiaries files with the Securities and
        Exchange Commission or any national securities exchange;

       

      (iv)  promptly
        after the
        commencement thereof, notice of all actions and proceedings before any court,
        governmental agency or arbitrator affecting any of the Borrowers or any of
        their
        Subsidiaries of the type described in Section 4.01(f); and

       

      (v)  such
        other
        information respecting any of the Loan Parties or any of their Subsidiaries
        as
        the Required Lenders through the Agent may from time to time reasonably
        request;

       

      provided,
however,
        that in the case
        of clauses (i) and (iii) of this subsection (d), each Borrower may
        comply with its obligations thereunder by posting the relevant documents
        to its
        website, to any of the other Borrowers’ websites, to www.sec.gov,
        or to such other
        website as notified to the Agent and the Lenders in lieu of delivering hard
        copies thereof to the Lenders.

       

      SECTION
        5.02  Negative
        Covenants.

       

      So
        long as any
        Advance shall remain unpaid or any Lender shall have any Commitment hereunder,
        none of the Borrowers shall:

       

      (a)  Restrictions
        on
        Mortgages.
        Incur, assume or
        guarantee, or permit any of its Subsidiaries or its Guarantor to incur, assume
        or guarantee, any Debt (other than the Advances, if applicable) secured by
        a
        Mortgage on any Principal
        Manufacturing Property or
        on any Debt of
        any of its Subsidiaries unless such Borrower secures, or causes such Subsidiary
        or its Guarantor to secure, the Advances equally and ratably with (or prior
        to)
        such Debt for so long as such Debt is secured; provided,
however,
        that the
        Borrowers shall not be required to so secure, or cause any of its Subsidiaries
        or its Guarantor to so secure, the Advances as provided in this Section 5.02(a)
        if after giving effect thereto the aggregate amount of all such Debt so secured
        would not exceed 20% of Consolidated Assets of the Loan Parties and their
        Included Subsidiaries at the time of such incurrence, assumption or guarantee.
        Notwithstanding the foregoing, this Section
        5.02(a)
shall
        not apply to, and there shall be excluded in computing secured Debt for the
        purposes of this Section 5.02(a):

       

      (i)  Permitted
        Mortgages;

       

      
        
          
          

        

        
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      (ii)  Mortgages
        existing
        as of the date hereof;

       

      (iii)  Mortgages
        granted
        in favor of the Company, any of the Borrowers, any of the Guarantors or any
        of
        their Subsidiaries on all or any portion of the assets of the Loan Parties
        and
        their Subsidiaries;

       

      (iv)  Mortgages
        arising
        solely from precautionary filings of financing statements under the Uniform
        Commercial Code of any jurisdiction (or similar filings and recordings under
        equivalent provisions of applicable law);

       

      (v)  any
        Mortgages existing
        on any
        Principal Manufacturing Property or Debt at the time such Principal
        Manufacturing Property or Debt is acquired by any Loan Party or any of its
        Subsidiaries, or on any Principal Manufacturing Property or Debt of any Person
        at the time such Person becomes, or is merged into, the Company or any of
        its
        Subsidiaries;

       

      (vi)  purchase
        money and
        title retention Mortgages, capitalized leases and construction- or
        improvement-cost Mortgages and other similar Mortgages; and

       

      (vii)  any
        extension,
        refinancing, renewal or refunding of any Mortgage referred to in
        clauses (i) through (vi) of this Section 5.02(a).

       

      (b)  Consolidation,
        Merger and Sale of Assets.
        Consolidate or
        merge with or into, or transfer, sell or lease its assets as an entirety
        to, or
        permit any Guarantor, if any, to consolidate or merge with or into, or transfer,
        sell or lease its assets as an entirety to, any Person, unless the Person
        (if
        other than a Borrower or a Subsidiary of the Company) formed by such
        consolidation or into which such Borrower, or such Guarantor is merged or
        which
        acquires or leases the assets of such Borrower or such Guarantor substantially
        as an entirety assumes such Borrower’s or such Guarantor’s obligations under the
        Loan Documents (and, upon such assumption, such Person shall be a Borrower
        or
        Guarantor, as applicable, for all purposes of the Loan Documents), or another
        Borrower assumes such Borrower’s obligations, or another Guarantor or the
        Company assumes such Guarantor’s obligations, under the Loan Documents;
provided,
        that after giving
        effect to such transaction, no Default or Event of Default shall have occurred
        and be continuing, and such consolidation, merger, transfer, sale or lease
        of
        assets is not prohibited under the indentures pursuant to which any publicly
        held debt of such Borrower or such Guarantor was issued.

       

      ARTICLE
        VI

       

      EVENTS
        OF
        DEFAULT

       

      SECTION
        6.01  Events
        of
        Default.

       

      Each
        of the
        following events shall constitute an “Event of Default” under this
        Agreement:

       

      (a)  Any
        Borrower shall
        fail to pay any principal of any Advance when the same becomes due and payable;
        or any Borrower shall fail to pay any interest on any Advance or make any
        other
        payment of fees payable under this Agreement or any Note within ten days
        after
        the same becomes due and payable; or any Loan Party shall fail to make any
        payment of any other amount payable under any Loan Document, or the Company
        shall fail to make any payment of any other amount payable under the P&G
        Guaranty, within ten days after the same becomes due and payable;
        or

       

      
        
          
          

        

        
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      (b)  Any
        representation
        or warranty made by any Loan Party (or any of its authorized representatives)
        under or in connection with this Agreement or any of the other Loan Documents
        shall prove to have been incorrect in any material respect when made;
        or

       

      (c)  (i) Any
        Borrower shall fail to perform or observe any term, covenant or agreement
        contained in, or any Guarantor shall fail to perform or observe any term,
        covenant or agreement that any Borrower has agreed to cause such Guarantor
        to
        perform under, Section 5.01(c) or Section 5.01(d) (other than clauses (d)(i)
        or
        (d)(iii)), or (ii) any Loan Party shall fail to perform or observe any
        other term, covenant or agreement contained in, or any Guarantor shall fail
        to
        perform or observe any term, covenant or agreement that any Borrower has
        agreed
        to cause such Guarantor to perform under, this Agreement or any of the Loan
        Documents on its part to be performed or observed if, in the case of this
        clause (ii), such failure shall remain unremedied for 30 days after written
        notice thereof shall have been given to the Initial Borrower by the Agent
        or any
        Lender; or

       

      (d)  Any
        Borrower or any
        of its Subsidiaries or any Guarantor shall admit in writing its inability
        to pay
        its debts generally, or shall make a general assignment for the benefit of
        creditors; or any proceeding shall be instituted by or against any Borrower
        or
        any of its Subsidiaries or any Guarantor seeking to adjudicate it a bankrupt
        or
        insolvent, or seeking liquidation, winding up, reorganization, arrangement,
        adjustment, protection, relief, or composition of it or its debts under any
        law
        relating to bankruptcy, insolvency or reorganization or relief of debtors,
        or
        seeking the entry of an order for relief or the appointment of a receiver,
        trustee, custodian or other similar official for it or for any substantial
        part
        of its property and, in the case of any such proceeding instituted against
        it
        (but not instituted by it), either such proceeding shall remain undismissed
        or
        unstayed for a period of 90 days, or any of the actions sought in such
        proceeding (including, without limitation, the entry of an order for relief
        against, or the appointment of a receiver, trustee, custodian or other similar
        official for, it or for any substantial part of its property) shall occur;
        or
        any Borrower or any of its Subsidiaries or any Guarantor shall take any
        corporate or other action to authorize any of the actions set forth above
        in
        this subsection (d); or

       

      (e)  Any
        judgment or
        order for the payment of money in excess of $250,000,000 shall be rendered
        against any Borrower, any Guarantor or any of the Material Subsidiaries and
        not
        satisfied and there shall be any period of 60 consecutive days during which
        a
        stay of enforcement of such unsatisfied judgment or order, by reason of a
        pending appeal or otherwise, shall not be in effect; provided,
however,
        that any such
        judgment or order shall not be an Event of Default under this
        Section 6.01(e) if and for so long as (i) the amount of such judgment
        or order is covered by a valid and binding policy of insurance between the
        defendant and the insurer covering payment thereof and (ii) such insurer,
        which shall be rated at least “A” by A.M. Best Company, has been notified of,
        and has not disputed the claim made for payment of, the amount of such judgment
        or order; or

       

      (f)  Any
        non-monetary
        judgment or order shall be rendered against any Borrower or any of its
        Subsidiaries or any Guarantor that would have a Material Adverse Effect and
        not
        resolved, and there shall be any period of 60 consecutive days during which
        a
        stay of enforcement of such judgment or order, by reason of a pending appeal
        or
        otherwise, shall not be in effect.

       

      SECTION
        6.02  Remedies.

       

      (a)  If
        any Event of
        Default shall occur and be continuing, then, and in any such event, the Agent
        (i) shall at the request, or may with the consent, of the Required Lenders,
        by notice to each of the Borrowers, declare the obligation of each Lender
        to
        make Advances to be terminated, whereupon the obligation of each Lender to
        make
        such Advances shall forthwith terminate, and (ii) shall at the request, or
        may with the consent, of the Required Lenders, by notice to each of the
        Borrowers, declare the Advances, all interest thereon and all other amounts
        payable under this Agreement to be forthwith due and payable, whereupon the
        Advances, all such interest and all such amounts shall become and be forthwith
        due and payable, without presentment, demand, protest or further notice of
        any
        kind, all of which are hereby expressly waived by each of the
        Borrowers.

       

      
        
          
          

        

        
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      (b)  Notwithstanding
        anything to the contrary in clause (a) of this Section 6.02, in the
        event of an actual or deemed entry of an order for relief with respect to
        any
        Borrower under the Federal Bankruptcy Code, (i) the obligation of each
        Lender to make Advances to such Borrower shall automatically be terminated
        and
        (ii) the Advances made to such Borrower, all interest thereon and all
        amounts payable under this Agreement with respect thereto shall automatically
        become and be due and payable, without presentment, demand, protest or any
        notice of any kind, all of which are hereby expressly waived by each of the
        Borrowers.

       

      ARTICLE
        VII

       

      THE
        AGENT

       

      SECTION
        7.01  Authorization
        and Action.

       

      Each
        Lender hereby
        appoints and authorizes the Agent to take such action as agent on its behalf
        and
        to exercise such powers and discretion under this Agreement and the other
        Loan
        Documents as are delegated to the Agent by the terms hereof and thereof,
        together with such powers and discretion as are reasonably incidental thereto.
        As to any matters not expressly provided for by this Agreement or the other
        Loan
        Documents (including, without limitation, enforcement or collection of the
        Advances), the Agent shall not be required to exercise any discretion or
        take
        any action, but shall be required to act or to refrain from acting (and shall
        be
        fully protected in so acting or refraining from acting) upon the instructions
        of
        the Required Lenders, and such instructions shall be binding upon all Lenders
        and all holders of Notes; provided,
however,
        that the Agent
        shall not be required to take any action that exposes the Agent to personal
        liability or that is contrary to this Agreement or the other Loan Documents
        applicable law. The Agent agrees to give to each Lender prompt notice of
        each
        notice given to it by each of the Borrowers pursuant to the terms of this
        Agreement or the other Loan Documents.

       

      SECTION
        7.02  Agent’s
        Reliance, Etc.

       

      Neither
        the Agent
        nor any of its directors, officers, agents or employees shall be liable for
        any
        action taken or omitted to be taken by it or them under or in connection
        with
        this Agreement or any of the other Loan Documents, except for its or their
        own
        negligence or willful misconduct. Without limitation of the generality of
        the
        foregoing, the Agent: (i) may treat the Lender that made any Advance as the
        holder of the Debt resulting therefrom until the Agent receives and accepts
        an
        Assignment and Acceptance entered into by such Lender, as assignor, and any
        assignee thereof as provided in Section 8.07; (ii) may consult with
        legal counsel (including counsel for any of the Loan Parties), independent
        public accountants and other experts selected by it and shall not be liable
        for
        any action taken or omitted to be taken in good faith (without negligence
        or
        willful misconduct) by it in accordance with the advice of such counsel,
        accountants or experts; (iii) makes no warranty or representation to any
        Lender and shall not be responsible to any Lender for any statements, warranties
        or representations (whether written or oral) made in or in connection with
        this
        Agreement or any of the other Loan Documents; (iv) shall not have any duty
        to ascertain or to inquire as to the performance or observance of any of
        the
        terms, covenants or conditions of this Agreement or any of the other Loan
        Documents on the part of any of the Loan Parties or to inspect the property
        (including the books and records) of any of the Loan Parties; (v) shall not
        be responsible to any Lender for the due execution, legality, validity,
        enforceability, genuineness or sufficiency or value of this Agreement or
        any of
        the other Loan Documents or any other instrument or document furnished pursuant
        hereto or thereto; and (vi) shall incur no liability under or in respect of
        this Agreement or any of the other Loan Documents by acting in good faith
        upon
        any notice, consent, certificate or other instrument or writing (which may
        be by
        telecopier or telegram) believed by it to be genuine and signed or sent by
        the
        proper party or parties.

       

      
        
          
          

        

        
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      SECTION
        7.03  Citibank
        and
        Affiliates.

       

      With
        respect to its
        Commitment, the Advances made by it and any Note or Notes issued to it, Citibank
        shall have the same rights and powers under this Agreement as any other Lender
        and may exercise the same as though it were not the Agent; and the term
“Lender”
or
“Lenders”
shall,
        unless
        otherwise expressly indicated, include Citibank in its individual capacity.
        Citibank and its Affiliates may accept deposits from, lend money to, act
        as
        trustee under indentures of, accept investment banking engagements from and
        generally engage in any kind of business with, any of the Borrowers, any
        of
        their Subsidiaries and any Person who may do business with or own securities
        of
        any of the Borrowers or their Subsidiaries, all as if Citibank were not the
        Agent and without any duty to account therefor to the Lenders.

       

      SECTION
        7.04  Lender
        Credit
        Decision.

       

      Each
        Lender
        acknowledges that it has, independently and without reliance upon the Agent
        or
        any other Lender and based on the financial statements referred to in
        Section 4.01 and such other documents and information as it has deemed
        appropriate, made its own credit analysis and decision to enter into this
        Agreement. Each Lender also acknowledges that it will, independently and
        without
        reliance upon the Agent or any other Lender and based on such documents and
        information as it shall deem appropriate at the time, continue to make its
        own
        credit decisions in taking or not taking action under this
        Agreement.

       

      SECTION
        7.05  Indemnification.

       

      The
        Lenders agree
        to indemnify the Agent (to the extent not reimbursed by the Borrowers), ratably
        according to the respective principal amounts of the Advances then owing
        to each
        of them (or if no Advances are at the time outstanding or if any Advances
        are
        then owing to Persons that are not Lenders, ratably according to the respective
        amounts of their Commitments), from and against any and all liabilities,
        obligations, losses, damages, penalties, actions, judgments, suits, costs,
        expenses or disbursements of any kind or nature whatsoever that may be imposed
        on, incurred by, or asserted against the Agent in any way relating to or
        arising
        out of this Agreement or any of the other Loan Documents or any action taken
        or
        omitted by the Agent hereunder or thereunder (collectively, the “Indemnified
        Costs”),
provided
        that no Lender
        shall be liable for any portion of the Indemnified Costs resulting from the
        Agent’s negligence or willful misconduct. Without limitation of the foregoing,
        each Lender agrees to reimburse the Agent promptly upon demand for its ratable
        share of any out-of-pocket expenses (including counsel fees) incurred by
        the
        Agent in connection with the preparation, execution, delivery, administration,
        modification, amendment or enforcement (whether through negotiations, legal
        proceedings or otherwise) of, or legal advice in respect of rights or
        responsibilities under, this Agreement, to the extent that the Agent is not
        reimbursed for such expenses by the Borrowers. In the case of any investigation,
        litigation or proceeding giving rise to any Indemnified Costs, this
        Section 7.05 applies whether any such investigation, litigation or
        proceeding is brought by the Agent, any Lender or a third party.

       

      SECTION
        7.06  Successor
        Agent.

       

      The
        Agent may
        resign at any time by giving written notice thereof to the Lenders and each
        of
        the Borrowers and may be removed at any time with or without cause by the
        Required Lenders. Upon any such resignation or removal, the Required Lenders
        shall have the right to appoint a successor Agent acceptable to the Initial
        Borrower. If no successor Agent shall have been so appointed by the Required
        Lenders and approved by the Initial Borrower, and shall have accepted such
        appointment, within 30 days after the retiring Agent’s giving of notice of
        resignation or the Required Lenders’ removal of the retiring Agent, then the
        retiring Agent may, on behalf of the Lenders, appoint a successor Agent,
        which
        shall be a 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 $500,000,000. Upon the acceptance of any appointment as Agent hereunder
        by
        a successor Agent, such successor Agent shall thereupon succeed to and become
        vested with all the rights, powers, discretion, privileges and duties of
        the
        retiring Agent, and the retiring Agent shall be discharged from its duties
        and
        obligations under this Agreement and the other Loan Documents. After any
        retiring Agent’s resignation or removal hereunder as Agent, the provisions of
        this Article VII shall inure to its benefit as to any actions taken or omitted
        to be taken by it while it was Agent under this Agreement and the other Loan
        Documents.

       

      
        
          
          

        

        
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      SECTION
        7.07  Sub-Agent.

       

      The
        Sub-Agent has
        been designated under this Agreement to carry out the duties of the Agent.
        The
        Sub-Agent shall be subject to each of the obligations in this Agreement to
        be
        performed by the Sub-Agent, and each of the Borrowers and the Lenders agrees
        that the Sub-Agent shall be entitled to exercise each of the rights and shall
        be
        entitled to each of the benefits of the Agent under this Agreement as such
        rights and benefits relate to the performance of its obligations
        hereunder.

       

      SECTION
        7.08  Other
        Agents.

       

      Each
        Lender hereby
        acknowledges that no syndication agent and no documentation agent nor any
        other
        Lender designated as any “agent”
(other
        than the
        Agent and the Sub-Agent) on the signature pages or the cover hereof has any
        liability hereunder other than in its capacity as a Lender.

       

      ARTICLE
        VIII

       

      MISCELLANEOUS

       

      SECTION
        8.01  Amendments,
        Etc.

       

      No
        amendment or
        waiver of any provision of this Agreement or any of the other Loan Documents,
        nor consent to any departure by any Borrower therefrom, shall in any event
        be
        effective unless the same shall be in writing and signed by each of the
        Borrowers and the Required Lenders, and then such waiver or consent shall
        be
        effective only in the specific instance and for the specific purpose for
        which
        given; provided,
however,
        that no
        amendment, waiver or consent shall, unless in writing and signed by all the
        Borrowers and all of the Lenders (other than any Lender that is an Affiliate
        of
        any Borrower), do any of the following: (a) waive any of the conditions
        specified in Section 3.01, (b) increase the Commitments of the Lenders
        or postpone the Termination Date, (c) reduce the principal of, or interest
        on, the Revolving Credit Advances or any fees or other amounts payable
        hereunder, (d) postpone any scheduled date for any payment of principal of,
        or interest on, the Revolving Credit Advances or any fees or other amounts
        payable hereunder pursuant to Section 2.04, 2.06 or 2.07, (e) change
        the percentage of the Commitments or of the aggregate unpaid principal amount
        of
        the Revolving Credit Advances, or the number of Lenders, that shall be required
        for the Lenders or any of them to take any action hereunder, or (f) amend
        this Section 8.01; and provided further
        that no amendment,
        waiver or consent shall, unless in writing and signed by the Agent in addition
        to the Lenders required above to take such action, affect the rights or duties
        of the Agent under this Agreement or any other Loan Document. 

       

      SECTION
        8.02  Notices,
        Etc.

       

      
        
          
          

        

        
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      (a)  All
        notices and
        other communications provided for hereunder shall be either (x) in writing
        (including telecopier or telegraphic communication) and mailed, telecopied,
        telegraphed or delivered, or (y) to the extent set forth in
        Section 8.02(b) and in the proviso to this Section 8.02(a), by
        electronic mail (in .PDF form) (“Email”),
        confirmed
        reasonably promptly thereafter in writing, if to the Initial Borrower, at
        the
        address of such Person at 5, rue Eugene Ruppert, L-2453 Luxembourg, with
        a copy
        to Chris B. Walther, General Counsel-Western Europe, Procter & Gamble, 47
        Route de Saint Georges, 1213 Petit-Lancy 1, Switzerland, Tel.: +41-22-709-8926,
        Fax: +41-22-709-8658, email ;
        if to any
        Additional Borrower to such Person at the address specified therefor in the
        applicable Borrower Accession Agreement; if to any Initial Lender, at its
        Domestic Lending Office specified opposite its name on Schedule I hereto;
        if to
        any other Lender, at its Domestic Lending Office specified in the Assignment
        and
        Acceptance pursuant to which it became a Lender, as the case may be; and
        if to
        the Agent, at its address at Two Penns Way, New Castle, Delaware 19720; or,
        as
        to any Borrower or the Agent, at such other address as shall be designated
        by
        such party in a written notice to the other parties and, as to each other
        party,
        at such other address as shall be designated by such party in a written notice
        to each of the Borrowers and the Agent; provided,
        that Notices of
        Revolving Credit Borrowing, Notices of Competitive Bid Borrowing and materials
        delivered pursuant to Section 5.01(d)(i) and (d)(iii) shall be delivered to
        the Agent as specified in Section 8.02(b) or as otherwise specified to the
        Company by the Agent. All such notices and communications shall, when mailed,
        telecopied or Emailed, be effective when deposited in the mails, telecopied
        or
        confirmed by Email, respectively, except that notices and communications
        to the
        Agent pursuant to Article II or III shall not be effective until received
        by the Agent. Delivery by telecopier or facsimile of an executed counterpart
        of
        any amendment or waiver of any provision of this Agreement or any other Loan
        Document or of any Exhibit hereto or thereto to be executed and delivered
        hereunder shall be effective as delivery of a manually executed counterpart
        thereof.

       

      (b)  Notices
        of
        Revolving Credit Borrowing, Notices of Competitive Bid Borrowing and materials
        required to be delivered pursuant to Section 5.01(d)(i) and (d)(iii) may be
        delivered to the Agent in an electronic medium in a format acceptable to
        the
        Agent by Email at ,
        or such other
        email address as the Agent shall specify in writing to each of the Loan Parties.
        Each of the Borrowers agrees that the Agent may make such materials, as well
        as
        any other written information, documents, instruments and other material
        relating to each of the Borrowers, any of its Subsidiaries or any other
        materials or matters relating to this Agreement, any of the other Loan Documents
        or any of the transactions contemplated hereby or thereby (collectively,
        the
“Communications”)
        available to the
        Lenders by posting such notices on Intralinks or a substantially similar
        electronic system reasonably approved by the Company (the “Platform”).
        Although the
        primary web portal is secured with a dual firewall and a User ID/Password
        Authorization System and the Platform is secured through a single user per
        deal
        authorization method whereby each user may access the Platform only on a
        deal-by-deal basis, each of the Borrowers acknowledges that (i) the
        distribution of material through an electronic medium is not necessarily
        secure
        and that there may be confidentiality and other risks associated with such
        distribution, (ii) the Platform is provided “as is” and “as available” and
        (iii) neither the Agent nor any of its Affiliates warrants the accuracy,
        adequacy or completeness of the Communications or the Platform and each
        expressly disclaims liability for errors or omissions in the Communications
        or
        the Platform. No warranty of any kind, express, implied or statutory, including,
        without limitation, any warranty of merchantability, fitness for a particular
        purpose, non-infringement of third party rights or freedom from viruses or
        other
        code defects, is made by the Agent or any of its Affiliates in connection
        with
        the Platform.

       

      (c)  Each
        Lender agrees
        that notice to it (as provided in the next sentence) (a “Notice”)
        specifying that
        any Communications have been posted to the Platform shall constitute effective
        delivery of such information, documents or other materials to such Lender
        for
        purposes of this Agreement. Each Lender agrees (i) to notify the Agent in
        writing of such Lender’s Email address to which a Notice may be sent by
        electronic transmission (including by electronic communication) on or before
        the
        date such Lender becomes a party to this Agreement (and from time to time
        thereafter to ensure that the Agent has on record an effective Email address
        for
        such Lender) and (ii) that any Notice may be sent to such Email
        address.

       

      
        
          
          

        

        
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      SECTION
        8.03  No
        Waiver;
        Remedies.

       

      No
        failure on the
        part of any Lender or the Agent to exercise, and no delay in exercising,
        any
        right hereunder or under any other Loan Document shall operate as a waiver
        thereof; nor shall any single or partial exercise of any such right preclude
        any
        other or further exercise thereof or the exercise of any other right. The
        remedies provided herein are cumulative and not exclusive of any remedies
        provided by law.

       

      SECTION
        8.04  Costs
        and
        Expenses.

       

      (a)  The
        Initial
        Borrower agrees to pay reasonably promptly following demand therefor all
        reasonable out-of-pocket costs and expenses of the Agent in connection with
        the
        preparation, execution, delivery, administration, modification and amendment
        of
        this Agreement, the other Loan Documents and the other documents to be delivered
        hereunder, including, without limitation, (A) all due diligence,
        syndication (including printing, distribution and bank meetings),
        transportation, computer, duplication, appraisal, consultant, and audit expenses
        and (B) the reasonable fees and expenses of counsel for the Agent with
        respect thereto and with respect to advising the Agent as to its rights and
        responsibilities under this Agreement and the other Loan Documents. Each
        of the
        Borrowers further agrees to pay on demand all reasonable out-of-pocket costs
        and
        expenses of the Agent and the Lenders, if any (including, without limitation,
        reasonable counsel fees and expenses), in connection with the enforcement
        against such Borrower (whether through negotiations, legal proceedings or
        otherwise) of this Agreement, the other Loan Documents and the other documents
        to be delivered hereunder and thereunder, including, without limitation,
        reasonable fees and expenses of counsel for the Agent and each Lender in
        connection with the enforcement of rights against such Borrower under this
        Section 8.04(a).

       

      (b)  Each
        of the
        Borrowers agrees to indemnify and hold harmless the Agent and each Lender
        and
        each of their Affiliates and their officers, directors, employees, agents
        and
        advisors (each, an “Indemnified
        Party”;
        and each of the
        Agent and the Lenders, and their respective Affiliates officers, directors,
        employees, agents and advisors being, in relation to each other, a “Related
        Indemnified Party”)
        from and against
        any and all claims, damages, losses, liabilities and expenses (including,
        without limitation, reasonable fees and expenses of counsel) that may be
        incurred by or asserted or awarded against any Indemnified Party, in each
        case
        arising out of or in connection with or by reason of (including, without
        limitation, in connection with any investigation, litigation or proceeding
        or
        preparation of a defense in connection therewith) the Advances, this Agreement
        or any of the other Loan Documents, any of the transactions contemplated
        herein
        or therein or the actual or proposed use of the proceeds of the Advances;
        provided,
however,
        that no Borrower
        shall have any obligation to indemnify an Indemnified Party pursuant to this
        Section 8.04(b) with respect to any claim, damage, loss, liability or
        expense (i) that resulted from negligence, willful misconduct, violation of
        law or the breach of any Loan Document by such Indemnified Party or a Related
        Indemnified Party, (ii) is attributable to Taxes or Other Taxes, which in
        each case shall be governed solely by Section 2.14, (iii) that arises
        out of a claim, litigation, arbitration or proceeding of one or more of the
        Agent and/or any of the Lenders solely against the Agent and/or any of the
        other
        Lenders not attributable to the actions of such Borrower or any of its
        Subsidiaries or Affiliates or (iv) that arises out of a claim, litigation,
        arbitration or proceeding in which one or more of the Borrowers and/or their
        Subsidiaries or Affiliates prevail. In the case of an investigation, litigation
        or other proceeding to which the indemnity in this Section 8.04(b) applies,
        such indemnity shall be effective whether or not such investigation, litigation
        or proceeding is brought by the directors, shareholders or creditors of any
        Borrower or an Indemnified Party or any other Person or any Indemnified Party
        is
        otherwise a party thereto and whether or not the transactions contemplated
        hereby are consummated. Each of the Borrowers and each of the Indemnified
        Parties hereby agrees not to assert any claim against each such other Person,
        on
        any theory of liability, for special, indirect, consequential or punitive
        damages arising out of or otherwise relating to the Advances, this Agreement
        or
        any of the other Loan Documents, any of the transactions contemplated herein
        or
        therein or the actual or proposed use of the proceeds of the Advances.
No
        Indemnified Party shall settle or otherwise pay or agree to pay any claim,
        damages, losses liabilities or expenses for which any Borrower is obligated
        to
        provide indemnification under this Section 8.04(b) without the prior
        written consent of such Borrower.

       

      
        
          
          

        

        
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      (c)  If
        any payment of
        principal of, or Conversion of, any Eurocurrency Rate Advance is made by
        any
        Borrower to or for the account of a Lender other than on the last day of
        the
        Interest Period for such Advance, as a result of a payment or Conversion
        pursuant to Section 2.08(d) or (e), 2.10 or 2.12, acceleration of the
        maturity of the Advances pursuant to Section 6.02 or for any other reason,
        or by an assignee to a Lender other than on the last day of the Interest
        Period
        for such Advance upon an assignment of rights and obligations under this
        Agreement pursuant to Section 8.07 as a result of a demand by a Borrower
        pursuant to Section 8.07(a), each of the Borrowers shall, upon demand by
        such Lender (with a copy of such demand to the Agent), pay to the Agent for
        the
        account of such Lender any amounts required to compensate such Lender for
        any
        additional losses, costs or expenses that it may reasonably incur as a result
        of
        such payment or Conversion, including, without limitation, any loss (excluding
        loss of anticipated profits), cost or expense incurred by reason of the
        liquidation or reemployment of deposits or other funds acquired by any Lender
        to
        fund or maintain such Advance.

       

      (d)  Without
        prejudice
        to the survival of any other agreement of the Borrowers hereunder, the
        agreements and obligations of the Borrowers contained in Sections 2.11,
        2.14 and 8.04 shall survive the payment in full of principal, interest and
        all
        other amounts payable hereunder and under the other Loan Documents.

       

      SECTION
        8.05  Right
        of
        Set-off.

       

      Upon
        (i) the
        occurrence and during the continuance of any Event of Default and (ii) the
        making of the request or the granting of the consent specified by
        Section 6.02 to authorize the Agent to declare the Advances due and payable
        pursuant to the provisions of Section 6.02, each Lender and each of its
        Affiliates is hereby authorized at any time and from time to time, to the
        fullest extent permitted by law, to set off and apply any and all deposits
        (general or special, time or demand, provisional or final) at any time held
        and
        other indebtedness at any time owing by such Lender or such Affiliate to
        or for
        the credit or the account of any Borrower against any and all of the obligations
        of any Borrower now or hereafter existing under this Agreement, whether or
        not
        such Lender shall have made any demand under this Agreement and although
        such
        obligations may be unmatured. Each Lender agrees promptly to notify each
        of the
        Borrowers after any such set-off and application, provided
        that the failure
        to give such notice shall not affect the validity of such set-off and
        application. The rights of each Lender and its Affiliates under this Section
        are
        in addition to other rights and remedies (including, without limitation,
        other
        rights of set-off) that such Lender and its Affiliates may have.

       

      SECTION
        8.06  Binding
        Effect.

       

      This
        Agreement
        shall become effective when it shall have been executed and delivered by
        the
        Initial Borrower and the Agent and when the Agent shall have been notified
        by
        each Initial Lender that such Initial Lender has executed it and thereafter
        shall be binding upon and inure to the benefit of the Borrowers, the Agent
        and
        each Lender and their respective successors and assigns, except that (other
        than
        in accordance with Section 5.02(b) or Section 8.10) no Borrower shall
        have the right to assign its rights hereunder or any interest herein without
        the
        prior written consent of the Lenders.

       

      
        
          
          

        

        
          -
            44 -

          
            

          

        

        
          
          

        

      

      SECTION
        8.07  Assignments
        and
        Participations.

       

      (a)  Without
        the written
        consent of the Initial Borrower (which consent may be withheld in its sole
        and
        absolute discretion) and, except in connection with an Affiliate of the Borrower
        exercising its call rights under Section 2.18, of the Agent (which consent
        shall
        not be unreasonably withheld), no Lender may assign all or any portion of
        its
        rights and obligations under this Agreement to any Person, except to an
        Affiliate of such Lender, as provided in Section 2.11, 2.14 or  2.18,
        or as set forth in Section 8.07(g) or to another Lender that is an
        Affiliate of such Lender. If any Lender (i) requests any payment to under
        Section 2.11 or Section 2.14 or (ii) gives notice to any Borrower
        pursuant to Section 2.12, then, so long as no Default or Event of Default
        has occurred and is continuing at such time, any Borrower may demand upon
        at
        least three Business Days’ notice to such Lender and the Agent that such Lender,
        and, upon such demand, such Lender shall, assign all of its rights and
        obligations under this Agreement to any Person designated by such Borrower.
        Each
        assignment pursuant to the terms of this Section 8.07(a) (A) shall be
        of a constant, and not a varying, percentage of all rights and obligations
        under
        this Agreement and shall be on a pro rata basis between the Facilities (and,
        in
        the case of an assignment demanded by a Borrower, shall be either an assignment
        of all of the rights and obligations of the assigning Lender under this
        Agreement or an assignment of a portion of such rights and obligations made
        concurrently with another such assignment or other such assignments that
        together cover all of the rights and obligations of the assigning Lender
        under
        this Agreement), except that any such assignment of a Commitment by a Lender
        to
        another Lender that is an Affiliate of such Lender need not be accompanied
        by an
        assignment of the same percentage of any of the assigning Lender’s Advances and
        any such assignment of one or more Advances by a Lender to another Lender
        that
        is an Affiliate of such Lender need not be accompanied by an assignment of
        the
        same percentage the assigning Lender’s Commitment or any of the assigning
        Lenders other Advances, (B) except in the case of an assignment to a Person
        that, immediately prior to such assignment, was a Lender or an assignment
        of all
        of a Lender’s rights and obligations under this Agreement, shall in no event be
        less than $10,000,000, and (C) shall be evidenced by evidenced by an
        Assignment and Acceptance executed by each of the parties thereto and delivered
        to the Agent, for its acceptance and recording in the Register. No Lender
        shall
        be obligated to make any such assignment as a result of a demand by a Borrower
        pursuant to this Section 8.07(a) unless and until such Lender shall have
        received one or more payments from either the Borrowers or one or more Lender
        assignees therefrom in an aggregate amount at least equal to the aggregate
        outstanding principal amount of the Advances owing to such Lender, together
        with
        accrued interest thereon to the date of payment of such principal amount
        and all
        other amounts payable to such Lender under this Agreement. Upon such execution,
        delivery, acceptance and recording, from and after the effective date specified
        in each Assignment and Acceptance, (1) the assignee thereunder shall be a
        party hereto and, to the extent that rights and obligations hereunder have
        been
        assigned to it pursuant to such Assignment and Acceptance, have the rights
        and
        obligations of a Lender hereunder and (2) the Lender assignor thereunder
        shall, to the extent that rights and obligations hereunder have been assigned
        by
        it pursuant to such Assignment and Acceptance, relinquish its rights and
        be
        released from its obligations under this Agreement (and, in the case of an
        Assignment and Acceptance covering all or the remaining portion of an assigning
        Lender’s rights and obligations under this Agreement, such Lender shall cease to
        be a party hereto).

       

      (b)  By
        executing and
        delivering an Assignment and Acceptance, the Lender assignor thereunder and
        the
        assignee thereunder confirm to and agree with each other and the other parties
        hereto as follows: (i) other than as provided in such Assignment and
        Acceptance, such assigning Lender makes no representation or warranty and
        assumes no responsibility with respect to any statements, warranties or
        representations made in or in connection with this Agreement or any of the
        other
        Loan Documents or the execution, legality, validity, enforceability, genuineness
        or sufficiency or value of this Agreement or any of the other Loan Documents
        or
        any other instrument or document furnished pursuant hereto or thereto;
        (ii) such assigning Lender makes no representation or warranty and assumes
        no responsibility with respect to the financial condition of any Borrower
        or the
        performance or observance by any Borrower of any of its obligations under
        this
        Agreement or any of the other Loan Documents or any other instrument or document
        furnished pursuant hereto or thereto; (iii) such assignee confirms that it
        has received a copy of this Agreement, together with copies of the financial
        statements referred to in Section 4.01 and such other documents and
        information as it has deemed appropriate to make its own credit analysis
        and
        decision to enter into such Assignment and Acceptance; (iv) such assignee
        will, independently and without reliance upon the Agent, such assigning Lender
        or any other Lender and based on such documents and information as it shall
        deem
        appropriate at the time, continue to make its own credit decisions in taking
        or
        not taking action under this Agreement; (v) such assignee appoints and
        authorizes the Agent to take such action as agent on its behalf and to exercise
        such powers and discretion under this Agreement and the other Loan Documents
        as
        are delegated to the Agent by the terms hereof and thereof, together with
        such
        powers and discretion as are reasonably incidental thereto; and (vi) such
        assignee agrees that it will perform in accordance with their terms all of
        the
        obligations that by the terms of this Agreement are required to be performed
        by
        it as a Lender.

       

      
        
          
          

        

        
          -
            45 -

          
            

          

        

        
          
          

        

      

      (c)  Upon
        its receipt of
        an Assignment and Acceptance executed by an assigning Lender and an assignee
        in
        accordance with Section 8.07(a), together with any Note or Notes subject to
        such assignment, the Agent shall, if such Assignment and Acceptance has been
        completed and is in substantially the form of Exhibit
        B
        hereto, (i) accept such Assignment and Acceptance, (ii) record the
        information contained therein in the Register and (iii) give prompt notice
        thereof to each of the Borrowers.

       

      (d)  The
        Agent shall
        maintain at its address referred to in Section 8.02 a copy of each
        Assignment and Acceptance delivered to and accepted by it and a register
        for the
        recordation of the names and addresses of the Lenders and Commitments of,
        and
        principal amount of the Advances under each Facility owing to, each Lender
        from
        time to time (the “Register”).
        The entries in
        the Register shall be conclusive and binding for all purposes, absent manifest
        error, and each of the Borrowers, the Agent and the Lenders may treat each
        Person whose name is recorded as a Lender in the Register as a Lender hereunder
        for all purposes of this Agreement. The Register shall be available for
        inspection by each of the Borrowers or any Lender at any reasonable time
        and
        from time to time upon reasonable prior notice.

       

      (e)  Each
        Lender may
        upon not less than five Business Days’ notice to the Initial Borrower sell
        participations to one or more banks or other entities in or to all or a portion
        of its rights and obligations under this Agreement (including, without
        limitation, all or a portion of its Commitments but only on a pro rata basis
        between the Facilities, the Advances owing to it and any Note or Notes held
        by
        it); provided,
however,
        that
        (i) such Lender’s obligations under this Agreement (including, without
        limitation, its Commitment to each of the Borrowers hereunder) shall remain
        unchanged, (ii) such Lender shall remain solely responsible to the other
        parties hereto for the performance of such obligations, (iii) such Lender
        shall remain the holder of any such Note for all purposes of this Agreement,
        (iv) each of the Borrowers, the Agent and the other Lenders shall continue
        to deal solely and directly with such Lender in connection with such Lender’s
        rights and obligations under this Agreement and (v) no participant under
        any such participation shall have any right to approve any amendment or waiver
        of any provision of this Agreement or any other Loan Document, or any consent
        to
        any departure by the Borrowers therefrom, except to the extent that such
        amendment, waiver or consent would reduce the principal of, or interest on,
        the
        Advances or any fees or other amounts payable hereunder, in each case to
        the
        extent subject to such participation, or postpone any scheduled date for
        any
        payment of principal of, or interest on, the Advances or any fees or other
        amounts payable hereunder, in each case to the extent subject to such
        participation. If any Lender sells a participation as described in this
        Section 8.07(e), such Lender shall provide to the Agent on behalf of the
        Borrowers, or maintain as agent of the Borrowers, the information described
        in
        Section 8.07(d) with respect to such participation and shall permit each of
        the Borrowers to review such information (to the extent permitted under
        applicable law) from time to time upon request. Neither the sale of any such
        participation nor the holding of such a participation by any participant
        shall
        increase any obligation of any Borrower under Section 2.11 or Section
        2.14.

       

      
        
          
          

        

        
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      (f)  Any
        Lender may, in
        connection with any assignment or participation or proposed assignment or
        proposed participation, disclose to the assignee or participant or proposed
        assignee or participant any financial statements and related documents delivered
        to the Agent in accordance with Section 4.01(e) or Section 5.01(d)(i);
provided
        that, prior to any
        such disclosure, the assignee or participant or proposed assignee or proposed
        participant shall agree to preserve the confidentiality of any Confidential
        Information received by it in accordance with the terms of
        Section 8.08.

       

      (g)  Notwithstanding
        any
        other provision set forth in this Agreement, any Lender may at any time create
        a
        security interest in all or any portion of its rights under this Agreement
        (including, without limitation, the Advances owing to it and any Note or
        Notes
        held by it) in favor of any Federal Reserve Bank in accordance with Regulation
        A
        of the Board of Governors of the Federal Reserve System.

       

      SECTION
        8.08  Confidentiality.

       

      Neither
        the Agent
        nor any Lender shall disclose any Confidential Information to any other Person
        without the consent of each of the Borrowers, other than (a) to the Agent’s
        or such Lender’s Affiliates and their officers, directors, employees, agents and
        advisors and, as contemplated by 8.07(f), to actual or prospective assignees
        and
        participants, and then only on a confidential basis, (b) as required by any
        law, rule or regulation or judicial process and (c) as requested or
        required by any state, federal or foreign authority or examiner regulating
        banks
        or banking; provided,
        that, with
        respect to clause (b) above, the Agent and each Lender agree to notify the
        Initial Borrower promptly of any such request for the disclosure of Confidential
        Information unless such notification is prohibited by applicable law, rule
        or
        regulation or by judicial process.

       

      SECTION
        8.09  Judgment
        Currency.

       

      (a)  If
        for the purposes
        of obtaining judgment in any court it is necessary to convert a sum due
        hereunder in Dollars or Euros into another currency, the parties hereto agree,
        to the fullest extent that they may effectively do so, that the rate of exchange
        used shall be that at which in accordance with normal banking procedures
        the
        Agent could purchase Dollars or Euros, as the case may be, with such other
        currency at Citibank’s principal office in London at 11:00 A.M. (London
        time) on the Business Day preceding that on which final judgment is
        given.

       

      (b)  The
        obligation of
        each Borrower in respect of any sum due from it in any currency (the
“Primary
        Currency”)
        to any Lender or
        the Agent hereunder shall, notwithstanding any judgment in any other currency,
        be discharged only to the extent that on the Business Day following receipt
        by
        such Lender or the Agent (as the case may be), of any sum adjudged to be
        so due
        in such other currency, such Lender or the Agent (as the case may be) may
        in
        accordance with normal banking procedures purchase the applicable Primary
        Currency with such other currency; if the amount of the applicable Primary
        Currency so purchased is less than such sum due to such Lender or the Agent
        (as
        the case may be) in the applicable Primary Currency, each Borrower agrees,
        as a
        separate obligation and notwithstanding any such judgment, to indemnify such
        Lender or the Agent (as the case may be) against such loss, and if the amount
        of
        the applicable Primary Currency so purchased exceeds such sum due to any
        Lender
        or the Agent (as the case may be) in the applicable Primary Currency, such
        Lender or the Agent (as the case may be) agrees to remit to such Borrower
        such
        excess.

       

      
        
          
          

        

        
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            47 -

          
            

          

        

        
          
          

        

      

      SECTION
        8.10  Additional
        Borrowers; Assumption of Advances.

       

      (a)  The
        Initial
        Borrower may request that any of the Related Parties become party to this
        Agreement as an additional borrower (an “Additional
        Borrower”),
        and
        additionally such Related Party or a Borrower may elect that all or any portion
        of the Advances and other obligations of any Borrower under this Agreement
        and
        the other Loan Documents shall be assumed by any other Borrower, in either
        case,
        by delivering to the Agent each of the following:

       

      (i)  a
        Borrower
        Accession Agreement, duly executed by the Initial Borrower and such Related
        Party, together with a certificate of an authorized representative of the
        Additional Borrower certifying the names and true signatures of the other
        authorized representatives of the Additional Borrower authorized to sign
        the
        Borrower Accession Agreement and the other documents to be delivered
        hereunder;

       

      (ii)  an
        opinion of
        counsel addressing the matters covered by opinion paragraphs 1, 2, 3, and
        4 of
Exhibit
        C-1,
        opinion paragraph
        1 of Exhibit
        C-2,
        and opinion
        paragraphs 1 and 2 of Exhibit
        C-3
        in
        Section 3.01(d)(iv) (with such exceptions, assumptions and qualifications
        as are customary or appropriate in light of the circumstances under which
        such
        opinion is given).

       

      (b)  A
        Related Party in
        respect of which the Initial Borrower has delivered a Borrower Accession
        Agreement to the Agent shall become an Additional Borrower and, as such,
        shall
        have all of the rights and obligations of a Borrower hereunder with respect
        to
        the Commitments specified to be made available to such Additional Borrower,
        which shall be in a minimum amount of $500,000,000; provided,
        that no Default
        or Event of Default shall have occurred and be continuing or would result
        from
        such joinder or assumption, as applicable. Upon any assumption of all of
        the
        Advances and other obligations of any Borrower, then, so long no Notice of
        Revolving Credit Borrowing or Notice of Competitive Bid Borrowing in respect
        of
        such Borrower is outstanding at such time, such Borrower shall no longer
        be a
        party to this Agreement.

       

      SECTION
        8.11  Governing
        Law.

       

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

       

      SECTION
        8.12  Jurisdiction.

       

      (a)  Each
        of the parties
        hereto hereby irrevocably and unconditionally submits, for itself and its
        property, to the nonexclusive jurisdiction of any New York State court or
        federal court of the United States of America sitting in New York City, and
        any
        appellate court from any thereof, in any action or proceeding arising out
        of or
        relating to this Agreement or any other Loan Document, or for recognition
        or
        enforcement of any judgment, and each of the parties hereto hereby irrevocably
        and unconditionally agrees that all claims in respect of any such action
        or
        proceeding may be heard and determined in any such New York State court or,
        to
        the extent permitted by law, in such federal court. Each Borrower agrees
        that
        service of process in any such action or proceeding brought in any such New
        York
        State court or in such federal court may be made upon CT Corporation System
        and
        its offices at 111 Eighth Avenue, New York, New York 10011 (the “Process
        Agent”),
        and hereby
        further agrees that any failure of the Process Agent to give any notice of
        any
        such service to any Borrower shall not impair or affect the validity of such
        service or of any judgment rendered in any action or proceeding based thereon.
        Each of the parties hereto agrees that a final judgment in any such action
        or
        proceeding shall be conclusive and may be enforced in other jurisdictions
        by
        suit on the judgment or in any other manner provided by law. Nothing in this
        Agreement shall affect any right that any party may otherwise have to bring
        any
        action or proceeding relating to this Agreement or any other Loan Document
        in
        the courts of any jurisdiction.

       

      
        
          
          

        

        
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            48 -

          
            

          

        

        
          
          

        

      

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

       

      SECTION
        8.13  Execution
        in
        Counterparts.

       

      This
        Agreement may
        be executed in any number of counterparts and by different parties hereto
        in
        separate counterparts, each of which when so executed shall be deemed to
        be an
        original and all of which taken together shall constitute one and the same
        agreement. Delivery of an executed counterpart of a signature page to this
        Agreement by telecopier shall be effective as delivery of a manually executed
        counterpart of this Agreement.

       

      SECTION
        8.14  Waiver
        of Jury
        Trial.

       

      Each
        of the
        Borrowers, the Agent and the Lenders hereby irrevocably waives all right
        to
        trial by jury in any action, proceeding or counterclaim (whether based on
        contract, tort or otherwise) arising out of or relating to this Agreement
        or any
        of the other Loan Documents or the actions of the Agent or any Lender in
        the
        negotiation, administration, performance or enforcement thereof.

       

      SECTION
        8.15  Patriot
        Act.

       

      Each
        Lender hereby
        notifies each of the Borrowers that, pursuant to the requirements of the
        USA
        Patriot Act (Title III of Pub. L. 107-56 (signed into law on October 26,
        2001))
        (the “Act”),
        it is required
        to obtain, verify and record information that identifies each Loan Party,
        which
        information includes the name and address of each Loan Party and other
        information that will allow such Lender to identify such Loan Party in
        accordance with the Act.

      
 

      
        
          
          

        

        
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            49 -

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF,
        the parties hereto have caused this Agreement to be executed by their respective
        officers or representatives thereunto duly authorized, as of the date first
        above written.

       

      PROCTER
&
        GAMBLE INTERNATIONAL

          S.A.R.L.,
        as the Initial
        Borrower

       

       

      By: 
        ___________________________________  

       

      Title: 
        __________________________________

       

       

      PROCTER
&
        GAMBLE HOLDING (HK)

          LIMITED,
        as a
        Borrower

      
         

         

        By: 
          ___________________________________  

         

        Title: 
          __________________________________

         

         

      

      PROCTER
&
        GAMBLE INTERNATIONAL

          OPERATION
        S.A.,
        as a Borrower

       

      
         

        By: 
          ___________________________________  

         

        Title: 
          __________________________________

         

         

      

      CITIBANK,
        N.A.,

                                                              as
        Agent

       

      
         

        By: 
          ___________________________________  

         

        Title: 
          __________________________________

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        I

      CREDIT
        AGREEMENT

      APPLICABLE
        LENDING
        OFFICES

       

      
        	
                Name
                  of
                  Lender

              	
                Domestic
                  Lending Office

              	
                Eurocurrency
                  Lending Office

              
	 	 	 
	
                ABN
                  AMRO Bank
                  N.V.

              	
                540
                  West
                  Madison Street

                Suite
                  2621

                Chicago,
                  IL
                  60661

                Attn:
                  Loan
                  Administration

                T:
                  312
                  992-5152

                F:
                  312
                  992-5157

              	
                540
                  West
                  Madison Street

                Suite
                  2621

                Chicago,
                  IL
                  60661

                Attn:
                  Loan
                  Administration

                T:
                  312
                  992-5152

                F:
                  312
                  992-5157

              
	
                Citibank,
                  N.A.

              	
                Two
                  Penns
                  Way

                New
                  Castle,
                  DE 19720

                Attn:

                T:
                  302
                  894-6016

                F:
                  212
                  994-0961

              	
                Two
                  Penns
                  Way

                New
                  Castle,
                  DE 19720

                Attn:

                T:
                  302
                  894-6016

                F:
                  212
                  994-0961

              
	
                Deutsche
                  Bank
                  AG New York Branch

              	
                90
                  Hudson
                  Street

                Jersey
                  City,
                  NJ 07302

                Attn:
                  Joe
                  Cusmai

                T:
                  201
                  593-2202

                F:
                  201
                  593-2313

              	
                90
                  Hudson
                  Street

                Jersey
                  City,
                  NJ 07302

                Attn:
                  Joe
                  Cusmai

                T:
                  201
                  593-2202

                F:
                  201
                  593-2313

              
	
                HSBC
                  Bank
                  USA, National Association

              	
                One
                  HSBC
                  Center

                26th
                  Floor

                Buffalo,
                  NY
                  14203

                Attn:
                  Donna
                  Riley

                T:
                  716
                  841-4178

                F:
                  716
                  841--5683

              	
                One
                  HSBC
                  Center

                26th
                  Floor

                Buffalo,
                  NY
                  14203

                Attn:
                  Donna
                  Riley

                T:
                  716
                  841-4178

                F:
                  716
                  841--5683

              
	
                The
                  Hong Kong
                  Shanghai Banking Corporation Limited

              	
                Level
                  9

                HSBC
                  Main
                  Building

                1
                  Queen’s
                  Road Central

                Hong
                  Kong

                Attn:
                  Judy
                  Hong

                T:
                  852 2822
                  2503

                F:
                  852 2866
                  4249

              	
                Level
                  9

                HSBC
                  Main
                  Building

                1
                  Queen’s
                  Road Central

                Hong
                  Kong

                Attn:
                  Judy
                  Hong

                T:
                  852 2822
                  2503

                F:
                  852 2866
                  4249

              
	
                JPMorgan
                  Chase Bank, N.A.

              	
                1111
                  Fannin
                  Street, 10th
                  Floor

                Houston,
                  TX
                  77002

                Attn:
                  Cherry
                  Arnaez

                T:
                  713
                  750-2789

                F:
                  713
                  750-2782

              	
                1111
                  Fannin
                  Street, 10th
                  Floor

                Houston,
                  TX
                  77002

                Attn:
                  Cherry
                  Arnaez

                T:
                  713
                  750-2789

                F:
                  713
                  750-2782

              
	
                Merrill
                  Lynch
                  Capital Corp.

              	
                4
                  World
                  Financial Center

                New
                  York, NY
                  10080

                Attn:
                  Brian
                  Buttenmuller

                T:
                  212
                  449-8743

                F:
                  212
                  449-9435

              	
                4
                  World
                  Financial Center

                New
                  York, NY
                  10080

                Attn:
                  Brian
                  Buttenmuller

                T:
                  212
                  449-8743

                F:
                  212
                  449-9435

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Morgan
                  Stanley Bank

              	
                2500
                  Lake
                  Park Blvd.

                Suite
                  300C

                West
                  Valley
                  City, UT 84120

                Attn:
                  Larry
                  Benison

                T:
                  718
                  754-7299

                F:
                  718
                  754-7249

              	
                2500
                  Lake
                  Park Blvd.

                Suite
                  300C

                West
                  Valley
                  City, UT 84120

                Attn:
                  Larry
                  Benison

                T:
                  718
                  754-7299

                F:
                  718
                  754-7249

              
	
                Morgan
                  Stanley Senior Funding, Inc.

              	
                1585
                  Broadway

                New
                  York, NY
                  10036

                Attn:
                  Larry
                  Benison

                T:
                  718
                  754-7299

                F:
                  718
                  754-7249

              	
                1585
                  Broadway

                New
                  York, NY
                  10036

                Attn:
                  Larry
                  Benison

                T:
                  718
                  754-7299

                F:
                  718
                  754-7249

              
	
                Goldman
                  Sachs
                  Credit Partners L.P.

              	
                85
                  Broad
                  Street

                New
                  York, NY
                  10004 

              	
                c/o
                  Goldman
                  Sachs International

                Petershill

                1
                  Carter
                  Lane

                London
                  EC4V
                  5ER

                England

              

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        II

      CREDIT
        AGREEMENT

      COMMITMENTS

       

      
        	
                Name
                  of
                  Lender

              	
                Tranche
                  A
                  Commitment

              	
                Tranche
                  B
                  Commitment

              
	 	 	 
	
                Citibank,
                  N.A.

              	
                $3,500,000,000

              	
                $500,000,000

              
	
                ABN
                  AMRO Bank
                  N.V.

              	
                $2,625,000,000

              	
                $375,000,000

              
	
                Deutsche
                  Bank
                  AG New York Branch

              	
                $2,625,000,000

              	
                $375,000,000

              
	
                JPMorgan
                  Chase Bank, N.A.

              	
                $2,625,000,000

              	
                $375,000,000

              
	
                Merrill
                  Lynch
                  Capital Corp.

              	
                $2,625,000,000

              	
                $375,000,000

              
	
                Goldman
                  Sachs
                  Credit Partners L.P.

              	
                $1,750,000,000

              	
                $250,000,000

              
	
                The
                  Hong Kong
                  Shanghai Banking Corporation Limited

              	
                $1,750,000,000

              	
                $250,000,000

              
	
                HSBC
                  Bank
                  USA, National Association

              	
                $875,000,000

              	
                $125,000,000

              
	
                Morgan
                  Stanley Senior Funding, Inc.

              	
                $1,312,500,000

              	
                $187,500,000

              
	
                Morgan
                  Stanley Senior Funding (Capital)

              	
                $1,050,000,000

              	
                $150,000,000

              
	
                Morgan
                  Stanley Bank

              	
                $262,500,000

              	
                $37,500,000Exhibit 10-3 - Deferred Compensation Plan

    
      

        DEFERRED
          COMPENSATION PLAN FOR DIRECTORS

        

        Principal
          Features of Plan

        

        

        1.    Effective
          Date
          - October 1,
          1980.

        

        2.    Eligibility
          - All outside
          Directors.

        

        
          
            3.    Amounts
              Available for Deferral
              - All or part of
              retainer and meeting fees.  No elections to defer will be permitted for
              compensation earned after December 31, 2006.

          

        

        

        
          
            4.    Period
              of
              Deferral
              - Until July 1,
              2007.

          

        

        

        
          
            5.    Valuation
              of
              Deferred Compensation Account
              - The amounts
              deferred will earn hypothetical interest each month equal to one-twelfth
              of the
              applicable long-term federal rate for that month, with monthly compounding,
              as
              prescribed under the Section 1274(d) of the Internal Revenue Code from
              date of
              deferral until such amount is paid in accordance with Section 9.

          

        

        
          
             

            6.    Payment
              Options
              - Lump sum cash
              payment.

          

        

        

        
          
            7.    Death
              of
              Director
              - Payment made in
              lump sum to beneficiary designated by Director, or if not designation,
              to
              Director’s estate.

          

        

        

        
          
            8.    Administration
              - Administration
              is Secretary of Company.

          

        

        

        
          
            9.    Amendment
              or
              Termination
              - Board of
              Directors, or Executive Committee of Board, can amend or terminate
              at any time
              so long as vested rights are not interfered with.

          

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        THE
          PROCTER
& GAMBLE COMPANY

        DEFERRED
          COMPENSATION PLAN FOR DIRECTORS

        

         

        
          
            1.    Name
              and
              Purpose
              - This Plan shall
              be known as The Procter & Gamble Company Deferred Compensation Plan for
              Directors (“Plan”). It is the purpose of this Plan to enable certain Directors
              of The Procter & Gamble Company (“Company”) to elect to defer some or all of
              the fees which may be payable to the Director for future services to
              be
              performed by him/her on this Board of Directors or any Committee
              thereof.

          

        

        

        
          
            2.    Eligibility
              - Any Director of
              the Company who is not also an employee of the Company or of a subsidiary
              of the
              Company shall be eligible to participate in the Plan.

          

        

        

        
          
            3.    Compensation
              Eligible for Deferral
              - Any eligible
              Director (“Participant”) may elect to defer receipt of all or a specified
              portion of the compensation (exclusive of expense reimbursements) otherwise
              payable to him/her for serving on the Board of Directors of the Company
              or for
              attending meetings or Committee meetings thereof. Such compensation
              shall be
              credited to the Participant’s Deferred Compensation Account described hereafter
              on the date the compensation would otherwise be
              payable.

          

        

        

        
          
            4.    Deferred
              Compensation Account
              - There shall be
              established for each Participant who so elects a Deferred Compensation
              Account.  Effective July 1, 2006, amounts existing in and deferred into a
              Participant's Deferred Compensation Account shall accrue interest monthly
              until
              such amount is paid to the Participant in accordance with Section 9.  The
              rate of interest used to determine the amount of interest credited
              each month
              shall equal one-twelfth of the applicable federal rate for that month,
              with
              monthly compounding, as prescrived under the Section 1274(d) of the
              Internal
              Revenue Code.  Such interest shall be credited to such Account on the last
              day of each month to the balance in such Account on the first day of
              the month
              in question.  All interest so credited shall become part of the balance of
              such Account at the close of business on the day of
              crediting.

          

        

        

        
          
            5.    Value
              of
              Deferred Compensation Account
              - The value of
              each Participant’s Deferred Compensation Account will include the compensation
              deferred plus accumulated interest credited to such Account to the
              date of
              withdrawal.  For this purpose, the date of withdrawal shall be deemed to be
              the last day of the month preceding payment in accordance with this
              Plan.

          

        

         

        
          
            6.    Time
              of Election
              of Deferral
              - An election to
              defer compensation must be made prior to the time such compensation
              is earned.
              Once made, an election shall continue in effect until the end of the
              Participant’s service as a Director or until the Company is notified in writing
              of the cancellation of the election, whichever shall occur
              first.

          

        

        

        
          
            7.    Manner
              of
              Electing Deferral
              - A Participant
              may elect to defer compensation by giving notice to the Secretary of
              the Company
              on a form provided by it. Such notice shall include:

          

        

        

        
          
                  a.  The
              type, e.g.
              retainer, meeting fees, or both, and the amount or percentage of compensation
              to
              be deferred.

          

        

        

        
          
                  b.  An
              election of a
              lump sum payment or a number of annual installments (not to exceed
              five) for the
              payment of the deferred compensation.

          

        

        

        
          
                  c.  The
              date of the
              first installment payment, which shall be either January 15 in the year
              following the year in which service as a Director terminates or the
              January 15 following the electing Director’s 71st
              birthday.

          

        

        

              Notwithstanding
          the above, no
          elections to defer will be permitted for compensation earned after December
          31,
          2006.

        

        
          
            8.    Beneficiary
              Designation
              - A Participant
              may, from time to time, furnish a form to the Secretary of the Company
              designating any person or persons to whom payments are to be made if
              the
              Participant dies before receiving payment of all amounts due hereunder.
              A
              beneficiary designation form will be effective only after the signed
              form is
              filed with the Secretary of the Company while the Participant is alive
              but will
              cancel any beneficiary designation forms signed and filed
              earlier.

          

        

         

        9.     Manner
          of
          Payment
          - Pursuant to
          transition relief to Code Section 409A provided under IRS Notice 2006-79,
          the
          Participant’s Deferred Compensation Account shall be paid to the Participant in
          a single lump-sum cash payment in July 2007 or, if elected by the Participant
          before 2007, in up to five annual installments commencing in July
          2007.

         

                
          In the event of a Participant's death, the value of his/her Deferred
          Compensation Account (including accrued interest) determined as of the
          date of
          death shall be paid in cash in a single payment to the beneficiary previously
          designated by the Participant, or to his/her estate if no beneficiary has
          been
          designated, no later than July 1, 2007.

        

        
          
            10.    Participant’s
              Rights
              - The right of any
              Participant to receive payments under the provisions of this Plan shall
              be
              unsecured claim against the general assets of the Company. The right
              of a
              Participant to receive payments of deferred compensation as provided
              in this
              Plan shall not be assigned, transferred, pledged or encumbered or be
              subject in
              any manner to alienation or anticipation.

          

        

        

        
          
            11.    Statement
              of
              Account
              - Statements will
              be sent to Participants during February of each year as to the value
              of their
              Deferred Compensation Accounts as of the end of December of the previous
              year.

          

        

        

        
          
            12.    Administration
              - The
              Administrator of this Plan shall be the Secretary of the Company. The
              Administrator shall have authority to adopt rules and regulations for
              carrying
              out the Plan and to interpret, construe and implement provisions thereof.
              Decisions by the Administrator as to interpretation of the Plan shall
              be binding
              and conclusive on all affected parties.

          

        

        

        
          
            13.    Governing
              Law
              - The provisions
              of this Plan shall be interpreted and construed in accordance with
              the laws of
              the State of Ohio.

          

        

        

        
          
            14.    Amendment
              and
              Termination
              - The Plan shall
              become effective October 1, 1980. It may at any time be amended, modified
              or
              terminated by the Board of Directors, or the Executive Committee of
              the Board of
              Directors, of the Company. No amendment, modification or termination
              shall,
              without the consent of the Participant, adversely affect such Participant’s
              rights with respect to amounts theretofore accrued in his/her Deferred
              Compensation Account.

          

        

         

         

        Revised
          12/12/06

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        THE
          PROCTER
& GAMBLE COMPANY

        DEFERRED
          COMPENSATION PLAN FOR DIRECTORS

        

        To:
          The Procter
& Gamble Company

        

        In
          accordance with
          the provisions of The Procter & Gamble Company Deferred Compensation Plan
          for Directors, I hereby elect to defer future compensation (excluding expense
          reimbursements) otherwise payable to me for services as a Director of The
          Procter & Gamble Company. This election shall remain in effect until
          cancelled by me in writing delivered to the Secretary of the
          Company.

        

        Amount
          of Deferral
          (fill in one):

        

        $_______________
          (amount per year)

        

        or

        

        ________________
          (percentage per year - up to 100%)

        

                    □ Retainer
          Fee

         

                    □ Meeting
          Fees

        

        The
          compensation
          deferred is to be paid to me in cash in ______ (insert number not to exceed
          five) annual installments, the first of which is to be made on (choose
          one):

        

        
          
                        □ the
              January 15 of
              the calendar year following the year in which my services
              terminate.

             

                        □ the
              January 15
              following _______________, 20____ (my 71st
              birthday)

          

        

        

        If
          I die before
          receiving all of the deferred payments due me, the value of my deferred
          compensation account shall be paid in a single payment to the beneficiary(ies)
          designated by me, or if no beneficiary(ies) has (have) been designated,
          to my
          estate.

        

        This
          election is
          subject to the terms of The Procter & Gamble Company Deferred Compensation
          Plan for Directors, adopted on October 1, 1980 and on file with the records
          of
          the Company.

        

        
          	
                  Received
                    on
                    the ____ day of ___________________, 20__, on behalf of The Procter
&
                    Gamble Company

                	 	
                   

                  ___________________________________

                  Signature
                    of
                    Director

                
	
                   

                   

                   

                  By _______________________________

                  Secretary

                	 	
                   

                  Date 
                    ______________________________

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        THE
          PROCTER
& GAMBLE COMPANY

        DEFERRED
          COMPENSATION PLAN FOR DIRECTORS

        DESIGNATION
          OF
          BENEFICIARY

        

        In
          case of my death
          while a Participant in this Plan, I hereby designate as my beneficiaries)
          to
          whom payments shall be made as provided in the Plan:

         

                                                                    Proportion

        Name  Relationship  Address    
          to Each
 

        

        _______________________________________________________________________________

        

        _______________________________________________________________________________

        

        _______________________________________________________________________________

        

        I
          understand that
          the above designation(s) shall remain in effect until I give written notice
          of
          change to the Secretary of The Procter & Gamble Company.

        

        Note:

        
          	 	
                  1.

                	
                  Many
                    states
                    have laws bearing on beneficiary designations. Participants may
                    desire to
                    consult their advisors before making a
                    designation.

                

        

        
          	 	
                  2.

                	
                  Write
                    name of
                    beneficiary in full. If a married woman, show her given, maiden
                    and
                    surname; thus, Mary Williamson Smith, and not Mrs. John
                    Smith.

                

        

        
          	 	
                  3.

                	
                  Suggested
                    Beneficiary Designations:

                

        

        

        Mary
          Williamson
          Smith        Wife                1
          Main Ave.,
          Milwaukee, WI

                100%

         

                                 
          or

         

        Mary
          Williamson
          Smith  Wife                "

                100%

        If
          she survives me, otherwise

        My
          children, per stirpes*       Equally

         

                                  or

         

        My
          Estate

        

        *This
          provides that
          if any of the children should predecease the Participant or former Participant,
          that child’s share will go to his/her children.

        

        I
          understand that
          the value of my Deferred Compensation Account (including accrued interest)
          determined as of the date of death will be paid in cash in a single payment
          to
          the beneficiary(ies) designated above in accordance with the terms of the
          Plan.

        

        

        Signature 
          _____________________________

        Director

        

        Date
          Signed 
___________________________ 

        Acknowledgment:

        

        Received
          as
          of _______________________________

        

        Signature ___________________________________  

           
          Secretary, The Procter & Gamble Company

        

        This
          Form should be
          submitted in duplicate. One copy will be returned for your records after
          acknowledgment by the Secretary.

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