Document:

EXHIBIT 10.AAa

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                      TRANSFER AND ADMINISTRATION AGREEMENT

                                      among

                        RECEIVABLES CAPITAL CORPORATION,

                      ATLANTIC ASSET SECURITIZATION CORP.,

                          LIBERTY STREET FUNDING CORP.,

                         AMSTERDAM FUNDING CORPORATION,

                    FALCON ASSET SECURITIZATION CORPORATION,

                          TECH DATA FINANCE SPV, INC.,

                                  as Transferor

                                       and

                             TECH DATA CORPORATION,

                               as Collection Agent

                        CREDIT LYONNAIS NEW YORK BRANCH,

                          as an Atlantic Bank Investor

                           BANQUE NATIONALE DE PARIS,

                          as an Atlantic Bank Investor

                            THE BANK OF NOVA SCOTIA,

                           as a Liberty Bank Investor

                               ABN AMRO BANK N.V.,

                             as an AFC Bank Investor

                                  BANK ONE, NA,

                            as a Falcon Bank Investor

                                       and

                     BANK OF AMERICA, NATIONAL ASSOCIATION,

         as Administrative Agent, an RCC Bank Investor and Lead Arranger

                            Dated as of May 19, 2000

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                                TABLE OF CONTENTS
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                                                                                                               Page
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                                                      ARTICLE I
                                                     DEFINITIONS
<S>           <C>                                                                                            <C>
SECTION 1.1.   Certain Defined Terms..............................................................................2
SECTION 1.2.   Other Terms.......................................................................................23
SECTION 1.3.   Computation of Time Periods.......................................................................23

                                                     ARTICLE II
                                              PURCHASES AND SETTLEMENTS

SECTION 2.1.   Facility..........................................................................................24
SECTION 2.2.   Transfers; Certificates; Eligible Receivables.....................................................24
SECTION 2.3.   Selection of Tranche Periods and Tranche Rates....................................................28
SECTION 2.4.   Discount, Fees and Other Costs and Expenses.......................................................30
SECTION 2.5.   Non-Liquidation Settlement and Reinvestment Procedures............................................31
SECTION 2.6.   Liquidation Settlement Procedures.................................................................31
SECTION 2.7.   Fees..............................................................................................33
SECTION 2.8.   Protection of Ownership Interest of the Class Investors...........................................34
SECTION 2.9.   Deemed Collections; Application of Payments.......................................................34
SECTION 2.10.  Payments and Computations, Etc....................................................................35
SECTION 2.11.  Reports...........................................................................................35
SECTION 2.12.  Collection Account................................................................................36
SECTION 2.13.  Sharing of Payments, Etc..........................................................................36
SECTION 2.14.  Rights of Set-off.................................................................................36

                                                     ARTICLE III
                                           REPRESENTATIONS AND WARRANTIES

SECTION 3.1.  Representations and Warranties of the Transferor...................................................37
SECTION 3.2.  Reaffirmation of Representations and Warranties by the Transferor..................................41
SECTION 3.3.  Representations and Warranties of Tech Data, as Collection Agent...................................41
SECTION 3.4.  Reaffirmation of Representations and Warranties by Tech Data, as Collection Agent..................43

                                                     ARTICLE IV
                                                CONDITIONS PRECEDENT

SECTION 4.1.  Conditions to Closing..............................................................................43

                                                      ARTICLE V
                                                      COVENANTS

SECTION 5.1.  Affirmative Covenants of Transferor................................................................45
SECTION 5.2.  Negative Covenants of Transferor...................................................................49
SECTION 5.3.  Affirmative Covenants of Tech Data.................................................................50
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<S>          <C>                                                                                             <C>
SECTION 5.4.  Negative Covenants of Tech Data....................................................................53
SECTION 5.5.  Financial Covenants of the Collection Agent........................................................54

                                                     ARTICLE VI
                                           ADMINISTRATION AND COLLECTIONS

SECTION 6.1.  Appointment of Collection Agent....................................................................55
SECTION 6.2.  Duties of Collection Agent.........................................................................55
SECTION 6.3.  Rights After Designation of New Collection Agent...................................................56
SECTION 6.4.  Responsibilities of the Transferor and Tech Data...................................................57

                                                     ARTICLE VII
                                                 TERMINATION EVENTS

SECTION 7.1.  Termination Events.................................................................................57
SECTION 7.2.  Termination........................................................................................59

                                                    ARTICLE VIII
                                     INDEMNIFICATION; EXPENSES; RELATED MATTERS

SECTION 8.1.  Indemnities by the Transferor......................................................................60
SECTION 8.2.  Indemnity for Taxes, Reserves and Expenses.........................................................61
SECTION 8.3.  Other Costs, Expenses and Related Matters..........................................................63
SECTION 8.4.  Reconveyance Under Certain Circumstances...........................................................63
SECTION 8.5.  Indemnities by Tech Data...........................................................................63

                                                     ARTICLE IX
                                                  THE CLASS AGENTS

SECTION 9.1.  Authorization and Action...........................................................................64
SECTION 9.2.  Class Agent's Reliance, Etc........................................................................65
SECTION 9.3.  Credit Decision....................................................................................65
SECTION 9.4.  Indemnification of the Class Agents................................................................65
SECTION 9.5.  Successor Class Agent..............................................................................66
SECTION 9.6.  Payments by the Class Agent........................................................................66

                                                      ARTICLE X
                                      THE ADMINISTRATIVE AGENT; BANK COMMITMENT

SECTION 10.1. Authorization and Action...........................................................................66
SECTION 10.2. Administrative Agent's Reliance, Etc...............................................................67
SECTION 10.3. Credit Decision....................................................................................68
SECTION 10.4. Indemnification of the Administrative Agent........................................................68
SECTION 10.5. Successor Administrative Agent.....................................................................69
SECTION 10.6. Payments by the Administrative Agent...............................................................69
SECTION 10.7. Bank Commitment; Assignment to Bank Investors......................................................69
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                                                     ARTICLE XI
                                                    MISCELLANEOUS
<S>             <C>                                                                                             <C>
SECTION 11.1.   Term of Agreement................................................................................73
SECTION 11.2.   Waivers; Amendments..............................................................................73
SECTION 11.3.   Notices..........................................................................................74
SECTION 11.4.   Governing Law; Submission to Jurisdiction; Integration...........................................77
SECTION 11.5.   Severability; Counterparts.......................................................................77
SECTION 11.6.   Successors and Assigns...........................................................................77
SECTION 11.7.   Waiver of Confidentiality........................................................................79
SECTION 11.8.   Confidentiality Agreement........................................................................79
SECTION 11.9.   No Bankruptcy Petition Against any Class Conduit.................................................79
SECTION 11.10.  No Recourse Against Stockholders, Officers or Directors..........................................79
SECTION 11.11.  Characterization of the Transactions Contemplated by the Agreement...............................80
SECTION 11.12.  Optional Reconveyance of All Receivables.........................................................80
SECTION 11.13.  Mandatory Reconveyance of Certain Receivables....................................................80
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                      TRANSFER AND ADMINISTRATION AGREEMENT

                  TRANSFER AND ADMINISTRATION AGREEMENT (this "AGREEMENT"),
dated as of May 19, 2000 among TECH DATA CORPORATION ("TECH DATA"), a Florida
corporation ("TECH DATA"), as collection agent (in such capacity, the
"COLLECTION AGENT"), TECH DATA FINANCE SPV, INC., a Delaware corporation
headquartered in California, as transferor (in such capacity, the "TRANSFEROR"),
RECEIVABLES CAPITAL CORPORATION ("RCC"), a Delaware corporation , ATLANTIC ASSET
SECURITIZATION CORP., a Delaware corporation ("ATLANTIC"), LIBERTY STREET
FUNDING CORP., a Delaware corporation, ("LIBERTY"), AMSTERDAM FUNDING
CORPORATION, a Delaware corporation ("AFC"), FALCON ASSET SECURITIZATION
CORPORATION, a Delaware corporation ("FALCON" and collectively with RCC,
Atlantic, Liberty and AFC, the "CLASS CONDUITS"), CREDIT LYONNAIS NEW YORK
BRANCH, a branch duly licensed under the laws of the State of New York of a
banking corporation organized and existing under the laws of the Republic of
France ("CREDIT LYONNAIS"), as an Atlantic Bank Investor and as agent for
Atlantic and the Atlantic Bank Investors (in such capacity, the "ATLANTIC
AGENT"), BANQUE NATIONALE DE PARIS, a French banking corporation, acting through
its Houston agency ("BNP"), as an Atlantic Bank Investor, THE BANK OF NOVA
SCOTIA, a banking corporation organized and existing under the laws of Canada,
acting through its New York Agency ("SCOTIA BANK"), as a Liberty Bank Investor
and as agent for Liberty and the Liberty Bank Investors (in such capacity, the
"LIBERTY AGENT"), ABN AMRO BANK N.V., a banking corporation organized and
existing under the laws of the Netherlands and acting through its Chicago Branch
("ABN AMRO"), as an AFC Bank Investor and as agent for AFC and the AFC Bank
Investors (in such capacity, the "AFC AGENT"), BANK ONE, NA (having its main
office in Chicago, Illinois), a national banking association ("BANK ONE"), as a
Falcon Bank Investor and as agent for Falcon and the Falcon Bank Investors (in
such capacity, the "FALCON AGENT") and BANK OF AMERICA, NATIONAL ASSOCIATION, a
national banking association ("BANK OF AMERICA"), as agent for RCC, Atlantic,
Liberty, AFC, Falcon, the RCC Bank Investors, the Atlantic Bank Investors, the
Liberty Bank Investors, the AFC Bank Investors and the Falcon Bank Investors (in
such capacity, the "ADMINISTRATIVE AGENT"), as an RCC Bank Investor, as agent
for RCC and the RCC Bank Investors (in such capacity, the "THE RCC AGENT") and
Lead Arranger.

                             PRELIMINARY STATEMENTS

                  WHEREAS, Tech Data Finance, Inc., the Collection Agent,
Enterprise Funding Corporation, Atlantic, Liberty and Bank of America, Credit
Lyonnais and Scotia Bank, as agents and bank investors, have terminated that
certain Second Amended and Restated Transfer and Administration Agreement, dated
as of February 10, 1999, among Tech Data, as collection agent, Tech Data
Finance, Inc., a California corporation, as transferor, Enterprise, Atlantic,
Liberty, Bank of America, Credit Lyonnais and Scotia Bank, as amended to the
date hereof (the "EXISTING AGREEMENT");

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                  WHEREAS, the parties hereto desire to enter into this
Agreement to provide, among other things, for the transfer of certain accounts
receivable from the Transferor to the Administrative Agent on behalf of the
Class Conduits and the Bank Investors, as applicable;

                  NOW, THEREFORE, the parties hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

                  SECTION 1.1. CERTAIN DEFINED TERMS. As used in this Agreement,
the following terms shall have the following meanings:

                  "ABN AMRO" means ABN AMRO Bank N.V., a banking corporation
organized and existing under the laws of the Netherlands and acting through its
Chicago branch, and its successors and assigns.

                  "ADMINISTRATIVE AGENT" means Bank of America, National
Association, in its capacity as agent for the Class Investors, and any
successors thereto and permitted assigns appointed pursuant to Article X.

                  "ADVERSE CLAIM" means a lien, security interest, charge or
encumbrance, or other right or claim in, of or on any Person's assets or
properties in favor of any other Person (including any UCC financing statement
or any similar instrument filed against such Person's assets or properties).

                  "AFC" means Amsterdam Funding Corporation, and its successors
and assigns.

                  "AFC AGENT" means ABN AMRO Bank, in its capacity as agent for
AFC and the AFC Bank Investors, and any successor thereto appointed pursuant to
Article IX.

                  "AFC BANK INVESTORS" shall mean ABN AMRO and its successors
and assigns who are or become parties to this Agreement as such pursuant to an
Assignment and Assumption Agreement.

                  "AFFECTED ASSETS" means, collectively, the Receivables and the
Related Security, Collections and Proceeds relating thereto.

                  "AFFILIATE" means, with respect to any Person, any other
Person directly or indirectly controlling, controlled by, or under direct or
indirect common control with, such Person. A Person shall be deemed to control
another Person if the controlling Person possesses, directly or indirectly, the
power to direct or cause the direction of the management or policies of the
controlled Person, whether through ownership of voting stock, by contract or
otherwise.

                  "AFFILIATED OBLIGOR" means any Obligor which is an Affiliate
of another Obligor.

                  "AGGREGATE FACILITY LIMIT" means the sum of the Facility
Limits for each Class, which shall not exceed $714,000,000.

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                  "AGGREGATE MAXIMUM NET INVESTMENT" means the sum of the
Maximum Net Investments for each Class, which shall not exceed $700,000,000.

                  "AGGREGATE NET INVESTMENT" means the sum of the Net
Investments for each Class.

                  "AGGREGATE PERCENTAGE FACTOR" means the sum of the Percentage
Factors for each Class.

                  "AGGREGATE UNPAIDS" means, with respect to each Class
Investor, as applicable, at any time, an amount equal to the sum of (i) the
aggregate accrued and unpaid Discount payable to such Class Investor with
respect to all Tranche Periods of such Class Investor at such time, (ii) such
Class Investor's Net Investment at such time and (iii) all other amounts owed
(whether due or accrued) hereunder by the Transferor (or the Collection Agent)
to the Class Investors at such time.

                  "ASSIGNMENT AMOUNT" means with respect to each Class and with
respect to each Bank Investor in such Class at any time an amount equal to the
lesser of (i) such Bank Investor's Pro Rata Share of the Net Investment for the
related Class at such time, (ii) such Bank Investor's unused Commitment and
(iii) such other amount as may be separately agreed by a Conduit Investor and
each applicable Bank Investor, pursuant to a Liquidity Provider Agreement.

                  "ASSIGNMENT AND ASSUMPTION AGREEMENT" means an Assignment and
Assumption Agreement substantially in the form of Exhibit G attached hereto.

                  "ATLANTIC AGENT" means Credit Lyonnais, in its capacity as
agent for Atlantic and the Atlantic Bank Investors, and any successor thereto
appointed pursuant to Article IX.

                  "ATLANTIC BANK INVESTORS" means Credit Lyonnais and BNP, their
respective successors and assigns who are or become parties to this Agreement as
such pursuant to an Assignment and Assumption Agreement.

                  "AVERAGE COLLECTION PERIOD" means at any time a period of days
equal to the product of (i) a fraction the numerator of which shall be the
amount set forth in the most recent Investor Report as the "Beginning Balance"
of the Receivables and the denominator of which shall be the Collections as set
forth in the most recent Investor Report and (ii) thirty (30).

                  "BANK INVESTOR" means (i) with respect to the Class of which
RCC is a member, the RCC Bank Investors, (ii) with respect to the Class of which
Atlantic is a member, the Atlantic Bank Investors, (iii) with respect to the
Class of which Liberty is a member, the Liberty Bank Investors, (iv) with
respect to the Class of which AFC is a member, the AFC Bank Investors, (v) with
respect to the Class of which Falcon is a member, the Falcon Bank Investors, as
applicable, and (vi) with respect to any other Class, the financial institutions
specified as such in any supplement hereto and their respective successors and
permitted assigns.

                  "BANK ONE" means Bank One, NA (having its main office in
Chicago, Illinois), a national banking association, and its successors and
assigns.

                  "BASE RATE" or "BR" means, a rate per annum equal to the
greater of (i) the prime rate of interest announced by the Administrative Agent
from time to time, changing when and as said prime rate changes (such rate not
necessarily being the lowest or best rate charged by the

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Administrative Agent) and (ii) sum of (a) 1.50% and (b) the rate equal to the
weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers, 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 for such transactions received by the Administrative
Agent from three Federal funds brokers of recognized standing selected by it.

                  "BENEFIT PLAN" means any employee benefit plan as defined in
Section 3(3) of ERISA in respect of which the Transferor or any ERISA Affiliate
of the Transferor, is or at any time during the immediately preceding six years
was, an "employer" as defined in Section 3(5) of ERISA.

                  "BNP" means Banque Nationale de Paris, a French banking
association acting through its Houston agency, and its successors and assigns.

                  "BR TRANCHE" means, with respect to a Class, a Tranche of such
Class as to which Discount is calculated at the Base ate.

                  "BR TRANCHE PERIOD" means, with respect to a BR Tranche,
either (i) prior to the Termination Date for the applicable Class, a period of
up to 30 days requested by the Transferor and agreed to by the applicable Class
Agent commencing on a Business Day requested by the Transferor and agreed to by
such Class Agent, or (ii) after such Termination Date, a period of one day. If
such BR Tranche Period would end on a day which is not a Business Day, such BR
Tranche Period shall end on the next succeeding Business Day.

                  "BUSINESS DAY" means any day excluding Saturday, Sunday and
any day on which banks in New York, New York, Charlotte, North Carolina, San
Francisco, California, Clearwater, Florida or Chicago, Illinois are authorized
or required by law to close, and, when used with respect to the determination of
any Eurodollar Rate or any notice with respect thereto, any such day which is
also a day for trading by and between banks in United States dollar deposits in
the London interbank market.

                  "CAPITALIZED LEASE" of a Person means any lease of property by
such Person as lessee which would be capitalized on a balance sheet of such
Person prepared in accordance with generally accepted accounting principles.

                  "CERTIFICATE" means the certificate issued to the
Administrative Agent for the benefit of the Class Investors pursuant to Section
2.2(d) hereof.

                  "CLASS" means each of the following groups of Class Investors:
(i) RCC and the RCC Bank Investors, (ii) Atlantic and the Atlantic Bank
Investors, (iii) Liberty and the Liberty Bank Investors, (iv) AFC and the AFC
Bank Investors, (v) Falcon and the Falcon Bank Investors or (vi) any other Class
consisting of a multi-seller commercial paper conduit, its related Bank
Investors and its respective assigns and participants, as added from time to
time with the consent of the Administrative Agent and the Transferor as set
forth in Section 11.2(b).

                  "CLASS AGENT" means (i) with respect to the Class of which RCC
is a member, the RCC Agent, (ii) with respect to the Class of which Atlantic is
a member, the Atlantic Agent, (iii) with respect to the Class of which Liberty
is a member, the Liberty Agent, (iv) with respect to the

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Class of which AFC is a member, the AFC Agent, (v) with respect to the Class of
which Falcon is a member, the Falcon Agent and (vi) with respect to any other
Class, the financial institution or other Person specified as such in any
amendment or supplement hereto for such Class.

                  "CLASS CONDUIT" shall mean, with respect to any Class, the
member in such Class which is a multi-seller commercial paper conduit (and if
more than one member in such Class is a multi-seller commercial paper conduit,
"CLASS CONDUIT" shall mean such members collectively).

                  "CLASS INVESTORS" means (i) with respect to the Class of which
RCC is a member, RCC and the RCC Bank Investors, (ii) with respect to the Class
of which Atlantic is a member, Atlantic and the Atlantic Bank Investors, (iii)
with respect to the Class of which Liberty is a member, Liberty and the Liberty
Bank Investors, (iv) with respect to the Class of which AFC is a member, AFC and
the AFC Bank Investors, (v) with respect to the Class of which Falcon is a
member, Falcon and the Falcon Bank Investors and (vi) with respect to any other
Class, the related Class Conduit and the related Bank Investors.

                  "CLOSING DATE" means May 19, 2000.

                  "COLLATERAL AGENT" means with respect to any Class, the Class
Agent for such Class, as collateral agent for any Liquidity Provider, any Credit
Support Provider, the holders of Commercial Paper and certain other parties.

                  "COLLECTION ACCOUNT" means the account, established by the
Administrative Agent, for the benefit of the Class Investors pursuant to Section
2.12.

                  "COLLECTION AGENT" means at any time the Person then
authorized pursuant to Section 6.1 to service, administer and collect
Receivables.

                  "COLLECTION AGENT ACCOUNT" means the account, established by
the Collection Agent, for the benefit of the Class Investors pursuant to Section
2.8(b).

                  "COLLECTION AGENT DEFAULT" shall mean the Collection Agent
shall violate any of the covenants set forth in Section 5.5.

                  "COLLECTION DELAY" means 30 days.

                  "COLLECTIONS" means, with respect to any Receivable, all cash
collections and other cash proceeds of such Receivable, including, without
limitation, all Finance Charges, if any, insurance proceeds, and cash proceeds
of Related Security with respect to such Receivable and any Deemed Collections
of such Receivable.

                  "COMMERCIAL PAPER" means the promissory notes issued by one or
all, as applicable, of the Class Conduits in the commercial paper market.

                  "COMMITMENT" means (i) with respect to each Bank Investor
party hereto, the commitment of such Bank Investor to make acquisitions from the
Transferor or its related Class Conduit in accordance herewith in an amount not
to exceed the dollar amount set forth opposite such Bank Investor's signature on
the signature page hereto under the heading "COMMITMENT", MINUS the dollar
amount of any Commitment or portion thereof assigned pursuant to an Assignment
and

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 Assumption Agreement PLUS the dollar amount of any increase to such Bank
Investor's Commitment consented to by such Bank Investor prior to the time of
determination, (ii) with respect to any assignee of each Bank Investor party
hereto taking pursuant to an Assignment and Assumption Agreement, the commitment
of such assignee to make acquisitions from the Transferor or the related Class
Conduit, as applicable, not to exceed the amount set forth in such Assignment
and Assumption Agreement MINUS the dollar amount of any Commitment or portion
thereof assigned pursuant to an Assignment and Assumption Agreement prior to
such time of determination PLUS the dollar amount of any increase to such
assignee's Commitment consented to by such assignee prior to the time of
determination and (iii) with respect to any assignee of an assignee referred to
in clause (ii), the commitment of such assignee to make acquisitions from the
Transferor or the related Class Conduit not to exceed the amount set forth in an
Assignment and Assumption Agreement between such assignee and its assign MINUS
the dollar amount of any Commitment or portion thereof assigned pursuant to an
Assignment and Assumption Agreement PLUS the dollar amount of any increase to
such assignee's Commitment consented to by such assignee prior to the time of
determination.

                  "COMMITMENT TERMINATION DATE" means, with respect to each
Class, May 17, 2001, or such later date to which such Commitment Termination
Date may be extended by Transferor, the related Class Agent and the related Bank
Investors not later than 60 days prior to the then current Commitment
Termination Date for such Class.

                  "CONCENTRATION FACTOR" means for any Designated Obligor (a) 2%
of the Outstanding Balance of all Eligible Receivables; provided however, that
for up to three (3) Designated Obligors at any one time, 2.5% of the Outstanding
Balance of all Eligible Receivables at such time; PROVIDED FURTHER, HOWEVER,
that with respect to any Designated Obligor and its affiliates whose long term
unsecured debt obligations are rated at least "A1" by Moody's, at least "A+" by
Standard & Poor's and at least "A+" by DCR and with respect to which rating
neither Moody's, Standard & Poor's nor DCR shall have made a public announcement
anticipating a downgrading of such Designated Obligor's long term unsecured debt
obligations to a rating less than the aforementioned ratings ("A1/A+ RATED
OBLIGORS") 5% of the Outstanding Balance of all Eligible Receivables at such
time, or (b) such other greater amount determined by the Administrative Agent in
the reasonable exercise of its good faith judgment and with the consent of all
of the Class Agents and disclosed in a written notice delivered to the
Transferor.

                  "CONDUIT ASSIGNEE" means, with respect to a Conduit Investor,
any commercial paper conduit administered by the Class Agent with respect to
such Conduit Investor or any of its Affiliates and designated by such Class
Agent from time to time to accept an assignment from such Conduit Investor of
all or a portion of the Net Investment held by such Conduit Investor.

                  "CONSOLIDATED SENIOR LEVERAGE RATIO" has the meaning specified
in Exhibit N hereto.

                  "CONSOLIDATED RENTAL EXPENSE RATIO" has the meaning specified
in Exhibit N hereto.

                  "CONTRACT" means an agreement or invoice in substantially the
form of one of the forms set forth in Exhibit A attached hereto or otherwise
approved by the Administrative Agent, pursuant to or under which an Obligor
shall be obligated to pay for merchandise purchased or services rendered.

                  "CORPORATE SERVICES PROVIDER" means, (i) with respect to RCC,
Merrill Lynch Money Markets Inc., (ii) with respect to Atlantic, Lord Securities
Corporation, (iii) with respect to Liberty,

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Global Securitization Services, LLC and (iv) with respect to AFC, Global
Securitization Services, LLC.

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                  "CP RATE" for each Class Conduit listed below, shall have the
meaning specified in the Annex set forth below for such Class Conduit:

                  CLASS CONDUIT             ANNEX
                  ------------              -----

                  RCC                       Annex 1

                  Falcon                    Annex 2

                  AFC                       Annex 3

                  Atlantic                  Annex 4

                  Liberty                   Annex 5

                  "CP TRANCHE" means, with respect to a Class, a Tranche of such
Class as to which Discount is calculated at the CP Rate.

                  "CP TRANCHE PERIOD" means, with respect to a CP Tranche, a
period of days not to exceed 90 days commencing on a Business Day requested by
the Transferor and agreed to by the applicable Class Agent pursuant to Section
2.3, or if applicable, such a period selected by the applicable Class Agent. If
a CP Tranche Period would end on a day which is not a Business Day, such CP
Tranche Period shall end on the next succeeding Business Day.

                  "CREDIT AGREEMENT" means that certain Credit Agreement, dated
as of May 19, 2000, between Tech Data and the Transferor.

                  "CREDIT AND COLLECTION POLICY" shall mean Tech Data's and the
Transferor's credit and collection policy or policies and practices, relating to
Contracts and Receivables existing on the date hereof and referred to in Exhibit
B attached hereto, as modified from time to time in compliance with Section
5.2(c).

                  "CREDIT LYONNAIS" means Credit Lyonnais New York Branch, a
branch duly licensed under the laws of the State of New York of a banking
corporation organized and existing under the laws of France, and its successors
and assigns.

                  "CREDIT SUPPORT AGREEMENT" means with respect to each Class
Conduit, any agreement between such Class Conduit and a Credit Support Provider
evidencing the obligation of such Credit Support Provider to provide credit
support to such Class Conduit in connection with the issuance by such Class
Conduit of its Commercial Paper.

                  "CREDIT SUPPORT PROVIDER" means, with respect to each Class,
the Person or Persons who provides credit support to the related Class Conduit,
in connection with the issuance by such Class Conduit of Commercial Paper.

                  "CURRENT RECEIVABLE" means any Receivable with respect to
which no payment is outstanding beyond the date on which such payment was due.

                  "DCR" means Duff & Phelps Credit Rating Co.

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<PAGE>

                  "DEALER FEE" means, with respect to each Class, the fee
payable by the Transferor to the Administrative Agent on behalf of the related
Class Conduit, pursuant to Section 2.4 hereof, the terms of which are set forth
in the Fee Letter.

                  "DEEMED COLLECTIONS" means any Collections on any Receivable
deemed to have been received pursuant to Section 2.9(a) or (b) hereof.

                  "DEFAULTED RECEIVABLE" means a Receivable: (i) as to which any
payment, or part thereof, remains unpaid for 91 days or more from the original
due date for such Receivable; (ii) as to which an Event of Bankruptcy has
occurred with respect to the Obligor thereof; (iii) which has been identified by
the Collection Agent as uncollectible; or (iv) which, consistent with the Credit
and Collection Policy, has been or should be written off the Transferor's books
as uncollectible.

                  "DEFAULTING BANK INVESTOR" shall have the meaning set forth in
Section 2.2 hereof.

                  "DEFICIT" shall have the meaning set forth in Section 2.2
hereof.

                  "DELINQUENCY RATIO" means, the ratio (expressed as a
percentage) computed as of the last day of each calendar month by dividing (i)
the aggregate Outstanding Balance of all outstanding Receivables as to which on
the date of determination, any payment or part thereof, remains unpaid for more
than 30 days from the original due date for such Receivable and which is not a
Defaulted Receivable, by (ii) the aggregate Outstanding Balance of all
Receivables as of such date less Defaulted Receivables as of such date. For
purposes of this calculation, any credits shall be excluded.

                  "DELINQUENT RECEIVABLE" means a Receivable: (i) as to which
any payment, or part thereof, remains unpaid for more than 60 days from the
original due date for such Receivable and (ii) which is not a Defaulted
Receivable.

                  "DESIGNATED OBLIGOR" means, at any time, each Obligor;
PROVIDED, HOWEVER, that any Obligor shall cease to be a Designated Obligor upon
notice from the Administrative Agent to the Transferor and the Collection Agent,
delivered at any time in good faith and based upon reasonable criteria.

                  "DILUTION RATIO" means, the ratio (expressed as a percentage)
computed as of the last day of each calendar month by dividing (i) the aggregate
amount of credits, rebates, discounts, disputes, warranty claims, repossessed or
returned goods, charge back allowances and other dilutive factors, and any other
billing or other adjustment by the Transferor or the Collection Agent, provided
to Obligors in respect of Receivables during the preceding three months
(including such month) by (ii) the aggregate Outstanding Balance of all
Receivables which arose during the three month period commencing with the first
day of the fourth preceding month and ending with the last day of the second
preceding month.

                  "DILUTION RESERVE RATIO" means, at any time, an amount equal
to the highest Dilution Ratio as of the last day of any of the preceding six (6)
months.

                  "DISCOUNT" means, with respect to any Tranche Period:

                                 (TR x TNI x AD)
                                            360

                                       9
<PAGE>

Where:

TR = the Tranche Rate applicable to such Tranche Period.

TNI = the portion of the Net Investment for the applicable Class allocated to
      such Tranche Period.

AD = the actual number of days during such Tranche Period.

PROVIDED, HOWEVER, that no provision of this Agreement shall require the payment
or permit the collection of Discount in excess of the maximum amount permitted
by applicable law; and PROVIDED, FURTHER, that Discount shall not be considered
paid by any distribution if at any time such distribution is rescinded or must
be returned for any reason. For any Discount computed by reference to the CP
Rate with respect to any Class Conduit that utilizes "pool" funding, the
applicable Tranche Rate shall be determined by the applicable Class Agent on or
prior to the fifth Business Day of the calendar month following the applicable
Tranche Period.

                  "DISCOUNT RESERVE" means, with respect to each Class, at any
time, an amount equal to:

                                     TD + LY

Where:

TD  =  the sum of the unpaid Discount for such Class for all Tranche Periods.

LY  =  the Liquidation Yield for such Class.

                  "EARLY COLLECTION FEE" means, with respect to any Tranche and
for any Tranche Period (such Tranche Period to be determined without regard to
the last sentence in Section 2.3(a) hereof) during which the portion of the Net
Investment that was allocated to such Tranche Period is reduced for any reason
whatsoever, the excess, if any, of (i) the additional Discount that would have
accrued during such Tranche Period if such reductions had not occurred, minus
(ii) the income, if any, received by the recipients of such reductions from
investing the proceeds of such reductions.

                  "ELIGIBLE INVESTMENTS" means any of the following: (a)
negotiable instruments or securities represented by instruments in bearer or
registered or in book-entry form which evidence (i) obligations fully guaranteed
by the United States of America; (ii) time deposits in, or bankers acceptances
issued by, any depositary institution or trust company incorporated under the
laws of the United States of America or any state thereof and subject to
supervision and examination by Federal or state banking or depositary
institution authorities; PROVIDED, HOWEVER, that at the time of investment or
contractual commitment to invest therein, the certificates of deposit or
short-term deposits, if any, or long-term unsecured debt obligations (other than
such obligation whose rating is based on collateral or on the credit of a Person
other than such institution or trust company) of such depositary institution or
trust company shall have a credit rating from Moody', S&P and DCR of at least
"P-1", "A-1" and "D-1", respectively, in the case of the certificates of deposit
or short-term deposits, or a rating not lower than one of the two highest
investment categories granted by Moody's, S&P and by DCR; (iii) certificates of
deposit having, at the time of investment or contractual

                                       10
<PAGE>

commitment to invest therein, a rating from Moody's, S&P, and DCR of at least
"P-1", "A-1" and "D-1", respectively; or (iv) investments in money market funds
rated in the highest investment category or otherwise approved in writing by the
applicable rating agencies, (b) demand deposits in any depositary institution or
trust company referred to in (a)(ii) above; (c) commercial paper (having
original or remaining maturities of no more than 30 days) having, at the time of
investment or contractual commitment to invest therein, a credit rating from
Moody's, S&P and DCR of at least "P-1", "A-1" and "D-1", respectively; (d)
Eurodollar time deposits having a credit rating from Moody's, S&P and DCR of at
least "P-1", "A-1" and "D-1", respectively; and (e) repurchase agreements
involving any of the Eligible Investments described in clauses (a)(i), (a)(iii)
and (d) hereof so long as the other party to the repurchase agreement has at the
time of investment therein, a rating from Moody's, S&P and DCR of at least
"P-1", "A-1" and "D-1", respectively.

                  "ELIGIBLE RECEIVABLE" means, at any time, any Receivable:

                        (i) which has been transferred by Tech Data to the
               Transferor pursuant to the Purchase Agreement and to which the
               Transferor has good title thereto, free and clear of all Adverse
               Claims;

                        (ii) the Obligor of which is a United States resident,
               is a Designated Obligor at the time of the initial creation of an
               interest therein hereunder, is not an Affiliate or employee of
               any of the parties hereto, and is not a government or a
               governmental subdivision or agency;

                        (iii) which is not a Defaulted Receivable at the time of
               the initial creation of an interest of the Administrative Agent
               therein hereunder;

                        (iv) which is not a Delinquent Receivable at the time of
               the initial creation of an interest of the Administrative Agent
               therein;

                        (v) which, (A) arises pursuant to a Contract with
               respect to which each of the Seller and the Transferor has
               performed all obligations required to be performed by it
               thereunder, including without limitation shipment of the
               merchandise and/or the performance of the services purchased
               thereunder; (B) has been billed; and (C) according to the
               Contract related thereto, is required to be paid in full within
               60 days of the original billing date therefor;

                        (vi) which is an "eligible asset" as defined in Rule
               3a-7 under the Investment Company Act of 1940, as amended;

                        (vii) a purchase of which with the proceeds of
               Commercial Paper would constitute a "current transaction" within
               the meaning of Section 3(a)(3) of the Securities Act of 1933, as
               amended;

                        (viii) which is an "account" or "chattel paper" within
               the meaning of Article 9 of the UCC of all applicable
               jurisdictions;

                        (ix) which is denominated and payable only in United
               States dollars in the United States;

                                       11
<PAGE>

                        (x) which, arises under a Contract that together with
               the Receivable related thereto, is in full force and effect and
               constitutes the legal, valid and binding obligation of the
               related Obligor enforceable against such Obligor in accordance
               with its terms and, to the best knowledge of the Collection Agent
               or the Transferor is not subject to any litigation, dispute,
               offset, counterclaim or other defense at such time;

                        (xi) which, together with the Contract related thereto,
               does not contravene in any material respect any laws, rules or
               regulations applicable thereto (including, without limitation,
               laws, rules and regulations relating to truth in lending, fair
               credit billing, fair credit reporting, equal credit opportunity,
               fair debt collection practices and privacy) and with respect to
               which no part of the Contract related thereto is in violation of
               any such law, rule or regulation in any material respect;

                        (xii) which (A) satisfies, in all material respects, all
               applicable requirements of the applicable Credit and Collection
               Policy and (B) is assignable without the consent of, or notice
               to, the Obligor thereunder unless such consent has been obtained
               and is in effect or such notice has been given;

                        (xiii) which was generated in the ordinary course of
               Tech Data's business;

                        (xiv) the Obligor of which has been directed to make all
               payments to a specified account of the Collection Agent with
               respect to which there shall be a Lock-Box Agreement in effect;

                        (xv) which has not been compromised, adjusted or
               modified (including by the extension of time for payment or the
               granting of any discounts, allowances or credits); PROVIDED,
               HOWEVER, that only such portion of such Receivable that is the
               subject of such compromise, adjustment or modification shall be
               deemed to be ineligible pursuant to the terms of this clause
               (xv);

                        (xvi) the assignment of which under the Purchase
               Agreement by the Seller to the Transferor and hereunder by the
               Transferor to the Administrative Agent does not violate, conflict
               or contravene any applicable Law or any contractual or other
               restriction, limitation or encumbrance; and

                        (xvii) which is not subject to any Adverse Claim and
               with respect to which no financing statement has been filed
               except as permitted by this Agreement or any other Transaction
               Document.

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

                  "ERISA AFFILIATE" means, with respect to any Person, (i) any
corporation which is a member of the same controlled group of corporations
(within the meaning of Section 414(b) of the Code (as in effect from time to
time, the "Code")) as such Person; (ii) a trade or business (whether or not
incorporated) under common control (within the meaning of Section 414(c) of the
Code) with

                                       12
<PAGE>

such Person; or (iii) a member of the same affiliated service group (within the
meaning of Section 414(n) of the Code) as such Person, any corporation described
in clause (i) above or any trade or business described in clause (ii) above.

                  "ESTIMATED MATURITY PERIOD" means, at any time, the period,
rounded upward to the nearest whole number of days, equal to the weighted
average number of days until due of the Receivables as calculated by the
Collection Agent in good faith and set forth in the most recent Investor Report,
such calculation to be based on the assumptions that (a) each Receivable within
a particular aging category, (as set forth in the Investor Report) will be paid
on the last day of such aging category and (b) the last day of the last such
aging category coincides with the last date on which any Outstanding Balance of
any Receivables would be written off as uncollectible or charged against any
applicable reserve or similar account in accordance with the objective
requirements of the Credit and Collection Policy and the Transferor's normal
accounting practices applied on a basis consistent with those reflected in the
Transferor's financial statements, PROVIDED, HOWEVER, that if any of the Class
Investors shall reasonably disagree with any such calculation, the
Administrative Agent may recalculate the Estimated Maturity Period on the basis
of such calculation at such time, and such recalculation, in the absence of
manifest error, shall be conclusive.

                  "EURODOLLAR RATE" means, with respect to any Eurodollar
Tranche Period, a rate which is 1.125% in excess of a rate per annum equal to
the sum (rounded upwards, if necessary, to the next higher 1/100 of 1%) of (A)
the rate obtained by dividing (i) the applicable LIBOR Rate by (ii) a percentage
equal to 100% minus the reserve percentage used for determining the maximum
reserve requirement as specified in Regulation D (including, without limitation,
any marginal, emergency, supplemental, special or other reserves) that is
applicable to the Administrative Agent during such Eurodollar Tranche Period in
respect of eurocurrency or eurodollar funding, lending or liabilities (or, if
more than one percentage shall be so applicable, the daily average of such
percentage for those days in such Eurodollar Tranche Period during which any
such percentage shall be applicable) plus (B) the then daily net annual
assessment rate (rounded upwards, if necessary, to the nearest 1/100 of 1%) as
estimated by the Administrative Agent for determining the current annual
assessment payable by the Administrative Agent to the Federal Deposit Insurance
Corporation in respect of eurocurrency or eurodollar funding, lending or
liabilities.

                  "EURODOLLAR TRANCHE" means, with respect to a Class, a Tranche
of such Class as to which Discount is calculated at the Eurodollar Rate.

                  "EURODOLLAR TRANCHE PERIOD" means, with respect to a
Eurodollar Tranche, prior to the applicable Termination Date, a period of up to
one month requested by the Transferor and agreed to by the applicable Class
Agent, commencing on a Business Day requested by the Transferor and agreed to by
such Class Agent; provided, however, that if such Eurodollar Tranche Period
would expire on a day which is not a Business Day, such Eurodollar Tranche
Period shall expire on the next succeeding Business Day; provided, further, that
if such Eurodollar Tranche Period would expire on (a) a day which is not a
Business Day but is a day of the month after which no further Business Day
occurs in such month, such Eurodollar Tranche Period shall expire on the next
preceding Business Day or (b) a Business Day for which there is no numerically
corresponding day in the applicable subsequent calendar month, such Eurodollar
Tranche Period shall expire on the last Business Day of such month.

                  "EVENT OF BANKRUPTCY", means, with respect to any Person, (i)
that such Person (a) shall generally not pay its debts as such debts become due
or (b) shall admit in writing its inability

                                       13
<PAGE>

to pay its debts generally or (c) shall make a general assignment for the
benefit of creditors; (ii) any proceeding shall be instituted by or against such
Person seeking to adjudicate it as 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 or other similar
official for it or any substantial part of its property or (iii) if such Person
is a corporation, such Person or any Subsidiary shall take any corporate action
to authorize any of the actions set forth in the preceding clauses (i) or (ii).

                  " FACILITY FEE" means, with respect to each Class, the fee
payable by the Transferor to the Administrative Agent, for distribution to the
Class Investors, pursuant to Section 2.7 hereof, the terms of which are set
forth in the Fee Letter.

                  "FACILITY LIMIT" means (i) with respect to the Class of which
Atlantic is a member, $127,500,000; provided that such amount may not at any
time exceed the aggregate Commitments with respect to the Atlantic Bank
Investors, (ii) with respect to the Class of which RCC is a member,
$178,500,000; provided that such amount may not at any time exceed the aggregate
commitments with respect to the RCC Bank Investors, (iii) with respect to the
Class of which Liberty is a member, $153,000,000; provided that such amount may
not at any time exceed the aggregate Commitments with respect to the Liberty
Bank Investors, in each case, at any time in effect, (iv) with respect to the
Class of which AFC is a member, $127,500,000; provided that such amount may not
at any time exceed the aggregate Commitments with respect to the AFC Bank
Investors, in each case, at any time in effect, (v) with respect to the Class of
which Falcon is a member, $127,500,000; provided that such amount may not at any
time exceed the aggregate Commitments with respect to the Falcon Bank Investors,
in each case, at any time in effect and (vi) with respect to any other Class,
the amount specified as such in any supplement hereto for such Class; provided
that, with respect to any other Class, the Facility Limit for such Class shall
not at any time exceed the aggregate Commitments for the Bank Investors in such
Class.

                  "FALCON" means Falcon Asset Securitization Corporation, and
its successors and assigns.

                  "FALCON AGENT" means Bank One, in its capacity as agent for
Falcon and the Falcon Bank Investors, and any successor thereto appointed
pursuant to Article IX.

                  "FALCON BANK INVESTORS" shall mean Bank One and its successors
and assigns who are or become parties to this Agreement as such pursuant to an
Assignment and Assumption Agreement.

                  "FEE LETTER" means the letter agreement dated the date hereof
between the Transferor, the Collection Agent, the Class Conduits, the
Administrative Agent, and the Class Agents with respect to the fees to be paid
by the Transferor hereunder, as amended, modified or supplemented from time to
time.

                  "FINANCE CHARGES" means, with respect to a Contract, any
finance, interest, late or similar charges owing by an Obligor pursuant to such
Contract.

                  "FLUCTUATION FACTOR" means 1.2.

                                       14
<PAGE>

                  "INCREMENTAL TRANSFER" means a Transfer which is made pursuant
to Section 2.2(a) hereof.

                  "INDEBTEDNESS" means, with respect to any Person, such
Person's (i) obligations for borrowed money, (ii) obligations representing the
deferred purchase price of property other than accounts payable arising in the
ordinary course of such Person's business on terms customary in the trade, (iii)
obligations, whether or not assumed, secured by liens or payable out of the
proceeds or production from property now or hereafter owned or acquired by such
Person, (iv) obligations which are evidenced by notes, acceptances, or other
instruments, (v) Capitalized Lease obligations and (vi) obligations for which
such Person is obligated pursuant to a Guaranty.

                  "INDEMNIFIED AMOUNTS" has the meaning specified in Section 8.1
hereof.

                  "INDEMNIFIED PARTIES" has the meaning specified in Section 8.1
hereof.

                  "INTEREST COMPONENT" shall mean, (A) with respect to any Class
Conduit not utilizing "pool" funding (i) with respect to any Commercial Paper
issued on an interest-bearing basis, the interest payable on such Commercial
Paper at its maturity (including any dealer commissions) and (ii) with respect
to any Commercial Paper issued on a discount basis, the portion of the face
amount of such Commercial Paper representing the discount incurred in respect
thereof (including any dealer commissions) and (B) with respect to any Class
Conduit utilizing "pool funding," the aggregate Discount accrued and to accrue
through the end of the current Tranche Period for the portion of Net Investment
accruing Discount calculated by reference to the CP Rate at such time
(determined for such purpose using the CP Rate most recently determined by the
applicable Class Agent, MULTIPLIED BY the Fluctuation Factor).

                  "INVESTOR REPORT" means a report, in substantially the form
attached hereto as Exhibit E or in such other form as is mutually agreed to by
the Transferor and the Administrative Agent, furnished by the Collection Agent
pursuant to Section 2.11.

                  "LAW" means any law (including common law), constitution,
statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or
award of any Official Body.

                  "LEASE AGREEMENT" means the Sublease Agreement, effective as
of the date of the effectiveness of this Agreement, between the Transferor,
David G. Cartwright and David R. Kelly.

                  "LIBERTY AGENT" means The Bank of Nova Scotia, a banking
corporation organized and existing under the laws of Canada, acting through its
New York Agency, in its capacity as agent for Liberty and the Liberty Bank
Investors, and any successor thereto appointed pursuant to Article IX.

                  "LIBERTY BANK INVESTORS" shall mean The Bank of Nova Scotia,
and its successors and assigns who are or become parties to this Agreement as
such pursuant to an Assignment and Assumption Agreement.

                  "LIBOR RATE" means, with respect to any Eurodollar Tranche
Period, the rate at which deposits in dollars are offered to the Administrative
Agent in the London interbank market at approximately 11:00 a.m. (London time)
two Business Days before the first day of such Eurodollar Tranche Period in an
amount approximately equal to the Eurodollar Tranche to which

                                       15
<PAGE>

the Eurodollar Rate is to apply and for a period of time approximately equal to
such Eurodollar Tranche Period.

                  "LIQUIDITY PROVIDER" means, with respect to each Class
Conduit, the Person or Persons who will provide liquidity support to such Class
Conduit, in connection with the issuance by such Class Conduit, of its
Commercial Paper.

                  "LIQUIDITY PROVIDER AGREEMENT" means the agreement between
each Class Conduit and the related Liquidity Provider(s) evidencing the
obligation of such Liquidity Provider(s) to provide liquidity support to such
Class Conduit in connection with the issuance by such Class Conduit of its
Commercial Paper.

                  "LIQUIDATION YIELD" means, with respect to each Class, at any
time, an amount equal to:

                          (RVF x LBR x NI) x (EM + CD)
                                             --------
                                                360

Where:

RVF   =   the Rate Variance Factor for such Class;

LBR   =   the Base Rate which is applicable to the liquidation period of the Net
          Investment for such Class at such time;

NI    =   the Net Investment for such Class;

EM    =   the Estimated Maturity Period of the Receivables; and

CD    =   the Collection Delay.

                  "LOCK-BOX ACCOUNT" means an account maintained by the
Collection Agent at a Lock-Box Bank for the purpose of receiving Collections
from Receivables.

                  "LOCK-BOX AGREEMENT" means an agreement between the Collection
Agent and a Lock-Box Bank in substantially the form of Exhibit D hereto.

                  "LOCK-BOX BANK" means each of the banks set forth in Exhibit C
hereto and such banks as may be added thereto or deleted therefrom pursuant to
Section 2.8 hereof.

                  "LOSS AND DILUTION RESERVE" means, with respect to each Class,
at any time, an amount equal to the product of (i) the Loss and Dilution Reserve
Percentage and (ii) the Net Investment for such Class at such time.
Notwithstanding the foregoing, (i) with respect to the Class of which RCC is a
member, the portion of the Loss and Dilution Reserve attributable to losses
shall at all times be at least equal to $14,000,000, (ii) with respect to the
Class of which Atlantic is a member, the portion of the Loss and Dilution
Reserve attributable to losses shall at all times be at least equal to
$10,000,000, (iii) with respect to the Class of which Liberty is a member, the
portion of the Loss and Dilution Reserve attributable to losses shall at all
times be at least equal to $12,000,000, (iv) with respect to the Class of which
AFC is a member, the portion of the Loss and Dilution Reserve attributable to
losses shall at all times be at least equal to $10,000,000, (v) with respect to
the Class of which Falcon is a member, the portion of the Loss and

                                       16
<PAGE>

Dilution Reserve attributable to losses shall at all times be equal to
$10,000,000,(vi) with respect to any other Class, the portion of the Loss and
Dilution Reserve shall at all times be at least equal to an amount agreed upon
by the Transferor, the Administrative Agent and the Class Agent for such
additional class at the time it becomes a party hereto.

                  "LOSS AND DILUTION RESERVE PERCENTAGE" means on any day an
amount equal to:

                                   (DRR + LP)
                                 ---------------
                                  1-(DRR + LP)

Where:

DRR =    the Dilution Reserve Ratio on such day and

LP=               the Loss Percentage on such day.

                  "LOSS PERCENTAGE" means on any day the greater of (i) 5 times
the highest Loss-to-Liquidation Ratio as of the last day of the 12 months
preceding the then current month, and (ii) 10 percent.

                  "LOSS-TO-LIQUIDATION RATIO" means, for any period of
determination, the ratio (expressed as a percentage) computed as of the last day
of each calendar month by dividing (i) the aggregate Outstanding Balance of all
Receivables which became Defaulted Receivables during such period (such amount
shall exclude any credits), by (ii) the aggregate amount of Collections received
by the Collection Agent during such period less Deemed Collections received and
applied by the Administrative Agent for the period.

                  "MAJORITY INVESTORS" shall have the meaning specified in
Section 10.1(a) hereof.

                  "MAXIMUM NET INVESTMENT" means (i) with respect to the Class
of which RCC is a member, $175,000,000, (ii) with respect to the Class of which
Atlantic is a member, $ 125,000,000, (iii) with respect to the Class of which
Liberty is a member, $150,000,000, (iv) with respect to the Class of which AFC
is a member, $ 125,000,000, (v) with respect to the Class of which Falcon is a
member, $125,000,000 and (vi) with respect to any other Class, the amount set
forth pursuant to Section 11.2(b).

                  "MAXIMUM PERCENTAGE FACTOR" means 98%.

                  "MOODY'S" means Moody's Investors Service, Inc.

                  "MULTIEMPLOYER PLAN" means a "Multi employer plan" as defined
in Section 4001(a)(3) of ERISA which is or was at any time during the current
year or the immediately preceding five years contributed to by the Transferor,
or any ERISA Affiliate of the Transferor on behalf of its employees.

                  "NET INVESTMENT" means, with respect to each Class, the sum of
the cash amounts paid to the Transferor by or on behalf of the Class Investors
of such Class for each Incremental

                                       17
<PAGE>

Transfer less the aggregate amount of Collections received and applied by the
Administrative Agent to reduce such Net Investment pursuant to Sections 2.5, 2.6
or 2.9 hereof; PROVIDED that such Net Investment shall be restored and
reinstated in the amount of any Collections so received and applied if at any
time the distribution of such Collections is rescinded or must otherwise be
returned for any reason; and provided further that such Net Investment may be
increased by the amount described in Section 10.7(d) as described therein.

                  "NET RECEIVABLES BALANCE" means at any time the Outstanding
Balance of the Eligible Receivables at such time reduced by the sum of (i) the
aggregate amount by which the Outstanding Balance of all Eligible Receivables of
each Designated Obligor exceeds the Concentration Factor for such Designated
Obligor, PLUS (ii) the aggregate Outstanding Balance of all Eligible Receivables
which are Defaulted Receivables, PLUS (iii) the aggregate Outstanding Balance of
all Eligible Receivables which are Delinquent Receivables.

                  "NON-DEFAULTING BANK INVESTOR" shall have the meaning set
forth in Section 2.2 hereof.

                  "OBLIGOR" means a Person obligated to make payments for the
provision of goods and services pursuant to a Contract.

                  "OFFICIAL BODY" means any government or political subdivision
or any agency, authority, bureau, central bank, commission, department or
instrumentality of any such government or political subdivision, or any court,
tribunal, grand jury or arbitrator, in each case whether foreign or domestic.

                  "OTHER TRANSFEROR" means any Person other than the Transferor
that has entered into a receivables purchase agreement or transfer and
administration agreement with any Class Conduit.

                  "OUTSTANDING BALANCE" means, with respect to any Receivable at
any time, the then outstanding principal amount thereof including any accrued
and outstanding Finance Charges related thereto.

                  "PERCENTAGE FACTOR" shall mean, with respect to each Class,
the fraction (expressed as a percentage) computed at any time of determination
as follows:

                                       18
<PAGE>

                               NI + LDR + DR + SFR
                               -------------------
                                       NRB

Where:

NI   =  the Net Investment for such Class at the time of such computation;

LDR  =  the Loss and Dilution Reserve for such Class at the time of such
        computation;

DR   =  the Discount Reserve for such Class at the time of such computation;

SFR  =  the Servicing Fee Reserve for such Class at the time of such
        computation; and

NRB  =  the Net Receivables Balance at the time of such computation.

Notwithstanding the foregoing the calculation of Percentage Factor is subject to
the last sentence of Section 2.2(e).

                  "PERSON" means any corporation, limited liability company,
natural person, firm, joint venture, partnership, trust, unincorporated
organization, enterprise, government or any department or agency of any
government.

                  "POTENTIAL TERMINATION EVENT" means an event which but for the
lapse of time or the giving of notice, or both, would constitute a Termination
Event.

                  "PROGRAM FEE" with respect to each Class, means the fee
payable by the Transferor to the Administrative Agent, for distribution to the
Class Investors, pursuant to Section 2.7 hereof, the terms of which are set
forth in the Fee Letter.

                  "PROMISSORY NOTE" means that certain Promissory Note, dated as
of May 19, 2000, between Tech Data and the Transferor.

                  "PRO RATA SHARE" means, (A) for an RCC Bank Investor, the
Commitment of such RCC Bank Investor divided by the sum of the Commitments of
all the RCC Bank Investors, (B) for an Atlantic Bank Investor, the Commitment of
such Atlantic Bank Investor divided by the sum of the Commitments of all
Atlantic Bank Investors, (C) for a Liberty Bank Investor, the Commitment of such
Liberty Bank Investor divided by the sum of the Commitments of all Liberty Bank
Investors, (D) for an AFC Bank Investor, the Commitment of such AFC Bank
Investor divided by the sum of the Commitments of all AFC Bank Investors, (E)
for a Falcon Bank Investor, the Commitment of such Falcon Bank Investor divided
by the sum of the Commitments of all Falcon Bank Investors and (F) with respect
to any other Class, for each Bank Investor of such Class, the Commitment of such
Bank Investor divided by the sum of the Commitments of all Bank Investors of
such Class.

                  "PROCEEDS" means "proceeds" as defined in Section 9-306(1) of
the UCC.

                  "PURCHASE AGREEMENT" means the Receivables Purchase Agreement
dated as of May 19, 2000, between Tech Data and the Transferor, as the same may
be amended, supplemented or otherwise modified.

                                       19
<PAGE>

                  "PURCHASE TERMINATION DATE" means the date upon which the
Transferor shall cease, for any reason whatsoever, to make purchases of
Receivables from Tech Data under the Purchase Agreement or the Purchase
Agreement shall terminate for any reason whatsoever.

                  "PURCHASED INTEREST" means the interest in the Receivables
acquired by a Liquidity Provider through purchase pursuant to the terms of a
Liquidity Provider Agreement.

                  "RATE VARIANCE FACTOR" means, with respect to each Class, the
number, computed from time to time in good faith by the related Class Agent,
that reflects the largest potential variance (from minimum to maximum) in
selected interest rates over a period of time selected by such Class Agent from
time to time, set forth in a written notice by such Class Agent to the
Administrative Agent, the Transferor and the Collection Agent.

                  "RCC" means Receivables Capital Corporation and its successors
and assigns.

                  "RCC AGENT" means Bank of America, National Association, in
its capacity as agent for RCC and the RCC Bank Investors, and any successor
thereto appointed pursuant to Article IX.

                  "RCC BANK INVESTORS" shall mean Bank of America, National
Association and its successors and assigns who are or become parties to this
Agreement as such pursuant to an Assignment and Assumption Agreement.

                  "RECEIVABLE" means the indebtedness owed to the Transferor or
Tech Data by any Obligor (without giving effect to any purchase hereunder by any
Class Investor at any time) under a Contract whether constituting an account,
chattel paper, instrument or general intangible, arising in connection with the
sale of merchandise or services by Tech Data and thereafter transferred to the
Transferor by Tech Data pursuant to the Purchase Agreement, and includes the
right to payment of any Finance Charges and other obligations of such Obligor
with respect thereto. Notwithstanding the foregoing, once a Receivable has been
deemed collected pursuant to Section 2.9 hereof, it shall no longer constitute a
Receivable hereunder with respect to such portion which has been deemed
collected.

                  "RECEIVABLES SYSTEMS" means the computer applications involved
in the origination, collection, management or servicing of the Receivables.

                  "RECORDS" means all Contracts and other documents, books,
records and other information (including, without limitation, computer programs,
tapes, discs, punch cards, data processing software and related property and
rights) maintained with respect to Receivables and the related Obligors.

                  "REINVESTMENT TERMINATION DATE" means, with respect to each
Class, the second Business Day after the delivery by the related Class Agent to
the Transferor of written notice that the related Class Conduit elects to
commence the amortization of the Net Investment for such Class or otherwise
liquidate its interest in the Transferred Interest.

                  "RELATED COMMERCIAL PAPER" shall mean, with respect to
Commercial Paper issued by the Class Conduits the proceeds of which were used to
acquire, or refinance the acquisition of, an interest in Receivables with
respect to the Transferor.

                                       20
<PAGE>

                        "RELATED SECURITY" means with respect to any Receivable,
         all of the Transferor's and the Seller's rights, title and interest in,
         to and under:

                        (i) the merchandise (including returned or repossessed
         merchandise), if any, the sale of which by the Seller gave rise to such
         Receivable;

                        (ii) all other security interests or liens and property
         subject thereto from time to time, if any, purporting to secure payment
         of such Receivable, whether pursuant to the Contract related to such
         Receivable or otherwise, together with all financing statements signed
         by an Obligor describing any collateral securing such Receivable;

                        (iii) all guarantees, indemnities, warranties, insurance
         (and proceeds and premium refunds thereof) or other agreements or
         arrangements of any kind from time to time supporting or securing
         payment of such Receivable whether pursuant to the Contract related to
         such Receivable or otherwise;

                        (iv) all Records related to such Receivable; and

                        (v) all rights and remedies of the Transferor under the
         Purchase Agreement, together with all financing statements filed by the
         Transferor against the Seller in connection therewith; and

                        (vi) all Collections on and Proceeds of any of the
         foregoing.

                  "REVOLVING SUBORDINATED NOTE" has the meaning specified in the
Purchase Agreement.

                  "SCOTIA BANK" means The Bank of Nova Scotia, a banking
corporation organized and existing under the laws of Canada, acting through its
New York Agency.

                  "SECTION 8.2 COSTS" has the meaning specified in Section
8.2(d) hereof.

                  "SELLER" means Tech Data Corporation, a Florida corporation
and its successors and permitted assigns.

                  "SERVICING FEE" means, with respect to each Class, the fees
payable by the Class Investors of such Class to the Collection Agent, with
respect to a Tranche in an amount equal to 0.75% per annum on the amount of the
Net Investment for such Class, allocated to such Tranche pursuant to Section
2.3. Such fee shall accrue from the date of the initial purchase of an interest
in the Receivables to the later of the Termination Date for such Class or the
date on which the Net Investment for such Class is reduced to zero. On or prior
to such Termination Date such fee shall be payable only from Collections
pursuant to, and subject to the priority of payments set forth in, Section 2.5
hereof. After such Termination Date, such fee shall be payable only from
Collections pursuant to, and subject to the priority of payments set forth in,
Section 2.6 hereof.

                  "SERVICING FEE RESERVE" means, with respect to each Class, at
any time the sum of (i) the Servicing Fee with respect to such Class for all
Tranches and (ii) an amount equal to the

                                       21
<PAGE>

product of (A) the Net Investment for such Class at such time, (B) the 0.75% per
annum and (C) a fraction having as the numerator, the sum of the Estimated
Maturity Period and the Collection Delay and as the denominator, 360.

                  "STANDARD & POOR'S" or "S&P" means Standard & Poor's, a
division of The McGraw-Hill Companies, Inc.

                  "SUBSIDIARY" of a Person means any corporation more than 50%
of the outstanding voting interests of which shall at any time be owned or
controlled, directly or indirectly, by such Person or by one or more
Subsidiaries of such Person or any similar business organization which is so
owned or controlled.

                  "SUPPLEMENTAL FEE LETTER" means that certain fee letter, dated
as of May 19, 2000, between the Collection Agent, the Transferor and the
Administrative Agent.

                  "TECH DATA" means Tech Data Corporation, a Florida
corporation, and its successors and assigns.

                  "TERMINATION DATE" means, with respect to each Class, the
earliest of (i) the Business Day designated by the Transferor to the
Administrative Agent and the related Class Agent as the Termination Date for
such Class at any time following 60 days' written notice to the Administrative
Agent and such Class Agent, (ii) the date of termination of the commitment of
all related Liquidity Providers under the related Liquidity Provider Agreement
for the related Class Conduit for such Class, (iii) the date of termination of
the commitment of the related Credit Support Provider under the related Credit
Support Agreement for the related Class Conduit, (iv) the day upon which a
Termination Date for such Class is declared or automatically occurs pursuant to
Section 7.2(a) hereof, (v) two Business Days prior to the Commitment Termination
Date for such Class, (vi) the day on which a Reinvestment Termination Date for
such Class shall occur (provided, that this clause (vi) shall not cause a
Termination Date if the applicable Class Conduit assigns its interest in whole
to its related Bank Investors pursuant to Section 10.7), and (vii) the Purchase
Termination Date.

                  "TERMINATION EVENT" means an event described in Section 7.1
hereof.

                  "TRANCHE" means, with respect to each Class, a portion of the
Net Investment for such Class allocated to a Tranche Period for such Class
pursuant to Section 2.3 hereof.

                  "TRANCHE PERIOD" means a CP Tranche Period, a Eurodollar
Tranche Period or a BR Tranche Period.

                  "TRANCHE RATE" means either (i) the CP Rate quoted for the CP
Tranche; (ii) the Eurodollar Rate for a Eurodollar Tranche; or (iii) the Base
Rate for a BR Tranche.

                  "TRANSACTION DOCUMENTS" means, collectively, this Agreement,
the Purchase Agreement, the Fee Letter, the Supplemental Fee Letter, the
Lock-Box Agreements, the Certificate, the Transfer Certificate, the Credit
Agreement, the Promissory Note, the Revolving Subordinated Note and all of the
other instruments, documents and other agreements executed and delivered by Tech
Data or the Transferor in connection with any of the foregoing, in each case, as
the same may be amended, restated, supplemented or otherwise modified from time
to time.

                                       22
<PAGE>

                  "TRANSFER" means a conveyance, transfer and assignment by the
Transferor to the Class Investors, as applicable, of an undivided percentage
ownership interest in Receivables and Related Security hereunder (including,
without limitation, as a result of any reinvestment of Collections in the
Transferred Interest pursuant to Section 2.2(b) and 2.5 hereof).

                  "TRANSFER CERTIFICATE" has the meaning specified in Section
2.2(a) hereof.

                  "TRANSFER DATE" means, with respect to each Transfer, the
Business Day on which such Transfer is made.

                  "TRANSFER PRICE" means with respect to any Incremental
Transfer, the amount paid to the Transferor by the applicable Class Investors as
described in the applicable Transfer Certificate.

                  "TRANSFEROR" means Tech Data Finance SPV, Inc., a Delaware
corporation, and its successors and permitted assigns.

                  "TRANSFERRED INTEREST" means, at any time of determination, an
undivided percentage ownership interest in (i) each and every then outstanding
Receivable, (ii) all Related Security with respect to each such Receivable,
(iii) all Collections with respect thereto, and (iv) other Proceeds of the
foregoing, which undivided ownership interest shall be equal to the Aggregate
Percentage Factor at such time, and only at such time (without regard to prior
calculations). The Transferred Interest in each Receivable, together with
Related Security, Collections and Proceeds with respect thereto, shall at all
times be equal to the Transferred Interest in each other Receivable, together
with Related Security, Collections and Proceeds with respect thereto. To the
extent that the Transferred Interest shall decrease as a result of a
recalculation of the Aggregate Percentage Factor, the Administrative Agent on
behalf of the applicable Class Investors shall be considered to have reconveyed
to the Transferor an undivided percentage ownership interest in each Receivable,
together with Related Security, Collections and Proceeds with respect thereto,
in an amount equal to such decrease such that in each case the Transferred
Interest in each Receivable shall be equal to the Transferred Interest in each
other Receivable.

                  "UCC" means, with respect to any state, the Uniform Commercial
Code as from time to time in effect in such state.

                  "UNPAID BALANCE" means, at any time, with respect to any
Receivable, the outstanding principal amount of the indebtedness of the related
Obligor incurred in connection with a particular purchase under or evidenced by
such Receivable, exclusive of any sales or other tax, if any, included in or
payable with respect to such purchase.

                  SECTION 1.2. OTHER TERMS. All accounting terms not
specifically defined herein shall be construed in accordance with generally
accepted accounting principles. All terms used in Article 9 of the UCC in the
State of New York, California or Delaware, as applicable, and not specifically
defined herein, are used herein as defined in such Article 9.

                  SECTION 1.3. COMPUTATION OF TIME PERIODS. Unless otherwise
stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word "from" means "from and
including", the words "to" and "until" each means "to but excluding"

                                       23
<PAGE>

and the word "within" means "from and excluding a specified date and to and
including a later specified date".

                                   ARTICLE II

                            PURCHASES AND SETTLEMENTS

                  SECTION 2.1. FACILITY. With respect to each Class, upon the
terms and subject to the conditions herein set forth and provided that the
Termination Date for such Class shall not have occurred, (x) the Transferor may,
at its option, convey, transfer and assign to the Administrative Agent, on
behalf of the applicable Class Investors for such Class and (y) the
Administrative Agent, on behalf of the Class Conduit for such Class may, at the
option of such Class Conduit, or the Administrative Agent on behalf of the Bank
Investors for such Class, provided that such Bank Investors shall have
previously accepted the assignment by the related Class Conduit of all of such
Class Conduit's interest in the Affected Assets, shall, if so requested, accept
such conveyance, transfer and assignment from the Transferor of, without
recourse except as provided herein, undivided percentage ownership interests in
the Receivables, together with Related Security, Collections and Proceeds with
respect thereto, from time to time. By accepting any conveyance, transfer and
assignment hereunder, neither any Class Investor, Class Agent nor the
Administrative Agent assumes or shall have any obligations or liability under
any of the Contracts, all of which shall remain the obligations and liabilities
of the Transferor and the Seller.

                  SECTION 2.2.  TRANSFERS; CERTIFICATES; ELIGIBLE RECEIVABLES.

                  (a) INCREMENTAL TRANSFERS. With respect to each Class, upon
the terms and subject to the conditions herein set forth and provided that a
Termination Event or a Potential Termination Event or the Termination Date for
such Class shall not have occurred and be continuing, the Transferor may, at its
option, convey, transfer and assign to the Administrative Agent on behalf of the
applicable Class Investors for such Class and the Administrative Agent, on
behalf of the Class Conduit for such Class may, at the option of such Class
Conduit, or the Administrative Agent on behalf of the Bank Investors for such
Class provided that such Bank Investors shall have previously accepted the
assignment by the related Class Conduit of all of such Class Conduit's interest
in the Affected Assets, shall, if so requested by the Transferor, accept such
conveyance, transfer and assignment from the Transferor, without recourse except
as provided herein, undivided percentage ownership interests in the Receivables,
together with Related Security, Collections and Proceeds with respect thereto
(each, an "INCREMENTAL TRANSFER"); PROVIDED that after giving effect to the
payment to the Transferor of the Transfer Price therefor (i) the Net Investment
for such Class shall not exceed the Maximum Net Investment for such Class, (ii)
the sum of the Net Investment for such Class PLUS, in the case where the Class
Conduit for such Class holds a portion of the Transferred Interest, the Interest
Component of all outstanding Related Commercial Paper issued by such Class
Conduit shall not exceed the Facility Limit for such Class and (iii) the
Aggregate Percentage Factor shall not exceed the Maximum Percentage Factor; and,
PROVIDED, that the representations and warranties set forth in Section 3.1 shall
be true and correct both immediately before and immediately after giving effect
to any such Transfer. All Incremental Transfers shall be made on a PRO RATA
basis to each Class (based upon the relation of the Maximum Net Investment for
such Class to the Aggregate Maximum Net Investment).

                                       24
<PAGE>

                  The Transferor shall, by notice to the Administrative Agent
given by telecopy, offer to convey, transfer and assign to the Administrative
Agent, on behalf of any of the applicable Class Investors, undivided percentage
ownership interests in the Receivables and the other Affected Assets relating
thereto at least two (2) Business Days prior to the proposed date of any
Incremental Transfer. With respect to each Class, each such notice shall specify
(w) whether such request is made to the Administrative Agent on behalf of the
Class Conduit for such Class or the related Bank Investors for such Class (it
being understood and agreed that once any of such Bank Investors acquire any
interest in the Transferred Interest hereunder, such Bank Investors shall be
required to purchase all of the portion of the Transferred Interest held by the
related Class Conduit in accordance with Section 10.7 and thereafter such Class
Conduit shall no longer accept any additional Incremental Transfers hereunder),
(x) the desired Transfer Price (which shall be at least $5,000,000 per Class or
integral multiples of $1,000,000 in excess thereof) or, to the extent that the
then available unused portion of the Aggregate Maximum Net Investment is less
than such amount, such lesser amount equal to such available portion of such
Aggregate Maximum Net Investment), (y) the desired date of such Incremental
Transfer and (z) the desired Tranche Period(s) and allocations of the Net
Investment for such Class of such Incremental Transfer thereto as required by
Section 2.3. The Administrative Agent will promptly notify each Class Agent and
each Class Conduit or related Bank Investors for such Class, as applicable, of
the Administrative Agent's receipt of any request for an Incremental Transfer to
be made to such Person. To the extent that any such Incremental Transfer is
requested of a Class Conduit, such Class Conduit shall accept or reject such
offer by notice given to the Transferor and the Administrative Agent by
telephone or telecopy by no later than the close of its business on the Business
Day following its receipt of any such request. Each notice of proposed Transfer
shall be irrevocable and binding on the Transferor and the Transferor shall
indemnify each Class Investor against any loss or expense incurred by such Class
Investor, either directly or through a Liquidity Provider Agreement, as a result
of any failure by the Transferor to complete such Incremental Transfer
including, without limitation, any loss (including loss of anticipated profits)
or expense incurred by such Class Investor, either directly or pursuant to a
Liquidity Provider Agreement by reason of the liquidation or reemployment of
funds acquired by such Class Investor (or a related Liquidity Provider)
(including, without limitation, funds obtained by issuing commercial paper or
promissory notes or obtaining deposits as loans from third parties) to fund such
Incremental Transfer.

                  On the date of the initial Incremental Transfer to the Class
Investors, the related Class Agent on behalf of such Class shall deliver written
confirmation to the Transferor of the Transfer Price, the Tranche Period(s) and
the Tranche Rate(s) relating to such Transfer and the Transferor shall deliver
to the Administrative Agent the Transfer Certificate in the form of Exhibit F
hereto (the "TRANSFER CERTIFICATE"). The Administrative Agent shall indicate the
amount of the initial Incremental Transfer together with the date thereof on the
grid attached to the Transfer Certificate. On the date of each subsequent
Incremental Transfer, the applicable Class Agent shall send written confirmation
to the Transferor of the Transfer Price, the Tranche Period(s), the Transfer
Date and the Tranche Rate(s) applicable to such Incremental Transfer. The
Administrative Agent shall indicate the amount of the Incremental Transfer
together with the date thereof as well as any decrease in each Net Investment,
on the grid attached to the Transfer Certificate. The Transfer Certificate shall
evidence the Incremental Transfers.

                  By no later than 11:00 a.m. (New York time) on any Transfer
Date, each Class Investor participating in the Incremental Transfer occurring on
such date shall remit its share (which, in the case of an Incremental Transfer
to the Bank Investors for any Class shall be equal to each such Bank Investor's
Pro Rata Share) of the aggregate Transfer Price for such Transfer to the account
of

                                       25
<PAGE>

the Administrative Agent specified therefor from time to time by the
Administrative Agent by notice to such Persons. The obligation of each Bank
Investor of any Class to remit its Pro Rata Share of any such Transfer Price
shall be several from that of each other Bank Investor of such Class and the
failure of any such Bank Investor to so make such amount available to the
Administrative Agent shall not relieve any other Bank Investor of such Class of
its respective obligation hereunder. Following each Incremental Transfer and the
Administrative Agent's receipt of funds from the applicable Class Investors, as
aforesaid, the Administrative Agent shall remit to the Transferor's account at
the location indicated in Section 11.3 hereof, in immediately available funds,
an amount equal to the Transfer Price for such Incremental Transfer. Unless the
Administrative Agent shall have received notice from a Class Investor that such
Person will not make its share of any Transfer Price relating to any Incremental
Transfer available on the applicable Transfer Date therefor, the Administrative
Agent may (but shall have no obligation to) make such Person's share of any such
Transfer Price available to the Transferor in anticipation of the receipt by the
Administrative Agent of such amount from such Person. To the extent any Class
Investor fails to remit any such amount to the Administrative Agent after any
such advance by the Administrative Agent on such Transfer Date, such Class
Investor, on the one hand, and the Transferor on the other hand, shall be
required to pay such amount, together with interest thereon at a per annum rate
equal to the Federal funds rate (as determined in accordance with clause (ii) of
the definition of "BASE RATE"), in the case of such Class Investor, or the Base
Rate, in the case of the Transferor, to the Administrative Agent upon its demand
therefor (provided that no Class Conduit shall have any obligation to pay such
interest amounts except to the extent that it shall have sufficient funds to pay
the face amount of its Commercial Paper in full). Until such amount shall be
repaid, such amount shall be deemed to be Aggregate Net Investment paid by the
Administrative Agent and the Administrative Agent shall be deemed to be the
owner of a Transferred Interest hereunder. Upon the payment of such amount to
the Administrative Agent (x) by the Transferor, the amount of the Aggregate Net
Investment shall be reduced by such amount or (y) by such Class Investor, such
payment shall constitute such Class Investor's payment of its share of the
applicable Transfer Price for such Transfer.

                           (b) REINVESTMENT  TRANSFERS.  With respect to each
Class, on each Business Day occurring after the initial Incremental Transfer
hereunder and prior to the Termination Date for such Class, and provided that no
Termination Event or Potential Termination Event for such Class shall have
occurred and be continuing, the Transferor hereby agrees to convey, transfer and
assign to the Administrative Agent, on behalf of the Class Investors of such
Class then owning any portion of the Transferred Interest, and in consideration
of the Transferor's agreement to maintain at all times prior to such Termination
Date a Net Receivables Balance in an amount at least sufficient to maintain the
Aggregate Percentage Factor at an amount not greater than the Maximum Percentage
Factor, the Administrative Agent on behalf of the applicable Class Conduit may
(at the option of such Class Conduit), and the Administrative Agent on behalf of
the applicable Bank Investors shall (in either case, to the extent such Persons
then own any portion of the Transferred Interest), purchase from the Transferor
undivided percentage ownership interests in each and every Receivable, together
with Related Security, Collections and Proceeds with respect thereto, to the
extent that Collections are available for such Transfer in accordance with
Section 2.5 hereof, such that after giving effect to such Transfer, (i) the
amount of the Net Investment for such Class at the close of business on such
Business Day shall be equal to the amount of the Net Investment for such Class
at the close of business on the Business Day immediately preceding such Business
Day plus the Transfer Price of any Incremental Transfer made by or on behalf of
such Class Investors, as applicable, on such day, if any, and (ii) the
Transferred Interest in each Receivable, together with Related Security,
Collections and Proceeds with respect thereto, shall be equal to the Transferred
Interest in each other Receivable, together with Related Security, Collections
and Proceeds with respect thereto PROVIDED,

                                       26
<PAGE>

that the representations and warranties set forth in Section 3.1 shall be true
and correct both immediately before and immediately after giving effect to any
such Transfer.

                  (c) ALL TRANSFERS. With respect to each Class, each Transfer
shall constitute a purchase by the Administrative Agent, on behalf of the
applicable Class Investors for such Class, of an undivided percentage ownership
interest in each and every Receivable, together with Related Security,
Collections and Proceeds with respect thereto, then existing, as well as in each
and every Receivable, together with Related Security, Collections and Proceeds
with respect thereto, which arises at any time after the date of such Transfer.
The Administrative Agent's aggregate undivided percentage ownership interest in
the Receivables, together with the Related Security, Collections and Proceeds
with respect thereto, held on behalf of all Class Investors, shall equal the
Aggregate Percentage Factor in effect from time to time. With respect to each
Class, so long as the Administrative Agent on behalf of either the Class Conduit
for such Class, on the one hand, or the Bank Investors for such Class, on the
other hand, owns all of the Transferred Interest related to the Net Investment
for such Class at such time, each of such Class Conduit's and each such Bank
Investor's undivided percentage ownership interest in the Affected Assets shall
equal such Person's ratable share (determined on the basis of the relationship
that such Person's portion of Net Investment for such Class bears to the
Aggregate Net Investment for all Classes at such time) of the Aggregate
Percentage Factor at such time.

                  (d) CERTIFICATE. The Transferor shall issue to the
Administrative Agent the Certificate, in the form of Exhibit M, on or prior to
the date hereof.

                  (e) AGGREGATE PERCENTAGE FACTOR. The Aggregate Percentage
Factor shall be initially computed as of the opening of business on May 19,
2000. Thereafter, with respect to each Class, until the Termination Date for
such Class, the Percentage Factor for such Class shall be automatically
recomputed as of the close of business of the Collection Agent on each day. The
Percentage Factor for each Class shall remain constant from the time as of which
any such computation or recomputation is made until the time as of which the
next such recomputation, if any, shall be made. The Percentage Factor with
respect to each Class, as computed as of the day immediately preceding the
Termination Date for such Class, shall remain constant at all times on and after
such Termination Date, until the date on which the Net Investment for such Class
has been reduced to zero, and all accrued Discounts and Servicing Fees for such
Class have been paid in full and all other Aggregate Unpaids owing to the
applicable Class Investor(s) for such Class have been paid in full to such Class
Investors.

                  At no time shall the Aggregate Percentage Factor exceed one
hundred percent (100%). Notwithstanding anything to the contrary contained
herein, should the Aggregate Percentage Factor exceed one hundred percent (100%)
at any time, the Percentage Factor for each Class shall be calculated PRO RATA,
based upon the relationship of the Net Investment for such Class to the
Aggregate Net Investment.

                  (f) DEFAULTING BANK INVESTOR. If, by 2:00 p.m. (New York City
time), one or more Bank Investors in any Class (each, a "DEFAULTING BANK
INVESTOR," and each Bank Investor in such class other than any Defaulting Bank
Investor being referred to as a "NON-DEFAULTING BANK INVESTOR") fails to make
its Pro Rata Share of the Transfer Price available to the Administrative Agent
pursuant to Section 2.2(a), or any Assignment Amount payable by it to its
related Class Conduit pursuant to Section 10.7(a) (the aggregate amount not so
made available being herein called in either case the "DEFICIT"), then the
Administrative Agent shall, by no later than 2:30 p.m. (New

                                       27
<PAGE>

York City time) on the applicable Transfer Date or the applicable date that such
Assignment Amount is payable (the "ASSIGNMENT DATE"), as the case may be,
instruct each Non-Defaulting Bank Investor to pay or deposit, by no later than
3:00 p.m. (New York City time), in immediately available funds, to the
Administrative Agent or such Class Conduit, an amount equal to the lesser of (i)
such Non-Defaulting Bank Investor's proportionate share (based upon the relative
Commitments of the Non-Defaulting Bank Investors) of the Deficit and (ii) its
unused Commitment. A Defaulting Bank Investor shall forthwith, upon demand, pay
to the Administrative Agent for the ratable benefit of the Non-Defaulting Bank
Investors all amounts paid by each Non-Defaulting Bank Investor on behalf of
such Defaulting Bank Investor, together with interest thereon, for each day from
the date a payment was made by a Non-Defaulting Bank Investor until the date
such Non-Defaulting Bank Investor has been paid such amounts in full, at a rate
PER ANNUM equal to the sum of the Base Rate, PLUS 2.00% PER ANNUM. In addition,
if, after giving effect to the provisions of the immediately preceding sentence,
any Deficit with respect to any Assignment Amount continues to exist, each such
Defaulting Bank Investor shall pay interest to the Administrative Agent, for the
account of the related Class Conduit, on such Defaulting Bank Investor's portion
of such remaining Deficit, at a rate PER ANNUM, equal to the sum of the Base
Rate, PLUS 2.00% PER ANNUM, for each day from the applicable Assignment Date
until the date such Defaulting Bank Investor shall pay its portion of such
remaining Deficit in full to such Class Conduit. For the avoidance of doubt, no
Bank Investor shall be obligated pursuant to this paragraph (f) with respect to
any Deficit created by a Bank Investor which is not a member of the same Class.

                  SECTION 2.3.  SELECTION OF TRANCHE PERIODS AND TRANCHE RATES.

                         (a) TRANSFERRED INTEREST HELD BY A CLASS CONDUIT PRIOR
TO A TERMINATION EVENT. With respect to each Class, at all times hereafter, but
prior to the occurrence of a Termination Event for such Class and not with
respect to any portion of the Transferred Interest held by the Bank Investors
for such Class (or any of them), the Transferor may, subject to the applicable
Class Conduit's approval and the limitations described below, request Tranche
Periods with respect to such Class and allocate a portion of the Net Investment
for such Class to each such selected Tranche Period, so that the aggregate
amounts allocated to such outstanding Tranche Periods at all times shall equal
the Net Investment held by such Class Conduit. The Transferor shall give the
Administrative Agent irrevocable notice (which notice the Administrative Agent
shall forward to the applicable Class Agent) by telephone of the new requested
Tranche Period(s) and whether the requested Tranche Rate applicable thereto
shall be the applicable CP Rate, the Base Rate or the Eurodollar Rate at least
(i) three (3) Business Days prior to the expiration of any then existing Tranche
Period if the Tranche Rate to be applicable to the new requested Tranche Period
shall be the applicable Eurodollar Rate, (ii) two (2) Business Days prior to the
expiration of any then existing Tranche Period if the Tranche Rate to be
applicable to the new requested Tranche Period shall be the Base Rate, and (iii)
two (2) Business Days prior to the expiration of any then existing Tranche
Period if the Tranche Rate to be applicable to the new requested Tranche Period
shall be the CP Rate; PROVIDED, HOWEVER, that such Class Agent may select, in
its reasonable discretion, any such new Tranche Period and the Tranche Rate if
(i) the Transferor fails to provide such notice on a timely basis or (ii) such
Class Agent determines, in its reasonable discretion, that the Tranche Rate or
the Tranche Period requested by the Transferor is unavailable or for any reason
commercially undesirable. Each Class Conduit confirms that it is its intention
to allocate all or substantially all of the Net Investment held by it to one or
more of its CP Tranche Periods; provided that such Class Conduit may determine
from time to time, in its sole discretion, that funding such Net Investment by
means of one or more of its CP Tranche Periods is not desirable for any reason.
If a Liquidity Provider acquires from any Class Conduit a Purchased Interest
with respect to the

                                       28
<PAGE>

Receivables pursuant to the terms of the applicable Liquidity Provider
Agreement, the applicable Class Agent, on behalf of such Liquidity Provider, may
exercise the right of selection granted to such Class Conduit hereby. The
initial Tranche Period applicable to any such Purchased Interest shall be a
period of not greater than 14 days. In the case of any Tranche Period selected
pursuant to this paragraph that is outstanding upon the occurrence of a
Termination Event, such Tranche Period shall end on such date. Notwithstanding
the foregoing, with respect to any portion of the Transferred Interest held by a
Class Conduit which utilizes "pool" funding, such Class Conduit or its Class
Agent shall select, in its sole discretion, all Tranche Periods and shall
allocate a portion of the Net Investment for such Class to such Tranche Periods
so that the aggregate amounts allocated to such outstanding Tranche Periods at
all times shall equal the Net Investment held by such Class Conduit.

                        (b) TRANSFERRED INTEREST HELD BY A CLASS CONDUIT AFTER A
TERMINATION EVENT. With respect to each Class, at all times on and after the
occurrence of a Termination Event for such Class, with respect to any portion of
the Transferred Interest held by a Class Conduit which shall not have been
transferred to the related Bank Investors (or any of them), subject to Section
7.2(b) such Class Conduit or its Class Agent shall select all Tranche Periods
and Tranche Rates applicable thereto.

                        (c) TRANSFERRED INTEREST HELD BY THE BANK INVESTORS
PRIOR TO A TERMINATION EVENT. With respect to each Class, at all times with
respect to any portion of the Transferred Interest held by the related Bank
Investors (or any of them), but prior to the occurrence of a Termination Event
for such Class, the initial Tranche Period applicable to such portion of the Net
Investment for such Class allocable thereto shall be a period of not greater
than 14 days and such Tranche shall be a BR Tranche. Thereafter, with respect to
such portion, and with respect to any other portion of the Transferred Interest
held by such Bank Investors (or any of them), provided that the Termination Date
shall not have occurred, the Tranche Period applicable thereto shall be, at the
Transferor's option, either a BR Tranche Period or a Eurodollar Tranche Period.
The Transferor shall give the Administrative Agent irrevocable notice by
telephone of the new requested Tranche Period at least two (2) Business Days
prior to the expiration of any then existing Tranche. In the case of any Tranche
Period selected pursuant to this paragraph that is outstanding upon the
occurrence of a Termination Event, the related Tranche Period shall end on the
date of such occurrence.

                        (d) TRANSFERRED INTEREST HELD BY THE BANK INVESTORS
AFTER A TERMINATION DATE. With respect to each Class, at all times on and after
the occurrence of a Termination Event for such Class and with respect to any
portion of the Transferred Interest held by the related Bank Investors for such
Class (or any of them), subject to Section 7.2(b), the applicable Class Agent
shall select all Tranche Periods and Tranche Rates applicable thereto.

                        (e) EURODOLLAR RATE PROTECTION; ILLEGALITY. (i) If the
applicable Class Agent is unable to obtain on a timely basis the information
necessary to determine the Eurodollar Rate for any proposed Eurodollar Tranche,
then:

                                   (A) the Administrative Agent shall forthwith
                         notify the applicable Class Investors and the
                         Transferor that the Eurodollar Rate cannot be
                         determined for such Eurodollar Tranche, as applicable;
                         and

                                   (B) while such circumstances exist, neither
                         any Class Investor nor the Administrative Agent shall
                         allocate any portion of

                                       29
<PAGE>

                         the Net Investment purchased by such Person during such
                         period or reallocate the Net Investment allocated to
                         any then existing Tranche ending during such period, to
                         a Eurodollar Tranche.

                              (ii) If, with respect to any outstanding
         Eurodollar Tranche, any Class Investor owning any portion of the
         Transferred Interest therein notifies the Administrative Agent that it
         is unable to obtain matching deposits in the London interbank market to
         fund its purchase or maintenance of such portion of the Transferred
         Interest or that the Eurodollar Rate applicable to such portion of the
         Transferred Interest will not adequately reflect the cost to such Class
         Investor of funding or maintaining its respective portion of the
         Transferred Interest for such Tranche Period then the Administrative
         Agent shall forthwith so notify the Transferor, whereupon neither the
         Administrative Agent nor any of the Class Investors, as applicable,
         shall, while such circumstances exist, allocate any portion of the Net
         Investment with respect to such Class of any additional Transferred
         Interest purchased during such period or reallocate the Net Investment
         with respect to such Class allocated to any Tranche Period ending
         during such period, to an applicable Eurodollar Tranche.

                              (iii) Notwithstanding any other provision of this
         Agreement, if any Class Investor, as applicable, shall notify the
         Administrative Agent that such Class Investor has determined (or has
         been notified by any related Liquidity Provider) that the introduction
         of or any change in or in the interpretation of any law or regulation
         makes it unlawful (for such Class Investor or such related Liquidity
         Provider, as applicable), or any central bank or other governmental
         authority asserts that it is unlawful, for such Class Investor or
         Liquidity Provider, as applicable, to fund the purchases or maintenance
         of the Transferred Interest at the Eurodollar Rate, then (x) as of the
         effective date of such notice from such Person to the Administrative
         Agent, the obligation or ability of such Class Investor to fund its
         purchase or maintenance of the Transferred Interest at the Eurodollar
         Rate shall be suspended until such Person notifies the Administrative
         Agent that the circumstances causing such suspension no longer exist
         and (y) the Net Investment of each Eurodollar Tranche in which such
         Person owns an interest shall either (1) if such Person may lawfully
         continue to maintain such Transferred Interest at the Eurodollar Rate
         until the last day of the applicable Tranche Period be reallocated on
         the last day of such Tranche Period to another Tranche Period in
         respect of which such Net Investment allocated thereto accrues Discount
         at the applicable Tranche Rate other than the Eurodollar Rate or (2) if
         such Person shall determine that it may not lawfully continue to
         maintain such Transferred Interest at the Eurodollar Rate until the end
         of the applicable Tranche Period such Person's share of the Net
         Investment allocated to such Eurodollar Tranche shall be deemed to
         accrue Discount at the Base Rate from the effective date of such notice
         until the end of such Tranche Period.

                  SECTION 2.4. DISCOUNT, FEES AND OTHER COSTS AND EXPENSES. The
Transferor shall pay, as and when due in accordance with this Agreement, all
fees hereunder, all amounts payable pursuant to Article VIII hereof, if any, and
the Servicing Fees. With respect to each Class, on the last day of each Tranche
Period or, for any Conduit that utilizes "pool funding" on or prior to the fifth
Business Day of the calendar month following the applicable Tranche Period, the
Transferor shall pay to the Administrative Agent on behalf of the related Class
Conduit, and the Administrative

                                       30
<PAGE>

Agent shall pay such payment to such Class Conduit, in the event any portion of
the Transferred Interest is held by such Class Conduit, an amount equal to the
Discount accrued on such Class Conduit's Commercial Paper to the extent such
Commercial Paper was issued in order to fund such portion of the Transferred
Interest in an amount in excess of the Transfer Price of an Incremental
Transfer, which excess amount shall not exceed $5,000. The Transferor shall pay
to the Administrative Agent on behalf of the applicable Class Conduit each day
on which Commercial Paper is issued by such Class Conduit, the applicable Dealer
Fee, and the Administrative Agent shall pay such Dealer Fee to such Class
Conduit. The applicable Discount shall accrue with respect to each respective
Tranche on each day occurring during the Tranche Period related thereto. Nothing
in this Agreement shall limit in any way the obligations of the Transferor to
pay the amounts set forth in this Section 2.4.

                  SECTION 2.5. NON-LIQUIDATION SETTLEMENT AND REINVESTMENT
PROCEDURES. With respect to each Class, on each day after the date of any
Incremental Transfer but prior to the Termination Date for such Class and
provided in each case that no Termination Event or Potential Termination Event
for which there is no grace period shall have occurred and be continuing for
such Class, the Collection Agent shall out of the Percentage Factor for such
Class of Collections received on or prior to such day and not previously applied
or accounted for: (i) set aside and hold in trust for the applicable Class
Investors for such Class (or deposit into the Collection Account if so required
pursuant to Section 2.12 hereof), an amount equal to all Discount (which, in the
case of Discount computed by reference to the CP Rate with respect to any Class
Conduit that utilizes "pool" funding, shall be determined for such purpose using
the CP Rate most recently determined by the related Class Agent, MULTIPLIED by
the Fluctuation Factor) for such Class and the Servicing Fee accrued through
such day and not so previously set aside or paid and (ii) apply the balance of
the Aggregate Percentage Factor of Collections remaining after application of
Collections as provided in clause (i) of this Section 2.5 to the Transferor, for
the benefit of the Class Investors, as applicable, to the purchase of additional
undivided percentage interests in each Receivable pursuant to Section 2.2(b)
hereof. On the last day of each Tranche Period for each Class from the amounts
set aside as described in clause (i) of the first sentence of this Section 2.5,
the Collection Agent shall deposit to the Administrative Agent's account, for
the benefit of the applicable Class Investors for such Class, an amount equal to
the accrued and unpaid Discount for such Class and for such Tranche Period and
shall deposit to its own account an amount equal to the accrued and unpaid
Servicing Fee for such Tranche Period. The Administrative Agent, upon its
receipt of such amounts in the Administrative Agent's account, shall distribute
such amounts to the Class Investors entitled thereto as set forth above;
PROVIDED that if the Administrative Agent shall have insufficient funds to pay
all of the above amounts in full on any such date, the Administrative Agent
shall pay such amounts ratably (based on the amounts owing to each such Class
Investor) to all such Class Investors entitled to payment thereof. In addition,
the Collection Agent shall remit to the Transferor at the end of each Tranche
Period, as provided in Section 6.2(b), such portion of Collections not allocated
to the Class Investors.

                  SECTION 2.6. LIQUIDATION SETTLEMENT PROCEDURES. If at any time
on or prior to the Termination Date for such Class the Aggregate Percentage
Factor is greater than the Maximum Percentage Factor, then the Transferor shall
immediately pay to the Administrative Agent, for the benefit of the Class
Investors from previously received Collections, an amount equal to the amount
such that, when applied in reduction of the Aggregate Net Investment, will
result in an Aggregate Percentage Factor less than or equal to the Maximum
Percentage Factor. Such amounts shall be applied pro rata to the reduction of
the Net Investment for each Class of the Tranche Periods selected by the Class
Agent for such Class. With respect to each Class, on the Termination Date for
such Class and on each day thereafter, and on each day on which a Termination
Event or Potential Termination Event has occurred and is continuing for such
Class, the Collection Agent shall set aside and hold in trust for the applicable
Class Investors for such Class (or deposit into the Collection Account if so
required pursuant to Section 2.12 hereof) the Percentage Factor for such Class
of all Collections received on such day and shall set aside and hold in trust
for the Transferor such portion of Collections not allocated to the Class
Investors. On each such Termination Date or the day on which a Termination Event
or Potential

                                       31
<PAGE>

Termination Event for such Class for which there is no grace period occurs, the
Collection Agent shall deposit to the Administrative Agent's account, for the
benefit of the applicable Class Investors for such Class, any amounts set aside
pursuant to Section 2.5 above. With respect to each Class, on the last day of
each Tranche Period to occur on or after such Termination Date for such Class or
during the continuance of a Termination Event or Potential Termination Event for
such Class, the Collection Agent shall deposit to the Administrative Agent's
account to the extent not already so deposited, for the benefit of the Class
Investors for such Class, the amounts so set aside for such Class Investors,
pursuant to the second preceding sentence, but not to exceed the sum of (i) the
accrued Discount (which, in the case of Discount computed by reference to the CP
Rate with respect to any Class Conduit that utilizes "pool" funding, shall be
determined for such purpose using the CP Rate most recently determined by the
related Class Agent, MULTIPLIED by the Fluctuation Factor) for such Tranche
Period (ii) the portion of the Net Investment allocated to such Tranche Period
and (iii) all other Aggregate Unpaids owing to such Class Investors. On such
day, the Collection Agent shall deposit to its account, from the amounts set
aside for such Class, pursuant to the preceding sentence which remain after
payment in full of the aforementioned amounts, the accrued Servicing Fee for
such Tranche Period. If there shall be insufficient funds on deposit for the
Collection Agent to distribute funds in payment in full of the aforementioned
amounts, the Collection Agent shall distribute funds FIRST, in payment of the
accrued Discount to each Class, SECOND, in payment of all fees payable by the
Transferor to the Administrative Agent or any of the Class Investors, THIRD, if
the Transferor, Tech Data or any Affiliate of the Transferor or Tech Data is not
then the Collection Agent, to the Collection Agent's account, in payment of the
Servicing Fee payable to the Collection Agent, FOURTH, in reduction of the Net
Investment allocated to any Tranche Period ending on such date, FIFTH, in
payment of all other Aggregate Unpaids owing to the Class Investors, as
applicable, and SIXTH, if the Transferor, Tech Data or any Affiliate of the
Transferor or Tech Data is the Collection Agent, to its account as Collection
Agent, in payment of the Servicing Fee payable to such Person as Collection
Agent. The Administrative Agent, upon its receipt of such amounts in the
Administrative Agent's account, shall distribute such amounts to the Class
Investors, each as entitled thereto as set forth above; provided that if the
Administrative Agent shall have insufficient funds to pay all of the above
amounts in full on any such date, the Administrative Agent shall pay such
amounts in the order of priority set forth above and, with respect to any such
category above for which the Administrative Agent shall have insufficient funds
to pay all amounts owing on such date, ratably (based on the amounts in such
categories owing to such Persons) among all such Persons entitled to payment
thereof.

                  Following the date after all Termination Dates on which the
Aggregate Net Investment has been reduced to zero, all accrued Discount and
Servicing Fees have been paid in full and all other Aggregate Unpaids have been
paid in full, (i) the Collection Agent shall recompute the Percentage Factor for
each Class, (ii) the Administrative Agent, on behalf of the Class Investors,
shall be considered to have reconveyed to the Transferor all of the Class
Investors' right, title and interest in and to the Affected Assets (including
the Transferred Interest), (iii) the Collection Agent shall pay to the
Transferor any remaining Collections set aside and held by the Collection Agent
pursuant to the third sentence of this Section 2.6 and (iv) the Administrative
Agent, on behalf of the applicable Class Investor(s), shall execute and deliver
to the Transferor, at the Transferor's expense, such documents or instruments as
are necessary to terminate the Class Investors' respective interests

                                       32
<PAGE>

in the Affected Assets. Any such documents shall be prepared by or on behalf of
the Transferor. On the last day of each Tranche Period, the Collection Agent
shall remit to the Transferor such portion of Collections set aside for the
Transferor pursuant to this Section 2.6.

                  SECTION 2.7. FEES. Notwithstanding any limitation on recourse
contained in this Agreement, the Transferor shall pay, on the last day of each
month, to the Administrative Agent, for distribution to the Class Investors, in
each case as agreed between themselves, all of the applicable Program Fee and
the applicable Facility Fee. In addition, the Transferor shall pay to the
Administrative Agent an administrative fee as set forth in the Supplemental Fee
Letter. The Transferor acknowledges that the foregoing fees are non-refundable.

                                       33
<PAGE>

                  SECTION 2.8. PROTECTION OF OWNERSHIP INTEREST OF THE CLASS
INVESTORS. (a) The Transferor agrees that it will, and will cause the Seller to,
from time to time, at its expense, promptly execute and deliver all instruments
and documents and take all actions as may be necessary or as the Administrative
Agent or any Class Agent may reasonably request in order to perfect or protect
the Transferred Interest or to enable the Administrative Agent or any of the
Class Investors to exercise or enforce any of their respective rights hereunder.
Without limiting the foregoing, the Transferor will, and will cause the Seller
to, upon the reasonable request of the Administrative Agent or any of the Class
Investors, in order to accurately reflect this purchase and sale transaction,
(x) execute and file such financing or continuation statements or amendments
thereto or assignments thereof (as permitted pursuant to Section 11.6 hereof) as
may be requested by the Administrative Agent or any of the Class Investors and
(y) mark its and the Seller's respective master data processing records and
other documents with a legend describing the conveyance to the Transferor and
the conveyance to the Administrative Agent, for the benefit of the Class
Investors, of the Transferred Interest in the manner required by Section 5.1(n).
The Transferor shall, and will cause the Seller to, upon the reasonable request
of the Administrative Agent or any of the Class Investors, obtain such
additional search reports as the Administrative Agent or any of the Class
Investors shall request. To the fullest extent permitted by applicable law, the
Administrative Agent shall be permitted to sign and file continuation statements
and amendments thereto and assignments thereof without the Transferor's or the
Seller's signature. The Transferor shall not, and shall not permit the Seller
to, change its respective name, identity or corporate structure (within the
meaning of Section 9-402(7) of the UCC as in effect in the State of New York,
Delaware or California, as applicable,) nor relocate its respective chief
executive office or any office where Records are kept unless it shall have: (i)
given the Administrative Agent at least thirty (30) days prior notice thereof
and (ii) prepared at Transferor's expense and delivered to the Administrative
Agent all financing statements, instruments and other documents necessary to
preserve and protect the Transferred Interest or requested by the Administrative
Agent or any Class Agent in connection with such change or relocation. Any
filings under the UCC or otherwise that are occasioned by such change in name or
location shall be made at the expense of Transferor.

                              (b) The Collection Agent shall instruct all
Obligors to cause all Collections to be deposited directly with a Lock-Box Bank.
Any Lock-Box Account maintained by a Lock-Box Bank pursuant to the related
Lock-Box Agreement shall be under the exclusive ownership and control of the
Administrative Agent which is hereby granted to the Administrative Agent by the
Seller and the Transferor. The Collection Agent shall be permitted to give
instructions to the Lock-Box Banks for so long as neither a Collection Agent
Default nor any other Termination Event has occurred hereunder. The Collection
Agent shall not add any bank as a Lock-Box Bank to those listed on Exhibit C
attached hereto unless such bank has entered into a Lock-Box Agreement. The
Collection Agent shall not terminate any bank as a Lock-Box Bank unless the
Administrative Agent shall have received fifteen (15) days' prior notice of such
termination. If the Transferor receives any Collections or is deemed to receive
any Collections pursuant to Section 2.9, the Transferor shall immediately remit
such Collections to a Lock-Box Account. Any Collections that are received by the
Seller or the Collection Agent shall be immediately, but in any event within
forty-eight (48) hours of receipt, deposited into a Lock-Box Account or a bank
account (the "COLLECTION AGENT ACCOUNT") established by the Collection Agent
pursuant to an agreement between the Collection Agent, the Administrative Agent
and a bank consented to by the Administrative Agent, which shall be
substantially in the form of a Lock-Box Agreement.

                  SECTION 2.9. DEEMED COLLECTIONS; APPLICATION OF PAYMENTS. (a)
If on any day the Outstanding Balance of a Receivable is either (x) reduced as a
result of any defective, rejected or

                                       34
<PAGE>

returned merchandise or services, any discount, credit, rebate, dispute,
warranty claim, repossessed or returned goods, chargeback, allowance, any
billing adjustment, dilutive factor or other adjustment, or (y) reduced or
canceled as a result of a setoff or offset in respect of any claim by any Person
(whether such claim arises out of the same or a related transaction or an
unrelated transaction), the Transferor shall be deemed to have received on such
day a Collection of such Receivable (each, a "DEEMED COLLECTION") in the amount
of such reduction or cancellation and the Transferor shall pay to the Collection
Agent an amount equal to such reduction or cancellation and such amount shall be
applied by the Collection Agent as a Collection in accordance with Section 2.5
or 2.6 hereof, as applicable. The Net Investment with respect to each Class
shall be reduced by the amount of such payment applied to the reduction of such
Net Investment and actually received by the Administrative Agent for the benefit
of the Class Investors.

                              (b) If on any day any of the representations or
warranties in Article III was or becomes untrue with respect to a Receivable
(whether on or after the date of any transfer of an interest therein to the
Administrative Agent or any of the Class Investors as contemplated hereunder),
the Transferor shall be deemed to have received on such day a Collection of such
Receivable (each, a "DEEMED COLLECTION") in full and the Transferor shall on
such day pay to the Collection Agent an amount equal to the Outstanding Balance
of such Receivable and such amount shall be allocated and applied by the
Collection Agent as a Collection allocable to the Transferred Interest in
accordance with Section 2.5 or 2.6 hereof, as applicable. The Net Investment
with respect to each Class shall be reduced by the amount of such payment
applied to the reduction of such Net Investment, and actually received by the
Administrative Agent for the benefit of the Class Investors.

                              (c) Any payment by an Obligor in respect of any
indebtedness owed by it to the Transferor shall, except as otherwise specified
by such Obligor or otherwise required by contract or law and unless otherwise
instructed by the Administrative Agent, be applied as a Collection of any
Receivable of such Obligor included in the Transferred Interest (starting with
the oldest such Receivable) to the extent of any amounts then due and payable
thereunder before being applied to any other receivable or other indebtedness of
such Obligor.

                  SECTION 2.10. PAYMENTS AND COMPUTATIONS, ETC. All amounts to
be paid or deposited by the Transferor or the Collection Agent hereunder shall
be paid or deposited in accordance with the terms hereof no later than 11:00
a.m. (New York City time) on the day when due in immediately available funds; if
such amounts are payable to any Class Investor they shall be paid or deposited
in the account notified by the Administrative Agent. The Transferor shall, to
the extent permitted by law, pay to the Administrative Agent, for the benefit of
the Class Investors, upon demand, interest on all amounts not paid or deposited
when due hereunder at a rate equal to 1% per annum plus the Base Rate. All
computations of Discount, interest and all per annum fees hereunder shall be
made on the basis of a year of 360 days for the actual number of days (including
the first but excluding the last day) elapsed. Any computations by the
Administrative Agent of amounts payable by the Transferor hereunder shall be
binding upon the Transferor absent manifest error.

                  SECTION 2.11. REPORTS. Prior to the 15th day of each month,
the Collection Agent shall prepare and forward to each Class Agent and the
Administrative Agent (i) an Investor Report (including without limitation, a
settlement statement and a certification as to the Net Receivables Balance)
together with an aging of all Receivables, as of the close of business of the
Collection Agent on the last day of the immediately preceding month, (ii) if
requested by any of the Class

                                       35
<PAGE>

Agents, a listing by Obligor of all Receivables together with an aging of such
Receivables and (iii) such other information as any Class Agent or the
Administrative Agent may reasonably request.

                  SECTION 2.12. COLLECTION ACCOUNT. There shall be established
on the day of the initial Incremental Transfer hereunder and maintained, for the
benefit of the Class Investors, with the Administrative Agent, a segregated
account (the "COLLECTION ACCOUNT"), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Class
Investors. On and after the occurrence of a Collection Agent Default or a
Termination Event, the Collection Agent shall remit daily within forty-eight
hours of receipt to the Collection Account all Collections received with respect
to any Receivables. Funds on deposit in the Collection Account (other than
investment earnings) shall be invested by the Administrative Agent in Eligible
Investments that will mature so that such funds will be available prior to the
last day of each successive Tranche Period following such investment. On the
last day of each calendar month, all interest and earnings (net of losses and
investment expenses) on funds on deposit in the Collection Account shall be
retained in the Collection Account and be available to make any payments
required to be made hereunder (including any Discount) to the Administrative
Agent or the applicable Class Investors. On the date after all Termination Dates
on which the Aggregate Net Investment is zero, all accrued Discount and
Servicing Fees have been paid in full and all other Aggregate Unpaids have been
paid in full, any funds remaining on deposit in the Collection Account shall be
paid to the Transferor.

                  SECTION 2.13. SHARING OF PAYMENTS, ETC. If any Class Investor
(for purposes of this Section only, being a "RECIPIENT") shall obtain any
payment (whether voluntary, involuntary, through the exercise of any right of
setoff, or otherwise) on account of any portion of the Transferred Interest
owned by it (other than pursuant to Section 2.7, or Article VIII and other than
as a result of the differences in the timing of the applications of Collections
pursuant to Section 2.5 or 2.6) in excess of its ratable share of payments on
account of any portion of the Transferred Interest obtained by such Class
Investor, each as entitled thereto, such Recipient shall forthwith purchase from
the other Class Investors entitled to a share of such amount participations in
the portion of the Transferred Interest owned by such Class Investors as shall
be necessary to cause such Recipient to share the excess payment ratably with
each such other Person entitled thereto; PROVIDED, HOWEVER, that if all or any
portion of such excess payment is thereafter recovered from such Recipient, such
purchase from each such other Class Investor shall be rescinded and each such
other Class Investor shall repay to the Recipient the purchase price paid by
such Recipient for such participation to the extent of such recovery, together
with an amount equal to such other Class Investor's ratable share (according to
the proportion of (a) the amount of such other Person's required payment to (b)
the total amount so recovered from the Recipient) of any interest or other
amount paid or payable by the Recipient in respect of the total amount so
recovered.

                  SECTION 2.14. RIGHTS OF SET-OFF. Without in any way limiting
the provisions of Section 2.13, each Class Investor is hereby authorized (in
addition to any other rights it may have) at any time after the occurrence of
the Termination Date for its Class or during the continuance of a Termination
Event or a Potential Termination Event for its Class to set-off, appropriate and
apply (without presentment, demand, protest or other notice which are hereby
expressly waived) any deposits and any other indebtedness held or owing by such
Class Investor to, or for the account of, the Transferor against the amount of
the Aggregate Unpaids owing by the Transferor to such Class Investor (even if
contingent or unmatured).

                                       36
<PAGE>

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

                  SECTION 3.1. REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR.
The Transferor represents and warrants to the Class Investors, the Class Agents
and the Administrative Agent:

                         (a) CORPORATE EXISTENCE AND POWER. The Transferor is a
corporation duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation and has all corporate power and all
material governmental licenses, authorizations, consents and approvals required
to carry on its business in each jurisdiction in which its business is now
conducted.

                         (b) CORPORATE AND GOVERNMENTAL AUTHORIZATION;
CONTRAVENTION. The execution, delivery and performance by the Transferor of this
Agreement, the Purchase Agreement, the Fee Letter, the Supplemental Fee Letter,
the Certificate and the Transfer Certificate are within the Transferor's
corporate powers, have been duly authorized by all necessary corporate action,
require no action by or in respect of, or filing with, Official Body or official
thereof (except as contemplated by Section 2.8 hereof), and do not contravene,
or constitute a default under, any provision of applicable law or regulation or
of the Certificate of Incorporation or Bylaws of the Transferor or of any
agreement, judgment, injunction, order, decree or other instrument binding upon
the Transferor or result in the creation or imposition of any Adverse Claim on
the assets of the Transferor or any of its Subsidiaries (except as contemplated
by Section 2.8 hereof).

                         (c) BINDING EFFECT. Each of this Agreement, the
Purchase Agreement, the Fee Letter, the Supplemental Fee Letter and the
Certificate constitutes and the Transfer Certificate upon payment of the
Transfer Price set forth therein will constitute, the legal, valid and binding
obligation of the Transferor, enforceable against it in accordance with its
terms, subject to applicable bankruptcy, insolvency, moratorium or other similar
laws affecting the rights of creditors generally.

                         (d) PERFECTION. Immediately preceding each Transfer
hereunder, the Transferor shall be the owner of all of the Receivables, free and
clear of all Adverse Claims. On or prior to each Transfer and each recomputation
of the Transferred Interest, all financing statements and other documents
required to be recorded or filed in order to perfect and protect the Transferred
Interest against all creditors of and purchasers from the Transferor and Tech
Data will have been duly filed in each filing office necessary for such purpose
and all filing fees and taxes, if any, payable in connection with such filings
shall have been paid in full.

                         (e) ACCURACY OF INFORMATION. All information heretofore
furnished by the Transferor (including without limitation, the Investor Report
furnished on a monthly basis and the Transferor's financial statements) to any
Class Investor, any Class Agent or the Administrative Agent for purposes of or
in connection with this Agreement or any transaction contemplated hereby is, and
all such information hereafter furnished by the Transferor to any Class
Investor, any Class Agent or the Administrative Agent will be, true and accurate
in every material respect, on the date such information is stated or certified.

                         (f) TAX STATUS. The Transferor has filed all tax
returns (federal, state and local) required to be filed and has paid or made
adequate provision for the payment of all taxes, assessments and other
governmental charges.

                                       37
<PAGE>

                         (g) ACTION, SUITS. Except as set forth in Exhibit H,
there are no actions, suits or proceedings pending, or to the knowledge of the
Transferor threatened, against or affecting the Transferor or any Affiliate of
the Transferor or their respective properties, in or before any court,
arbitrator or other body, which may materially adversely affect the financial
condition of the Transferor and the Subsidiaries taken as a whole or materially
adversely affect the ability of Transferor to perform its obligations under this
Agreement.

                         (h) USE OF PROCEEDS. No proceeds of any Transfer will
be used by the Transferor to acquire any security in any transaction which is
subject to Section 13 or 14 of the Securities Exchange Act of 1934, as amended.

                         (i) PLACE OF BUSINESS. The principal place of business
and chief executive office of the Transferor are located at the address of the
Transferor indicated in Section 11.3 hereof and the offices where the Transferor
keeps all its Records, are located at the address(es) described on Exhibit I or
such other locations notified to the Administrative Agent in accordance with
Section 2.8 hereof in jurisdictions where all action required by Section 2.8
hereof has been taken and completed.

                         (j) GOOD TITLE. Upon each Transfer and each
recomputation of the Transferred Interest, the Administrative Agent, on behalf
of the applicable Class Investor(s), shall acquire a valid and perfected first
priority undivided percentage ownership interest to the extent of the
Transferred Interest or a first priority perfected security interest in each
Receivable that exists on the date of such Transfer and recomputation and in the
Related Security and Collections with respect thereto free and clear of any
Adverse Claim.

                         (k) TRADENAMES, ETC. As of the date hereof: (i) the
Transferor has only the Subsidiaries and divisions listed on Exhibit J hereto;
and (ii) the Transferor has, within the last five (5) years, operated only under
the tradenames identified in Exhibit J hereto, and, within the last five (5)
years, has not changed its name, merged with or into or consolidated with any
other corporation or been the subject of any proceeding under Title 11, United
States Code (Bankruptcy), except as disclosed in Exhibit J hereto.

                         (l) NATURE OF RECEIVABLES. Each Receivable (x)
represented by the Transferor or the Collection Agent to be an Eligible
Receivable (including in any Investor Report or other report delivered pursuant
to Section 2.11 hereof) or (y) included in the calculation of the Net
Receivables Balance in fact satisfies at such time the definition of "Eligible
Receivable" set forth herein and is an "eligible asset" as defined in Rule 3a-7
under the Investment Company Act of 1940, as amended and, in the case of clause
(y) above, is not a Receivable of the type described in clauses (i) through
(iii) of the definition of "Net Receivables Balance."

                         (m) COVERAGE REQUIREMENT; AMOUNT OF RECEIVABLES. The
Aggregate Percentage Factor does not exceed the Maximum Percentage Factor. As of
April 30, 2000, the aggregate Outstanding Balance of the Receivables in
existence was $938,016,434 and the Net Receivables Balance was $873,131,721.

                         (n) NO TERMINATION EVENT. No event has occurred and is
continuing and no condition exists which constitutes a Termination Event or a
Potential Termination Event for any Class or if either such event has occurred,
the Transferor has notified the Administrative Agent in

                                       38
<PAGE>

writing of either such event immediately upon learning of the occurrence
thereof, describing the same and if applicable, the steps being taken by the
Person(s) affected with respect thereto.

                         (o) NOT AN INVESTMENT COMPANY. The Transferor is not an
"investment company" within the meaning of the Investment Company Act of 1940,
as amended, or is exempt from all provisions of such Act.

                         (p) ERISA. The Transferor and each of its ERISA
Affiliates is in compliance in all material respects with ERISA and no ERISA
lien exists on any of the Receivables.

                         (q) LOCK-BOX ACCOUNTS. The name and address of the Bank
where the Collection Agent Account is maintained, together with the account
number of such account, and the names and addresses of all the Lock-Box Banks,
together with the account numbers of the Lock-Box Accounts at such Lock-Box
Banks, are specified in Exhibit C hereto (or at such other Lock-Box Banks and/or
with such other Lock-Box Accounts as have been notified to the Administrative
Agent and for which Lock-Box Agreements have been executed in accordance with
Section 2.8(b) hereof and delivered to the Collection Agent). All Obligors have
been instructed to make payment to a Lock-Box Account and only Collections are
deposited into the Lock-Box Accounts.

                         (r) NONCONSOLIDATION. The Transferor is operated in
such manner that the separate corporate existence of the Transferor, on the one
hand, and Tech Data or any Affiliate thereof, on the other hand, shall not be
disregarded and, without limiting the generality of the foregoing:

                             (i) the Transferor is a limited purpose corporation
         whose activities are restricted in its Certificate of Incorporation to
         activities related to purchasing or otherwise acquiring receivables and
         related property (including the Receivables and the Related Security)
         and related assets and rights and conducting any related or incidental
         business or activities it deems necessary or appropriate to carry out
         its primary purpose, including entering into agreements like the
         Transaction Documents;

                             (ii) the Transferor has not engaged, and does not
         presently engage, in any activity other than those activities expressly
         permitted hereunder and under the other Transaction Documents, nor has
         the Transferor entered into any agreement other than this Agreement,
         the other Transaction Documents to which it is a party, and with the
         prior written consent of each Class Agent and the Administrative Agent,
         any other agreement necessary to carry out more effectively the
         provisions and purposes hereof or thereof;

                             (iii) (A) the Transferor maintains its own deposit
         account or accounts, separate from those of any of its Affiliates, with
         commercial banking institutions, (B) the funds of the Transferor are
         not and have not been diverted to any other Person or for other than
         the corporate use of the Transferor and (C), except as may be expressly
         permitted by this Agreement, the funds of the Transferor are not and
         have not been commingled with those of any of its Affiliates;

                             (iv) to the extent that the Transferor contracts or
         does business with vendors or service providers where the goods and
         services provided are

                                       39
<PAGE>

         partially for the benefit of any other Person, the costs incurred in so
         doing are fairly allocated to or among the Transferor and such entities
         for whose benefit the goods and services are provided, and each of the
         Transferor and each such entity bears its fair share of such costs; and
         all material transactions between the Transferor and any of its
         Affiliates shall be only on an arm's-length basis;

                         (v) the Transferor maintains a principal executive and
         administrative office through which its business is conducted and a
         telephone number and stationery through which all business
         correspondence and communication are conducted, in each case separate
         from those of Tech Data and its Affiliates;

                         (vi) the Transferor conducts its affairs strictly in
         accordance with its certificate of incorporation and observes all
         necessary, appropriate and customary corporate formalities, including
         (A) holding all regular and special stockholders' and directors'
         meetings appropriate to authorize all corporate action (which, in the
         case of regular stockholders' and directors' meetings, are held at
         least annually), (B) keeping separate and accurate minutes of such
         meetings, (C) passing all resolutions or consents necessary to
         authorize actions taken or to be taken, and (D) maintaining accurate
         and separate books, records and accounts, including intercompany
         transaction accounts;

                         (vii) all decisions with respect to its business and
         daily operations are independently made by the Transferor (although the
         officer making any particular decision may also be an employee, officer
         or director of an Affiliate of the Transferor) and are not dictated by
         any Affiliate of the Transferor;

                         (viii) the Transferor acts solely in its own corporate
         name and through its own authorized officers and agents, and no
         Affiliate of the Transferor shall be appointed to act as its agent,
         except as expressly contemplated by this Agreement;

                         (ix) no Affiliate of the Transferor advances funds to
         the Transferor, other than as is otherwise provided herein or in the
         other Transaction Documents, and no Affiliate of the Transferor
         otherwise supplies funds to, or guaranties debts of, the Transferor;
         PROVIDED, HOWEVER, that an Affiliate of the Transferor may provide
         funds to the Transferor in connection with the capitalization of the
         Transferor;

                         (x) other than organizational expenses and as expressly
         provided herein, the Transferor pays all expenses, indebtedness and
         other obligations incurred by it;

                         (xi) the Transferor does not guarantee, and is not
         otherwise liable, with respect to any obligation of any of its
         Affiliates;

                         (xii) any financial reports required of the Transferor
         comply with generally accepted accounting principles and are issued
         separately from, but may be consolidated with, any reports prepared for
         any of its Affiliates;

                                       40
<PAGE>

                         (xiii) at all times the Transferor is adequately
         capitalized to engage in the transactions contemplated in its
         certificate of incorporation;

                         (xiv) the financial statements and books and records of
         the Transferor and Tech Data reflect the separate corporate existence
         of the Transferor;

                         (xv) the Transferor does not act as agent for Tech Data
         or any Affiliate thereof, but instead presents itself to the public as
         a corporation separate from each such member and independently engaged
         in the business of purchasing and financing the Receivables;

                         (xvi) the Transferor maintains a three-person board of
         directors, including at least one independent director, who has never
         been, and shall at no time be a stockholder, director, officer,
         employee or associate, or any relative of the foregoing, of Tech Data
         or any Affiliate thereof (other than the Transferor and any other
         bankruptcy-remote special purpose entity formed for the sole purpose of
         securitizing, or facilitating the securitization of, financial assets
         of any Tech Data or any Affiliate thereof), all as provided in its
         certificate or articles of incorporation, and is otherwise reasonably
         acceptable to each Class Agent and the Administrative Agent; and

                         (xvii) the certificate of incorporation of the
         Transferor requires the affirmative vote of the independent director
         before a voluntary petition under Section 301 of the Bankruptcy Code
         may be filed by the Transferor, and the Transferor to maintain correct
         and complete books and records of account and minutes of the meetings
         and other proceedings of its stockholders and board of directors.

                  SECTION 3.2. REAFFIRMATION OF REPRESENTATIONS AND WARRANTIES
BY THE TRANSFEROR. On each day that a Transfer is made hereunder, the
Transferor, by accepting the proceeds of such Transfer, whether delivered to the
Transferor pursuant to Section 2.2(a) or Section 2.5 hereof, shall be deemed to
have certified that all representations and warranties described in Section 3.1
hereof are correct on and as of such day as though made on and as of such day.
Each Incremental Transfer shall be subject to the further condition precedent
that prior to the date of such Transfer, the Collection Agent shall have
delivered to each Class Agent and the Administrative Agent, in form and
substance satisfactory to the each Class Agent and the Administrative Agent, a
completed Investor Report dated within 14 days prior to the date of such
Transfer, together with a listing by Obligor, if requested, and such additional
information as may be reasonably requested by any Class Agent or the
Administrative Agent; and the Transferor shall be deemed to have represented and
warranted that such conditions precedent have been satisfied.

                  Any document, instrument, certificate or notice delivered to
any Class Investor hereunder shall be deemed a representation and warranty by
the Transferor to the extent that such document, instrument, certificate or
notice contains any statement of fact, which shall not include forward-looking
statements.

                  SECTION 3.3. REPRESENTATIONS AND WARRANTIES OF TECH DATA, AS
COLLECTION AGENT. Tech Data, as Collection Agent represents and warrants to the
Class Investors, the Class Agents and the Administrative Agent that:

                                       41
<PAGE>

                         (a) CORPORATE EXISTENCE AND POWER. Tech Data is a
corporation duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation and has all corporate power and all
material governmental licenses, authorizations, consents and approvals required
to carry on its business in each jurisdiction in which its business is now
conducted.

                         (b) CORPORATE AND GOVERNMENTAL AUTHORIZATION;
CONTRAVENTION. The execution, delivery and performance by Tech Data of this
Agreement, the Fee Letter, the Supplemental Fee Letter and the Purchase
Agreement are within Tech Data's corporate powers, have been duly authorized by
all necessary corporate action, require no action by or in respect of, or filing
with, any Official Body or official thereof (except for the filing of UCC
financing statements in connection with the Purchase Agreement), and do not
contravene, or constitute a default under, any provision of applicable law or
regulation or of the Certificate of Incorporation or Bylaws of Tech Data or of
any agreement, judgment, injunction, order, decree or other instrument binding
upon Tech Data or result in the creation or imposition of any Adverse Claim on
the assets of Tech Data or any of its Subsidiaries except as contemplated by
this Agreement and the Purchase Agreement.

                         (c) BINDING EFFECT. Each of this Agreement, the Fee
Letter, the Supplemental Fee Letter and the Purchase Agreement constitute the
legal, valid and binding obligation of Tech Data, enforceable in accordance with
their respective terms, subject to applicable bankruptcy, insolvency, moratorium
or other similar laws affecting the rights of creditors.

                         (d) ACCURACY OF INFORMATION. All information heretofore
furnished by Tech Data to the Transferor, any Class Agent, any Class Investor or
the Administrative Agent for purposes of or in connection with this Agreement or
any transaction contemplated hereby is, and all such information hereafter
furnished by Tech Data to the Transferor, any Class Agent, any Class Investor or
the Administrative Agent will be, true and accurate in every material respect,
on the date such information is stated or certified.

                         (e) TAX STATUS. Tech Data has filed all tax returns
(federal, state and local) required to be filed and has paid or made adequate
provision for the payment of all taxes, assessments and other governmental
charges.

                         (f) ACTION, SUITS. Except as set forth in Exhibit H
hereto, there are no actions, suits or proceedings pending, or to the knowledge
of Tech Data threatened, against or affecting Tech Data or any Affiliate of Tech
Data or their respective properties, in or before any court, arbitrator or other
body, which may materially adversely affect the financial condition of Tech Data
and its Subsidiaries taken as a whole or materially adversely affect the ability
of Tech Data to perform its obligations under this Agreement.

                         (g) CREDIT AND COLLECTION POLICY. Since March 30, 2000
there have been no material changes in Tech Data's Credit and Collection Policy;
since such date, no material adverse change has occurred in the overall rate of
collection of the Receivables.

                         (h) COLLECTIONS AND SERVICING. Since March 30, 2000
there has been no material adverse change in the ability of Tech Data to service
and collect the Receivables.

                                       42
<PAGE>

                         (i) PLACE OF BUSINESS. The principal place of business
and chief executive office of Tech Data are located at the address of Tech Data
indicated in Section 11.3 hereof and the offices where Tech Data keeps all its
Records, are located at the address(es) described on Exhibit I or such other
locations notified to the Administrative Agent in accordance with Section 2.8
hereof in jurisdictions where all action required by Section 2.8 hereof has been
taken and completed.

                         (j) TRADENAMES, ETC. As of the date hereof: (i) Tech
Data has, within the last five (5) years, operated only under the tradenames
that it has protected, and, within the last five (5) years, has not changed its
name, merged with or into or consolidated with any other corporation or been the
subject of any proceeding under Title 11, United States Code (Bankruptcy),
except as disclosed in Exhibit J hereto.

                         (k) NATURE OF RECEIVABLES. Each Receivable is an
"eligible asset" as defined in Rule 3a-7 under the Investment Company Act of
1940, as amended.

                         (l) NO TERMINATION EVENT. No event has occurred and is
continuing and no condition exists which constitutes a Termination Event or a
Potential Termination Event for any Class or if either such event has occurred,
Tech Data has notified the Administrative Agent in writing of either such event
immediately upon learning of the occurrence thereof, describing the same and if
applicable, the steps being taken by the Person(s) affected with respect
thereto.

                         (m) NOT AN INVESTMENT COMPANY. Tech Data is not an
"investment company" within the meaning of the Investment Company Act of 1940,
as amended, or is exempt from all provisions of such Act.

                         (n) ERISA. Tech Data is in compliance in all material
respects with ERISA and no lien exists in favor of the Pension Benefit Guaranty
Corporation on any of the Receivables.

                  SECTION 3.4. REAFFIRMATION OF REPRESENTATIONS AND WARRANTIES
BY TECH DATA, AS COLLECTION AGENT. On each day that a Transfer is made
hereunder, Tech Data shall be deemed to have certified that all representations
and warranties described in Section 3.3 are correct on and as of such day as
though made on and as of such day.

                  Any document, instrument, certificate or notice delivered to
the Administrative Agent, any Class Agent or any Class Investor hereunder shall
be deemed a representation and warranty by Tech Data.

                                   ARTICLE IV

                              CONDITIONS PRECEDENT

                  SECTION 4.1. CONDITIONS TO CLOSING. On or prior to the date of
execution hereof, the Transferor shall deliver to the Administrative Agent and
each Class Agent the following documents, instruments and fees all of which
shall be in a form and substance acceptable to the Administrative Agent and each
Class Agent:

                        (a) A copy of the resolutions of the Board of Directors
of the Transferor and Tech Data certified by its Secretary approving the
execution, delivery and performance by the Transferor and Tech Data of this
Agreement, the Purchase Agreement and the other Transaction Documents to be
delivered by the Transferor and Tech Data hereunder or thereunder.

                                       43
<PAGE>

                        (b) The Articles of Incorporation of the Transferor and
of Tech Data certified by the Secretary of State or other similar official of
the Transferor's and Tech Data's respective jurisdictions of incorporation, each
dated a date reasonably prior to the Closing Date.

                        (c) A Good Standing Certificate for the Transferor and a
Certificate of Status for Tech Data issued by the Secretary of State or a
similar official of the Transferor's and Tech Data's respective jurisdictions of
incorporation and certificates of qualification as a foreign corporation issued
by the Secretaries of State or other similar officials of each jurisdiction
where such qualification is material to the transactions contemplated by this
Agreement and the other Transaction Documents, in each case, dated a date
reasonably prior to the Closing Date.

                        (d) A Certificate of the Secretary of the Transferor and
Tech Data substantially in the form of Exhibit L attached hereto certifying (i)
the names and signatures of the officers authorized on its behalf to execute
this Agreement, the Purchase Agreement, the Certificate, the Fee Letter, the
Supplemental Fee Letter and any other documents to be delivered by it hereunder
(on which Secretary's Certificates each Class Investor may conclusively rely
until such time as the Administrative Agent shall receive from the Transferor
and Tech Data a revised Certificate meeting the requirements of this clause
(d)(i)) and (ii) a copy of the Transferor's and Tech Data's By-Laws.

                        (e) Copies of proper financing statements (Form UCC-1),
dated a date reasonably near to the date of the initial Incremental Transfer
naming the Transferor as the debtor in favor of the Administrative Agent, as
secured party for the benefit of the Class Investors, or other similar
instruments or documents as may be necessary or in the reasonable opinion of the
Administrative Agent desirable under the UCC of all appropriate jurisdictions or
any comparable law to perfect the Administrative Agent's undivided percentage
interest in all Receivables and the Related Security and Collections relating
thereto.

                        (f) Copies of proper financing statements (Form UCC-1),
dated a date reasonably near to the date of the initial Incremental Transfer
naming Tech Data as the debtor in favor of the Transferor as secured party and
the Administrative Agent, for the benefit of the Class Investors, as assignee of
the secured party or other similar instruments or documents as may be necessary
or in the reasonable opinion of the Administrative Agent desirable under the UCC
of all appropriate jurisdictions or any comparable law to perfect the
Transferor's ownership interest in all Receivables.

                        (g) Copies of proper financing statements (Form UCC-3)
necessary to terminate all security interests and other rights of any person in
Receivables previously granted by Tech Data or any of its Subsidiaries.

                        (h) Certified copies of requests for information or
copies (Form UCC-11) (or a similar search report certified by parties acceptable
to the Administrative Agent) dated a date reasonably near the date of the
initial Incremental Transfer listing all effective financing statements which
name the Transferor or the Seller (under their respective present names and any
previous names) as debtor and which are filed in jurisdictions in which the
filings were made pursuant to items (e) or (f) above together with copies of
such financing statements (none of which shall cover any Receivables or
Contracts).

                                       44
<PAGE>

                        (i) Executed copies of the Lock-Box Agreements, relating
to each of the Lock-Boxes and the Lock-Box Accounts, and an executed copy of the
agreement referred to in Section 2.8(b).

                        (j) An opinion of David Vetter, counsel to Tech Data,
addressing certain corporate matters relating to Tech Data, covering the
appropriate matters set forth in Exhibit K hereto.

                        (k) An opinion of Holland & Knight, LLP, special counsel
to the Transferor, addressing certain corporate and bankruptcy matters relating
to the Transferor, covering the appropriate matters set forth in Exhibit K
hereto, which shall include, among other things, opinions as to "true sale" and
nonconsolidation.

                        (l) A certificate of the Transferor and Tech Data in the
form of Exhibit L-1 and Exhibit L-2 hereto.

                        (m) A hard copy, microfiche or computer tape setting
forth all Receivables and the Outstanding Balances thereon and such other
information as the Administrative Agent may reasonably request.

                        (n) An executed copy of this Agreement, the Purchase
Agreement and the Fee Letter.

                        (o) The Transfer Certificate, duly executed by the
Transferor.

                        (p) The Certificate, duly executed by the Transferor and
appropriately completed.

                        (q) An Investor Report for April 30, 2000.

                        (r) The agreements necessary to terminate the Existing
Agreement and any agreements and other ancillary documents related thereto.

                        (s) Such other documents, instruments, certificates and
opinions as the Administrative Agent or any Class Agent, shall reasonably
request.

                                    ARTICLE V

                                    COVENANTS

                  SECTION 5.1. AFFIRMATIVE COVENANTS OF TRANSFEROR. At all times
from the date hereof to the later to occur of (i) the Termination Dates or (ii)
the date on which the Aggregate Net Investment has been reduced to zero, all
accrued Discount and Servicing Fees shall have been paid in full and all other
Aggregate Unpaids shall have been paid in full, in cash, unless the
Administrative Agent shall otherwise consent in writing:

                                       45
<PAGE>

                         (a) REPORTS. The Transferor shall deliver to the
Administrative Agent and each Class Agent:

                              (i) ANNUAL REPORTING. Within ninety-five (95) days
         after the close of each of its fiscal years, an unqualified audit
         report certified by independent certified public accountants prepared
         in accordance with generally accepted accounting principles on a
         consolidated and consolidating basis (consolidating statements need not
         be certified by such accountants) for itself including balance sheets
         as of the end of such period, related profit and loss and
         reconciliation of surplus statements, and a statement of cash flows,
         accompanied by any management letter prepared by said accountants and
         by a certificate of said accountants that, in the course of the
         foregoing, they have obtained no knowledge of any Termination Event or
         Potential Termination Event, or if, in the opinion of such accountants,
         any Termination Event or Potential Termination Event shall exist,
         stating the nature and status thereof. The independent certified public
         accountants shall be either KPMG, PricewaterhouseCoopers, Ernst & Young
         LLP, Deloitte and Touche, Arthur Andersen or any other independent
         certified public accountants acceptable to the Administrative Agent.

                              (ii) QUARTERLY REPORTING. Within fifty (50) days
         after the close of the first three quarterly periods of each of its
         fiscal years, for itself consolidated and consolidating unaudited
         balance sheets as at the close of each such period and consolidated and
         consolidating profit and loss and reconciliation of surplus statements
         and a statement of cash flows for the period from the beginning of such
         fiscal year to the end of such quarter, all certified by its chief
         financial officer.

                              (iii) COMPLIANCE CERTIFICATE. Within ninety-five
         (95) days of the close of each of its fiscal years and within fifty
         (50) days of the close of each of the first three fiscal quarters of
         each of its fiscal years, a compliance certificate signed by its chief
         financial officer stating that no Termination Event or Potential
         Termination Event exists for any Class, or if any Termination Event or
         Potential Termination Event exists for any Class, stating the nature
         and status thereof.

                              (iv) NOTICE OF TERMINATION EVENTS OR POTENTIAL
         TERMINATION EVENTS. As soon as possible and in any event within two
         days after the occurrence of each Termination Event or each Potential
         Termination Event for each Class, a statement of the chief financial
         officer or chief accounting officer of the Transferor setting forth
         details of such Termination Event or Potential Termination Event and
         the action which the Transferor proposes to take with respect thereto.

                              (v) CHANGE IN CREDIT AND COLLECTION POLICY. Within
         15 days after the date any material change in or amendment to the
         Credit and Collection Policy is made, a copy of the Credit and
         Collection Policy then in effect indicating such change or amendment.

                              (vi) ERISA. Promptly after the filing or receiving
         thereof, copies of all reports and notices with respect to any
         "reportable event" (as defined in Article IV of ERISA) which the
         Transferor, Tech Data or any domestic Affiliate of

                                       46
<PAGE>

         the Transferor files under ERISA with the Internal Revenue Service, the
         Pension Benefit Guaranty Corporation or the U.S. Department of Labor or
         which the Transferor, Tech Data or any domestic Affiliates of the
         Transferor receives from the Internal Revenue Service, the Pension
         Benefit Guaranty Corporation or the U.S. Department of Labor.

                              (vii) OTHER INFORMATION. Such other information
         (including non-financial information) as the Administrative Agent, or
         the Administrative Agent, may from time to time reasonably request.

                         (b) CONDUCT OF BUSINESS. The Transferor will carry on
and conduct its business in substantially the same manner and in substantially
the same fields of enterprise as it is presently conducted and do all things
necessary to remain duly incorporated, validly existing and in good standing as
a domestic corporation in its jurisdiction of incorporation and maintain all
requisite authority to conduct its business in each jurisdiction in which its
business is conducted.

                         (c) COMPLIANCE WITH LAWS. The Transferor will comply in
all material respects with all laws, rules, regulations, orders, writs,
judgments, injunctions, decrees or awards to which it may be subject.

                         (d) FURNISHING OF INFORMATION AND INSPECTION OF
RECORDS. The Transferor will furnish to the Administrative Agent from time to
time such information with respect to the Receivables as the Administrative
Agent may reasonably request, including, without limitation, listings
identifying the Obligor and the Outstanding Balance for each Receivable. The
Transferor will at any time and from time to time during regular business hours
upon forty-eight (48) hours prior written notice, permit the Administrative
Agent, or its agents or representatives, (i) to examine and make copies of and
abstracts from all Records and (ii) to visit the offices and properties of the
Transferor or Tech Data, as applicable, for the purpose of examining such
Records, and to discuss matters relating to Receivables or the Transferor's
performance hereunder with any of the officers, directors, employees or
independent public accountants of the Transferor having knowledge of such
matters.

                         (e) KEEPING OF RECORDS AND BOOKS OF ACCOUNT. The
Transferor will maintain and implement administrative and operating procedures
(including, without limitation, an ability to recreate records evidencing
Receivables in the event of the destruction of the originals thereof), and keep
and maintain, all documents, books, records and other information reasonably
necessary or advisable for the collection of all Receivables (including, without
limitation, records adequate to permit the daily identification of each new
Receivable and all Collections of and adjustments to each existing Receivable);
PROVIDED, that the Transferor shall not be required to keep and maintain such
records with respect to any Receivables for a period of more than sixty (60)
days after such Receivables shall have been paid in full by the Obligors
thereof. The Transferor will give the Administrative Agent notice of any
material change in the administrative and operating procedures referred to in
the previous sentence.

                         (f) PERFORMANCE AND COMPLIANCE WITH RECEIVABLES AND
CONTRACTS. The Transferor will at its expense timely and fully perform and
comply with all material provisions, covenants and other promises required to be
observed by it under the Contracts related to the Receivables.

                                       47
<PAGE>

                         (g) CREDIT AND COLLECTION POLICIES. The Transferor will
comply in all material respects with the Credit and Collection Policy in regard
to each Receivable and the related Contract.

                         (h) COLLECTIONS. The Transferor shall instruct, or
cause to be instructed, all Obligors to cause all Collections to be deposited
directly to a Lock-Box Account.

                         (i) COLLECTIONS RECEIVED BY TRANSFEROR. The Transferor
shall hold in trust, and deposit, immediately, but in any event not later than
forty-eight (48) hours of its receipt thereof, to a Lock-Box Account all
Collections received from time to time by the Transferor (including without
limitation, in the case of the Transferor, all Collections deemed to have been
received by the Transferor under Section 2.9(a)).

                         (j) SALE TREATMENT. The Transferor shall not (i)
account for (including for accounting and tax purposes), or otherwise treat, the
transactions contemplated by the Purchase Agreement in any manner other than as
a sale of Receivables by Tech Data to the Transferor, or (ii) account for (other
than for tax purposes) or otherwise treat the transactions contemplated hereby
in any manner other than as a sale of the Receivables by the Transferor to the
Administrative Agent on behalf of the Class Investors. In addition the
Transferor shall disclose (in a footnote or otherwise) in all of its financial
statements (including any such financial statements consolidated with any other
Persons' financial statements) the existence and nature of the transaction
contemplated hereby and by the Purchase Agreement and the interest of the
Transferor (in the case of Tech Data's financial statements) and the
Administrative Agent, on behalf of the Class Investors, in the Affected Assets.

                         (k) ORGANIZATIONAL DOCUMENTS. The Transferor shall only
amend, alter, change or repeal its Certificate of Incorporation with the prior
written consent of the Administrative Agent and each Class Agent.

                         (l) MINIMUM NET WORTH. The Transferor shall at all
times maintain a net worth in accordance with GAAP which is not less than an
amount equal to the sum of (i) the Outstanding Balance of all Defaulted
Receivables at such time, (ii) the Outstanding Balance of all Delinquent
Receivables at such time and (iii) the sum of the Outstanding Balance of the
three largest Receivables of the non-investment grade Obligors; PROVIDED,
HOWEVER, that in any case, the net worth shall never be less than 7.5% of the
Aggregate Facility Limit.

                         (m) CREDIT AGREEMENT. Prior to a Termination Event, the
Transferor shall exercise its rights against Tech Data under the Credit
Agreement (including its set-off rights) in a manner such that it shall be able
to meet all of its obligations under this Agreement (to the extent permitted by
the terms of the Credit Agreement). After a Termination Event, the Transferor
shall exercise its rights under the Credit Agreement (including its set-off
rights) as directed by the Administrative Agent with the approval of the
Majority Investors.

                         (n) LEGENDS. At all times from and after July 31, 2000,
the Transferor shall cause each and every electronic representation of any
Receivable (whether in disk, tape or other medium), as well as any paper
printout of any such electronic records, to be clearly marked with the following
legend: "THE ACCOUNTS DESCRIBED HEREIN HAVE BEEN SOLD TO TECH DATA FINANCE SPV,
INC. AND AN INTEREST IN THESE ACCOUNTS HAS BEEN TRANSFERRED TO BANK OF AMERICA,
N.A., AS ADMINISTRATIVE AGENT, ON

                                       48
<PAGE>

BEHALF OF CERTAIN INVESTORS." Such legend shall be in bold, in type face at
least as large as 10 point and shall be entirely in capital letters.

                  SECTION 5.2. NEGATIVE COVENANTS OF TRANSFEROR. At all times
from the date hereof to the later to occur of (i) the Termination Dates or (ii)
the date on which the Aggregate Net Investment has been reduced to zero, all
accrued Discount and Servicing Fees shall have been paid in full and all other
Aggregate Unpaids shall have been paid in full, in cash, unless the
Administrative Agent shall otherwise consent in writing:

                         (a) NO SALES, LIENS, ETC. Except as otherwise provided
herein, the Transferor will not sell, assign (by operation of law or otherwise)
or otherwise dispose of, or create or suffer to exist any Adverse Claim upon (or
the filing of any financing statement) or with respect to (x) any of the
Affected Assets, (y) any inventory or goods, the sale of which may give rise to
a Receivable or any Receivable or related Contract, or (z) any account which
concentrates in a Lock-Box Bank to which any Collections of any Receivable are
sent, or assign any right to receive income in respect thereof. Notwithstanding
the foregoing, the Transferor may sell, assign (by operation of law or
otherwise) or otherwise dispose of, or create or suffer to exist an Adverse
Claim on any goods or inventory held on consignment solely with respect to the
consignor's interest.

                         (b) NO EXTENSION OR AMENDMENT OF RECEIVABLES. Except as
otherwise permitted in Section 6.2 hereof, the Transferor will not extend, amend
or otherwise modify the terms of any Receivable, or amend, modify or waive any
term or condition of any Contract related thereto.

                         (c) NO CHANGE IN BUSINESS OR CREDIT AND COLLECTION
POLICY. The Transferor will not engage in any business other than acquiring
accounts receivable from Tech Data pursuant to the Purchase Agreement, financing
such acquisition pursuant hereto, making loans to Tech Data and Subsidiaries of
Tech Data and other activities incidental thereto. The Transferor will not make
any change in the Credit and Collection Policy, which change would impair the
collectibility of the Receivables in a material respect.

                         (d) NO MERGERS, ETC. The Transferor will not (i)
consolidate or merge with or into any other Person, or (ii) sell, lease or
transfer all or substantially all of its assets to any other person.

                         (e) CHANGE IN PAYMENT INSTRUCTIONS TO OBLIGORS. The
Transferor will not add or terminate any bank as a Lock-Box Bank or any account
as a Lock-Box Account to or from those listed in Exhibit C hereto or make any
change in its instructions to Obligors regarding payments to be made to any
Lock-Box Account, unless (i) such instructions are to deposit such payments to
another existing Lock-Box Account or (ii) the Administrative Agent shall have
received written notice of such addition, termination or change at least 30 days
prior thereto and the Administrative Agent shall have received a Lock-Box
Agreement executed by each new Lock-Box Bank or an existing Lock-Box Bank with
respect to each new Lock-Box Account, as applicable.

                         (f) DEPOSITS TO LOCK-BOX ACCOUNTS. The Transferor will
not deposit or otherwise credit, or cause or
permit to be so deposited or credited, to any Lock-Box Account cash or cash
proceeds other than Collections of Receivables or cash proceeds of other
receivables that were originally Receivables but were not Eligible Receivables
on the date of the initial Transfer hereunder and so were subsequently
repurchased by the Transferor pursuant to Section 2.9 and, upon

                                       49
<PAGE>

any deposit of any proceeds of such other receivables to any Lock-Box Account,
remove such proceeds within two Business Days following such deposit.

                         (g) CHANGE OF NAME, ETC. The Transferor will not change
its name, identity or structure or the location f its chief executive office,
unless at least 10 days prior to the effective date of any such change the
Transferor delivers to the Administrative Agent (i) such documents, instruments
or agreements, executed by the Transferor, necessary to reflect such change and
to continue the perfection of the Administrative Agent's ownership interests or
security interests in the Affected Assets and (ii) new or revised Lock-Box
Agreements executed by the Lock-Box Banks which reflect such change and enable
the Administrative Agent to continue to exercise its rights contained in Section
2.8 hereof.

                         (h) AMENDMENT TO PURCHASE AGREEMENT. The Transferor
will not amend, modify or supplement the Purchase Agreement or any other
Transaction Document, or waive any provision thereof, or enter into any consent
with respect thereto, in each case except with the prior written consent of the
Administrative Agent and the Majority Investors; nor shall the Transferor take,
or permit Tech Data to take, any other action under the Purchase Agreement that
could have a material adverse effect on the Administrative Agent or any Class
Investor or which is inconsistent with the terms of this Agreement.

                         (i) SEPARATE BUSINESS; NONCONSOLIDATION. The Transferor
shall not (i) engage in any business not permitted by its Certificate of
Incorporation as in effect on the Closing Date or (ii) conduct its business or
act in any other manner which is inconsistent with Section 3.1(r). The officers
and directors of the Transferor (as appropriate) shall make decisions with
respect to the business and daily operations of the Transferor independent of
and not dictated by Tech Data or any other controlling Person.

                         (j) OTHER AGREEMENTS. The Transferor shall not enter
into any other agreements except this Agreement and the other Transaction
Documents, unless the Administrative Agent consents in writing. The
Administrative Agent hereby consents to the Transferor entering into the Lease
Agreement, provided that such consent is limited to the Lease Agreement in the
form and substance reviewed by the Administrative Agent.

                         (k) OTHER INDEBTEDNESS. The Transferor shall not incur
any Indebtedness other than (i) as permitted by the Transaction Documents and
(ii) Indebtedness existing under the Lease Agreement.

                  SECTION 5.3. AFFIRMATIVE COVENANTS OF TECH DATA. At all times
from the date hereof to the later to occur of (i) the Termination Dates or (ii)
the date on which the Aggregate Net Investment has been reduced to zero, all
accrued Discount and Servicing Fees shall have been paid in full and all other
Aggregate Unpaids shall have been paid in full, in cash, unless the
Administrative Agent shall otherwise consent in writing:

                         (a) FINANCIAL REPORTING. Tech Data will maintain, for
itself, a system of accounting established and administered in accordance with
generally accepted accounting principles, and furnish to the Administrative
Agent (who shall forward such information to the Class Agents):

                                       50
<PAGE>

                              (i) ANNUAL REPORTING. Within ninety-five (95) days
         after the close of each of its fiscal years, an unqualified audit
         report certified by independent certified public accountants prepared
         in accordance with generally accepted accounting principles on a
         consolidated and consolidating basis (consolidating statements need not
         be certified by such accountants) for itself including balance sheets
         as of the end of such period, related profit and loss and
         reconciliation of surplus statements, and a statement of cash flows,
         accompanied by any management letter prepared by said accountants and
         by a certificate of said accountants that, in the course of the
         foregoing, they have obtained no knowledge of any Termination Event or
         Potential Termination Event, or if, in the opinion of such accountants,
         any Termination Event or Potential Termination Event shall exist,
         stating the nature and status thereof. The independent certified public
         accountants shall be either KPMG, PricewaterhouseCoopers, Ernst & Young
         LLP, Deloitte and Touche, Arthur Andersen or any other independent
         certified public accountants acceptable to the Administrative Agent.

                              (ii) QUARTERLY REPORTING. Within fifty (50) days
         after the close of the first three quarterly periods of each of its
         fiscal years, for itself consolidated and consolidating unaudited
         balance sheets as at the close of each such period and consolidated and
         consolidating profit and loss and reconciliation of surplus statements
         and a statement of cash flows for the period from the beginning of such
         fiscal year to the end of such quarter, all certified by its chief
         financial officer.

                              (iii) COMPLIANCE CERTIFICATE. Together with the
         financial statements required hereunder, a compliance certificate
         signed by its chief financial officer stating that no Termination Event
         or Potential Termination Event exists for any Class, or if any
         Termination Event or Potential Termination Event exists for any Class,
         stating the nature and status thereof and containing a computation of,
         and showing compliance with, each of the financial ratios and
         restrictions contained in this Agreement.

                              (iv) SHAREHOLDERS STATEMENTS AND REPORTS. Promptly
         upon the furnishing thereof to the shareholders of Tech Data, copies of
         all financial statements, reports and proxy statements so furnished.

                              (v) S.E.C. FILINGS. Promptly upon the filing
         thereof, copies of all registration statements and annual, quarterly,
         monthly or other regular reports which Tech Data or any subsidiary
         files with the Securities and Exchange Commission; PROVIDED, that Tech
         Data may alternatively notify the Administrative Agent (which notice
         the Administrative Agent shall forward to each Class Agent) that such
         reports are available on the EDGAR Database.

                              (vi) OTHER INFORMATION. Such other information
         (including non-financial information) as the Administrative Agent may
         from time to time reasonably request.

                         (b) CONDUCT OF BUSINESS. Tech Data will, and will cause
each of its Subsidiaries to, carry on and conduct its business in substantially
the same manner and in substantially the same fields of enterprise as it is
presently conducted and to do all things necessary

                                       51
<PAGE>

to remain duly incorporated, validly existing and in good standing as a domestic
corporation in its jurisdiction of incorporation and maintain all requisite
authority to conduct its business in each jurisdiction in which its business is
conducted, except to the extent that any failure with respect to the foregoing
does not have a material adverse effect on the business or operations of Tech
Data or the performance by Tech Data under any of the Transaction Documents.

                         (c) COMPLIANCE WITH LAWS. Tech Data will, and will
cause each of its Subsidiaries to, comply in all material respects with all
laws, rules, regulations, orders, writs, judgments, injunctions, decrees or
awards to which it or its properties may be subject.

                         (d) FURNISHING OF INFORMATION AND INSPECTION OF
RECORDS. Tech Data will furnish to the Transferor and the Administrative Agent
from time to time such information with respect to the Receivables as the
Transferor or the Administrative Agent may reasonably request, including,
without limitation, listings identifying the Obligor and the Outstanding Balance
for each Receivable. Tech Data will at any time and from time to time during
regular business hours upon forty-eight (48) hours prior written notice, permit
the Administrative Agent, or its agents or representatives, (i) to examine and
make copies of and abstracts from all Records and (ii) to visit the offices and
properties of Tech Data for the purpose of examining such Records, and to
discuss matters relating to Receivables or Tech Data's performance hereunder
with any of the officers, directors, employees or independent public accountants
of Tech Data having knowledge of such matters.

                         (e) KEEPING OF RECORDS AND BOOKS OF ACCOUNT. Tech Data
will maintain and implement administrative and operating procedures (including,
without limitation, an ability to recreate records evidencing Receivables in the
event of the destruction of the originals thereof), and keep and maintain, all
documents, books, records and other information reasonably necessary or
advisable for the collection of all Receivables (including, without limitation,
records adequate to permit the daily identification of each new Receivable and
all Collections of and adjustments to each existing Receivable); PROVIDED, that
Tech Data shall not be required to keep and maintain such records with respect
to any Receivables for a period of more than sixty (60) days after such
Receivables shall have been paid in full by the Obligors thereof. Tech Data will
give the Administrative Agent notice of any material change in the
administrative and operating procedures referred to in the previous sentence.

                         (f) PERFORMANCE AND COMPLIANCE WITH RECEIVABLES AND
CONTRACTS. Tech Data, at its expense, will timely and fully perform and comply
with all material provisions, covenants and other promises required to be
observed by it under the Contracts related to the Receivables and all purchase
orders and other agreements related to such Receivables.

                         (g) CREDIT AND COLLECTION POLICIES. Tech Data will
comply in all material respects with the Credit and Collection Policy in regard
to each Receivable and the related Contract.

                         (h) COLLECTIONS. Tech Data shall instruct all Obligors
to cause all Collections to be deposited directly to a Lock-Box Account.

                         (i) COLLECTIONS RECEIVED BY TECH DATA. Tech Data shall
hold in trust, and deposit, immediately, but in any event not later than
forty-eight (48) hours of its receipt thereof, to a Lock-Box Account or the
Collection Agent Account all Collections received from time to time by Tech
Data.

                                       52
<PAGE>

                         (j) TRANSFER OF RECEIVABLES. Tech Data shall sell or
contribute Receivables (as defined in the Purchase Agreement) to the Transferor
at such time or times as necessary in order to cause the Aggregate Percentage
Factor not to exceed the Maximum Percentage Factor.

                         (k) LEGENDS. At all times from and after July 31, 2000,
Tech Data shall cause each and every electronic representation of any Receivable
(whether in disk, tape or other medium), as well as any paper printout of any
such electronic records, to be clearly marked with the following legend: "THE
ACCOUNTS DESCRIBED HEREIN HAVE BEEN SOLD TO TECH DATA FINANCE SPV, INC. AND AN
INTEREST IN THESE ACCOUNTS HAS BEEN TRANSFERRED TO BANK OF AMERICA, N.A., AS
ADMINISTRATIVE AGENT, ON BEHALF OF CERTAIN INVESTORS." Such legend shall be in
bold, in type face at least as large as 10 point and shall be entirely in
capital letters.

                  SECTION 5.4. NEGATIVE COVENANTS OF TECH DATA. At all times
from the date hereof to the later to occur of (i) the Termination Dates or (ii)
the date on which the Aggregate Net Investment has been reduced to zero, all
accrued Discount and Servicing Fees shall have been paid in full and all other
Aggregate Unpaids shall have been paid in full, in cash, unless the
Administrative Agent shall otherwise consent in writing:

                         (a) NO SALES, LIENS, ETC. Except as otherwise provided
herein, Tech Data will not sell, assign (by operation of law or otherwise) or
otherwise dispose of, or create or suffer to exist any Adverse Claim upon (or
the filing of any financing statement) or with respect to (x) any of the
Affected Assets, (y) any inventory or goods, the sale of which may give rise to
a Receivable or any Receivable or related Contract, or (z) any account which
concentrates in a Lock-Box Bank to which any Collections of any Receivable are
sent, or assign any right to receive income in respect thereof. Notwithstanding
the foregoing, Tech Data may sell, assign (by operation of law or otherwise) or
otherwise dispose of, or create or suffer to exist an Adverse Claim on any goods
or inventory held on consignment solely with respect to the consignor's
interest.

                         (b) NO EXTENSION OR AMENDMENT OF RECEIVABLES. Except as
otherwise permitted in Section 6.2 hereof, Tech Data will not extend, amend or
otherwise modify the terms of any Receivable, or amend, modify or waive any term
or condition of any Contract related thereto.

                         (c) NO CHANGE IN BUSINESS OR CREDIT AND COLLECTION
POLICY. Tech Data will not make any change in the character of its business or
in the Credit and Collection Policy, which change would, in either case, impair
the collectibility of the Receivables in a material respect.

                         (d) NO MERGERS, ETC. Tech Data will not (i) consolidate
or merge with or into any other Person if such action shall result in a
Potential Termination Event or a Termination Event for any Class or Tech Data
shall not be the surviving entity or (ii) sell, lease or transfer all or
substantially all of its assets to any other person.

                         (e) CHANGE IN PAYMENT INSTRUCTIONS TO OBLIGORS. Tech
Data will not add or terminate any bank as a Lock-Box Bank or any account as a
Lock-Box Account to or from those listed in Exhibit C hereto or make any change
in its instructions to Obligors regarding payments to be made to any Lock-Box
Account, unless (i) such instructions are to deposit such payments to another
existing Lock-Box Account or (ii) the Administrative Agent shall have received
written notice of such addition, termination or change at least 30 days prior
thereto and the Administrative

                                       53
<PAGE>

Agent shall have received a Lock-Box Agreement executed by each new Lock-Box
Bank or an existing Lock-Box Bank with respect to each new Lock-Box Account, as
applicable.

                         (f) DEPOSITS TO LOCK-BOX ACCOUNTS. Tech Data will not
deposit or otherwise credit, or cause or permit to be so deposited or credited,
to any Lock-Box Account cash or cash proceeds other than Collections of
Receivables or cash proceeds or other receivables that were originally
Receivables but were not Eligible Receivables on the date of the initial
Transfer hereunder and so were subsequently repurchased by the Transferor
pursuant to Section 2.9 and, upon any deposit of any proceeds of such other
receivables to any Lock-Box Account, remove such proceeds within two Business
Days following such deposit.

                         (g) CHANGE OF NAME, ETC. Tech Data will not change its
name, identity or structure or location of its chief executive office, unless at
least 10 days prior to the effective date of any such change Tech Data delivers
to the Transferor and the Administrative Agent (i) such documents, instruments
or agreements, executed by the Transferor, as are necessary to reflect such
change and to continue the perfection of the Transferor's ownership interest in
the Receivables and (ii) new or revised Lock-Box Agreements executed by the
Lock-Box Banks which reflect such change and enable the Administrative Agent on
behalf of the Class Investors to continue to exercise its rights contained in
Section 2.8 hereof.

                  SECTION 5.5.  FINANCIAL COVENANTS OF THE COLLECTION AGENT.

                           (a) CONSOLIDATED SENIOR LEVERAGE RATIO. The
         Collection Agent shall not permit the Consolidated Senior Leverage
         Ratio at any time during the respective periods set forth below to be
         greater than the ratio set forth below opposite each such period:

                             PERIODS             MAXIMUM CONSOLIDATED SENIOR
                                                        LEVERAGE RATIO
              ---------------------------------- ----------------------------
                   Closing Date through                  3.75 to 1.00
                   January 31, 2001
              ---------------------------------- ----------------------------
                February 1, 2001 through January         3.50 to 1.00
                           31, 2002
              ----------------------------------- ---------------------------
                        Thereafter                       3.25 to 1.00
              ----------------------------------- ---------------------------

                           (b) CONSOLIDATED RENTAL EXPENSE RATIO. The Collection
         Agent shall not permit the Consolidated Rental Expense Ratio as of the
         end of any fiscal quarter of the Collection Agent to be less than 2.50
         to 1.00.

                  Capitalized terms used in this Section 5.5 and not defined
herein shall have those meanings assigned in Exhibit N.

                                       54
<PAGE>

                                   ARTICLE VI

                         ADMINISTRATION AND COLLECTIONS

                  SECTION 6.1. APPOINTMENT OF COLLECTION AGENT. The servicing,
administering and collection of the Receivables shall be conducted by such
Person (the "COLLECTION AGENT") so designated from time to time in accordance
with this Section 6.1. Until the Administrative Agent gives notice to Tech Data
of the designation of a new Collection Agent, Tech Data is hereby designated as,
and hereby agrees to perform the duties and obligations of, the Collection Agent
pursuant to the terms hereof. The Collection Agent may not delegate any of its
rights, duties or obligations hereunder, or designate a substitute Collection
Agent, without the prior written consent of the Administrative Agent, and
provided that the Collection Agent shall continue to remain solely liable for
the performance of the duties as Collection Agent hereunder. The Administrative
Agent may, with the consent of and upon the direction of the Majority Investors,
shall, after the occurrence of a Collection Agent Default or any other
Termination Event for any Class designate as Collection Agent any Person
(including itself) to succeed Tech Data or any successor Collection Agent, on
the condition in each case that any such Person so designated shall agree to
perform the duties and obligations of the Collection Agent pursuant to the terms
hereof. The Administrative Agent, at any time following the occurrence of a
Termination Event for any Class, may notify any Obligor of the Transferred
Interest.

                  SECTION 6.2.  DUTIES OF COLLECTION AGENT.

                         (a) Subject to the limitations contained herein, the
Collection Agent shall take or cause to be taken all such action as may be
necessary or advisable to collect each Receivable from time to time, all in
accordance with applicable laws, rules and regulations, with reasonable care and
diligence, and in accordance with the Credit and Collection Policy. Each of the
Transferor, the Administrative Agent and the Class Investors hereby appoints as
its agent the Collection Agent, from time to time designated pursuant to Section
6.1 hereof, to enforce its respective rights and interests in and under the
Affected Assets. To the extent permitted by applicable law, each of the
Transferor and the Seller (to the extent not then acting as Collection Agent
hereunder) hereby grants to any Collection Agent appointed hereunder an
irrevocable power of attorney to take any and all steps in the Transferor's
and/or the Seller's name and on behalf of the Transferor or the Seller necessary
or desirable, in the reasonable determination of the Collection Agent, to
collect all amounts due under any and all Receivables, including, without
limitation, endorsing the Transferor's and/or the Seller's name on checks and
other instruments representing Collections and enforcing such Receivables and
the related Contracts. The Collection Agent shall set aside for the account of
the Transferor and the Class Investors, as applicable, their respective
allocable shares of the Collections of Receivables in accordance with Sections
2.5 and 2.6 hereof. The Collection Agent shall segregate and deposit to the
Administrative Agent's account each Class Investor's allocable share of
Collections of Receivables when required pursuant to Article II hereof. So long
as no Termination Event shall have occurred and be continuing for any Class, the
Collection Agent may, in accordance with the Credit and Collection Policy,
extend the maturity of Receivables, but not beyond 60 days, and extend the
maturity or adjust the Outstanding Balance as the Collection Agent may determine
to be appropriate to maximize Collections thereof; PROVIDED, HOWEVER, that such
extension or adjustment shall not alter the status of such Receivable as a
Delinquent Receivable or a Defaulted Receivable. The Transferor shall deliver to
the Administrative Agent all Records which evidence or relate to Receivables or
Related Security. The Administrative Agent shall forward all such Records to the
Collection Agent and the Collection Agent shall hold in trust for the Transferor
and the Class Investors, in accordance with their respective interests, such
Records. Notwithstanding anything to the contrary contained herein, the
Administrative Agent shall have the absolute and unlimited right to direct the
Transferor, if Tech Data is the Collection Agent, or if Tech Data is not the
Collection Agent, the Collection Agent to commence or settle any legal action to
enforce collection of any Receivable or to foreclose

                                       55
<PAGE>

upon or repossess any Related Security. The Collection Agent shall not make the
Administrative Agent or any of the Class Investors a party to any litigation
without the prior written consent of such Person.

                         (b) Subject to the terms and conditions set forth in
this Agreement (including Article II) Collection Agent shall, as soon as
practicable following receipt of any Collections, turn over to the Transferor an
amount equal to such Collections MINUS the Aggregate Percentage Factor of such
Collections. In addition, the Collection Agent shall, as soon as practicable
following receipt thereof, turn over to the Transferor any collections of any
indebtedness of any Obligor which is not a Receivable. If the Collection Agent
is not Tech Data or the Transferor or any Affiliate of the Transferor or Tech
Data, the Collection Agent, by giving three Business Days' prior written notice
to the Administrative Agent, may revise the percentage used to calculate the
Servicing Fee so long as the revised percentage will not result in a Servicing
Fee that exceeds 110% of the reasonable and appropriate out-of-pocket costs and
expenses of such Collection Agent incurred in connection with the performance of
its obligations hereunder as documented to the reasonable satisfaction of the
Administrative Agent. The Collection Agent, if other than Tech Data, shall as
soon as practicable upon demand, deliver to the Transferor all Records in its
possession which evidence or relate to indebtedness of an Obligor which is not a
Receivable, and copies of Records in its possession which evidence or relate to
Receivables.

                         (c) On or before 120 days after the end of each fiscal
year of the Collection Agent, beginning with the fiscal year ending January 31,
2001, the Collection Agent shall cause a firm of independent public accountants
(who may also render other services to the Collection Agent or the Transferor)
to furnish a report to the Administrative Agent to the effect that they have (i)
confirmed the Net Receivables Balance as of the end of each Tranche Period
during such fiscal year, and (ii) confirmed that the Receivables treated by the
Collection Agent as Eligible Receivables in fact satisfied the requirements of
the definition thereof contained herein, except, in each case for (a) such
exceptions as such firm shall believe to be immaterial (which exceptions need
not be enumerated) and (b) such other exceptions as shall be set forth in such
statement.

                         (d) Notwithstanding anything to the contrary contained
in this Article VI, the Collection Agent, if not Tech Data, the Transferor, or
any Affiliate of the Transferor or Tech Data, shall have no obligation to
collect, enforce or take any other action described in this Article VI with
respect to any indebtedness that is not included in the Transferred Interest
other than to deliver to the Transferor the collections and documents with
respect to any such Receivable as described in Section 6.2(b) hereof.

                  SECTION 6.3. RIGHTS AFTER DESIGNATION OF NEW COLLECTION AGENT.
At any time following the designation of a Collection Agent (other than Tech
Data, the Transferor, or any Affiliate of Tech Data or the Transferor) pursuant
to Section 6.1 hereof:

                              (i) The Administrative Agent may direct that
         payment of all amounts payable under any Receivable be made directly to
         the Administrative Agent or its designee for the benefit of the Class
         Investors.

                              (ii) Tech Data shall, at the Administrative
         Agent's request and at Tech Data's expense, give notice of the
         Administrative Agent's, the Transferor's, or each Class Investor's
         ownership of Receivables to each Obligor and direct

                                       56
<PAGE>

         that payments be made directly to the Administrative Agent or its
         designee for the benefit of the Class Investors.

                              (iii) Tech Data shall, at the Administrative
         Agent's request, (A) assemble all of the Records, and shall make the
         same available to the Administrative Agent at a place selected by the
         Administrative Agent or its designee, and (B) segregate all cash,
         checks and other instruments received by it from time to time
         constituting Collections of Receivables in a manner acceptable to the
         Administrative Agent and shall, promptly upon receipt, remit all such
         cash, checks and instruments, duly endorsed or with duly executed
         instruments of transfer, to the Administrative Agent or its designee
         for the benefit of the Class Investors.

                              (iv) The Transferor and Tech Data hereby authorize
         the Administrative Agent to take any and all steps in the Transferor's
         or Tech Data's name and on behalf of the Transferor or Tech Data
         necessary or desirable, in the determination of the Administrative
         Agent, to collect all amounts due under any and all Receivables,
         including, without limitation, endorsing the Transferor's or Tech
         Data's name on checks and other instruments representing Collections
         and enforcing such Receivables and the related Contracts.

                  SECTION 6.4. RESPONSIBILITIES OF THE TRANSFEROR AND TECH DATA.
Anything herein to the contrary notwithstanding, the Transferor and Tech Data,
as seller under the Purchase Agreement, shall (i) perform all of their
respective obligations under the Contracts related to the Receivables to the
same extent as if interests in such Receivables had not been sold hereunder and
the exercise by the Administrative Agent of its rights hereunder shall not
relieve the Transferor or Tech Data, as seller under the Purchase Agreement,
from such obligations and (ii) pay when due any taxes, including without
limitation, any sales taxes payable in connection with the Receivables and their
creation and satisfaction. Neither the Administrative Agent, any Class Agent,
any Class Conduit nor any of the Bank Investors shall have any obligation or
liability with respect to any Receivable or related Contracts, nor shall any of
them be obligated to perform any of the obligations of the Transferor or Tech
Data thereunder.
&&&
                              ARTICLE VII

                               TERMINATION EVENTS

                   SECTION 7.1. TERMINATION EVENTS. The occurrence of any one or
more of the following events shall constitute a Termination Event for any Class:

                         (a) (i) the Collection Agent shall fail to perform or
observe any term, covenant or agreement hereunder (other than as referred to in
clause (ii) of this Section 7.1(a)) and such failure shall remain unremedied for
15 days, or (ii) either the Collection Agent or the Transferor shall fail to
make any payment or deposit to be made by it hereunder when due or the
Collection Agent shall fail to observe or perform any term, covenant or
agreement on the Collection Agent's part to be performed under Section 2.8(b)
hereof; or

                         (b) any representation, warranty, certification or
statement made by Tech Data or the Transferor in this Agreement or in any other
document delivered pursuant hereto shall prove to have been incorrect in any
material respect when made or deemed made; or

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                         (c) (i) the Transferor shall default in the observance
or performance of the terms, covenants, conditions or agreements on the
Transferor's part to be performed or observed under Section 5.1(a)(iv), 5.1(h),
Section 5.1(i), Section 5.1(j), Section 5.1(k), Section 5.1(l), Section 5.1(m),
Section 5.1(n), Section 5.2(a), Section 5.2(c), Section 5.2(d), Section 5.2(e),
Section 5.2(f), Section 5.2(g) Section 5.2(h) Section 5.2(i), Section 5.2(j) or
Section 5.2(k) hereof or (ii) the Transferor shall default in the observance or
performance of the terms, covenants, conditions or agreements on the
Transferor's part to be performed or observed under Section 5.1(a)(i), Section
5.1(a)(ii), Section 5.1(a)(iii), Section 5.1(a)(v), Section 5.1(b), Section
5.1(c), Section 5.1(d), Section 5.1(e), Section 5.1(f), Section 5.1(g) or
Section 5.2(b) hereof and such failure shall remain unremedied for 15 days; or

                         (d) (i) Tech Data shall default in the observance or
performance of the terms, covenants, conditions or agreements on Tech Data's
part to be performed or observed under Section 5.3(h), Section 5.3(i), Section
5.3(j), Section 5.3(k), Section 5.4(a), Section 5.4(c), Section 5.4(d), Section
5.4(e), Section 5.4(f), Section 5.4(g) or Section 5.5 or (ii) Tech Data shall
default in the observance or performance of the terms, covenants, conditions or
agreements on Tech Data's part to be performed under Section 5.3(a), Section
5.3(b), Section 5.3(c), Section 5.3(d), Section 5.3(e), Section 5.3(f), Section
5.3(g) or Section 5.4(b) hereof and such failure shall remain unremedied for 15
days; or

                         (e) the Transferor or Tech Data shall default in the
observance or performance of any other term, covenant, condition or agreement on
the Transferor's or Tech Data's part to be performed or observed under this
Agreement and such default shall continue for 30 days after the earlier of (i)
the date that such written notice thereof is given to the Transferor or Tech
Data, as applicable, by the Administrative Agent or (ii) the date the Transferor
or Tech Data, as applicable, becomes aware of such default; or

                         (f) failure of Tech Data or any Subsidiary of Tech Data
to pay any Indebtedness greater than $10,000,000 when due; or the default by
Tech Data or any Subsidiary of Tech Data in the performance of any term,
provision or condition contained in any agreement under which any Indebtedness
greater than $10,000,000 was created or is governed, the effect of which is to
cause, or to permit the holder or holders of such Indebtedness greater than
$10,000,000 to cause, such Indebtedness to become due prior to its stated
maturity; or any Indebtedness greater than $5,000,000 shall be declared to be
due and payable or required to be prepaid (other than by a regularly scheduled
payment) prior to the date of maturity thereof; or

                         (g) any Event of Bankruptcy shall occur with respect to
the Transferor, the Collection Agent, Tech Data or any Subsidiary of either the
Transferor or Tech Data; or

                         (h) the Administrative Agent, on behalf of the Class
Investors shall, for any reason, fail or cease to have a valid and perfected
first priority ownership or security interest in the Affected Assets free and
clear of any Adverse Claims; or

                         (i) Tech Data shall enter into any transaction or
merger whereby it is not the surviving entity; or the Transferor shall no longer
be wholly owned by Tech Data; or

                         (j) there shall have occurred any material adverse
change in the operations of Tech Data since March 20, 2000, or any other event
shall have occurred which materially affects

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Tech Data's ability to either collect the Receivables or to perform under this
Agreement or under the Purchase Agreement; or

                         (k) any Liquidity Provider or any Credit Support
Provider shall have given notice that an event of default has occurred and is
continuing under any of its respective agreements with the applicable Class
Conduit(s); or

                         (l) the Commercial Paper issued by any of the Class
Conduits shall not be rated at least "A-2" by Standard & Poor's, at least "P-2"
by Moody's and at least "D-1" by DCR, unless such downgrading is the result of
the Credit Support Provider being downgraded; or

                         (m) the Aggregate Percentage Factor exceeds the Maximum
Percentage Factor unless the Transferor reduces, on a PRO RATA basis, the Net
Investment of each Class on the next day or increases the balance of the
Affected Assets on the next Business Day so as to reduce the Aggregate
Percentage Factor to less than or equal to 98%; or

                         (n) the Aggregate Percentage Factor equals or exceeds
100% for a period of one full Business Day (provided that in such case the
Termination Event caused thereby shall be deemed to have occurred at the start
of such one full Business Day period) or the Aggregate Percentage Factor as
reported on any Investor Report shall equal or exceed 100% or for any Class, the
sum of the Net Investment for such Class PLUS, in the case where the related
Class Conduit holds a portion of the Transferred Interest, the Interest
Component of all outstanding Related Commercial Paper issued by such Class
Conduit exceeds the Facility Limit for such Class; or

                         (o) the Dilution Ratio equals or exceeds 15%; or

                         (p) the average of the Loss to Liquidation Ratios for
any three consecutive months exceeds 2.25%; or

                         (q) the average Delinquency Ratio for any three
consecutive months exceeds 11%; or

                         (r) a Collection Agent Default shall have occurred and
be continuing.

                  SECTION 7.2. TERMINATION. (a) Upon the occurrence of any
Termination Event (i) the Administrative Agent may by notice to the Transferor
and the Collection Agent declare the Termination Date for all Classes to have
occurred or (ii) any Class Agent may by notice to the Transferor and the
Collection Agent declare the Termination Date for its respective Class to have
occurred; PROVIDED, HOWEVER, that in the case of any event described in Section
7.1(g), 7.1(h), 7.1(i) or 7.1(n) above, the Termination Date shall be deemed to
have occurred automatically upon the occurrence of such event. Upon any such
declaration or automatic occurrence, the Administrative Agent shall have, in
addition to all other rights and remedies under this Agreement or otherwise, all
other rights and remedies provided under the UCC of the applicable jurisdiction
and other applicable laws, all of which rights shall be cumulative.

                  (b) At all times after the declaration or automatic occurrence
of the Termination Date pursuant to Section 7.2(a) (other than a declaration
following the occurrence of a Termination Event set forth in Section 7.1(k) or
Section 7.1(l)), the Base Rate plus 2.00% shall be the Tranche Rate applicable
to the Aggregate Net Investment for all existing and future Tranches.

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<PAGE>

                                  ARTICLE VIII

                   INDEMNIFICATION; EXPENSES; RELATED MATTERS

                  SECTION 8.1. INDEMNITIES BY THE TRANSFEROR. Without limiting
any other rights which the Administrative Agent or any of the Class Investors
may have hereunder or under applicable law, the Transferor hereby agrees to
indemnify each Class Agent, each Class Investor, the Administrative Agent, the
Collateral Agent, any Liquidity Provider and any Credit Support Provider and any
successors and any permitted assigns and their respective officers, directors
and employees (collectively, "INDEMNIFIED PARTIES") from and against any and all
damages, losses, claims, liabilities, costs and expenses, including, without
limitation, reasonable attorneys' fees (which such attorneys may be employees of
any Liquidity Provider, any Credit Support Provider, any Class Agent, the
Administrative Agent or the Collateral Agent, as applicable) and disbursements
(all of the foregoing being collectively referred to as "INDEMNIFIED AMOUNTS")
awarded against or incurred by any of them arising out of or as a result of this
Agreement or the ownership, either directly or indirectly, by the Administrative
Agent or any Class Investor of the Transferred Interest excluding, however, (i)
Indemnified Amounts to the extent resulting from gross negligence or willful
misconduct on the part of such Indemnified Party or (ii) recourse (except as
otherwise specifically provided in this Agreement) for uncollectible Receivables
or (iii) claims arising from credit losses. Without limiting the generality of
the foregoing, the Transferor shall indemnify each Indemnified Party for
Indemnified Amounts relating to or resulting from:

                              (i) reliance on any representation or warranty
         made by the Transferor (or any officers of the Transferor) under or in
         connection with this Agreement, any Investor Report or any other
         information or report delivered by the Transferor pursuant hereto,
         which shall have been false or incorrect in any material respect when
         made or deemed made;

                              (ii) the failure by the Transferor to comply with
         any applicable law, rule or regulation with respect to any Receivable
         or the related Contract, or the nonconformity of any Receivable or the
         related Contract with any such applicable law, rule or regulation;

                              (iii) the failure to vest and maintain vested in
         the Administrative Agent on behalf of the Class Investors an undivided
         percentage ownership or security interest, to the extent of the
         Transferred Interest, in the Receivables included in the Transferred
         Interest, free and clear of any Adverse Claim;

                              (iv) the failure to file, or any delay in filing,
         financing statements, continuation statements, or other similar
         instruments or documents under the UCC of any applicable jurisdiction
         or other applicable laws with respect to any of the Affected Assets;

                              (v) any dispute, claim, offset or defense (other
         than discharge in bankruptcy) of the Obligor to the payment of any
         Receivable included in the Transferred Interest (including, without
         limitation, a defense based on such

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<PAGE>

         Receivable or the related Contractnot being legal, valid and binding
         obligation of such Obligor enforceable against it in accordance with
         its terms), or any other claim resulting from the sale of merchandise
         or services related to such Receivable or the furnishing or failure to
         furnish such merchandise or services;

                              (vi) any failure of Tech Data, as Collection Agent
         or otherwise, to perform its duties or obligations in accordance with
         the provisions of Article VI; or

                              (vii) any products liability claim or personal
         injury or property damage suit or other similar or related claim or
         action of whatever sort arising out of or in connection with
         merchandise or services which are the subject of any Receivable;

PROVIDED, HOWEVER, that if any Class Conduit enters into agreements for the
purchase of interests in receivables from one or more Other Transferors, such
Class Conduit shall allocate such Indemnified Amounts which are in connection
with a Liquidity Provider Agreement, a Credit Support Agreement or the credit
support furnished by a Credit Support Provider to the Transferor and each Other
Transferor.

                  SECTION 8.2. INDEMNITY FOR TAXES, RESERVES AND EXPENSES. (a)
If after the date hereof, the adoption of any Law or bank regulatory guideline
or any amendment or change in the interpretation of any existing or future Law
or bank regulatory guideline by any Official Body charged with the
administration, interpretation or application thereof, or the compliance with
any directive of any Official Body (in the case of any bank regulatory
guideline, whether or not having the force of Law):

                              (i) shall subject any Indemnified Party to any
         tax, duty or other charge with respect to this Agreement, the
         Transferred Interest, the Receivables or payments of amounts due
         hereunder, or shall change the basis of taxation of payments to any
         Indemnified Party of amounts payable in respect of this Agreement, the
         Transferred Interest, the Receivables or payments of amounts due
         hereunder or its obligation to advance funds under a Liquidity Provider
         Agreement or the credit support furnished by a Credit Support Provider
         or otherwise in respect of this Agreement, the Transferred Interest or
         the Receivables (except for changes in the rate of general corporate,
         franchise, net income or other income tax imposed on such Indemnified
         Party by the jurisdiction in which such Indemnified Party's principal
         executive office is located);

                              (ii) shall impose, modify or deem applicable any
         reserve, special deposit or similar requirement (including, without
         limitation, any such requirement imposed by the Board of Governors of
         the Federal Reserve System) against assets of, deposits with or for the
         account of, or credit extended by, any Indemnified Party or shall
         impose on any Indemnified Party or on the United States market for
         certificates of deposit or the London interbank market any other
         condition affecting this Agreement, the Transferred Interest, the
         Receivables or payments of amounts due hereunder or its obligation to
         advance funds under a Liquidity Provider Agreement or the credit
         support provided by a Credit Support Provider or otherwise in respect
         of this Agreement, the Transferred Interest or the Receivables; or

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<PAGE>

                              (iii) imposes upon any Indemnified Party any other
         expense (including, without limitation, reasonable attorneys' fees and
         expenses, and expenses of litigation or preparation therefor in
         contesting any of the foregoing) with respect to this Agreement, the
         Transferred Interest, the Receivables or payments of amounts due
         hereunder or its obligation to advance funds under a Liquidity Provider
         Agreement or the credit support furnished by a Credit Support Provider
         or otherwise in respect of this Agreement, the Transferred Interest or
         the Receivables,

and the result of any of the foregoing is to increase the cost to such
Indemnified Party with respect to this Agreement, any portion of the Transferred
Interest, the Receivables, the obligations hereunder, the funding of any
purchases hereunder, a Liquidity Provider Agreement or a Credit Support
Agreement, by an amount deemed by such Indemnified Party to be material, then,
within ten (10) days after demand by such Indemnified Party through the
Administrative Agent, the Transferor shall pay to the Administrative Agent, for
the benefit of such Indemnified Party such additional amount or amounts as will
compensate such Indemnified Party for such increased cost.

                         (b) If any Indemnified Party shall have determined that
after the date hereof, the adoption of any applicable Law or bank regulatory
guideline regarding capital adequacy, or any change therein, or any change in
the interpretation thereof by any Official Body, or any directive regarding
capital adequacy (in the case of any bank regulatory guideline, whether or not
having the force of law) of any such Official Body, has or would have the effect
of reducing the rate of return on capital of such Indemnified Party (or its
parent) as a consequence of such Indemnified Party's obligations hereunder or
with respect hereto to a level below that which such Indemnified Party (or its
parent) could have achieved but for such adoption, change, request or directive
(taking into consideration its policies with respect to capital adequacy) by an
amount deemed by such Indemnified Party to be material, then from time to time,
within ten (10) days after demand by such Indemnified Party through the
Administrative Agent, the Transferor shall pay to the Administrative Agent, for
the benefit of such Indemnified Party such additional amount or amounts as will
compensate such Indemnified Party (or its parent) for such reduction.

                         (c) The Administrative Agent will promptly notify the
Transferor of any event of which it has knowledge, occurring after the date
hereof, which will entitle an Indemnified Party to compensation pursuant to this
Section. A notice by the Administrative Agent or the applicable Indemnified
Party claiming compensation under this Section and setting forth the additional
amount or amounts to be paid to it hereunder shall be conclusive in the absence
of manifest error. In determining such amount, the Administrative Agent or any
applicable Indemnified Party may use any reasonable averaging and attributing
methods.

                         (d) Anything in this Section 8.2 to the contrary
notwithstanding, if any Class Conduit enters into agreements for the acquisition
of interests in receivables from one or more Other Transferors, such Class
Conduit shall allocate the liability for any amounts under this Section 8.2
("SECTION 8.2 COSTS") to the Transferor and each Other Transferor; and PROVIDED,
FURTHER, that if such Section 8.2 Costs are attributable to the Transferor and
not attributable to any Other Transferor, the Transferor shall be solely liable
for such Section 8.2 Costs or if such Section 8.2 Costs are attributable to
Other Transferors and not attributable to the Transferor, such Other Transferors
shall be solely liable for such Section 8.2 Costs.

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<PAGE>

                  SECTION 8.3. OTHER COSTS, EXPENSES AND RELATED MATTERS. (a)
The Transferor agrees, upon receipt of a written invoice, to pay or cause to be
paid, and to save the Administrative Agent harmless against liability for the
payment of, all reasonable out-of-pocket expenses (including, without
limitation, attorneys', accountants' and other third parties' fees and expenses,
any filing fees and expenses incurred by officers or employees of the Class
Investors, the Class Agents and the Administrative Agent) incurred by or on
behalf of any Class Investor, any Class Agent or the Administrative Agent (i) in
connection with the negotiation, execution, delivery and preparation of this
Agreement and any documents or instruments delivered pursuant hereto and thereto
and the transactions contemplated hereby or thereby (including, without
limitation, the perfection or protection of the Transferred Interest) and (ii)
from time to time relating to any amendments, waivers or consents under this
Agreement.

                  (b) The Transferor agrees, upon receipt of a written invoice,
to pay or cause to be paid, and to save each Class Agent, each Class Investor
and the Administrative Agent harmless against liability for the payment of, all
reasonable out-of-pocket expenses (including, without limitation, attorneys',
accountants' and other third parties' fees and expenses, any filing fees and
expenses incurred by officers or employees of any Class Investor, as applicable,
and/or the Administrative Agent or any Class Agent) incurred by or on behalf of
any of the Class Investors, Class Agents or the Administrative Agent from time
to time (i) arising in connection with any Class Investor's, any Class Agent's,
the Administrative Agent's or the Collateral Agent's enforcement or preservation
of rights (including, without limitation, the perfection and protection of the
Transferred Interest under this Agreement), or (ii) arising in connection with
any audit, dispute, disagreement, litigation or preparation for litigation
involving this Agreement.

                         (c) The Transferor shall pay the Administrative Agent,
for the account of the Class Investors, as applicable, on demand any Early
Collection Fee due on account of the reduction of a Tranche on a day prior to
the last day of its Tranche Period.

                  SECTION 8.4. RECONVEYANCE UNDER CERTAIN CIRCUMSTANCES. The
Transferor agrees to accept the reconveyance from the Administrative Agent, on
behalf of the Class Investors of the Transferred Interest if the Administrative
Agent notifies Transferor of a material breach of any representation or warranty
made or deemed made pursuant to Article III of this Agreement and Transferor
shall fail to cure such breach within 15 days (or, in the case of the
representations and warranties in Sections 3.1(d) and 3.1(j), 3 days) of such
notice. The reconveyance price shall be paid by the Transferor to the
Administrative Agent, for the account of the Class Investors, as applicable, in
immediately available funds on such 15th day (or 3rd day, if applicable) in an
amount equal to the Outstanding Balance of such Receivable and all other amounts
outstanding with respect to such Receivable, including Discount accrued and
unpaid with respect to such Receivable.

                  SECTION 8.5. INDEMNITIES BY TECH DATA. Without limiting any
other rights which the Administrative Agent or any of the Class Agents or Class
Investors or the other Indemnified Parties may have hereunder or under
applicable law, Tech Data hereby agrees to indemnify the Indemnified Parties
from and against any and all Indemnified Amounts arising out of or resulting
from (whether directly or indirectly) (a) the failure of any information
contained in any Investor Report (to the extent provided by Tech Data) to be
true and correct, or the failure of any other information provided to any
Indemnified Party by, or on behalf of, the Collection Agent to be true and
correct, (b) the failure of any representation, warranty or statement made or
deemed made by Tech Data (or any of its officers) under or in connection with
this Agreement or any other Transaction Document to have been true and correct
as of the date made or deemed made, (c) the

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<PAGE>

failure by Tech Data to comply with any applicable Law with respect to any
Receivable or the related Contract, (d) any dispute, claim, offset or defense of
the applicable Obligor to the payment of any Receivable resulting from or
related to the collection activities in respect of such Receivable, or (e) any
failure of Tech Data to perform its duties or obligations in accordance with the
provisions of this Agreement or any other Transaction Document.

                                   ARTICLE IX

                                THE CLASS AGENTS

                  SECTION 9.1. AUTHORIZATION AND ACTION.

                        (a) Each Class Investor hereby appoints and authorizes
the related Class Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement and the other Transaction Documents as
are delegated to such Class Agent by the terms hereof and thereof, together with
such powers as are reasonably incidental thereto. The Class Conduits and/or the
Bank Investors of any Class holding Commitments aggregating in excess of 66 and
2/3% of the Facility Limit of the related Class (the "MAJORITY CLASS INVESTORS")
may direct their respective Class Agent to take any such incidental action
hereunder, however, with respect to such actions which are incidental to the
actions specifically delegated to such Class Agent hereunder, such Class Agent
shall not be required to take any such incidental action hereunder, but shall be
required to act or to refrain from acting (and shall be fully protected in
acting or refraining from acting) upon the direction of the Majority Class
Investors; PROVIDED, HOWEVER, that such Class Agent shall not be required to
take any action hereunder if the taking of such action, in the reasonable
determination of such Class Agent, shall be in violation of any applicable law,
rule or regulation or contrary to any provision of this Agreement or shall
expose such Class Agent to liability hereunder or otherwise. In furtherance, and
without limiting the generality, of the foregoing, each Class Investor hereby
appoints its related Class Agent as its agent to execute and deliver all further
instruments and documents, and take all further action that such Class Agent may
deem necessary or appropriate or that a Class Investor may reasonably request in
order to perfect, protect or more fully evidence the interests transferred or to
be transferred from time to time by the Transferor hereunder, or to enable any
of them to exercise or enforce any of their respective rights hereunder,
including, without limitation, the execution by such Class Agent as secured
party/assignee of such financing or continuation statements, or amendments
thereto or assignments thereof, relative to all or any of the Receivables now
existing or hereafter arising, and such other instruments or notices, as may be
necessary or appropriate for the purposes stated herein above. Upon the
occurrence and during the continuance of any Termination Event or Potential
Termination Event, no Class Agent shall take any action hereunder (other than
ministerial actions or such actions as are specifically provided for herein)
without the prior consent of the related Majority Class Investors (which consent
shall not be unreasonably withheld or delayed). In the event a Class Agent
requests a Class Investor's consent pursuant to the foregoing provisions and
such Class Agent does not receive a consent (either positive or negative) from
such Class Investor within 10 Business Days of such Class Investor's receipt of
such request, then such Class Investor (and its percentage interest hereunder)
shall be disregarded in determining whether such Class Agent shall have obtained
sufficient consent hereunder.

                        (b) The Class Agents shall exercise such rights and
powers vested in it by this Agreement and the other Transaction Documents, and
use the same degree of care and skill in

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<PAGE>

their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

                  SECTION 9.2. CLASS AGENT'S RELIANCE, ETC. Neither the Class
Agents nor any of their directors, officers, agents or employees shall be liable
for any action taken or omitted to be taken by them as Class Agents under or in
connection with this Agreement or any of the other Transaction Documents, except
for its or their own gross negligence or willful misconduct. Without limiting
the foregoing, each Class Agent: (i) may consult with legal counsel (including
counsel for the Transferor or the Seller), 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 by it in accordance with the advice of such
counsel, accountants or experts; (ii) makes no warranty or representation to any
Class Investor and shall not be responsible to any Class Investor for any
statements, warranties or representations made in or in connection with this
Agreement; (iii) 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 Transaction Documents on the part of the
Transferor, the Collection Agent or Tech Data or to inspect the property
(including the books and records) of the Transferor, the Collection Agent or
Tech Data (iv) shall not be responsible to any Class Investor for the due
execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement, any of the other Transaction Documents or any other
instrument or document furnished pursuant hereto or thereto; and (v) shall incur
no liability under or in respect of this Agreement or any of the other
Transaction Documents by acting upon any notice (including notice by telephone),
consent, certificate or other instrument or writing (which may be by telex)
believed by it to be genuine and signed or sent by the proper party or parties.

                  SECTION 9.3. CREDIT DECISION. Each Class Investor acknowledges
that it has, independently and without reliance upon its related Class Agent,
any of such Class Agent's Affiliates, any other Bank Investor or Class Conduit
(in the case of any of their related Bank Investors) and based upon such
documents and information as it has deemed appropriate, made its own evaluation
and decision to enter into this Agreement and the other Transaction Documents to
which it is a party and, if it so determines, to accept the transfer of any
undivided ownership interest in the Affected Assets hereunder. Each Class
Investor also acknowledges that it will, independently and without reliance upon
their respective Class Agent, any of such Class Agent's Affiliates, any other
Bank Investor or Class Conduit (in the case of their related Bank Investors) and
based on such documents and information as it shall deem appropriate at the
time, continue to make its own decisions in taking or not taking action under
this Agreement and the other Transaction Documents to which it is a party.

                  SECTION 9.4. INDEMNIFICATION OF THE CLASS AGENTS. The Bank
Investors each agree to indemnify their related Class Agent (to the extent not
reimbursed by the Transferor), ratably in accordance with their Pro Rata Shares,
from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever which may be imposed on, incurred by, or asserted
against each Class Agent in any way relating to or arising out of this Agreement
or any action taken or omitted by each Class Agent, any of the other Transaction
Documents hereunder or thereunder, PROVIDED that the Bank Investors shall not be
liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting
from such Class Agent's gross negligence or willful misconduct. Without
limitation of the foregoing, the Bank Investors each agree to reimburse their
related Class Agent, ratably in accordance with their Pro Rata Shares, promptly
upon demand for any out-of-pocket expenses (including counsel fees) incurred by
each Class Agent

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<PAGE>

in connection with the 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 and the
other Transaction Documents, to the extent that such expenses are incurred in
the interests of or otherwise in respect of any of the Bank Investors hereunder
and/or thereunder and to the extent that each Class Agent is not reimbursed for
such expenses by the Transferor.

                  SECTION 9.5. SUCCESSOR CLASS AGENT. Each Class Agent may
resign at any time by giving written notice thereof to each related Class
Investor and the Transferor and may be removed at any time for cause by
agreement of the related Majority Class Investors. Upon any such resignation or
removal, the Class Investor with the consent of the related Majority Class
Investors shall appoint a successor Class Agent. Each of the applicable Class
Investors, as applicable, each agrees that it shall not unreasonably withhold or
delay its approval of the appointment of a successor Class Agent for such Class.
If no such successor Class Agent shall have been so appointed, and shall have
accepted such appointment, within 30 days after the retiring Class Agent's
giving of notice of resignation or the related Majority Class Investors' removal
of the retiring Class Agent, then the retiring Class Agent may, on behalf of the
related Class Investors, appoint a successor Class Agent which successor Class
Agent shall be either (i) a commercial bank organized under the laws of the
United States or of any state thereof and have a combined capital and surplus of
at least $50,000,000 or (ii) an Affiliate of such a bank. Upon the acceptance of
any appointment as Class Agent hereunder by a successor Class Agent, such
successor Class Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Class Agent, and the
retiring Class Agent shall be discharged from its duties and obligations under
this Agreement. After any retiring Class Agent's resignation or removal
hereunder as Class Agent, the provisions of this Article IX shall continue to
inure to its benefit as to any actions taken or omitted to be taken by it while
it was Class Agent under this Agreement.

                  SECTION 9.6. PAYMENTS BY THE CLASS AGENTS. Unless specifically
allocated to a Class Investor pursuant to the terms of this Agreement, all
amounts received by each Class Agent on behalf of any of the related Class
Investors shall be paid by such Class Agent to such Class Investors (at their
respective accounts specified to such Class Agent) in accordance with their
respective related pro rata interests in the applicable Net Investment on the
Business Day received by each Class Agent, unless such amounts are received
after 12:00 noon on such Business Day, in which case each Class Agent shall use
its reasonable efforts to pay such amounts to any of the Bank Investors, as
applicable, on such Business Day, but, in any event, shall pay such amounts to
such Bank Investors in accordance with their respective related pro rata
interests in the applicable Net Investment not later than the following Business
Day.

                                    ARTICLE X

                    THE ADMINISTRATIVE AGENT; BANK COMMITMENT

                  SECTION 10.1.  AUTHORIZATION AND ACTION.

                         (a) Each Class Investor hereby appoints and authorizes
the Administrative Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement and the other Transaction Documents as
are delegated to the Administrative Agent by the terms hereof and thereof,
together with such powers as are reasonably incidental thereto. The Class
Conduits and/or the Majority Investors may direct the Administrative Agent to
take any such

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incidental action hereunder, however, with respect to such actions which are
incidental to the actions specifically delegated to the Administrative Agent
hereunder, the Administrative Agent shall not be required to take any such
incidental action hereunder, but shall be required to act or to refrain from
acting (and shall be fully protected in acting or refraining from acting) upon
the direction of the Majority Investors; provided, HOWEVER, that Administrative
Agent shall not be required to take any action hereunder if the taking of such
action, in the reasonable determination of the Administrative Agent, shall be in
violation of any applicable law, rule or regulation or contrary to any provision
of this Agreement or shall expose the Administrative Agent to liability
hereunder or otherwise. In furtherance, and without limiting the generality, of
the foregoing, each Class Investor hereby appoints the Administrative Agent as
its agent to execute and deliver all further instruments and documents, and take
all further action that the Administrative Agent may deem necessary or
appropriate or that a Class Investor may reasonably request in order to perfect,
protect or more fully evidence the interests transferred or to be transferred
from time to time by the Transferor hereunder, or to enable any of them to
exercise or enforce any of their respective rights hereunder, including, without
limitation, the execution by the Administrative Agent as secured party/assignee
of such financing or continuation statements, or amendments thereto or
assignments thereof, relative to all or any of the Receivables now existing or
hereafter arising, and such other instruments or notices, as may be necessary or
appropriate for the purposes stated herein above. Upon the occurrence and during
the continuance of any Termination Event or Potential Termination Event, the
Administrative Agent shall take no action hereunder (other than ministerial
actions or such actions as are specifically provided for herein) without the
prior consent of the Majority Investors (which consent shall not be unreasonably
withheld or delayed). "Majority Investors" shall mean, at any time, the
Administrative Agent and the Class Agents whose related Classes hold Commitments
aggregating in excess of 66 and 2/3% of the Aggregate Facility Limit as of such
date. In the event the Administrative Agent requests a Class Investor's consent
pursuant to the foregoing provisions and the Administrative Agent does not
receive a consent (either positive or negative) from such Class Investor within
10 Business Days of such Class Investor's receipt of such request, then such
Class Investor (and its percentage interest hereunder) shall be disregarded in
determining whether the Administrative Agent shall have obtained sufficient
consent hereunder.

                        (b) The Administrative Agent shall exercise such rights
and powers vested in it by this Agreement and the other Transaction Documents,
and use the same degree of care and skill in their exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person's
own affairs.

                        (c) The Administrative Agent hereby agrees to provide to
each Class Agent (promptly following receipt thereof), copies of all material
correspondence, notices, reports or other similar information provided by or to
the Administrative Agent in connection with this Agreement or any other
Transaction Document, or any other correspondence, notices, reports or similar
information provided by or to the Administrative Agent under such documents that
any Class Agent reasonably requests.

                  SECTION 10.2. ADMINISTRATIVE AGENT'S RELIANCE, ETC. Neither
the Administrative 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 as
Administrative Agent under or in connection with this Agreement or any of the
other Transaction Documents, except for its or their own gross negligence or
willful misconduct. Without limiting the foregoing, the Administrative Agent:
(i) may consult with legal counsel (including counsel for the Transferor or the
Seller), independent public accountants and other experts selected by it and
shall not be liable for any action taken or omitted

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<PAGE>

to be taken in good faith by it in accordance with the advice of such counsel,
accountants or experts; (ii) makes no warranty or representation to any Class
Investor and shall not be responsible to any Class Investor for any statements,
warranties or representations made in or in connection with this Agreement;
(iii) 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 Transaction Documents on the part of the Transferor, the
Collection Agent or Tech Data or to inspect the property (including the books
and records) of the Transferor, the Collection Agent or Tech Data (iv) shall not
be responsible to any Class Investor for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement, any of the
other Transaction Documents or any other instrument or document furnished
pursuant hereto or thereto; and (v) shall incur no liability under or in respect
of this Agreement or any of the other Transaction Documents by acting upon any
notice (including notice by telephone), consent, certificate or other instrument
or writing (which may be by telex) believed by it to be genuine and signed or
sent by the proper party or parties.

                  SECTION 10.3. CREDIT DECISION. Each Class Investor
acknowledges that it has, independently and without reliance upon the
Administrative Agent, any of the Administrative Agent's Affiliates, any other
Bank Investor or Class Conduit (in the case of any of their related Bank
Investors) and based upon such documents and information as it has deemed
appropriate, made its own evaluation and decision to enter into this Agreement
and the other Transaction Documents to which it is a party and, if it so
determines, to accept the transfer of any undivided ownership interest in the
Affected Assets hereunder. Each Class Investor also acknowledges that it will,
independently and without reliance upon the Administrative Agent, any of the
Administrative Agent's Affiliates, any other Bank Investor or Class Conduit (in
the case of their related Bank Investors) and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
decisions in taking or not taking action under this Agreement and the other
Transaction Documents to which it is a party.

                  SECTION 10.4. INDEMNIFICATION OF THE ADMINISTRATIVE AGENT. The
Bank Investors each agree to indemnify the Administrative Agent (to the extent
not reimbursed by the Transferor), ratably in accordance with such Bank
Investor's Commitment as a percentage of the aggregate Commitments for all Bank
Investors, from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever which may be imposed on, incurred by, or
asserted against the Administrative Agent in any way relating to or arising out
of this Agreement or any action taken or omitted by the Administrative Agent,
any of the other Transaction Documents hereunder or thereunder, PROVIDED that
the Bank Investors shall not be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from the Administrative Agent's gross
negligence or willful misconduct. Without limitation of the foregoing, the Bank
Investors each agree to reimburse the Administrative Agent, ratably in
accordance with their Pro Rata Shares, promptly upon demand for any
out-of-pocket expenses (including counsel fees) incurred by the Administrative
Agent in connection with the 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
and the other Transaction Documents, to the extent that such expenses are
incurred in the interests of or otherwise in respect of any of the Bank
Investors hereunder and/or thereunder and to the extent that the Administrative
Agent is not reimbursed for such expenses by the Transferor.

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<PAGE>

                  SECTION 10.5. SUCCESSOR ADMINISTRATIVE AGENT. The
Administrative Agent may resign at any time by giving written notice thereof to
each Class Investor and the Transferor and may be removed at any time with cause
by agreement of Bank Investors which hold Commitments aggregating in excess of
50% of the Aggregate Facility Limit as of such date. Upon any such resignation
or removal, (i) if no Termination Event shall have occurred, the Transferor,
with the consent of the Majority Investors, shall appoint a successor
Administrative Agent and (ii) if a Termination Event shall have occurred, the
Class Investors which hold Commitments aggregating in excess of 50% of the
Aggregate Facility Limit as of such date shall appoint a successor
Administrative Agent. The Transferor and each of the Class Investors, as
applicable, each agrees that it shall not unreasonably withhold or delay its
approval of the appointment of a successor Administrative Agent. If no such
successor Administrative Agent shall have been so appointed, and shall have
accepted such appointment, within 30 days after the retiring Administrative
Agent's giving of notice of resignation or the Majority Investors' removal of
the retiring Administrative Agent, then the retiring Administrative Agent may,
on behalf of the Class Investors, appoint a successor Administrative Agent which
successor Administrative Agent shall be either (i) a commercial bank organized
under the laws of the United States or of any state thereof and have a combined
capital and surplus of at least $50,000,000 or (ii) an Affiliate of such a bank.
Upon the acceptance of any appointment as Administrative Agent hereunder by a
successor Administrative Agent, such successor Administrative Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Administrative Agent, and the retiring Administrative
Agent shall be discharged from its duties and obligations under this Agreement.
After any retiring Administrative Agent's resignation or removal hereunder as
Administrative Agent, the provisions of this Article X shall continue to inure
to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Agreement.

                  SECTION 10.6. PAYMENTS BY THE ADMINISTRATIVE AGENT. Unless
specifically allocated to a Class Investor pursuant to the terms of this
Agreement, all amounts received by the Administrative Agent on behalf of any of
the Class Investors shall be paid by the Administrative Agent to such Class
Investors (or their respective Class Agents on their behalf) (at their
respective accounts specified to the Administrative Agent in accordance with
their respective related pro rata interests in the applicable Net Investment on
the Business Day received by the Administrative Agent, unless such amounts are
received after 12:00 noon on such Business Day, in which case the Administrative
Agent shall use its reasonable efforts to pay such amounts to any of the Class
Investors, as applicable, on such Business Day, but, in any event, shall pay
such amounts to such Class Investors in accordance with their respective related
pro rata interests in the applicable Net Investment not later than the following
Business Day.

                  SECTION 10.7.  BANK COMMITMENT; ASSIGNMENT TO BANK INVESTORS.

                        (a) BANK COMMITMENT. With respect to each Class, at any
time on or prior to the Commitment Termination Date for such Class in the event
that any Class Conduit for such Class does not effect an Incremental Transfer as
requested under Section 2.2(a), then at any time, the Transferor shall have the
right to require such Class Conduit, by written notice to the Administrative
Agent and such Class Conduit's related Class Agent, to assign its interest in
the Net Investment for such Class in whole to the Bank Investors for such Class
pursuant to this Section 10.7. In addition, at any time for such Class on or
prior to such Commitment Termination Date (i) upon the occurrence of a
Termination Event that results in a Termination Date for such Class or (ii) the
applicable Class Conduit elects to give notice to the Transferor of the
Reinvestment Termination Date for such Class, the Transferor hereby requests and
directs that such Class Conduit assign its interest in the Net

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<PAGE>

Investment for such Class in whole to the related Bank Investors pursuant to
this Section 10.7 and the Transferor hereby agrees to pay the amounts described
in Section 10.7(d) below. Upon any such election by any Class Conduit or any
such request by the Transferor, such Class Conduit shall make such assignment
and the related Bank Investors shall accept such assignment on such day (or the
next day if such notice was received after 11:00 A.M. (New York time)) and shall
assume all of such Class Conduit's obligations hereunder. No documentation or
action shall be required to effect any such assignment of the Net Investment by
any Class Conduit to its related Bank Investors other than, in the case of the
circumstance contemplated by the first sentence hereof, the giving of the
notices contemplated thereby and the forwarding of such notice by the related
Class Agent to each applicable Bank Investor. In connection with any assignment
from any Class Conduit to its related Bank Investors pursuant to this Section
10.7, each such Bank Investor, as applicable, agrees to and shall,
unconditionally and irrevocably and under all circumstances, by 2:00 P.M. (New
York time) on the date of such assignment, pay to such Class Conduit without
setoff, counterclaim or defense of any kind, an amount (in immediately available
funds) equal to its Assignment Amount. Upon any assignment by any Class Conduit
to its respective Bank Investors contemplated hereunder, such Class Conduit
shall cease to make any additional Incremental Transfers hereunder (it being
understood that the Bank Investors, as assignees, shall (x) be obligated to
effect Incremental Transfers under Section 2.2(a) in accordance with the terms
thereof, notwithstanding that such Class Conduit was not so obligated and (y)
not have the right to elect the commencement of the amortization of the
applicable Net Investment pursuant to the definition of "REINVESTMENT
TERMINATION DATE" notwithstanding that the Class Conduits had such right).

                        (b) ASSIGNMENT. No Bank Investor may assign all or a
portion of its interest in the Net Investment or in the Receivables,
Collections, Related Security and Proceeds with respect thereto and its rights
and obligations hereunder to any Person unless approved in writing by the
Administrative Agent, such approval not to be unreasonably withheld. In the case
of an assignment by any Bank Investor to another Person, the assignor shall
deliver to the assignee(s) an Assignment and Assumption Agreement in
substantially the form of Exhibit G attached hereto, duly executed, assigning to
the assignee a pro rata interest in the applicable Net Investment and also in
the Receivables, Collections, Related Security and Proceeds with respect thereto
and the assignor's rights and obligations hereunder and the assignor shall
promptly execute and deliver all further instruments and documents, and take all
further action, that the assignee may reasonably request, in order to protect,
or more fully evidence the assignee's right, title and interest in and to such
interest and to enable the Administrative Agent, on behalf of such assignee, to
exercise or enforce any rights hereunder and under the other Transaction
Documents to which such assignor is or, immediately prior to such assignment,
was a party. Upon any such assignment, (i) the assignee shall have all of the
rights and obligations of the assignor hereunder and under the other Transaction
Documents to which such assignor is or, immediately prior to such assignment,
was a party with respect to such interest for all purposes of this Agreement and
under the other Transaction Documents to which such assignor is or, immediately
prior to such assignment, was a party, and (ii) the assignor shall relinquish
its rights with respect to such interest for all purposes of this Agreement and
under the other Transaction Documents to which such assignor is or, immediately
prior to such assignment, was a party. No such assignment shall be effective
unless the Administrative Agent, on behalf of the related Class Conduit and the
Transferor shall have consented thereto and a fully executed copy of the related
Assignment and Assumption Agreement shall be delivered to the Administrative
Agent. All costs and expenses of the Administrative Agent and the applicable
initial Bank Investor, as assignor, incurred in connection with any assignment
hereunder shall be borne by the Transferor and not by the Administrative Agent
or such initial Bank Investor. No Bank Investor, as applicable, shall assign any
portion of its Commitment hereunder without also simultaneously assigning an

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equal portion of its interest in the related Liquidity Provider Agreement.
Notwithstanding the foregoing, the agreements set forth in Section 11.9 herein
shall be continuing and shall survive any assignment pursuant to this Section
10.7(b).

                        (c) EFFECTS OF ASSIGNMENT. By executing and delivering
an Assignment and Assumption Agreement, the assignor and 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 Assumption Agreement, the
assignor 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, the other Transaction Documents or any other
instrument or document furnished pursuant hereto or thereto or the execution,
legality, validity, enforceability, genuineness, sufficiency or value or this
Agreement, the other Transaction Documents or any such other instrument or
document; (ii) the assignor makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Transferor, the
Seller or the Collection Agent or the performance or observance by the
Transferor, the Seller or the Collection Agent of any of their respective
obligations under this Agreement, the Purchase Agreement, the other Transaction
Documents or any other instrument or document furnished pursuant hereto; (iii)
such assignee confirms that it has received a copy of this Agreement, the
Purchase Agreement and such other instruments, documents and information as it
has deemed appropriate to make its own credit analysis and decision to enter
into such Assignment and Assumption Agreement and to purchase such interest;
(iv) such assignee will, independently and without reliance upon the
Administrative Agent, or any of its Affiliates, or the assignor and based on
such agreements, 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 and the other Transaction Documents; (v) such assignee
appoints and authorizes the Administrative Agent to take such action as agent on
its behalf and to exercise such powers under this Agreement, the other
Transaction Documents and any other instrument or document furnished pursuant
hereto or thereto as are delegated to the Administrative Agent by the terms
hereof or thereof, together with such powers as are reasonably incidental
thereto and to enforce its respective rights and interests in and under this
Agreement, the other Transaction Documents, the Receivables, the Contracts and
the Related Security; (vi) such assignee agrees that it will perform in
accordance with their terms all of the obligations which by the terms of this
Agreement and the other Transaction Documents are required to be performed by it
as the assignee of the assignor; and (vii) such assignee agrees that it will not
institute against any Class Conduit any proceeding of the type referred to in
Section 11.9 prior to the date which is one year and one day after the payment
in full of all of such Class Conduit's Commercial Paper issued by such Person.

                        (d) TRANSFEROR'S OBLIGATION TO PAY CERTAIN AMOUNTS;
ADDITIONAL ASSIGNMENT AMOUNT. With respect to each Class, the Transferor shall
pay to the Administrative Agent, for the account of the Class Conduit for such
Class, in connection with any assignment by such Class Conduit to its related
Bank Investors pursuant to this Section 10.7, an aggregate amount equal to all
the applicable Discount for such Class Conduit to accrue through the end of each
outstanding Tranche Period for such Class Conduit (which Discount, in the case
of a Class Conduit utilizing "pool" funding, shall be determined for such
purpose using the CP Rate most recently determined by the applicable Class
Agent) plus all other Aggregate Unpaids owing to such Person (other than the Net
Investment for such Class). To the extent that such Discount relates to interest
or discount on Related Commercial Paper, if the Transferor fails to make payment
of such amounts at or prior to the time of assignment by such Class Conduit to
its related Bank Investors such amount shall be paid by the applicable Bank
Investors (in accordance with their respective Pro Rata Shares) to such Class
Conduit as additional consideration for the interests assigned to such Bank
Investors and the

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<PAGE>

amount of the "NET INVESTMENT," hereunder held by such Bank Investors shall be
increased by an amount equal to the additional amount so paid by such Bank
Investors.

                        (e) PAYMENTS. After any assignment by any Class Conduit
to its related Bank Investors pursuant to this Section 10.7, all payments to be
made hereunder by the Transferor or the Collection Agent to any Bank Investor
shall be made to the Administrative Agent for the account of such Bank Investor
as such account shall have been notified to the Transferor and the Collection
Agent. With respect to each Class, in the event that the related Assignment
Amount paid by the Bank Investors for such Class pursuant to Section 10.7(a) is
less than the sum of the applicable Net Investment for such Class PLUS the
Interest Component of all outstanding Related Commercial Paper of the related
Class Conduit then to the extent payments made hereunder in respect of the Net
Investment for such Class exceed the related Assignment Amount, such excess
amounts shall be remitted by such Bank Investors to (or as directed by) the
applicable Class Conduit.

                        (f) DOWNGRADE OF BANK INVESTOR. If at any time prior to
any assignment by any Class Conduit to its related Bank Investors as
contemplated pursuant to this Section 10.7, the short term debt rating of any
Bank Investor shall be "A-2", "P-2" or "D-2" from Standard & Poor's, Moody's or
DCR, respectively, with negative credit implications (and there is no fronting
arrangement or other arrangement in place which is acceptable to the Transferor
and the Administrative Agent), such Bank Investor upon request of the applicable
Class Agent shall, within 30 days of such request, assign its rights and
obligations hereunder to another financial institution (which institution's
short term debt shall be rated at least "A-2", "P-2" and "D-2" from Standard &
Poor's, Moody's and DCR, respectively, and which shall not be so rated with
negative credit implications). If the short term debt rating of a Bank Investor
shall be "A-3", "P-3" or "D-3", or lower, from Standard & Poor's, Moody's or
DCR, respectively (or such rating shall have been withdrawn by Standard &
Poor's, Moody's or DCR), such Bank Investor upon request of the applicable Class
Agent shall, within five (5) Business Days of such request, assign its rights
and obligations hereunder to another financial institution (which institution's
short term debt shall be rated at least "A-2", "P-2" and "D-2" from Standard &
Poor's, Moody's and DCR, respectively, and which shall not be so rated with
negative credit implications). In either such case, if any such Bank Investor
shall not have assigned its rights and obligations under this Agreement within
the applicable time period described above the related Class Conduit shall have
the right to require such Bank Investor to accept the assignment of such Bank
Investor's Pro Rata Share of the applicable Net Investment; such assignment
shall occur in accordance with the applicable provisions of this Section 10.7.
Such Bank Investor shall be obligated to pay to the applicable Class Conduit in
connection with such assignment, in addition to the Pro Rata Share of the
applicable Net Investment an amount equal to the interest component of the
outstanding Commercial Paper issued to fund the portion of the applicable Net
Investment being assigned to such Bank Investor as reasonably determined by the
applicable Class Agent. In addition, such Bank Investor shall pay to the
applicable Class Agent the amount (the "UNUSED COMMITMENT AMOUNT") of any unused
Commitment of such downgraded Bank Investor. The applicable Class Agent shall
deposit such Unused Commitment Amount in an account of such Class Agent's name,
and shall apply such amounts to fund such Bank Investor's Pro Rata Share of any
Incremental Transfer required to be funded by such Bank Investors subject to the
terms and conditions hereof. The proceeds of such account shall be invested in
Eligible Investments and any investment income with respect thereto shall be
paid to the applicable Bank Investor on a monthly basis. All amounts remaining
in such account shall be released to such Bank Investor on the Business Day
immediately following the earliest of: (x) the effective date of any replacement
of such Bank Investor or removal thereof as a party to this Agreement, (y) the
date on which such Bank Investor shall furnish the applicable Class Agent with
evidence that its short term debt rating is higher than "A-2", "P-2" or "D-2"
from Standard & Poor's, Moody's and DCR, respectively, and (z)

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<PAGE>

the applicable Termination Date (except for a Reinvestment Termination Date).
Notwithstanding anything contained herein to the contrary, upon any such
assignment to a downgraded Bank Investor as contemplated pursuant to the
immediately preceding sentence, the aggregate available amount of the Aggregate
Facility Limit, solely as it relates to new Incremental Transfers by any Class
Conduit shall be reduced by the amount of unused Commitment of such downgraded
Bank Investor; it being understood and agreed, that nothing in this sentence or
the two preceding sentences shall affect or diminish in any way any such
downgraded Bank Investor's Commitment to the Transferor or such downgraded Bank
Investor's other obligations and liabilities hereunder and under the other
Transaction Documents.

                                   ARTICLE XI

                                  MISCELLANEOUS

                  SECTION 11.1. TERM OF AGREEMENT. This Agreement shall
terminate on the date following all of the Termination Dates upon which the
Aggregate Net Investment has been reduced to zero, all accrued Discount and all
Servicing Fees have been paid in full, and all other Aggregate Unpaids have been
paid in full, in each case, in cash; PROVIDED, HOWEVER, that (i) the rights and
remedies of each Class Agent, the Class Investors and the Administrative Agent
with respect to any representation and warranty made or deemed to be made by the
Transferor pursuant to this Agreement, (ii) the indemnification and payment
provisions of Article VIII, (iii) Tech Data's obligations under Article IX and
(iv) the agreements set forth in Section 11.8 and 11.9 hereof, shall be
continuing and shall survive any termination of this Agreement.

                  SECTION 11.2. WAIVERS; AMENDMENTS. (a) No failure or delay on
the part of any Class Agent, the Administrative Agent or any Class Investor in
exercising any power, right or remedy under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power,
right or remedy preclude any other further exercise thereof or the exercise of
any other power, right or remedy. The rights and remedies herein provided shall
be cumulative and nonexclusive of any rights or remedies provided by law.

                  (b) Any provision of this Agreement may be amended or waived
if, but only if, such amendment or waiver is in writing and is signed by the
Transferor, the Administrative Agent, each Class Conduit (so long as such Class
Conduit holds any portion of the Transferred Interest), each Class Agent and the
Majority Investors; PROVIDED, that no such amendment or waiver shall, without
the prior written consent of all Bank Investors, amend, modify or waive any
provision of this Agreement in any way which would reduce or impair Collections
or the payment of the applicable Net Investment, Discount or fees payable
hereunder to the Bank Investors; PROVIDED FURTHER, that no such amendment or
waiver shall, without the prior written consent of each Bank Investor directly
affected thereby, amend, modify or waive any provision of this Agreement in any
way which would (A) increase the Servicing Fee (other than as permitted pursuant
to Section 6.2(b)), (B) modify any provision of this Agreement or the Purchase
Agreement relating to the timing of payments required to be made by the
Transferor or the Seller or the application of the proceeds of such payments,
(C) permit the appointment of any Person (other than the Administrative Agent)
as successor Collection Agent, or (D) release any property from the lien
provided by this Agreement (other than as expressly contemplated herein).
Notwithstanding the foregoing, the Administrative Agent, the Transferor, Tech
Data and the applicable Class Conduit and Bank Investor(s) may amend this
Agreement to (A) increase the dollar amount of any Bank Investor's Commitment
(and similarly increase the Facility Limit and

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<PAGE>

the Maximum Net Investment) or (B) increase the Facility Limit (and similarly
increase the Maximum Net Investment) by adding a financial institution as a Bank
Investor party hereto; PROVIDED, that in each case after giving effect to any
such amendment the aggregate of the respective Bank Investors' Commitment at
least equals the applicable Facility Limit. In addition, notwithstanding
anything to the contrary herein (but subject to the first, second and third
provisions set forth in this Section 11.2(b)), this Agreement may be amended by
the Transferor, the Collection Agent and the Administrative Agent solely for the
purpose of adding an additional Class (which addition may result in an increased
Facility Limit and Maximum Net Investment and changes to any definitions or
terms of this Agreement which are specific to one or more particular Classes).

                  SECTION 11.3. NOTICES. Except as provided below, all
communications and notices provided for hereunder shall be in writing (including
bank wire, telex, telecopy or electronic facsimile transmission or similar
writing) and shall be given to the other party at its address or telecopy number
set forth below or at such other address or telecopy number as such party may
hereafter specify for the purposes of notice to such party. Each such notice or
other communication shall be effective (i) if given by telecopy, when such
telecopy is transmitted to the telecopy number specified in this Section 11.3
and confirmation is received, (ii) if given by mail 3 Business Days following
such posting, postage prepaid, U.S. certified or registered, (iii) if given by
overnight courier, one (1) Business Day after deposit thereof with a national
overnight courier service, or (iv) if given by any other means, when received at
the address specified in this Section 11.3. However, anything in this Section
11.3 to the contrary notwithstanding, the Transferor hereby authorizes a Class
Conduit to effect Transfers, the Tranche Periods and the Tranche Rates
selections based on telephonic notices made by any Person which such Class
Conduit in good faith believes to be acting on behalf of the Transferor. The
Transferor agrees to deliver promptly to the Administrative Agent a written
confirmation of each telephonic notice signed by an authorized officer of
Transferor (which confirmation the Administrative Agent shall forward to the
applicable Class Agent). However, the absence of such confirmation shall not
affect the validity of such notice. If the written confirmation differs in any
material respect from the action taken by any Class Conduit the records of such
Class Conduit shall govern absent manifest error.

                  If to RCC:

                           Receivables Capital Corporation
                           c/o Merrill Lynch Money Markets, Inc.
                           World Financial Center - North Tower
                           250 Vesey Street - 11th Floor
                           New York, New York 10281-1311
                           Attn:  Stewart Cutler - Managing Director
                           Telephone: (212) 449-7468
                           Telecopy: (212) 449-8939

                           (with a copy to the Administrative Agent)

                  If to Atlantic:
                           Atlantic Asset Securitization Corp.
                           c/o Credit Lyonnais New York Branch
                           1301 Avenue of the Americas

                                       74
<PAGE>

                           New York, New York 10019
                           Attention: David Fink
                           Telephone: (212) 261-7816
                           Telecopy: (212) 459-3258

                           with a copy to:

                           Credit Lyonnais New York Branch
                           1301 Avenue of the Americas
                           New York, New York 10019
                           Attention: David Fink
                           Telephone: (212) 261-7816
                           Telecopy: (212) 459-3258

                           with a copy to:

                           Banque Nationale de Paris
                           333 Clay Street
                           Suite 3400
                           Houston, Texas 77002
                           Telephone: (713) 951-1223
                           Telecopy:(713) 659-1414

                  If to Liberty:

                           Liberty Street Funding Corp.
                           c/o Global Securitization Services, LLC
                           114 West 47th St., Suite 1715
                           New York, New York 10036
                           Attention: Andrew L. Stidd
                           Telephone: (212) 302-5151
                           Telecopy:  (212)  302-8767

                  with a copy to:

                           The Bank of Nova Scotia
                           One Liberty Plaza
                           New York, New York  10006
                           Attention:  Richard A. Josephs
                           Telephone: (212) 225-5000
                           Telecopy:   (212) 225-5090

                  If to AFC:

                           Amsterdam Funding Corporation
                           c/o Global Securitization Services, LLC
                           114 West 47th Street, Suite 1715
                           New York, New York 10036

                                       75
<PAGE>

Attention: Andrew Stidd
                           Telephone:  (212) 302-8330
                           Telecopy:   (212) 302-8767

                  with a copy to:

                           ABN AMRO Bank N.V.
                           135 South LaSalle Street
                           Suite 725
                           Chicago, Illinois 60674
                           Attention: Program Administrator - Amsterdam
                           Telephone: (312) 904-6263
                           Telecopy:   (312) 904-6376

                  If to Falcon:

                           Falcon Asset Securitization Corp.
                           c/o Asset Backed Finance
                           Suite IL1-0594
                           Chicago, Illinois 60670
                           Telecopy No.: (312) 732-1844

                  with a copy to:

                           Bank One, NA
                           1 Bank One Plaza
                           Suite IL1-0594
                           Chicago, Illinois  60670

                           Telecopy No.:  (312) 732-1844

                  If to the Transferor:

                           Tech Data Finance SPV, Inc.
                           1655 N. Main Street, Suite 295
                           Walnut Creek, California 34596
                           Telephone: (925) 933-6390
                           Telecopy:   (925) 933-6390

                  If to Tech Data:

                           Tech Data Corporation
                           5350 Tech Data Drive
                           Clearwater, Florida  33760
                           Attention:  Treasurer
                           Telephone:  (727) 539-7429
                           Telecopy:   (727) 538-5860

                           (with a copy to General Counsel)

                                       76
<PAGE>

                           Telecopy: (727) 538-7803

                  If to the Administrative Agent:

                           Bank of America, National Association
                           Bank of America Corporate Center--10th Floor
                           Charlotte, North Carolina  28255
                           Attention:  Michelle M. Heath--
                           Global Asset-Backed Securitization

                           Telephone:  (704) 386-7922
                           Telecopy:   (704) 388-9169

                  If to the Bank Investors, at their respective addresses set
forth on the signature pages hereto or of the Assignment and Assumption
Agreement pursuant to which it became a party hereto.

                   SECTION 11.4. GOVERNING LAW; SUBMISSION TO JURISDICTION;
INTEGRATION.

                   (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE TRANSFEROR HEREBY SUBMITS
TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE
CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. The
Transferor hereby irrevocably waives, to the fullest extent it may effectively
do so, any objection which it may now or hereafter have to the laying of the
venue of any such proceeding brought in such a court and any claim that any such
proceeding brought in such a court has been brought in an inconvenient forum.
Nothing in this Section 11.4 shall affect the right of any Class Investor to
bring any action or proceeding against the Transferor or its property in the
courts of other jurisdictions.

                   (b) This Agreement contains the final and complete
integration of all prior expressions by the parties hereto with respect to the
subject matter hereof and shall constitute the entire Agreement among the
parties hereto with respect to the subject matter hereof superseding all prior
oral or written understandings.

                  SECTION 11.5. SEVERABILITY; 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 when taken together shall constitute one and the same
Agreement. Execution and delivery of this Agreement may be made by facsimile.
Any provisions of this Agreement which are prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

                  SECTION 11.6.  SUCCESSORS AND ASSIGNS.

                                       77
<PAGE>

                   (a) This Agreement shall be binding on the parties hereto and
their respective successors and assigns; PROVIDED, HOWEVER, that the Transferor
may not assign any of its rights or delegate any of its duties hereunder without
the prior written consent of the Administrative Agent and the Majority
Investors. No provision of this Agreement shall in any manner restrict the
ability of any Class Conduit to assign, participate, grant security interests
in, or otherwise transfer any portion of the Transferred Interest held by it.

                   (b) The Transferor hereby agrees and consents to the
assignment by any Class Conduit from time to time of all or any part of its
rights under, interest in and title to this Agreement and the Transferred
Interest held by it to any related Liquidity Provider. In addition, the
Transferor hereby consents to and acknowledges the assignment by any Class
Conduit of all of its rights under, interest in and title to this Agreement and
the Transferred Interest held by it to the related Collateral Agent.

                   (c) Without limiting the foregoing, any Class Conduit may,
from time to time, with prior or concurrent notice to Transferor and Collection
Agent, in one transaction or a series of transactions, assign all or a portion
of its Net Investment and its rights and obligations under this Agreement and
any other Transaction Documents to which it is a party to a Conduit Assignee.
Upon and to the extent of such assignment by such Class Conduit to a Conduit
Assignee, (i) such Conduit Assignee shall be the owner of the assigned portion
of such Net Investment, (ii) the related administrative or managing agent for
such Conduit Assignee will act as the Class Agent for such Conduit Assignee,
with all corresponding rights and powers, express or implied, granted to the
applicable Class Agent hereunder or under the other Transaction Documents, (iii)
such Conduit Assignee and its liquidity support provider(s) and credit support
provider(s) and other related parties shall have the benefit of all the rights
and protections provided to such Class Conduit and its Liquidity Support
Provider(s) and Credit Support Provider(s), respectively, herein and in the
other Transaction Documents (including, without limitation, any limitation on
recourse against such Conduit Assignee or related parties, any agreement not to
file or join in the filing of a petition to commence an insolvency proceeding
against such Conduit Assignee, and the right to assign to another Conduit
Assignee as provided in this paragraph), (iv) such Conduit Assignee shall assume
all (or the assigned or assumed portion) of such Class Conduit's obligations, if
any, hereunder or any other Transaction Document, and such Class Conduit shall
be released from such obligations, in each case to the extent of such
assignment, and the obligations of such Class Conduit and such Conduit Assignee
shall be several and not joint, (v) all distributions in respect of such Net
Investment shall be made to the applicable agent or administrative agent, as
applicable, on behalf of such Class Conduit and such Conduit Assignee on a pro
rata basis according to their respective interests, (vi) the definition of the
term "CP RATE" with respect to the portion of such Net Investment funded with
commercial paper issued by such Class Conduit from time to time shall be
determined in the manner set forth in the definition of "CP RATE" applicable to
such Class Conduit on the basis of the interest rate or discount applicable to
commercial paper issued by such Conduit Assignee (rather than such Class
Conduit), (vii) the defined terms and other terms and provisions of this
Agreement and the other Transaction Documents shall be interpreted in accordance
with the foregoing, and (viii) if requested by the Administrative Agent or the
agent or administrative agent with respect to the Conduit Assignee, the parties
will execute and deliver such further agreements and documents and take such
other actions as the Administrative Agent or such agent or administrative agent
may reasonably request to evidence and give effect to the foregoing. No
Assignment by such Class Conduit to a Conduit Assignee of all or any portion of
its Net Investment shall in any way diminish the related Bank Investors'
obligation under Section 10.7

                                       78
<PAGE>

to fund any Incremental Transfer not funded by such Class Conduit or such
Conduit Assignee or to acquire from such Class Conduit or such Conduit Assignee
all or any portion of the applicable Net Investment.

                  SECTION 11.7. WAIVER OF CONFIDENTIALITY. The Transferor and
Tech Data hereby consent to the disclosure of any non-public information with
respect to it received by the Administrative Agent, any Class Investor or any
Class Agent to any of the Administrative Agent, any Class Agent, any Class
Investor, any nationally recognized rating agency rating any Class Conduit's
Commercial Paper, the Administrative Agent, the Collateral Agent, any Bank
Investor or potential Bank Investor, any related Liquidity Provider or any
related Credit Support Provider in relation to this Agreement.

                  SECTION 11.8. CONFIDENTIALITY AGREEMENT. The Transferor and
Tech Data hereby agree that they will not disclose the contents of this
Agreement or any other proprietary or confidential information of any Class
Agent, the Class Conduits, the Administrative Agent, any Bank Investor, the
Collateral Agent, any related Liquidity Provider or any related Credit Support
Provider to any other Person except (i) its auditors and attorneys, employees or
financial advisors (other than any commercial bank) and any nationally
recognized rating agency, PROVIDED such auditors, attorneys, employees,
financial advisors or rating agencies are informed of the highly confidential
nature of such information or (ii) as otherwise required by applicable law or
order of a court of competent jurisdiction.

                  SECTION 11.9. NO BANKRUPTCY PETITION AGAINST ANY CLASS
CONDUIT. Each party hereto hereby covenants and agrees that, prior to the date
which is one year and one day after the payment in full of all outstanding
Commercial Paper or other indebtedness of any Class Conduit, it will not
institute against, or join any other Person in instituting against, such Class
Conduit any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or other similar proceeding under the laws of the United States or
any state of the United States.

                  SECTION 11.10. NO RECOURSE AGAINST STOCKHOLDERS, OFFICERS OR
DIRECTORS. Notwithstanding anything to the contrary contained in this Agreement,
the obligations of each Class Conduit under this Agreement and all other
Transaction Documents are solely the corporate obligations of such Class Conduit
and shall be payable solely to the extent of funds received from the Transferor
in accordance herewith or from any party to any Transaction Document in
accordance with the terms thereof in excess of funds necessary to pay matured
and maturing Commercial Paper of the applicable Class Conduit. No recourse under
any obligation, covenant or agreement of any Class Conduit contained in this
Agreement shall be had against such Class Conduit's Corporate Services Provider
(or any Affiliate thereof), or any stockholder, employee, officer, director or
incorporator of any Class Conduit or beneficial owner of any of them, as such,
by the enforcement of any assessment or by any legal or equitable proceeding, by
virtue of any statute or otherwise; it being expressly agreed and understood
that this Agreement is solely a corporate obligation of each Class Conduit, and
that no personal liability whatsoever shall attach to or be incurred by the
Corporate Services Provider (or any Affiliate thereof), or the stockholder,
employee, officer, director or incorporator of any Class Conduit or beneficial
owner of any of them, as such, or any of them, under or by reason of any of the
obligations, covenants or agreements of any Class Conduit contained in this
Agreement, or implied therefrom, and that any and all personal liability for
breaches by any Class Conduit of any of such obligations, covenants or
agreements, either at common law or at equity, or by statute or constitution, of
the Corporate Services Provider (or any Affiliate thereof) and every such
stockholder, employee,

                                       79
<PAGE>

officer, director or incorporator of a Class Conduit or beneficial owner of any
of them is hereby expressly waived as a condition of and consideration for the
execution of this Agreement; PROVIDED, HOWEVER, that a Class Conduit shall be
considered to be an Affiliate of the Corporate Services Provider; and PROVIDED,
FURTHER, that this Section 11.2 shall not relieve any such stockholder,
employee, officer, director or incorporator of any Class Conduit or beneficial
owner of any of them of any liability it might otherwise have for its own
intentional misrepresentation or willful misconduct.

                  SECTION 11.11. CHARACTERIZATION OF THE TRANSACTIONS
CONTEMPLATED BY THE AGREEMENT. It is the intention of the parties that the
transactions contemplated hereby constitute the sale of the Transferred
Interest, conveying good title thereto free and clear of any Adverse Claims to
the Administrative Agent, on behalf of the Class Investors, and that the
Transferred Interest not be part of the Transferor's estate in the event of an
insolvency. If, notwithstanding the foregoing, the transactions contemplated
hereby should be deemed a financing, the parties intend that the Transferor
shall be deemed to have granted to the Administrative Agent, on behalf of the
Class Investors, and the Transferor hereby grants to the Administrative Agent,
on behalf of the Class Investors, a first priority perfected security interest
in all of the Transferor's right, title and interest in, to and under the
Receivables, together with Related Security and Collections with respect
thereto, and that this Agreement shall constitute a security agreement under
applicable law. The Transferor hereby grants a security interest in and assigns
to the Administrative Agent, on behalf of the Class Investors, all of its rights
and remedies under the Purchase Agreement with respect to the Receivables and
with respect to any obligations thereunder of Tech Data with respect to the
Receivables.

                  SECTION 11.12. OPTIONAL RECONVEYANCE OF ALL RECEIVABLES. The
Transferor shall have the option at any time to require the Administrative
Agent, on behalf of the Class Investors, as applicable, to reconvey all of its
interest in the Receivables to the Transferor subject to the following terms and
conditions: (a) the Transferor shall give the Administrative Agent and each
Class Agent not less than 10 Business Days notice of the Transferor's exercise
of this option and (b) simultaneously with the reconveyance by the
Administrative Agent to the Transferor of the Administrative Agent's interest in
the Receivables, the Transferor shall pay to the Administrative Agent, for the
benefit of the applicable Class Investors, an amount equal to the Aggregate Net
Investment plus all discount accrued and to accrue on the Class Conduit's
Related Commercial Paper to maturity, together with any other costs associated
with the receipt by each Class Conduit of its Net Investment on a day other than
the last day of an applicable Tranche Period along with any other amounts owing
hereunder to the Class Investors by the Transferor.

                  SECTION 11.13. MANDATORY RECONVEYANCE OF CERTAIN RECEIVABLES.
The Administrative Agent, on behalf of the Class Investors, as applicable, upon
each occasion on which the Transferor shall be required to reconvey any
Receivables to Tech Data pursuant to Section 7.2(a) of the Purchase Agreement,
shall be considered to have reconveyed and does hereby reconvey to the
Transferor such Receivables (including the Transferred Interest therein) and
upon such reconveyance, hereby terminates its interest in any such Receivables;
PROVIDED THAT no such reconveyance by the Administrative Agent shall occur or be
deemed to have occurred if (a) any Event of Termination shall have occurred and
be continuing hereunder or (b) Tech Data shall not have contemporaneously with
such reconveyance sold to the Transferor a substitute receivable as described in
Section 7.2(b) of the Purchase Agreement.

                                       80
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed and
delivered this Transfer and Administration Agreement as of the day first written
above.

                                            TECH DATA FINANCE SPV, INC.,
                                            as Transferor

                                            By: /s/ ARTHUR W. SINGLETON
                                                -------------------------
                                               Name: Arthur W. Singleton
                                               Title: Vice President, Treasurer,
                                                      CFO & Secretary

                                            TECH DATA CORPORATION,
                                            as Collection Agent

                                            By: /s/ ARTHUR W. SINGLETON
                                            ---------------------------
                                               Name: Arthur W. Singleton
                                               Title: Corporate Vice President,
                                                      Treasurer & Secretary

                                            RECEIVABLES CAPITAL CORPORATION

                                            By: /s/ STEPHEN NEWMAN
                                            ----------------------
                                                Name: Stephen Newman
                                                Title: Vice President

                                            ATLANTIC ASSET SECURITIZATION CORP.

                                            By: CREDIT LYONNAIS NEW YORK BRANCH,
                                                as attorney-in-fact

                                            By: /s/ R. MCBRIDE
                                            ------------------
                                                Name: R. McBride
                                                Title: Director

                                            LIBERTY STREET FUNDING CORP.

                                            By: /s/ ANDREW L. STIDD
                                            -----------------------
                                                Name: Andrew L. Stidd
                                                Title: President

                                            AMSTERDAM FUNDING CORPORATION

                                            By: /s/ ANDREW L. STIDDD
                                            ------------------------
                                                Name: Andrew L Stidd
                                                Title: President

                                       81
<PAGE>

                                            FALCON ASSET SECURITIZATION
                                            CORPORATION

                                            By: /s/ JULIE C. BENDA
                                            ----------------------
                                                 Name: Julie C. Benda
                                                 Title: Authorized Signatory

COMMITMENT                                  BANK OF AMERICA, NATIONAL
$178,500,000                                ASSOCIATION, as Administrative
                                            Agent, RCC Agent and as an RCC Bank
                                            Investor

                                            By: /s/ CHRIS PARRISH

                                               Name: Chris Parrish
                                               Title: Vice President

COMMITMENT                                  CREDIT LYONNAIS NEW YORK BRANCH,
$112,500,000                                as Atlantic Agent and as an Atlantic
                                            Bank Investor

                                            By: /s/ R. MCBRIDE
                                            ------------------
                                                Name: R. McBride
                                                Title: Director

COMMITMENT                                  BANQUE NATIONALE DE PARIS,
$15,000,000                                 as an Atlantic Bank Investor

                                            By: /s/ JOHN STACY
                                            ------------------
                                                Name: John Stacy
                                                Title: Senior Vice President

COMMITMENT                                  THE BANK OF NOVA SCOTIA, as Liberty
$153,000,000                                agent and as a Liberty Bank Investor

                                            By: /s/ RICHARD JOSEPH
                                            -----------------------
                                                Name: Richard Joseph
                                                Title:_____________________

COMMITMENT                                  ABN AMRO BANK N.V., as AFC Agent
$127,500,000                                and as an AFC Bank Investor

                                            By: /s/ S. SEAN CHEN
                                            --------------------
                                                Name: S. Sean Chen
                                                Title: Senior Vice President

                                            By: /s/ W. ROBERT POFF
                                            ----------------------
                                                Name: W. Robert Poff
                                                Title: Group Vice President

                                       82
<PAGE>

COMMITMENT                                  BANK ONE, NA (having its main office
$127,500,000                                in Chicago Illinois), as Falcon
                                            Agent and as a Falcon Bank Investor

                                            By: /S/ JULIE C. BENDA
                                            ------------------------
                                                Name: Julie C. Benda
                                                Title: Vice President

                                       83
<PAGE>
                                                                         ANNEX 1

                           CP Rate Definition for RCC

                  "CP Rate" shall mean for any CP Tranche Period, the per annum
         rate equivalent to the "weighted average cost" (as defined below)
         related to the issuance of Commercial Paper that is allocated, in whole
         or in part, to fund RCC's Net Investment (and which may also be
         allocated in part to the funding of other assets of RCC); provided,
         however, that if any component of such rate described above is a
         discount rate in calculating the CP Rate for RCC's Net Investment for
         such CP Tranche Period, the rate used to calculate such component of
         such rate shall be a rate resulting from converting such discount rate
         to an interest bearing equivalent rate per annum. As used in this
         definition, the "weighted average cost" shall consist of (A) the actual
         interest rate (or discount) paid to purchasers of Commercial Paper
         issued by RCC (other than the commissions of placement agents and
         dealers), (B) certain documentation and transaction costs associated
         with the issuance of such Commercial Paper, (C) any incremental
         carrying costs incurred with respect to Commercial Paper maturing on
         dates other than those on which corresponding funds are received by the
         related Class Agent on behalf of RCC, and (D) other borrowing by RCC
         (other than under any program support agreement), including to fund
         small or odd dollar amounts that are not easily accommodated in the
         commercial paper market.

                                       84
<PAGE>
                                                                         ANNEX 2

                          CP Rate Definition for Falcon

                  "CP Rate" shall mean for any CP Tranche Period, unless
         otherwise provided for under the Transaction Documents, the sum of (i)
         discount or yield accrued on Falcon pooled Commercial Paper during such
         Tranche Period, plus (ii) any and all accrued commissions in respect of
         placement agents and Commercial Paper dealers, and issuing and paying
         agent fees incurred, in respect of such pooled Commercial Paper for
         such Tranche Period plus (iii) other costs associated with funding
         small or odd-lot amounts with respect to all receivable purchase
         facilities which are funded by Falcon pooled Commercial Paper for such
         Tranche Period, minus (iv) any accrual of income net of expenses
         received during such Tranche Period from investment of collections
         received under all receivable purchase facilities funded substantially
         with Falcon pooled Commercial Paper, minus (v) any payment received
         during such Tranche Period net of expenses in respect of broken funding
         costs related to the prepayment of any portion of the Net Investment of
         Falcon pursuant to the terms of any receivable purchase facilities
         funded substantially with pooled Commercial Paper. In addition to the
         foregoing costs, if Seller shall request from Falcon any Incremental
         Transfer during any period of time determined by the Class Agent in its
         sole discretion to result in an incrementally higher CP Rate applicable
         to such Incremental Transfer, the Net Investment associated with any
         such Incremental Transfer shall, during such period, be deemed to be
         funded by Falcon in a special pool (which may include capital
         associated with other receivable purchase facilities) for purposes of
         determining such additional CP Rate applicable only to such special
         pool and charged each day during such period against such Net
         Investment.

                                       85
<PAGE>

                                                                         ANNEX 3

                           CP Rate Definition for AFC

                  "CP Rate" shall mean, on any day with respect to any CP
         Tranche Period, the per annum rate for any funding period (inclusive of
         dealer fees and commissions) paid or payable by AFC as interest on or
         otherwise in respect of Commercial Paper issued by AFC on the first day
         of such funding period and maturing on the last day of such funding
         period that are allocated by AFC in whole or in part, to fund or
         maintain its Net Investment for such day, as determined by AFC;
         provided, however, that if any rate so paid or payable by AFC from time
         to time as interest on or otherwise in respect of such Commercial Paper
         is a discount rate, then such rate shall be the rate resulting from
         converting such discount rate to an interest-bearing equivalent rate.

                                       86
<PAGE>
                                                                         ANNEX 4

                         CP Rate Definition for Atlantic

                  "CP Rate" shall mean for any CP Tranche Period: (a) a rate per
         annum equal to the sum of (i) the rate or, if more than one rate, the
         weighted average of the rates, determined by converting to an
         interest-bearing equivalent rate per annum the discount rate (or rates)
         at which Commercial Paper issued to fund or to maintain Atlantic's Net
         Investment, as the case may be, may be sold by any placement agent or
         commercial paper dealer selected by the Class Agent for Atlantic, as
         agreed between each such agent or dealer and such Class Agent, plus
         (ii) the commissions and charges charged by such placement agent or
         commercial paper dealer with respect to such Commercial Paper expressed
         as a percentage of such face amount and converted to an
         interest-bearing equivalent rate per annum plus (iii) any incremental
         carrying costs incurred with respect to Commercial Paper maturing on
         dates other than those on which corresponding funds are received by the
         related Class Agent on behalf of Atlantic. [Subject to Atlantic's
         review]

                                       87

<PAGE>
                                                                         ANNEX 5

                         CP Rate Definition for Liberty

                  "CP Rate" shall mean for any CP Tranche Period, the per annum
         rate equivalent to the "weighted average cost" (as defined below)
         related to the issuance of Commercial Paper that is allocated, in whole
         or in part, to fund Liberty's Net Investment (and which may also be
         allocated in part to the funding of other assets of Liberty); provided,
         however, that if any component of such rate described above is a
         discount rate in calculating the CP Rate for Liberty's Net Investment
         for such CP Tranche Period, the rate used to calculate such component
         of such rate shall be a rate resulting from converting such discount
         rate to an interest bearing equivalent rate per annum. As used in this
         definition, the "weighted average cost" shall consist of (A) the actual
         interest rate (or discount) paid to purchasers of Commercial Paper
         issued by Liberty (other than the commissions of placement agents and
         dealers), (B) certain documentation and transaction costs associated
         with the issuance of such Commercial Paper, (C) any incremental
         carrying costs incurred with respect to Commercial Paper maturing on
         dates other than those on which corresponding funds are received by the
         related Class Agent on behalf of Liberty, and (D) other borrowing byp
         Liberty (other than under any program support agreement), including to
         fund small or odd dollar amounts that are not easily accommodated in
         the commercial paper market.

                                       88EXHIBIT 10.AAb

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

                                Credit Agreement

                                      Among

                              TECH DATA CORPORATION

                                       and

                             Bank of America, N.A.,
                   as Administrative Agent, Swing Line Lender
                                       and
                        Letter of Credit Issuing Lender,

                                       and

                                  Bank One, NA,
                              As Syndication Agent,
                                       and

                                Scotiabanc, Inc.,
                             As Documentation Agent,
                                       and

                           First Union National Bank,
                                as Managing Agent
                                       and

                               The Other Financial
                            Institutions Party Hereto

                             Dated as of May 8, 2000

                                     [LOGO]

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

                         Banc of America Securities LLC,
                                       as
                       Sole Arranger and Sole Book Manager

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

         SECTION                                                                                               PAGE
         -------                                                                                               ----
<S>                   <C>                                                                                     <C>
SECTION 1.  DEFINITIONS AND ACCOUNTING TERMS......................................................................2
         1.01         Defined Terms...............................................................................2
         1.02         Use of Certain Terms.......................................................................27
         1.03         Accounting Terms...........................................................................28
         1.04         Rounding...................................................................................28
         1.05         Exhibits and Schedules.....................................................................28
         1.06         References to Agreements and Laws..........................................................28
         1.07         Currency Equivalents Generally.............................................................28
         1.08         Financial Definitions and Acquisitions.....................................................28

SECTION 2.            THE COMMITMENTS AND EXTENSIONS OF CREDIT...................................................30
         2.01         Committed Loans............................................................................30
         2.02         Borrowings, Conversions and Continuations of Committed Loans...............................30
         2.03         Competitive Loans..........................................................................32
         2.04         Letters of Credit..........................................................................37
         2.05         Swing Line Loans...........................................................................41
         2.06         Prepayments................................................................................42
         2.07         Reduction or Termination of Commitments....................................................43
         2.08         Principal and Interest.....................................................................43
         2.09         Fees.......................................................................................44
         2.10         Computation of Interest and Fees...........................................................44
         2.11         Making Payments............................................................................45
         2.12         Funding Sources............................................................................46
         2.13         Increase in Combined Commitments...........................................................46
         2.14         Obligations to Collateral Agent............................................................47

SECTION 3.            SECURITY...................................................................................49
         3.01         Facility Guaranty..........................................................................49
         3.02         Pledge Agreements..........................................................................49
         3.03         Further Assurances.........................................................................49
         3.04         Intercreditor Agreement....................................................................49

SECTION 4.            TAXES, YIELD PROTECTION AND ILLEGALITY.....................................................50
         4.01         Taxes......................................................................................50
         4.02         Illegality.................................................................................50
         4.03         Inability to Determine Rates...............................................................51
         4.04         Increased Cost and Reduced Return; Capital Adequacy........................................51
         4.05         Breakfunding Costs.........................................................................52
         4.06         Matters Applicable to all Requests for Compensation........................................52
         4.07         Survival...................................................................................53

SECTION 5.            CONDITIONS PRECEDENT TO EXTENSIONS OF CREDIT...............................................54
         5.01         Conditions of Initial Extension of Credit..................................................54
         5.02         Conditions to all Extensions of Credit.....................................................55

SECTION 6.            REPRESENTATIONS AND WARRANTIES.............................................................57
         6.01         Existence and Qualification; Power; Compliance with Laws...................................57
</TABLE>

                                      -i-

                                      A-12
<PAGE>
<TABLE>
<CAPTION>

<S>      <C>                                                                                                    <C>
         6.02         Power; Authorization; Enforceable Obligations..............................................57
         6.03         No Legal Bar...............................................................................57
         6.04         Financial Statements; No Material Adverse Effect...........................................57
         6.05         Litigation.................................................................................58
         6.06         No Default.................................................................................58
         6.07         Ownership of Property; Liens...............................................................58
         6.08         Taxes......................................................................................58
         6.09         Margin Regulations; Investment Company Act; Public Utility Holding Company Act.............58
         6.10         ERISA Compliance...........................................................................59
         6.11         Intangible Assets..........................................................................59
         6.12         Compliance With Laws.......................................................................59
         6.13         Environmental Compliance...................................................................59
         6.14         Insurance..................................................................................60
         6.15         Disclosure.................................................................................60

SECTION 7.            AFFIRMATIVE COVENANTS......................................................................61
         7.01         Financial Statements.......................................................................61
         7.02         Certificates, Notices and Other Information................................................62
         7.03         Payment of Taxes...........................................................................63
         7.04         Preservation of Existence..................................................................63
         7.05         Maintenance of Properties..................................................................63
         7.06         Maintenance of Insurance...................................................................63
         7.07         Compliance With Laws.......................................................................63
         7.08         Inspection Rights..........................................................................63
         7.09         Keeping of Records and Books of Account....................................................64
         7.10         Compliance with ERISA......................................................................64
         7.11         Compliance With Agreements.................................................................64
         7.12         Use of Proceeds............................................................................64
         7.13         New Subsidiaries...........................................................................64

SECTION 8.            NEGATIVE COVENANTS.........................................................................66
         8.01         Indebtedness...............................................................................66
         8.02         Liens and Negative Pledges.................................................................66
         8.03         Fundamental Changes........................................................................67
         8.04         Dispositions...............................................................................68
         8.05         Investments................................................................................68
         8.06         Lease Obligations..........................................................................70
         8.07         Restricted Payments........................................................................70
         8.08         ERISA......................................................................................70
         8.09         Change in Nature of Business...............................................................70
         8.10         Transactions with Affiliates...............................................................70
         8.11         Acquisitions...............................................................................70
         8.12         Limitations on Upstreaming.................................................................70
         8.13         Margin Regulations.........................................................................70
         8.14         Financial Covenants........................................................................71
         8.15         Change in Auditors.........................................................................71
         8.16         Prohibition on Prepayment of Debt..........................................................71
         8.17         Guaranty Obligations.......................................................................71

SECTION 9.            EVENTS OF DEFAULT AND REMEDIES.............................................................72
         9.01         Events of Default..........................................................................72
         9.02         Remedies Upon Event of Default.............................................................74
</TABLE>

                                      -ii-

                                      A-13
<PAGE>
<TABLE>
<CAPTION>

<S>                   <C>                                                                                       <C>
SECTION 10.           ADMINISTRATIVE AGENT.......................................................................76
         10.01        Appointment and Authorization of Administrative Agent......................................76
         10.02        Delegation of Duties.......................................................................76
         10.03        Liability of Administrative Agent..........................................................76
         10.04        Reliance by Administrative Agent...........................................................77
         10.05        Notice of Default..........................................................................77
         10.06        Credit Decision; Disclosure of Information by Administrative Agent.........................78
         10.07        Indemnification of Administrative Agent....................................................78
         10.08        Administrative Agent in Individual Capacity................................................79
         10.09        Successor Administrative Agent.............................................................79
         10.10        Co-Agents; Lead Managers...................................................................79
         10.11        Collateral Matters.........................................................................80

SECTION 11.           MISCELLANEOUS..............................................................................82
         11.01        Amendments; Consents.......................................................................82
         11.02        Transmission and Effectiveness of Communications and Signatures............................83
         11.03        Attorney Costs, Expenses and Taxes.........................................................84
         11.04        Binding Effect; Assignment.................................................................84
         11.05        Set-off....................................................................................86
         11.06        Sharing of Payments........................................................................86
         11.07        No Waiver; Cumulative Remedies.............................................................87
         11.08        Usury......................................................................................87
         11.09        Counterparts...............................................................................87
         11.10        Integration................................................................................87
         11.11        Nature of Lenders' Obligations.............................................................88
         11.12        Survival of Representations and Warranties.................................................88
         11.13        Indemnity by Borrower......................................................................88
         11.14        Nonliability of Lenders....................................................................89
         11.15        No Third Parties Benefited.................................................................90
         11.16        Severability...............................................................................90
         11.17        Confidentiality............................................................................90
         11.18        Further Assurances.........................................................................91
         11.19        Headings...................................................................................91
         11.20        Time of the Essence........................................................................91
         11.21        Foreign Lenders............................................................................91
         11.22        Removal and Replacement of Lenders.........................................................92
         11.23        Governing Law..............................................................................92
         11.24        Waiver of Right to Trial by Jury...........................................................93
         11.25        ENTIRE AGREEMENT...........................................................................93

SIGNATURES......................................................................................................S-1
</TABLE>

                                     -iii-
<PAGE>

EXHIBITS

                  FORM OF

         A-1      Request for Extension of Credit
         A-2      Request for Swing Line Loan
         B        Compliance Certificate
         C        Committed Loan Note
         D        Assignment and Acceptance
         E-1      Competitive Bid Request
         E-2      Competitive Bid
         E-3      Competitive Loan Note
         E-4      Competitive Bid Request/Administrative Agent Administered
         E-5      Competitive Bid/Administrative Agent
         F        Intercreditor Agreement
         G        Swing Line Note
         H        Opinion of Counsel
         I        Commitment Increase Agreement
         J        Added Bank Agreement
         K        Facility Guaranty

SCHEDULES

         1.01(a)  Existing Letters of Credit
         1.01(b)  Offshore Currencies
         2.01     Commitments and Pro Rata Shares
         8.01     Existing Indebtedness, Liens and Negative Pledges
         8.05     Investments
         11.02    Offshore and Domestic Lending Offices, Addresses for Notices

                                      -iv-
<PAGE>

                                CREDIT AGREEMENT

         This CREDIT AGREEMENT ("AGREEMENT") is entered into as of May 8, 2000
by and among TECH DATA CORPORATION, a Florida corporation ("BORROWER"), each
lender from time to time party hereto (collectively, "LENDERS" and individually,
a "LENDER"), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line
Lender and Issuing Lender.

                                     RECITAL

        Borrower has requested that Lenders and Issuing Lender provide a
multicurrency revolving line of credit, and Lenders, Issuing Lender and
Administrative Agent are willing to do so on the terms and conditions set forth
herein.

        In consideration of the mutual covenants and agreements herein
contained, the parties hereto covenant and agree as follows:

                                      -1-
<PAGE>

                                   SECTION 1.
                        DEFINITIONS AND ACCOUNTING TERMS

         1.01 DEFINED TERMS. As used in this Agreement, the following terms
shall have the meanings set forth below:

         "ABSOLUTE RATE" means a fixed rate of interest for a Competitive Loan
determined from an Absolute Rate Bid that has been accepted by Borrower.

         "ABSOLUTE RATE BID" has the meaning set forth in SECTION 2.03A(B) and
SECTION 2.03B(B).

         "ACQUISITION" means the acquisition of (i) a controlling equity
interest in another Person (including the purchase of an option, warrant or
convertible or similar type security to acquire such a controlling interest at
the time it becomes exercisable by the holder thereof), whether by purchase of
such equity interest or upon exercise of an option or warrant for, or conversion
of securities into, such equity interest, or (ii) assets of another Person which
constitute all or substantially all of the assets of such Person or of a line or
lines of business conducted by such Person.

         "ADDED LENDER" has the meaning set forth in SECTION 2.13(A).

         "ADMINISTRATIVE AGENT" means, (i) Bank of America, N.A., in its
capacity as administrative agent under any of the Loan Documents, or any
successor administrative agent and (ii) Bank of America, N.A., in its capacity
as Collateral Agent under the Pledge Agreements, or any successor collateral
agent.

         "ADMINISTRATIVE AGENT'S OFFICE" means Administrative Agent's address
and, as appropriate, account as set forth on SCHEDULE 11.02, or such other
address or account as Administrative Agent hereafter may designate by written
notice to Borrower and Lenders.

         "ADMINISTRATIVE AGENT-RELATED PERSONS" means Administrative Agent
(including any successor agent), together with its Affiliates (including, in the
case of Bank of America in its capacity as Administrative Agent, the Arranger)
and the Collateral Agent, and the officers, directors, employees, agents and
attorneys-in-fact of such Persons and Affiliates and Collateral Agent.

         "AFFILIATE" means any Person directly or indirectly controlling,
controlled by, or under direct or indirect common control with, another Person.
A Person shall be deemed to be "controlled by" any other Person if such other
Person possesses, directly or indirectly, power (a) to vote 10% or more of the
securities (on a fully diluted basis) having ordinary voting power for the
election of directors or managing general partners; or (b) to direct or cause
the direction of the management and policies of such Person whether by contract
or otherwise.

         "AGREEMENT" means this Credit Agreement, as amended, restated,
extended, supplemented or otherwise modified in writing from time to time.

                                      -2-
<PAGE>

         "APPLICABLE AMOUNT" means the following amounts per annum, based upon
the Debt Rating:
<TABLE>
<CAPTION>

                                APPLICABLE AMOUNT (IN BASIS POINTS PER ANNUM)
                                                                                   OFFSHORE RATE
                                                                                        AND
                               DEBT RATINGS                                         LETTERS OF
           PRICING LEVEL       S&P/MOODY'S        FACILITY FEE  UTILIZATION FEE       CREDIT         BASE RATE
           -------------- ----------------------- ------------- ---------------- ------------------ ------------
<S>              <C>           <C>                <C>           <C>               <C>               <C>
                 1             => BBB+/Baa1           15.0           12.5              22.5              0.0
                 2               BBB/Baa2             17.5           12.5              45.0              0.0
                 3              BBB-/Baa3             20.0           12.5              67.5              0.0
                 4               BB+/Ba1              25.0           12.5              87.5             50.0
                 5                BB/Ba2              37.5           25.0              112.5            75.0
                 6               BB-/Ba3              50.0           25.0              150.0           100.0
</TABLE>

         "APPLICABLE PAYMENT DATE" means, (a) as to any Offshore Rate Loan, the
last day of the relevant Interest Period, any date that such Loan is prepaid or
converted in whole or in part and the Maturity Date; PROVIDED, HOWEVER, that if
any Interest Period for an Offshore Rate Loan exceeds three months, interest
shall also be paid on the Business Day which falls every three months after the
beginning of such Interest Period; and (b) as to any other Obligations, the
first Business Day following the last Business Day of each fiscal quarter of the
Borrower and the Maturity Date; PROVIDED, FURTHER, that interest accruing at the
Default Rate shall be payable from time to time upon demand of Administrative
Agent.

         "APPLICABLE TIME" means New York time.

         "ARRANGER" means Banc of America Securities LLC, in its capacity as
sole arranger and sole book manager.

         "ASSIGNMENT AND ACCEPTANCE" means an Assignment and Acceptance
substantially in the form of EXHIBIT D.

         "ATTORNEY COSTS" means and includes all fees and disbursements of any
law firm or other external counsel and the allocated cost of internal legal
services and all disbursements of internal counsel.

         "AUDITED FINANCIAL STATEMENTS" means the audited consolidated balance
sheet of Borrower and its Subsidiaries for the fiscal year ended January 31,
2000, and the related consolidated statements of income and cash flows for such
fiscal year of Borrower.

         "BANK OF AMERICA" means Bank of America, N.A. and its successors.

         "BASE RATE" means a fluctuating rate per annum equal to the sum of (i)
the higher of (a) the Federal Funds Rate plus 1/2 of 1% or (b) the rate of
interest in effect for such day as publicly announced from time to time by Bank
of America as its "prime rate" plus (ii) the Applicable

                                      -3-
<PAGE>

Amount. The "prime rate" is a rate set by Bank of America based upon various
factors including Bank of America's costs and desired return, general economic
conditions and other factors, and is used as a reference point for pricing some
loans, which may be priced at, above, or below such announced rate. Any change
in the "prime rate" announced by Bank of America shall take effect at the
opening of business on the day specified in the public announcement of such
change.

         "BASE RATE LOAN" means a Loan made hereunder and specified to be a Base
Rate Loan in accordance with SECTION 2.

         "BORROWER" has the meaning set forth in the introductory paragraph
hereto.

         "BORROWER PARTY" means Borrower or any Person (except Lenders,
Administrative Agent and any of their respective Affiliates) from time to time
party to a Loan Document.

         "BORROWING" and "BORROW" each mean a borrowing of Loans hereunder
consisting of Loans of the same type made on the same day in the same applicable
currency and, in the case of Offshore Rate Loans, having the same Interest
Periods.

         "BUSINESS DAY" means any day other than a Saturday, Sunday or other day
on which commercial banks in New York and Florida or the local lending office of
Administrative Agent set forth in SCHEDULE 11.02 are authorized or required by
law to close, and, if the applicable Business Day relates to:

                  (a) an Obligation denominated in Dollars, any such day on
         which dealings are carried on in the applicable offshore Dollar market;

                  (b) an Obligation denominated in the euro or NCU, any such day
         which is:

                           (i) for payments or purchases of the euro or NCU, a
                  TARGET Business Day; and

                           (ii) for all other purposes, including without
                  limitation the giving and receiving of notices hereunder, a
                  TARGET Business Day on which banks are generally open for
                  business in London, Frankfurt and in any other principal
                  financial center as Administrative Agent may from time to time
                  determine for this purpose; and

                  (c) an Obligation denominated in any other Offshore Currency,
         a day on which commercial banks are open for foreign exchange business
         in London, England, and on which dealings in the relevant Offshore
         Currency are carried on in the applicable offshore foreign exchange
         interbank market in which disbursement of or payment in such Offshore
         Currency will be made or received hereunder.

         A "TARGET BUSINESS DAY" is a day when TARGET (Trans-European Automated
Real-time Gross settlement Express Transfer system), or any successor thereto,
is scheduled to be open for business.

                                      -4-
<PAGE>

         "CAPITAL LEASES" means all leases which have been or should be
capitalized in accordance with GAAP as in effect from time to time including
Statement No. 13 of the Financial Accounting Standards Board and any successor
thereof.

         "CHANGE OF CONTROL" means, with respect to Borrower, an event or series
of events by which:

         (a) any "person" or "group" (as such terms are used in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, but excluding any employee
benefit plan of Borrower or its subsidiaries, or any Person acting in its
capacity as trustee, agent or other fiduciary or administrator of any such
plan), becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under
the Securities Exchange Act of 1934, except that a person shall be deemed to
have "beneficial ownership" of all securities that such person has the right to
acquire, whether such right is exercisable immediately or only after the passage
of time), directly or indirectly, of 30% or more of the membership interests of
Borrower; or

         (b) during any period of 12 consecutive months, a majority of the
members of the board of directors or other equivalent governing body of Borrower
cease to be composed of individuals (i) who were members of that board or
equivalent governing body on the first day of such period, (ii) whose election
or nomination to that board or equivalent governing body was approved by
individuals referred to in clause (i) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing
body or (iii) whose election or nomination to that board or other equivalent
governing body was approved by individuals referred to in clauses (i) and (ii)
above constituting at the time of such election or nomination at least a
majority of that board or equivalent governing body.

         "CLOSING DATE" means the date all the conditions precedent in SECTION
5.01 are satisfied or waived in accordance with SECTION 5.01.

         "CODE" means the Internal Revenue Code of 1986, as amended from time to
time.

         "COLLATERAL" means, collectively, all property of Borrower, any
Subsidiary or any other Person in which Administrative Agent, the Collateral
Agent or any Lender is granted a Lien as security for all or any portion of the
Obligations under any Security Instrument.

         "COLLATERAL AGENT" means Bank of America, N.A., in its capacity as
collateral agent (or as otherwise denominated) under any of the Loan Documents,
or any successor collateral agent.

         "COMMITMENT" means, for each Lender, the amount set forth opposite such
Lender's name on SCHEDULE 2.01, as such amount may be reduced or adjusted from
time to time in accordance with the terms of this Agreement (collectively, the
"COMBINED COMMITMENTS").

         "COMMITTED LOAN" means a Base Rate Loan or an Offshore Rate Loan made
to Borrower by a Lender in accordance with its Pro Rata Share pursuant to
SECTION 2.01, except as otherwise provided herein.

                                      -5-
<PAGE>

         "COMMITTED LOAN NOTE" means a promissory note made by Borrower in favor
of a Lender evidencing Committed Loans made by such Lender, substantially in the
form of EXHIBIT C (collectively, the "COMMITTED LOAN NOTES").

         "COMPETITIVE BID" means a written bid delivered to Borrower or
Administrative Agent, as the case may be, to provide Competitive Loans,
substantially in the form of EXHIBIT E-2 in the case of a bid delivered to the
Borrower and EXHIBIT E-5 in the case of a bid delivered to the Administrative
Agent, duly completed and signed by a Lender.

         "COMPETITIVE BID MAXIMUM" means the maximum amount(s) a Lender is
willing to bid under a Competitive Bid for all Competitive Loans included
therein and/or individual Competitive Loans included therein.

         "COMPETITIVE BID REQUEST" means a written request substantially in the
form of EXHIBIT E-1 in the case of a Competitive Bid made under SECTION 2.03A
and EXHIBIT E-4 in the case of a Competitive Bid made under SECTION 2.03B duly
completed and signed by a Responsible Officer of Borrower and delivered by
Requisite Notice.

         "COMPETITIVE LOAN" means a Loan made by a Lender pursuant to SECTION
2.03A or SECTION 2.03B.

          "COMPETITIVE LOAN MINIMUM AMOUNT" means, with respect to each of the
following actions with respect to each type of Competitive Loan, the following
amounts set forth opposite such action under such type of Competitive Loan (a
reference to "COMPETITIVE LOAN MINIMUM AMOUNT" shall also be deemed a reference
to the multiples in excess thereof set forth on the last line below):
<TABLE>
<CAPTION>

                      MINIMUM AMOUNT FOR            ABSOLUTE RATE BIDS     OFFSHORE RATE BIDS
              ------------------------------------ ---------------------- ----------------------
<S>                                                     <C>                     <C>
              Competitive Bid Requests                  $10,000,000             $10,000,000

              Competitive Bids                           $5,000,000              $5,000,000

              Competitive Loans                          $5,000,000              $5,000,000

              With multiples in excess of above
              amounts equal to                           $1,000,000              $1,000,000
</TABLE>

         "Competitive Loan Note" means a promissory note made by Borrower in
favor of a Lender evidencing Competitive Loans made by such Lender,
substantially in the form of EXHIBIT E-3 (collectively, the "COMPETITIVE LOAN
NOTES").

         "COMPETITIVE LOAN REQUISITE TIME" means, with respect to any of the
actions listed below, the time and date set forth opposite such action:

                                      -6-
<PAGE>
<TABLE>
<CAPTION>
                     TYPE OF ACTION              APPLICABLE TIME      ABSOLUTE RATE BID            OFFSHORE RATE BID
          -------------------------------------- ---------------- --------------------------- -----------------------------
<S>                                              <C>              <C>                         <C>
          Delivery of Competitive Bid Request    12:00 Noon       1 Business Day prior to     4 Business Days prior to
                                                                  Borrowing date              Borrowing date

          Delivery of Competitive Bid            9:30 a.m.        Borrowing date              3 Business Days prior to
                                                                                              Borrowing date

          Administrative Agent notifying         10:00 a.m.       Borrowing date              3 Business Days prior to
          Borrower of Competitive Bids                                                        Borrowing date
          received if SECTION 2.03(B) is
          applicable

          Borrower's acceptance of Competitive   10:30 a.m.       Borrowing date              3 Business Days prior to
          Bids                                                                                Borrowing date
</TABLE>

         "COMPETITIVE LOAN SUBLIMIT" means an amount equal to the lesser of (a)
the combined Commitments and (b) $50,000,000. The Competitive Loan Sublimit is
part of, and not in addition to, the combined Commitments.

         "COMPLIANCE CERTIFICATE" means a certificate substantially in the form
of EXHIBIT B, properly completed and signed by a Responsible Officer of
Borrower.

         "CONSOLIDATED CURRENT ASSETS" means cash and all other assets of
Borrower and its Subsidiaries, including accounts receivables whether or not
assigned under the Trade Receivable Purchase Facility, which are expected to be
realized in cash, sold in the ordinary course of business, or consumed within
one year or which otherwise would be classified as a current asset.

         "CONSOLIDATED CURRENT LIABILITIES" means the sum of, without
duplication, (a) all liabilities of Borrower and its Subsidiaries which by their
terms are payable within one year (including all Indebtedness payable on demand
or maturing not more than one year from the date of computation and the current
portion of Indebtedness having a maturity date in excess of one year), (b) all
Outstanding Obligations and (c) all obligations arising under the Transfer and
Administration Agreement.

         "CONSOLIDATED CURRENT RATIO" means, as of any date of determination,
for Borrower and its Subsidiaries on a consolidated basis, the ratio of (a)
Consolidated Current Assets as of such date to (b) Consolidated Current
Liabilities as of such date.

         "CONSOLIDATED EBITDA" means, for any period, for Borrower and its
Subsidiaries on a consolidated basis, an amount equal to the sum of (a)
Consolidated Net Income, (b) Consolidated Interest Charges, (c) the amount of
taxes, based on or measured by income, used or included in the determination of
such Consolidated Net Income, and (d) the amount of depreciation and
amortization expense deducted in determining such Consolidated Net Income;
provided, however, Consolidated EBITDA shall be subject to adjustment pursuant
to SECTION 1.08.

                                      -7-
<PAGE>

         "CONSOLIDATED FUNDED INDEBTEDNESS" means, as of any date of
determination, for Borrower and its Subsidiaries on a consolidated basis, the
sum of (a) the outstanding principal amount of all obligations and liabilities,
whether current or long-term, for borrowed money (including Obligations
hereunder), (b) Letter of Credit Usage, (c) the purchase price of Eligible
Receivables (as defined in the Transfer and Administration Agreement) sold
pursuant to the Trade Receivables Purchase Facility, (d) that portion of
obligations with respect to capital leases that are capitalized in the
consolidated balance sheet of Borrower and its Subsidiaries, and (e) without
duplication, all Guaranty Obligations with respect to Indebtedness of the type
specified in subsections (a) and (d) above of Persons other than Borrower or any
Subsidiary.

         "CONSOLIDATED INTEREST CHARGES" means, for any period, for Borrower and
its Subsidiaries on a consolidated basis, the sum of (a) all interest, premium
payments, fees, charges and related expenses of Borrower and its Subsidiaries in
connection with borrowed money (including, without limitation, capitalized
interest and dealer and program fees payable under the Transfer and
Administration Agreement and fees payable in respect of a Swap Contract) or in
connection with the deferred purchase price of assets, in each case to the
extent treated as interest in accordance with GAAP, and (b) the portion of rent
expense of Borrower and its Subsidiaries with respect to such period under
capital leases that is treated as interest in accordance with GAAP; provided,
however, Consolidated Interest Charges shall be adjusted pursuant to SECTION
1.08(B).

         "CONSOLIDATED NET INCOME" means the gross revenues of Borrower and its
Subsidiaries less all operating and non-operating expenses of Borrower and its
Subsidiaries, plus or minus minority interest of a Person, including taxes on
income, but excluding as income: (i) gains or losses on the sale, conversion or
other disposition of capital assets, (ii) gains or losses on the acquisition,
retirement, sale or other disposition of capital stock and other securities of
Borrower or any Subsidiary, (iii) gains or losses on the collection of proceeds
of life insurance policies, (iv) any write-up of any asset, (v) any gain or loss
arising by reason of any foreign exchange transaction adjustment and (vi) any
other gain or loss or credit of an extraordinary nature as determined in
accordance with GAAP.

         "CONSOLIDATED RENTAL EXPENSE" means, for any period, for Borrower and
its Subsidiaries on a consolidated basis, the gross amount of all lease or
rental expense, whether or not characterized as rent, (including all payments
under the TDC TROL other than loan and holder payments representing a return of
principal) excluding payments in respect of Capital Leases constituting
Indebtedness; PROVIDED, HOWEVER, Consolidated Rental Expense shall be adjusted
pursuant to SECTION 1.08(B).

         "CONSOLIDATED RENTAL EXPENSE RATIO" means, as of any date of
determination, for Borrower and its Subsidiaries on a consolidated basis, the
ratio of (a) the sum of Consolidated EBITDA plus Consolidated Rental Expense for
the period of the four fiscal quarters ending on such date to (b) the sum of
Consolidated Interest Charges plus Consolidated Rental Expense for the period of
four fiscal quarters ending on (or immediately preceding) such date.

         "CONSOLIDATED SENIOR INDEBTEDNESS" means Consolidated Funded
Indebtedness minus Consolidated Subordinated Indebtedness.

                                      -8-
<PAGE>

         "CONSOLIDATED SENIOR LEVERAGE RATIO" means, as of any date of
determination, for Borrower and its Subsidiaries on a consolidated basis, the
ratio of (a) Consolidated Senior Indebtedness as of such date to (b)
Consolidated EBITDA for the period of the four fiscal quarters ending on (or
immediately preceding) such date.

         "CONSOLIDATED SHAREHOLDERS' EQUITY" means, as of any date of
determination, for Borrower and its Subsidiaries on a consolidated basis,
shareholders' equity as of that date determined in accordance with GAAP.

         "CONSOLIDATED SUBORDINATED INDEBTEDNESS" means Consolidated Funded
Indebtedness which is subordinated to the Obligations on terms acceptable to the
Administrative Agent.

         "CONSOLIDATED TOTAL LEVERAGE RATIO" means, as of any date of
determination, for Borrower and its Subsidiaries on a consolidated basis, the
ratio of (a) Consolidated Funded Indebtedness as of such date to (b)
Consolidated EBITDA for the period of the four fiscal quarters ending on such
date.

         "CONTINUATION" and "CONTINUE" mean, with respect to any Offshore Rate
Loan, the continuation of such Offshore Rate Loan as an Offshore Rate Loan on
the last day of the Interest Period for such Loan.

         "CONTRACTUAL OBLIGATION" means, as to any Person, any provision of any
security issued by such Person or of any agreement, instrument or undertaking to
which such Person is a party or by which it or any of its property is bound.

         "CONVERSION" and "CONVERT" mean, with respect to any Loan, the
conversion of such Loan from or into another type of Loan.

         "COST OF ACQUISITION" means the sum of (a) the market value, as of the
date of entering into any agreement to acquire any Person, of the assets and/or
capital stock or warrant or option to be transferred in connection therewith,
(b) the amount of cash and the face amount of any debt instrument given as
consideration and (c) any Indebtedness assumed (or taken subject to) by Borrower
or its Subsidiaries in connection with such Acquisition.

         "CURRENCY SETTLEMENT DATE" means (a) with respect to any Extension of
Credit, the date such Extension of Credit is made, and (b) with respect to
Outstanding Obligations denominated in an Offshore Currency, any Applicable
Payment Date relevant thereto or, subject to SECTION 2.02(C), any additional and
more frequent dates as Administrative Agent may, in its sole discretion or at
the direction of the Requisite Lenders, select from time to time.

         "DEBT RATING" means, as of any date of determination, the rating as
determined by S&P and Moody's (collectively, the "DEBT RATINGS") of

                  (a)      Borrower's senior unsecured long-term debt;

                  (b) if the foregoing debt is not outstanding, then the rating
         of this credit facility or the implied rating of Borrower's senior
         unsecured debt securities, PROVIDED THAT if both ratings in this clause
         (b) are available, then both shall apply; or

                                      -9-
<PAGE>

                  (c) if neither (a) nor (b) applies, then the rating of
         long-term debt issued by an equipment trust guaranteed by Borrower;

         PROVIDED THAT (i) if a Debt Rating is issued by each of the foregoing
         rating agencies, then the higher of such Debt Ratings shall apply (with
         Pricing Level 1 being the highest and Pricing Level 6 being the
         lowest), unless there is a split in Debt Ratings of more than one
         level, in which case the average of the two Debt Ratings (or the higher
         of any two intermediate Debt Ratings) shall apply; (ii) initially, the
         Debt Ratings shall be determined from the certificate delivered
         pursuant to SECTION 5.01(A)(VIII); (iii) thereafter, the Debt Ratings
         shall be determined from the most recent public announcement of any
         changes in the Debt Ratings; and (iv) any change in the Applicable
         Amount shall become effective on and as of the date of any public
         announcement by a rating agency of any Debt Rating that indicates a
         different Applicable Amount in accordance with this definition and the
         above chart set forth under the definition of "Applicable Amount".

         "DEBTOR RELIEF LAWS" means the Bankruptcy Code of the United States of
America, and all other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization, or similar debtor relief Laws of the United States of America or
other applicable jurisdictions from time to time in effect affecting the rights
of creditors generally.

         "DEFAULT" means any event, act or condition that, with the giving of
any notice, the passage of time, or both, would be an Event of Default.

         "DEFAULT RATE" means an interest rate equal to the Base Rate PLUS the
Applicable Amount, if any, applicable to Base Rate Loans PLUS 2% per annum;
PROVIDED, HOWEVER, that with respect to an Offshore Rate Loan, the Default Rate
shall be an interest rate equal to the interest rate (including any Applicable
Amount) otherwise applicable to such Loan plus 2% per annum, in each case to the
fullest extent permitted by applicable Laws.

         "DIRECT FOREIGN SUBSIDIARY" means a Subsidiary other than a Domestic
Subsidiary a majority of the shares of securities or other interests having
ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the
happening of a contingency) are at the time beneficially owned, or the
management of which is otherwise controlled, directly by Borrower or a Domestic
Subsidiary.

         "DISPOSITION" or "DISPOSE" means the sale, transfer, license or other
disposition (including any sale and leaseback transaction) of any property by
any Person, including any sale, assignment, transfer or other disposal with or
without recourse of any notes or accounts receivable or any rights and claims
associated therewith.

         "DOLLAR" and "$" means lawful money of the United States of America.

         "DOMESTIC SUBSIDIARY" means any Subsidiary of Borrower organized under
the laws of the United States of America, any state or territory thereof or the
District of Columbia.

                                      -10-
<PAGE>

         "ELIGIBLE ASSIGNEE" means (a) a financial institution organized under
the laws of the United States, or any state thereof, and having a combined
capital and surplus of at least $100,000,000; (b) a commercial bank organized
under the laws of any other country which is a member of the Organization for
Economic Cooperation and Development, or a political subdivision of any such
country, and having a combined capital and surplus of at least $100,000,000,
PROVIDED that such bank is acting through a branch or agency located in the
United States; (c) a Person that is primarily engaged in the business of
commercial banking and that is (i) a Subsidiary of a Lender, (ii) a Subsidiary
of a Person of which a Lender is a Subsidiary, or (iii) a Person of which a
Lender is a Subsidiary; (d) another Lender; (e) any other entity which is an
"accredited investor" (as defined in Regulation D under the Securities Act of
1933, as amended) which extends credit or buys loans as one of its businesses,
including but not limited to, insurance companies, mutual funds and lease
financing companies; or (f) other lenders or institutional investors consented
to in writing in advance by Administrative Agent and Borrower. No Borrower Party
or any Affiliate of a Borrower Party shall be an Eligible Assignee.

         "ENVIRONMENTAL LAWS" means all Laws relating to environmental, health,
safety and land use matters applicable to any property.

         "EQUIVALENT AMOUNT" means, as of any Currency Settlement Date, the
amount determined by Administrative Agent by reference to the following table:

<TABLE>
<CAPTION>

                IF THE NOTIONAL AMOUNT IS     THE EQUIVALENT AMOUNT IN           THE EQUIVALENT AMOUNT IN SUCH OFFSHORE
                     DENOMINATED IN:                 DOLLARS IS:                               CURRENCY IS:
               ----------------------------- ----------------------------------- ----------------------------------------
<S>                                          <C>                                 <C>
                                                                                 The amount of such Offshore Currency
                                                                                 that can be purchased with Dollars at
                         Dollars                        Such amount              the Spot Rate for delivery on such
                                                                                 Currency Settlement Date

               ----------------------------- ----------------------------------- ----------------------------------------
                                             The amount of Dollars that can be
                                             purchased with such Offshore
                   An Offshore Currency      Currency at the Spot Rate for
                                             delivery on such Currency                         Such amount
                                             Settlement Date
</TABLE>

         "ERISA" means the Employee Retirement Income Security Act of 1974 and
any regulations issued pursuant thereto, as amended from time to time.

         "ERISA AFFILIATE" means any trade or business (whether or not
incorporated) under common control with Borrower within the meaning of Sections
414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes
of provisions relating to Section 412 of the Code).

         "ERISA EVENT" means (a) a Reportable Event with respect to a Pension
Plan; (b) a withdrawal by Borrower or any ERISA Affiliate from a Pension Plan
subject to Section 4063 of ERISA during a plan year in which it was a
substantial employer (as defined in Section

                                      -11-
<PAGE>

4001(a)(2) of ERISA) or a cessation of operations that is treated as such a
withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal
by Borrower or any ERISA Affiliate from a Multiemployer Plan or notification
that a Multiemployer Plan is in reorganization; (d) the filing of a notice of
intent to terminate, the treatment of a Plan amendment as a termination under
Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC
to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition
which might reasonably be expected to constitute grounds under Section 4042 of
ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under
Title IV of ERISA, other than PBGC premiums due but not delinquent under Section
4007 of ERISA, upon Borrower or any ERISA Affiliate.

         "EURO" means the single currency of Participating Member States.

         "EURO TRANSITION CUTOFF DATE" means December 31, 2001, or such other
date as may be established by EMU Legislation.

         "EVENT OF DEFAULT" means any of the events specified in SECTION 9.

         "EXISTING CREDIT FACILITY" means that certain Revolving Credit and
Reimbursement Agreement dated as of August 28, 1997 among Borrower, Bank of
America, N.A., as agent and a syndicate of lenders.

         "EXISTING LETTERS OF CREDIT" means those Letters of Credit described on
SCHEDULE 1.01(A).

         "EXTENSION OF CREDIT" means (a) a Borrowing, Conversion or Continuation
of Loans and (b) a Letter of Credit Action wherein a new Letter of Credit is
issued or which has the effect of increasing the amount of, extending the
maturity of, or making a material modification to an outstanding Letter of
Credit or the reimbursement of drawings thereunder (collectively, the
"EXTENSIONS OF CREDIT").

         "FACILITY GUARANTY" means, collectively or individually as the context
may require, each Guaranty Agreement between one or more Guarantors and
Administrative Agent for the benefit of Administrative Agent and the Lenders,
delivered as of the Closing Date and otherwise pursuant to SECTION 7.13, in each
case as hereafter amended, modified, supplemented or amended and restated from
time to time.

         "FEDERAL FUNDS RATE" means, for any day, the rate per annum (rounded
upwards to the nearest 1/100 of 1%) equal to the weighted average of the rates
on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers on such day, as published by the
Federal Reserve Bank on the Business Day next succeeding such day; PROVIDED that
(a) if such day is not a Business Day, the Federal Funds Rate for such day shall
be such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such
day shall be the average rate charged to Bank of America on such day on such
transactions as determined by Administrative Agent.

         "FOREIGN SUBSIDIARY" means any Subsidiary which is not a Domestic
Subsidiary.

                                      -12-
<PAGE>

         "GAAP" means generally accepted accounting principles as in effect in
the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or
such other principles as may be approved by a significant segment of the
accounting profession, that are applicable to the circumstances as of the date
of determination, consistently applied. If at any time any change in GAAP would
affect the computation of any financial ratio or requirement set forth in any
Loan Document, and either Borrower or Requisite Lenders shall so request,
Administrative Agent, Lenders and Borrower shall negotiate in good faith to
amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of Requisite Lenders), provided
that, until so amended, (a) such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein and (b) Borrower
shall provide to Administrative Agent and Lenders financial statements and other
documents required under this Agreement or as reasonably requested hereunder
setting forth a reconciliation between calculations of such ratio or requirement
made before and after giving effect to such change in GAAP.

         "GOVERNMENTAL AUTHORITY" means (a) any international, foreign, federal,
state, county or municipal government, or political subdivision thereof, (b) any
governmental or quasi-governmental agency, authority, board, bureau, commission,
department, instrumentality, central bank or public body, or (c) any court,
administrative tribunal or public utility.

         "GUARANTORS" means, at any date, the Domestic Subsidiaries who are
required to be parties to a Facility Guaranty at such date.

         "GUARANTY OBLIGATION" means, as to any Person, any (a) guaranty by such
Person of Indebtedness of, or other obligation payable or performable by, any
other Person or (b) assurance, agreement, letter of responsibility, letter of
awareness, undertaking or arrangement given by such Person to an obligee of any
other Person with respect to the payment or performance of an obligation by, or
the financial condition of, such other Person, whether direct, indirect or
contingent, including any purchase or repurchase agreement covering such
obligation or any collateral security therefor, any agreement to provide funds
(by means of loans, capital contributions or otherwise) to such other Person,
any agreement to support the solvency or level of any balance sheet item of such
other Person or any "keep-well" or other arrangement of whatever nature given
for the purpose of assuring or holding harmless such obligee against loss with
respect to any obligation of such other Person; PROVIDED, HOWEVER, that the term
Guaranty Obligation shall not include endorsements of instruments for deposit or
collection in the ordinary course of business or a guaranty of obligations of a
customer of Borrower or its Subsidiaries which doesn't constitute Indebtedness
under the definition of "Indebtedness". The amount of any Guaranty Obligation
shall be deemed to be an amount equal to the stated or determinable amount of
the related primary obligation, or portion thereof, covered by such Guaranty
Obligation or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof as determined by the Person in good faith.

         "INCREASED COMMITMENT DATE" has the meaning set forth in SECTION
2.13(B).

         "INCREASING LENDER" has the meaning set forth in SECTION 2.13(A).

                                      -13-
<PAGE>

         "INDEBTEDNESS" means, as to any Person at a particular time, without
duplication, all of the following:

                  (a) all obligations of such Person for borrowed money and all
         obligations of such Person evidenced by bonds, debentures, notes or
         other similar instruments;

                  (b) any direct or contingent obligations of such Person
         arising under letters of credit (including standby and commercial),
         banker's acceptances, bank guaranties, surety bonds and similar
         instruments;

                  (c) net obligations under any Swap Contract in an amount equal
         to (i) if such Swap Contract has been closed out, the termination value
         thereof, or (ii) if such Swap Contract has not been closed out, the
         mark-to-market value thereof determined on the basis of readily
         available quotations provided by any recognized dealer, Bloomberg or
         similar service in such Swap Contract;

                  (d) whether or not so included as liabilities in accordance
         with GAAP, all obligations of such Person to pay the deferred purchase
         price of property or services, and indebtedness (excluding prepaid
         interest thereon) secured by a Lien on property owned or being
         purchased by such Person (including indebtedness arising under
         conditional sales or other title retention agreements), whether or not
         such indebtedness shall have been assumed by such Person or is limited
         in recourse;

                  (e) lease payment obligations under capital leases;

                  (f) the purchase price of Eligible Receivables (as defined in
         the Transfer and Administration Agreement) sold pursuant to the Trade
         Receivables Purchase Facility; and

                  (g) all Guaranty Obligations of such Person in respect of any
         of the foregoing.

         For all purposes of this Agreement, the Indebtedness of any Person
shall include the Indebtedness of any partnership or joint venture in which such
Person is a general partner or a joint venturer, unless such Indebtedness is
expressly made non-recourse to such Person except for customary exceptions
acceptable to Requisite Lenders. The term "Indebtedness" shall not include the
TDC TROL, payroll indebtedness, and trade indebtedness or guaranty thereof
incurred in the ordinary course of business (including trade indebtedness
through financial intermediaries) provided such trade indebtedness has a
maturity of less than one year, capital stock, surplus and retained earnings,
minority interests in the stock of Subsidiaries, other operating lease
obligations, reserves for deferred taxes and investment credits, and deferred
compensation obligations.

         "INDEMNIFIED LIABILITIES" has the meaning set forth in SECTION 11.13.

         "INDEMNITEES" has the meaning set forth in SECTION 11.13.

         "INTERCREDITOR AGREEMENT" means one or more Intercreditor Agreements
substantially in the form of EXHIBIT F attached hereto among the Borrower, the
Administrative Agent, agents for Senior Parity Debt Holders or Senior Parity
Debt Holders, all as provided for in SECTION 3.04.

                                      -14-
<PAGE>

         "INTEREST PERIOD" means:

         (a) for each Offshore Rate Loan, (i) initially, the period commencing
on the date such Offshore Rate Loan is disbursed or Continued or Converted into
such Offshore Rate Loan and (ii) thereafter, the period commencing on the last
day of the preceding Interest Period, and ending, in each case, on the earlier
of (x) the scheduled Maturity Date, or (y) one, two, three or six months
thereafter; PROVIDED that:

                  (A) any Interest Period that would otherwise end on a day that
         is not a Business Day shall be extended to the next succeeding Business
         Day unless such Business Day falls in another calendar month, in which
         case such Interest Period shall end on the next preceding Business Day;

                  (B) any Interest Period which begins on the last Business Day
         of a calendar month (or on a day for which there is no numerically
         corresponding day in the calendar month at the end of such Interest
         Period) shall end on the last Business Day of the calendar month at the
         end of such Interest Period; and

                  (C) unless Administrative Agent otherwise consents, there may
         not be more than 16 Interest Periods for Offshore Rate Loans in effect
         at any time; and

         (b) for each Competitive Loan, the period from the date of disbursement
of such Loan to the maturity date of such Loan as determined in accordance with
the requirements of SECTION 2.03A or SECTION 2.03B, as the case may be.

         "INVESTMENT" means, as to any Person, any acquisition or any investment
by such Person, whether by means of the purchase or other acquisition of stock
or other securities of any other Person or by means of a loan, creating a debt,
capital contribution, guaranty or other debt or equity participation or interest
in any other Person, including any partnership and joint venture interests in
such other Person. For purposes of covenant compliance, the amount of any
Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment.

         "IRS" means the United States Internal Revenue Service.

         "ISSUING LENDER" means Bank of America, or any successor issuing lender
hereunder.

         "LAWS" or "LAW" means all international, foreign, federal, state and
local statutes, treaties, rules, regulations, ordinances, codes and
administrative or judicial precedents or authorities, including the
interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, directed duties, requests, licenses,
authorizations and permits of, and agreements with, any Governmental Authority,
in each case whether or not having the force of law.

         "LENDER" means each lender from time to time party hereto and, as the
context requires, Swing Line Lender and Issuing Lender.

                                      -15-
<PAGE>

         "LENDING OFFICE" means, as to any Lender, the office or offices of such
Lender described as such on SCHEDULE 11.02, or such other office or offices as a
Lender may from time to time notify Administrative Agent.

         "LETTER OF CREDIT" means any standby letter of credit issued or
outstanding hereunder including the Existing Letters of Credit. A Letter of
Credit may be a performance letter of credit or a financial letter of credit.

         "LETTER OF CREDIT ACTION" means the issuance, supplement, amendment,
renewal, extension, modification or other action relating to a Letter of Credit
hereunder.

         "LETTER OF CREDIT APPLICATION" means an application for a Letter of
Credit Action from time to time in use by Issuing Lender.

         "LETTER OF CREDIT CASH COLLATERAL ACCOUNT" means a blocked deposit
account at Bank of America in which Borrower hereby grants a security interest
to Bank of America as security for Letter of Credit Usage and with respect to
which Borrower agrees to execute and deliver from time to time such
documentation as Administrative Agent or Bank of America may reasonably request
to further assure and confirm such security interest.

         "LETTER OF CREDIT SUBLIMIT" means an amount equal to the lesser of (a)
$125,000,000 and (b) the combined Commitments. The Letter of Credit Sublimit is
part of, and not in addition to, the combined Commitments.

         "LETTER OF CREDIT USAGE" means, as at any date of determination, the
aggregate undrawn face amount of outstanding Letters of Credit plus the
aggregate amount of all drawings under the Letters of Credit not reimbursed by
Borrower or converted into Committed Loans.

         "LIEN" means any mortgage, pledge, hypothecation, assignment, deposit
arrangement (in the nature of compensating balances, cash collateral accounts or
security interests), encumbrance, lien (statutory or other), charge, or
preference, priority or other security interest or preferential arrangement of
any kind or nature whatsoever (including any conditional sale or other title
retention agreement, any financing lease having substantially the same economic
effect as any of the foregoing, and the filing of any financing statement under
the Uniform Commercial Code or comparable Laws of any jurisdiction), including
the interest of a purchaser of accounts receivable.

         "LOAN" means any advance made by any Lender to Borrower as provided in
SECTION 2 (collectively, the "LOANS").

         "LOAN DOCUMENTS" means this Agreement and each Note, each Letter of
Credit Application, each Request for Extension of Credit, each Compliance
Certificate, each Facility Guaranty, the Intercreditor Agreement, each Security
Instrument, each certificate, each fee letter, and each other instrument,
document and agreement from time to time delivered in connection with this
Agreement or the transactions contemplated herein.

         "MATERIAL ADVERSE EFFECT" means any set of circumstances or events
which (a) has or could reasonably be expected to have any material adverse
effect whatsoever upon the validity or

                                      -16-
<PAGE>

enforceability of any Loan Document or the rights and remedies of the
Administrative Agent and the Lenders thereunder, (b) is or could reasonably be
expected to be material and adverse to the condition (financial or otherwise),
business, assets, operations or prospects of Borrower and its Subsidiaries taken
as a whole, or (c) materially impairs or could reasonably be expected to
materially impair the ability of any Borrower Party to perform the Obligations.

         "MATURITY DATE" means (a) May 7, 2003 or (b) such earlier date upon
which the combined Commitments may be terminated in accordance with the terms of
this Agreement.

         "MINIMUM AMOUNT" means, with respect to each of the following actions,
the minimum amount and any multiples in excess thereof set forth opposite such
action:
<TABLE>
<CAPTION>
               TYPE OF ACTION                            MINIMUM AMOUNT               MULTIPLES IN EXCESS THEREOF
--------------------------------------------- ------------------------------------- --------------------------------
<S>                                                        <C>                                    <C>
Borrowing or prepayment of, or Conversion                  $5,000,000                             $100,000
into, Base Rate Loans
--------------------------------------------- ------------------------------------- --------------------------------
Borrowing, prepayment or Continuation of,                  $5,000,000                           $1,000,000
or Conversion into, Dollar-denominated
Offshore Rate Loans
--------------------------------------------- ------------------------------------- --------------------------------
Borrowing, prepayment or Continuation of,     Equivalent Amount of $1,000,000                    None
or Conversion into, Offshore Currency Loans
--------------------------------------------- ------------------------------------- --------------------------------
Borrowing or prepayment of, Swing Line Loans                 $250,000                            None
--------------------------------------------- ------------------------------------- --------------------------------
Letter of Credit Action                       $100,000 or for Letters of Credit                  None
                                              denominated in Offshore Currency,
                                              the lesser of (a) Equivalent Amount
                                              of $100,000 and (b) 500,000 units
                                              of Offshore Currency
--------------------------------------------- ------------------------------------- --------------------------------
Reduction in Commitments                                  $10,000,000                          $1,000,000
--------------------------------------------- ------------------------------------- --------------------------------
Assignments                                               $10,000,000                            None

Increase in combined Commitments                          $15,000,000                         $1,000,000
</TABLE>

         "MOODY'S" means Moody's Investors Service, Inc.

         "MULTIEMPLOYER PLAN" means any employee benefit plan of the type
described in Section 4001(a)(3) of ERISA.

         "NCU" means the national currency unit (other than the euro) of a
Participating Member State. From and after the Euro Transition Cutoff Date, all
references to NCU shall mean instead the euro.

                                      -17-
<PAGE>

         "NEGATIVE PLEDGE" means a Contractual Obligation that restricts Liens
on property.

         "NO LOAN DATE" means any Business Day on which (a) there are no
Outstanding Obligations and (b) no Request for Extension of Credit is pending or
deemed pending.

         "NOTES" means, collectively, the Committed Loan Notes, the Competitive
Loan Notes and the Swing Line Note.

         "OBLIGATIONS" means all advances to, and debts, liabilities,
obligations, covenants and duties of, any Borrower Party arising under any Loan
Document or Qualifying Swap Contract, whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now
existing or hereafter arising and including interest that accrues after the
commencement of any proceeding under any Debtor Relief Laws by or against any
Borrower Party or any Subsidiary of any Borrower Party.

         "OFFSHORE BASE RATE" has the meaning set forth in the definition of
Offshore Rate.

         "OFFSHORE CURRENCY" means those currencies listed on SCHEDULE 1.01(B),
subject to the limitations set forth therein, any additional currency permitted
in accordance with SECTION 2.02(E) and, prior to the Euro Transition Cutoff
Date, NCU's of a Participating Member State. From and after Euro Transition
Cutoff Date, Loans denominated in an NCU shall be automatically redenominated
into the euro as of the close of business on such date at the applicable rate
adopted and irrevocably fixed by the European Council (in accordance with
Article 109l(4) of the Treaty on European Union) on December 31, 1998 as the
official exchange rate between the euro and such NCU.

         "OFFSHORE CURRENCY LOAN" means any Offshore Rate Loan denominated in an
Offshore Currency.

         "OFFSHORE CURRENCY SUBLIMIT" means the Equivalent Amount of the
combined Commitments.

         "OFFSHORE MARGIN BID" has the meaning set forth in SECTION 2.03A(B) and
SECTION 2.03B(B).

         "OFFSHORE RATE" means for any Interest Period with respect to any
Offshore Rate Loan, a rate per annum determined by Administrative Agent pursuant
to the following formula:

                  Offshore Rate  =                OFFSHORE BASE RATE
                                         ------------------------------------
                                         1.00 - Eurodollar Reserve Percentage

                  Where,

                  "OFFSHORE BASE RATE" means, for such Interest Period:

                  (a) the rate per annum equal to the rate determined by
         Administrative Agent (or a Lender, as provided in SECTION 2.03A(H))to
         be the offered rate that appears on the page of the Telerate (formerly
         known as Dow Jones Markets) screen that displays an

                                      -18-
<PAGE>

         average British Bankers Association Interest Settlement Rate for
         deposits in the applicable currency (for delivery on the first day of
         such Interest Period) with a term equivalent to such Interest Period,
         determined as of approximately 11:00 a.m. (London time) two Business
         Days prior to the first day of such Interest Period, or

                  (b) in the event the rate referenced in the preceding
         subsection (a) does not appear on such page or service or such page or
         service shall cease to be available, the rate per annum equal to the
         rate determined by Administrative Agent to be the offered rate on such
         other page or other service that displays an average British Bankers
         Association Interest Settlement Rate for deposits in the applicable
         currency (for delivery on the first day of such Interest Period) with a
         term equivalent to such Interest Period, determined as of approximately
         11:00 a.m. (London time) two Business Days prior to the first day of
         such Interest Period, or

                  (c) in the event the rates referenced in the preceding
         subsections (a) and (b) are not available, the rate per annum
         determined by Administrative Agent as the rate of interest (rounded
         upward to the next 1/100th of 1%) at which deposits in the applicable
         currency for delivery on the first day of such Interest Period in same
         day funds in the approximate amount of the Offshore Rate Loan being
         made, Continued or Converted by Administrative Agent (or its Affiliate)
         in its capacity as a Lender and with a term equivalent to such Interest
         Period would be offered by Bank of America's London Branch to major
         banks in the offshore Dollar market at their request at approximately
         11:00 a.m. (London time) two Business Days prior to the first day of
         such Interest Period.

                  "EURODOLLAR RESERVE PERCENTAGE" means, for any day during any
         Interest Period, the reserve percentage (expressed as a decimal,
         rounded upward to the next 1/100th of 1%) in effect on such day,
         whether or not applicable to any Lender, under regulations issued from
         time to time by the Board of Governors of the Federal Reserve System
         for determining the maximum reserve requirement (including any
         emergency, supplemental or other marginal reserve requirement) with
         respect to Eurocurrency funding (currently referred to as "Eurocurrency
         liabilities"). The Offshore Rate for each outstanding Offshore Rate
         Loan shall be adjusted automatically as of the effective date of any
         change in the Eurodollar Reserve Percentage.

                  The determination of the Eurodollar Reserve Percentage and the
         Offshore Base Rate by Administrative Agent shall be conclusive in the
         absence of manifest error.

         "OFFSHORE RATE LOAN" means a Loan bearing interest based on the
Offshore Rate, which may be denominated in U.S. Dollars or an Offshore Currency.
Offshore Rate Loans include Offshore Currency Loans.

         "ORDINARY COURSE LIENS" means Liens permitted under subsections (c)
through (h) of SECTION 8.02.

         "ORDINARY COURSE SWAP OBLIGATIONS" means all obligations (contingent or
otherwise) of Borrower or any Subsidiary existing or arising under any Swap
Contract, provided that each of the following criteria is satisfied: (a) such
obligations are (or were) entered into by such Person

                                      -19-
<PAGE>

in the ordinary course of business for the purpose of directly mitigating risks
associated with liabilities, commitments, investments, assets, or property held
or reasonably anticipated by such Person, or changes in the value of securities
issued by such Person and not for purposes of speculation or taking a "market
view;" and (b) such Swap Contracts do not contain any provision ("walk-away"
provision) exonerating the non-defaulting party from its obligation to make
payments on outstanding transactions to the defaulting party.

         "ORGANIZATION DOCUMENTS" means, (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws; (b) with respect to
any limited liability company, the articles of formation and operating
agreement; and (c) with respect to any partnership, joint venture, trust or
other form of business entity, the partnership or joint venture agreement and
any agreement, instrument, filing or notice with respect thereto filed in
connection with its formation with the secretary of state or other department in
the state of its formation, in each case as amended from time to time.

         "OUTSTANDING OBLIGATIONS" means, as of any date, and giving effect to
making any Extensions of Credit requested on such date and all payments,
repayments and prepayments made on such date, (a) when reference is made to all
Lenders, the sum of (i) the aggregate outstanding principal amount of all Loans
and (ii) all Letter of Credit Usage, and (b) when reference is made to one
Lender, the sum of (i) the aggregate outstanding principal amount of all Loans
made by such Lender (excluding, in the case of Swing Line Lender, its Swing Line
Loans except to the extent not risk participated as provided in clause (iii)
below), (ii) such Lender's ratable risk participation in all Letter of Credit
Usage, and (iii) such Lender's ratable risk participation in all outstanding
Swing Line Loans.

         "OVERNIGHT RATE" means, for any day, (a) with respect to payments in
Dollars, the Federal Funds Rate and (b) with respect to payments in Offshore
Currencies, the rate of interest per annum at which overnight deposits in the
applicable Offshore Currency, in an amount approximately equal to the amount
with respect to which such rate is being determined, would be offered for such
day by Bank of America's principal office in London to major banks in the London
or other applicable offshore interbank market.

         "PARTICIPATING MEMBER STATE" means each country which from time to time
becomes a Participating Member State as described in EMU Legislation.

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

         "PENSION PLAN" means any "employee pension benefit plan" (as such term
is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is
subject to Title IV of ERISA and is sponsored or maintained by Borrower or any
ERISA Affiliate or to which Borrower or any ERISA Affiliate contributes or has
an obligation to contribute, or in the case of a multiple employer plan (as
described in Section 4064(a) of ERISA) has made contributions at any time during
the immediately preceding five plan years.

                                      -20-
<PAGE>

         "PERSON" means any individual, trustee, corporation, general
partnership, limited partnership, limited liability company, joint stock
company, trust, unincorporated organization, bank, business association, firm,
joint venture, Governmental Authority, or otherwise.

         "PLAN" means any employee benefit plan maintained or contributed to by
a Borrower Party or by any trade or business (whether or not incorporated) under
common control with a Borrower Party as defined in Section 4001(b) of ERISA and
insured by the Pension Benefit Guaranty Corporation under Title IV of ERISA.

         "PLEDGE AGREEMENT" means, collectively or individually as the context
may indicate, any pledge agreement, charge, agreement, document, instrument or
conveyance, in form and substance acceptable to Administrative Agent, conferring
under applicable foreign law upon Administrative Agent for the benefit of
Administrative Agent and Lenders a Lien upon 65% of the voting securities or
other interests having ordinary voting power and 100% of the other securities or
other ownership interests of a Direct Foreign Subsidiary as are owned by
Borrower or any Domestic Subsidiary, in each case as hereafter amended,
modified, supplemented or amended and restated from time to time.

         "PRO RATA SHARE" means, with respect to each Lender, the percentage
(rounded, if necessary to the ninth decimal place) of the combined Commitments
set forth opposite the name of such Lender on SCHEDULE 2.01, as such share may
be adjusted as contemplated herein.

         "QUALIFYING SWAP CONTRACT" means one or more Swap Contracts between the
Borrower and a Lender or any Affiliate of a Lender with respect to Indebtedness
evidenced by the Notes.

         "REGISTER" has the meaning set forth in SECTION 2.01(C).

         "REPORTABLE EVENT" means any of the events set forth in Section 4043(b)
of ERISA or the regulations thereunder, a withdrawal from a Plan described in
Section 4063 of ERISA, or a cessation of operations described in Section 4062(e)
of ERISA.

         "REQUEST FOR EXTENSION OF CREDIT" means, unless otherwise specified
herein, (a) with respect to a Borrowing, Conversion or Continuation of Committed
Loans, a written request substantially in the form of EXHIBIT A-1, (b) with
respect to a Letter of Credit Action, a Letter of Credit Application, (c) with
respect to a Competitive Loan, a Competitive Bid Request, and (d) with respect
to a Swing Line Loan, a written request substantially in the form of EXHIBIT
A-2, in each case of a written Request for Extension of Credit, duly completed
and signed by a Responsible Officer of Borrower and delivered by Requisite
Notice.

         "REQUISITE LENDERS" means, as of any date of determination: (a) if the
Commitments are then in effect, Lenders (excluding any Lenders not funding when
required to do so hereunder) having in the aggregate more than 50% of the
combined Commitments then in effect and (b) if the Commitments have then been
terminated and there are Outstanding Obligations, Lenders holding Outstanding
Obligations aggregating more than 50% of such Outstanding Obligations.

         "REQUISITE NOTICE" means, unless otherwise provided herein, (a)
irrevocable written notice to the intended recipient or (b) except with respect
to Letter of Credit Actions and notices related to Competitive Loans (which must
be in writing), irrevocable telephonic notice to the

                                      -21-
<PAGE>

intended recipient, promptly followed by a written notice to such recipient.
Such notices shall be (i) delivered to such recipient at the address or
telephone number specified on SCHEDULE 11.02 or as otherwise designated by such
recipient by written notice to Administrative Agent, and (ii) if made by any
Borrower Party, given or made by a Responsible Officer of such Borrower Party.
Any written notice delivered in connection with any Loan Document shall be in
the form, if any, prescribed herein or therein. Any notice sent by other than
hardcopy shall be promptly confirmed by a telephone call to the recipient and,
if requested by Administrative Agent, by a manually-signed hardcopy thereof.

         "REQUISITE TIME" means, with respect to any of the actions listed below
(except with respect to Competitive Loans which are set forth in the definition
of Competitive Loan Requisite Time), the time and date set forth below opposite
such action:

                                      -22-
<PAGE>
<TABLE>
<CAPTION>

                         TYPE OF ACTION                       APPLICABLE TIME                DATE OF ACTION
     -------------------------------------------------------- ---------------- --------------------------------------------
<S>                                                            <C>               <C>
     Delivery of Request for Extension of Credit
     for, or notice for:

     o    Borrowing or prepayment of Base Rate Loans            10:00 a.m.       Same Business Day as such Borrowing or
                                                                                 prepayment

     o    Conversion into Base Rate Loans                       10:00 a.m.       3 Business Days prior such Conversion

     o    Borrowing, prepayment or Continuation                 11:00 a.m.       3 Business Days prior to such Borrowing,
          of, or  Conversion into, Offshore Rate                                 prepayment Continuation or Conversion
          Loans denominated in Dollars

     o    Borrowing, prepayment or,                             SEE NOTE BELOW   3 Business Days prior to such Borrowing,
          Continuation of, or  Conversion into,                                  prepayment, Continuation or Conversion
          Offshore Rate Loans denominated  in                                    but 4 Business Days for Pacific Rim
          Offshore Currencies                                                    currencies, including Japanese Yen

     o    Requests for additional Offshore Currencies           11:00 a.m.       15 Business Days prior to proposed
                                                                                 Extension of Credit

     o   Borrowing or prepayment of, Swing Line Loans           1:00 p.m.        Same date as such Borrowing or prepayment

     o   Letter of Credit Action                                11:00 a.m.       2 Business Days prior to such action (OR
                                                                                 SUCH LESSER TIME WHICH IS ACCEPTABLE TO
                                                                                 ISSUING LENDER)

      o   Voluntary reduction in or termination of              11:00 a.m.       3 Business Days prior to such reduction or
          Commitments                                                            termination

      Payments by Lenders or Borrower to                        1:00 p.m.        On date payment is due
      Administrative Agent

      Delivery of documents and payments by Borrower to         2:00 p.m.        10 Business Days prior to such increase in
      Administrative Agent required to increase combined                         combined Commitments if such date is a No
      Commitments                                                                Loan Date

                                                                                 15 Business Days prior to such increase in
                                                                                 combined Commitments if such date is not a
                                                                                 No Loan Date
</TABLE>

    NOTE: THE REQUISITE TIME FOR BORROWINGS AND PAYMENTS IN OFFSHORE CURRENCIES
    SHALL BE THE LOCAL TIMES IN THE COUNTRY OF SETTLEMENT FOR SUCH OFFSHORE
    CURRENCIES AS SPECIFIED FROM TIME TO TIME BY ADMINISTRATIVE AGENT TO THE
    PARTIES HERETO.

         "RESPONSIBLE OFFICER" means, with respect to Borrower, the Chairman,
Chief Executive Officer, President of the Americas, Executive Vice President of
Finance, and Chief Financial Officer or Treasurer of Borrower or, with respect
to financial matters, the Treasurer or Chief Financial Officer of Borrower and
with respect to any other Borrower Party, the president, chief

                                      -23-
<PAGE>

financial officer, treasurer or assistant treasurer of such Borrower Party. Any
document or certificate hereunder that is signed by a Responsible Officer of
Borrower or a Borrower Party shall be conclusively presumed to have been
authorized by all necessary corporate, partnership and/or other action on the
part of Borrower or such Borrower Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of Borrower or such Borrower
Party.

         "RESTRICTED PAYMENT" means:

                  (a) the declaration or payment of any dividend or distribution
         by Borrower or any Subsidiary, either in cash or property, on any
         shares of the capital stock of any class (or other equity interest) of
         Borrower or any Subsidiary (except dividends or other distributions
         payable solely in shares of capital stock of Borrower or any Subsidiary
         or payable by any Subsidiary to Borrower or to a wholly-owned
         Subsidiary);

                  (b) the purchase, redemption or retirement by Borrower or any
         Subsidiary of any shares of its capital stock of any class (or other
         equity interest) or any warrants, rights or options to purchase or
         acquire any shares of its capital stock, whether directly or
         indirectly; provided, the purchase, redemption or retirement by the
         Borrower or a Subsidiary of shares of capital stock of a Subsidiary
         shall not be deemed a Restricted Payment;

                  (c) any other payment or distribution by Borrower or any
         Subsidiary in respect of its capital stock (or other equity interest),
         either directly or indirectly; provided, the payment or distribution by
         a Subsidiary to the Borrower or a Subsidiary shall not be deemed a
         Restricted Payment; and

                  (d) any Investment other than an Investment otherwise
         permitted under any Loan Document.

         "S&P" means Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc.

         "SECURITY INSTRUMENTS" means, collectively, the Pledge Agreement and
all other agreements, instruments and other documents, whether now existing or
hereafter in effect, pursuant to which Borrower or any Subsidiary shall grant or
convey to Administrative Agent or Lenders a Lien in, or any other Person shall
acknowledge any such Lien in, property as security for all or any portion of the
Obligations, as any of them may be amended, modified, supplemented or amended
and restated from time to time.

         "SENIOR PARITY DEBT" means Indebtedness described in subsection (a) of
the definition of Indebtedness issued by Borrower (including a guaranty of such
Indebtedness by a Domestic Subsidiary which is a Significant Subsidiary) in
connection with a private placement or public offering of debt securities;
provided that all of the following conditions shall be satisfied:

         (a) the instruments and agreements evidencing such Indebtedness, and
any agreement under which such Indebtedness is created, (i) shall provide that
the right to payment of the holders or owners of Senior Parity Debt (including
any trustee or agent acting on behalf of such holders or owners, collectively
"Senior Parity Debt Holders") shall rank PARI PASSU in all

                                      -24-
<PAGE>

respects with the rights of the Lenders and Administrative Agent with respect to
the Obligations on terms reasonably acceptable to Administrative Agent, (ii)
shall provide for no lien in favor of the Senior Parity Debt Holder other than
those granted in favor of the Lenders and the Administrative Agent and (iii)
shall not contain covenants more restrictive than those contained in the Loan
Documents;

         (b) both immediately prior to and immediately after giving effect to
the issuance of such Indebtedness, there shall not have occurred and be
continuing any Default or Event of Default;

         (c) Borrower shall furnish to Administrative Agent, not later than the
earliest date of delivery thereof to any actual or prospective Senior Parity
Debt Holder, copies of (i) all preliminary placement memoranda and final
placement memoranda relating to such Indebtedness and (ii) drafts of all
documents and agreements under which such Indebtedness is to be created or
governed; and

         (d) not later than ten (10) days prior to the issuance of such
Indebtedness, Borrower shall deliver to Administrative Agent a Compliance
Certificate, executed by a Responsible Officer and containing calculations
giving historical pro forma effect to the issuance of such Indebtedness as of
and for the prior four fiscal quarters ending at the end of the most recent
fiscal quarter of Borrower preceding the date of such issuance (assuming for
such purpose that the initial rate or rates of interest provided for therein
(and giving effect to any increase in rates of interest therein provided)
remained in effect for such four fiscal quarters), which Compliance Certificate
shall demonstrate that the issuance of such Indebtedness does not cause, create
or result in a Default or Event of Default on a historical pro forma basis.

         "SENIOR PARITY DEBT HOLDERS" has the meaning set forth in the
definition of Senior Parity Debt.

         "SIGNIFICANT SUBSIDIARY" means any Subsidiary which has either (a)
total assets of more than $25,000,000 or (b) total revenues of more than
$25,000,000 during any four fiscal quarter period; provided, however,
Significant Subsidiary shall not include (w) any Subsidiary which is a
partnership whose sole purpose is holding a single real estate asset, (x) a
Subsidiary established to act as a foreign sales corporation under the Code, and
(y) Tech Data Finance SPV, Inc.

         "SPOT RATE" for a currency means the rate quoted by Bank of America two
Business Days prior to the applicable Currency Settlement Date as the spot rate
for the purchase by Bank of America of such currency with another currency
through its FX Trading Office on such Currency Settlement Date.

         "SUBSEQUENT PARTICIPANT" means each country that adopts the euro as its
lawful currency after January 1, 1999.

         "SUBSIDIARY" of a Person means a corporation, partnership, joint
venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for
the election of directors or other governing body (other than securities or
interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise
controlled, directly, or

                                      -25-
<PAGE>

indirectly through one or more intermediaries, or both, by such Person. Unless
otherwise specified, all references to a "Subsidiary" or to "Subsidiaries" in
this Agreement shall refer to a Subsidiary or Subsidiaries of Borrower.

         "SWAP CONTRACT" means (a) any and all rate swap transactions, basis
swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index
swaps or options, bond or bond price or bond index swaps or options or forward
bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor
transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions
of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of master agreement published by the
International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, a "MASTER
Agreement"), including any such obligations or liabilities under any Master
Agreement.

         "SWAP TERMINATION VALUE" means, in respect of any one or more Swap
Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after
the date such Swap Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a) the amount(s) determined as the
mark-to-market value(s) for such Swap Contracts, as determined based upon one or
more mid-market or other readily available quotations provided by any recognized
dealer, Bloomberg or similar service in such Swap Contracts (which may include
any Lender).

         "SWING LINE" means the revolving line of credit established by Swing
Line Lender in favor of Borrower pursuant to SECTION 2.05.

         "SWING LINE LENDER" means Bank of America, or any successor swing line
Lender hereunder.

         "SWING LINE LOAN" means a Loan denominated in Dollars made by Swing
Line Lender to Borrower under the Swing Line which shall be a Base Rate Loan or
shall bear interest at such other rate mutually agreeable to the Swing Line
Lender and Borrower.

         "SWING LINE NOTE" means a promissory note made by Borrower in favor of
Swing Line Lender evidencing Swing Line Loans made by Swing Line Lender,
substantially in the form of EXHIBIT G.

         "SWING LINE SUBLIMIT" means an amount equal to the lesser of (a)
$35,000,000 and (b) the combined Commitments. The Swing Line Sublimit is part
of, and not in addition to, the combined Commitments.

                                      -26-
<PAGE>

         "SYNTHETIC LEASE OBLIGATIONS" means all monetary obligations of a
Person under (a) a so-called synthetic, off-balance sheet or tax retention lease
(including the TDC TROL), or (b) an agreement for the use or possession of
property creating obligations which do not appear on the balance sheet of such
Person but which, upon the insolvency or bankruptcy of such Person, would be
characterized as the Indebtedness of such Person (without regard to accounting
treatment).

         "TDC TROL" means the Amended and Restated Lease Agreement dated May 8,
2000 between Borrower, as lessee, and First Security Bank, N.A. in its capacity
as owner trustee of the TD 1996 Real Estate Trust, as the same may be amended,
modified, supplemented or amended and restated from time to time, and the other
operative agreements.

         "TRADE RECEIVABLES PURCHASE FACILITY" means the facility created for
the benefit of Tech Data Finance SPV, Inc. and Borrower pursuant to the Transfer
and Administration Agreement.

         "TRANSFER AND ADMINISTRATION AGREEMENT" means the Transfer and
Administration Agreement dated as of May 8, 2000 among Borrower, Tech Data
Finance SPV, Inc., the Bank Investors, and Enterprise Funding Corporation, as
amended, modified, supplemented or amended and restated from time to time,
providing for the purchase of Receivables (as defined therein) of Tech Data
Finance SPV, Inc. by Enterprise Funding Corporation.

         "THRESHOLD AMOUNT" means $10,000,000.

         "TO THE BEST KNOWLEDGE OF" means, when modifying a representation,
warranty or other statement of any Person, that the fact or situation described
therein is known by such Person (or, in the case of a Person other than a
natural Person, known by any officer of such Person) making the representation,
warranty or other statement, or with the exercise of reasonable due diligence
under the circumstances (in accordance with the standard of what a reasonable
Person in similar circumstances would have done) would have been known by such
Person (or, in the case of a Person other than a natural Person, would have been
known by an officer of such Person).

         "TYPE" of Loan means (a) a Base Rate Loan, (b) an Offshore Rate Loan,
(c) a Swing Line Loan, (d) a Competitive Loan bearing interest at an Absolute
Rate and (e) a Competitive Loan bearing interest based on the Offshore Base
Rate.

         "UNFUNDED PENSION LIABILITY" means the excess of a Pension Plan's
benefit liabilities under Section 4001(a)(16) of ERISA, over the current value
of that Pension Plan's assets, determined in accordance with the assumptions
used for funding the Pension Plan pursuant to Section 412 of the Code for the
applicable plan year.

         1.02     USE OF CERTAIN TERMS.

         (a) All terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document made or delivered pursuant hereto
or thereto, unless otherwise defined therein.

         (b) As used herein, unless the context requires otherwise, the
masculine, feminine and neuter genders and the singular and plural include one
another.

                                      -27-
<PAGE>

         (c) The words "HEREIN" and "HEREUNDER" and words of similar import when
used in any Loan Document shall refer to the Loan Documents as a whole and not
to any particular provision thereof. The term "INCLUDING" is by way of example
and not limitation. References herein to a Section, subsection or clause shall,
unless the context otherwise requires, refer to the appropriate Section,
subsection or clause in this Agreement.

         (d) The term "OR" is disjunctive; the term "AND" is conjunctive. The
term "SHALL" is mandatory; the term "MAY" is permissive.

         1.03 ACCOUNTING TERMS. All accounting terms not specifically or
completely defined in this Agreement shall be construed in conformity with, and
all financial data required to be submitted by this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time
to time, applied in a manner consistent with that used in preparing the Audited
Financial Statements, except as otherwise specifically prescribed herein.

         1.04 ROUNDING. Any financial ratios required to be maintained by
Borrower pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place
more than the number of places by which such ratio is expressed in this
Agreement and rounding the result up or down to the nearest number (with a
round-up if there is no nearest number) to the number of places by which such
ratio is expressed in this Agreement.

         1.05 EXHIBITS AND SCHEDULES. All exhibits and schedules to this
Agreement, either as originally existing or as the same may from time to time be
supplemented, modified or amended, are incorporated herein by this reference. A
matter disclosed on any Schedule shall be deemed disclosed on all Schedules.

         1.06 REFERENCES TO AGREEMENTS AND LAWS. Unless otherwise expressly
provided herein, (a) references to agreements (including the Loan Documents) and
other contractual instruments shall include all amendments, restatements,
extensions, supplements and other modifications thereto (unless prohibited by
any Loan Document), and (b) references to any Law shall include all statutory
and regulatory provisions consolidating, amending, replacing, supplementing or
interpreting such Law.

         1.07 CURRENCY EQUIVALENTS GENERALLY. Administrative Agent shall
determine the Equivalent Amount in Dollars of Extensions of Credit and
Outstanding Obligations denominated in Offshore Currencies as of each Currency
Settlement Date applicable thereto. Except for purposes of financial statements
delivered by Borrower Parties hereunder or calculating financial covenants
hereunder or except as otherwise provided herein, the applicable amount of any
currency for purposes of the Loan Documents shall be such Equivalent Amount in
Dollars as so determined by Administrative Agent.

         1.08     FINANCIAL DEFINITIONS AND ACQUISITIONS.

         The following rules of interpretation shall apply to the extent
Borrower or any Subsidiary consummates any Acquisition during the term of this
Agreement that is accounted for as a "purchase".

                                      -28-
<PAGE>

         (A) As of the last day of each of the four fiscal quarters of Borrower
next following the date of such Acquisition (including the fiscal quarter that
includes the date of such Acquisition), Consolidated EBITDA shall include the
results of operations of the Person or assets so acquired, which amounts shall
be determined on a historical pro forma basis as if such Acquisition had been
accounted for as a "pooling of interests" and which amounts may include such
adjustments as are permitted under Regulation S-X of the Securities and Exchange
Commission and reasonably satisfactory to Administrative Agent; provided that in
making the adjustments provided for in this SECTION 1.08(A), Consolidated
Interest Charges shall be adjusted as provided in SECTION 1.08(B);

         (B) As of the last day of each of the four fiscal quarters of Borrower
next following the date of such Acquisition (including the fiscal quarter that
includes the date of such Acquisition), Consolidated Interest Charges and
Consolidated Rental Expense shall include the results of operations of the
Person or assets so acquired, which amounts shall be determined on a historical
pro forma basis as if such Acquisition had been consummated as a "pooling of
interests"; PROVIDED, HOWEVER, in the case of the occurrence of an Acquisition,
there shall be added to Consolidated Interest Charges for the first four
consecutive fiscal quarters ending after the date of such Acquisition an amount
which shall be determined by multiplying that portion of the Cost of Acquisition
that represents Indebtedness (net of Indebtedness repaid in connection with such
Acquisitions) incurred to fund such Cost of Acquisition, whether incurred,
assumed or acquired, times the interest rate applicable to such Indebtedness
(adjusted for any discount) which is in effect on the date of determination and
then multiplying the result by a fraction the numerator of which is 365 minus
the actual number of days that have elapsed from and after the date of such
Acquisition and the denominator of which is 365; and

         (C) For the purpose of determining the amount of any increase in the
minimum Consolidated Shareholders' Equity requirement of SECTION 8.14(A), any
increase in Consolidated Shareholders Equity from treatment of such Acquisition
as a "pooling of interests" pursuant to SECTION 1.08(A) above shall be
disregarded.

                                      -29-
<PAGE>

                                   SECTION 2.
                    THE COMMITMENTS AND EXTENSIONS OF CREDIT

         2.01     COMMITTED LOANS.

         (a) Subject to the terms and conditions set forth in this Agreement,
each Lender severally agrees to make, Convert and Continue Committed Loans in
Dollars and Offshore Currencies until the Maturity Date in such amounts as
Borrower may from time to time request; PROVIDED, HOWEVER, that the Equivalent
Amount in Dollars of the Outstanding Obligations of each Lender (EXCLUDING any
Lender's Competitive Loans and Swing Line Lender's Swing Line Loans) shall not
exceed such Lender's Commitment at any time, the Equivalent Amount in Dollars of
the Outstanding Obligations of all Lenders shall not exceed the combined
Commitments at any time and the Equivalent Amount in Dollars of all the
Outstanding Obligations denominated in an Offshore Currency shall not exceed the
Offshore Currency Sublimit at any time. This is a revolving credit and, subject
to the foregoing and the other terms and conditions hereof, Borrower may borrow,
Convert, Continue, prepay and reborrow Committed Loans as set forth herein
without premium or penalty.

         (b) Loans made by each Lender shall be evidenced by one or more loan
accounts or records maintained by such Lender in the ordinary course of
business. Upon the request of any Lender made through Administrative Agent, such
Lender's Loans may be evidenced by one or more Notes, instead of or in addition
to loan accounts. Each such Lender may attach schedules to its Note(s) and
endorse thereon the date, amount, applicable currency and maturity of its
Committed Loans and payments with respect thereto. Such Notes, loan accounts and
records shall be conclusive absent manifest error of the amount of such Loans
and payments thereon. Any failure so to record or any error in doing so shall
not, however, limit or otherwise affect the obligation of Borrower to pay any
amount owing with respect to the Loans.

         2.02     BORROWINGS, CONVERSIONS AND CONTINUATIONS OF COMMITTED LOANS.

         (a) Borrower may irrevocably request a Borrowing, Conversion or
Continuation of Committed Loans on any Business Day in a Minimum Amount therefor
by delivering a Request for Extension of Credit therefor by Requisite Notice to
Administrative Agent not later than the Requisite Time therefor. All Borrowings,
Conversions and Continuations of Committed Loans shall constitute Base Rate
Loans unless properly and timely otherwise designated as set forth in the prior
sentence. Loans may only be Converted into or Continued as Loans denominated in
the same currency as originally borrowed.

         (b) Following receipt of a Request for Extension of Credit denominated
in Dollars, Administrative Agent shall promptly notify each Lender of its Pro
Rata Share thereof by Requisite Notice. Following receipt of a Request for
Extension of Credit denominated in an Offshore Currency, Administrative Agent
shall on the next following Business Day notify each Lender by Requisite Notice
of the aggregate amount of such Extension of Credit in such Offshore Currency,
the aggregate Equivalent Amount of such Extension of Credit in Dollars and the
applicable Spot Rate used by Administrative Agent to determine such Equivalent
Amount. If any Lender determines that it is unable, in its sole discretion and
for any reason, to fund an Offshore Currency Loan in a requested Offshore
Currency, it shall notify Administrative Agent

                                      -30-
<PAGE>

(who shall notify Borrower and the other Lenders) prior to the time specified by
Administrative Agent for setting the rate for such Offshore Currency Loan, and
such Request for Extension of Credit shall be deemed withdrawn. In the case of a
Borrowing of Committed Loans, each Lender shall make the funds for its Loan
available to Administrative Agent at Administrative Agent's Office not later
than the Requisite Time therefor on the Business Day specified in such Request
for Extension of Credit. Upon satisfaction of the applicable conditions set
forth in SECTION 5.02 (and, if the initial Extension of Credit hereunder,
SECTION 5.01), all funds so received shall be made available to Borrower in like
funds received. Administrative Agent shall promptly notify Borrower and Lenders
of the interest rate applicable to any Offshore Rate Loan which is a Committed
Loan upon determination of same. Administrative Agent shall from time to time
notify Borrower and Lenders of any change in Bank of America's prime rate used
in determining the Base Rate promptly following the public announcement of such
change.

         (c) Except as otherwise provided herein, an Offshore Rate Loan may be
Continued or Converted only on the last day of the Interest Period for such
Offshore Rate Loan. The Dollar Equivalent Amount of an Offshore Rate Loan and
Letter of Credit denominated in an Offshore Currency shall be determined at
least once every three months. During the existence of a Default or Event of
Default, no Committed Loans may be requested as, Converted into or Continued as
Offshore Rate Loans without the consent of Requisite Lenders, and Requisite
Lenders may demand that any or all of the then outstanding Offshore Rate Loans
be Converted immediately into Base Rate Loans and any or all of the then
outstanding Offshore Currency Loans be prepaid immediately and reborrowed as
Base Rate Loans in the principal Equivalent Amount in Dollars of such Offshore
Currency Loans.

         (d) If a Committed Loan is to be made on the same date that another
Committed Loan in the same currency is due and payable, Borrower or Lenders, as
the case may be, shall, unless Administrative Agent otherwise requests, make
available to Administrative Agent the net amount of funds giving effect to both
such Loans and the effect for purposes of this Agreement shall be the same as if
separate transfers of funds had been made with respect to each such Loan.

         (e) Borrower may from time to time request Extensions of Credit in
currencies other than those listed in the definition of Offshore Currency so
long as such currency is freely traded in the offshore interbank foreign
exchange markets and freely transferable and freely convertible into Dollars.
Borrower shall request any such additional currency by Requisite Notice to
Administrative Agent (who shall promptly notify each Lender) not later than the
Requisite Time therefor. Each Lender shall notify Administrative Agent (who
shall promptly notify Borrower) whether it can, in its sole discretion, make an
Extension of Credit in such requested currency. If all Lenders consent to such
currency, such currency shall thereafter be deemed for all purposes an Offshore
Currency hereunder available for Extensions of Credit.

         (f) Without prejudice and in addition to any method of conversion or
rounding prescribed by any EMU Legislation and without prejudice to (i) the
liabilities for indebtedness of Borrower Parties to Lenders under or pursuant to
this Agreement or (ii) Lenders' Commitments, any reference in this Agreement to
a minimum amount (or an integral multiple thereof) in a national currency of a
Subsequent Participant to be paid to or by Administrative Agent shall
immediately, upon it becoming a Subsequent Participant, be replaced by a
reference to such

                                      -31-
<PAGE>

reasonably comparable and convenient amount (or an integral multiple thereof) in
the euro unit as Administrative Agent may specify.

         (g) Administrative Agent may from time to time further modify the terms
of, and practices contemplated by, this Agreement with respect to the euro to
the extent Administrative Agent determines, in its reasonable discretion, that
such modifications are necessary or convenient to reflect new laws, regulations,
customs or practices developed in connection with the euro. Administrative Agent
may effect such modifications, and this Agreement shall be deemed so amended,
without the consent of Borrower or Lenders to the extent such modifications are
not materially disadvantageous to Borrower and Lenders, upon notice thereto.

         (h) The failure of any Lender to make any Committed Loan on any date
shall not relieve any other Lender of any obligation to make a Committed Loan on
such date, but no Lender shall be responsible for the failure of any other
Lender to so make its Committed Loan.

         2.03A    COMPETITIVE LOANS--BORROWER ADMINISTERED.

         (a) Subject to the terms and conditions set forth in this Agreement,
each Lender may in its sole and absolute discretion make Competitive Loans in
Dollars only until the Maturity Date in such amounts as Borrower may from time
to time request; PROVIDED, HOWEVER, that (i) the Equivalent Amount in Dollars of
the Outstanding Obligations of all Lenders shall not exceed the combined
Commitments at any time, (ii) the aggregate outstanding principal amount of all
Competitive Loans made by all Lenders shall not exceed the Competitive Loan
Sublimit at any time, and (iii) the Equivalent Amount in Dollars of the
Outstanding Obligations denominated in an Offshore Currency shall not exceed the
Offshore Currency Sublimit at any time. The aggregate outstanding principal
amount of Competitive Loans made by any Lender may exceed its Commitment;
PROVIDED, HOWEVER, that the Equivalent Amount in Dollars of the Outstanding
Obligations of each Lender (excluding its outstanding Competitive Loans) shall
not exceed such Lender's Commitment. The Competitive Loans shall be deemed to
utilize the combined Commitments by an amount equal to the aggregate outstanding
principal amount thereof.

         (b) Borrower may irrevocably request Competitive Loans in a Competitive
Loan Minimum Amount therefor by delivering a Competitive Bid Request by
Requisite Notice to each Lender not later than the Competitive Loan Requisite
Time therefor, with a copy of such Competitive Bid Request to the Administrative
Agent. Each Competitive Bid Request shall state whether it is requesting a
Competitive Loan with a fixed interest rate (an "ABSOLUTE RATE BID") or a
interest rate margin above or below the Offshore Base Rate (an "OFFSHORE MARGIN
BID"). Borrower may not request Competitive Bids for more than three maturities
nor request more than one type of Competitive Loan in a single Competitive Bid
Request.

         (c) No Competitive Bid Request shall be made for an Absolute Bid with a
maturity of less than 14 days or more than 180 days, for an Offshore Margin Bid
with a maturity of less than one month or more than six months, or in any case
with a maturity date subsequent to the Maturity Date. No more than six (6)
different maturities for Competitive Loans may be outstanding at any time.

                                      -32-
<PAGE>

         (d) Each Lender may, in its sole and absolute discretion, bid or not
bid on all or a portion of the Competitive Loans requested in such Competitive
Bid Request by delivering by Requisite Notice an irrevocable Competitive Bid to
the Borrower by the Competitive Loan Requisite Time therefor. Any Competitive
Bid received after such Competitive Loan Requisite Time, that is in a form other
than a Competitive Bid, or that is otherwise not responsive to the Competitive
Bid Request shall be disregarded. A Lender may correct any Competitive Bid
containing a manifest error if it does so by the Competitive Loan Requisite Time
therefor.

         (e) The Competitive Bid Maximum offered by a Lender for any Competitive
Loan(s) requested in a Competitive Bid may be less than the principal amount of
such Competitive Loan(s) requested by Borrower, but shall not be less than the
Competitive Loan Minimum Amount for any Competitive Loan for which such Lender
is bidding. Each Competitive Bid shall expire unless accepted by Borrower prior
to the Competitive Loan Requisite Time therefor.

         (f) Borrower may, in its sole and absolute discretion, accept or reject
any Competitive Bid, or any portion thereof, PROVIDED that if Borrower accepts
any Competitive Bid, or any portion thereof, all of the following shall apply:
(i) Borrower shall notify Administrative Agent of such acceptance not later than
the Competitive Loan Requisite Time for doing so, (ii) Borrower must accept all
Absolute Rate Bids at all lower fixed interest rates before accepting any
portion of Absolute Rate Bids at a higher fixed interest rate, (iii) Borrower
must accept all Offshore Margin Bids at all lower margins over the Offshore Base
Rate before accepting any portion of Offshore Margin Bids at a higher margin
over the Offshore Base Rate, (iv) each Competitive Loan to be made must be in a
Competitive Loan Minimum Amount therefor, (v) if two or more Lenders have
submitted a Competitive Bid at the same fixed interest rate or margin, then,
unless otherwise agreed by Borrower and such Lenders, Borrower must accept
either all of such Competitive Bids or accept such Competitive Bids in the same
approximate proportion as the Competitive Bid Maximum of each Lender for such
Competitive Loan bears to the aggregate Competitive Bid Maximums of all such
Lenders for such Competitive Loans (subject to clause (iv) above), and (vi)
Borrower may not accept Competitive Bids for an aggregate amount in excess of
the Competitive Loans requested in its Competitive Bid Request.

         (g) The Borrower shall promptly notify by Requisite Notice each Lender
whose Competitive Bid, or any portion thereof has been accepted or rejected by
Borrower. Any Competitive Bid or portion thereof not timely accepted by Borrower
and/or timely notified by the Borrower to a Lender as having been accepted shall
be deemed rejected.

         (h) In the case of an Offshore Margin Bid, each Lender making the
Competitive Loan at the Offshore Margin Bid shall determine the Offshore Base
Rate on the date which is two Business Days prior to the date of the proposed
Competitive Loan, and promptly thereafter notify Borrower of such Offshore Base
Rate.

         (i) Each Lender which has had a Competitive Bid, or portion thereof,
accepted by Borrower shall make the funds for its Competitive Loan(s) in Dollars
available directly to Borrower not later than the Requisite Time therefor on the
Business Day specified in such Competitive Loan Request.

                                      -33-
<PAGE>

         (j) After each Competitive Bid auction, the Borrower shall notify all
Lenders which submitted a Competitive Bid in such auction of the ranges of bids
submitted (without the bidder's name) and accepted for each Competitive Loan and
the aggregate amount of Competitive Loans borrowed.

         (k) Each Lender's Competitive Loan shall be evidenced by such Lender's
Competitive Loan Note or by one or more loan accounts or records maintained by
such Lender in the ordinary course of business, in each case subject to SECTION
2.01(B). Each Competitive Loan shall be due and payable on the maturity date of
such Competitive Loan. Competitive Loans may not be prepaid without the consent
of the Lender making such Competitive Loan, and, in such case, Competitive Loans
may be non ratably prepaid.

         (l) Subject to SECTION 2.08(C), Borrower shall pay interest on the
unpaid principal amount of each Competitive Loan (before and after default,
before and after maturity, before and after judgment, and before and after the
commencement of any proceeding under any Debtor Relief Laws) from the date
borrowed until paid in full (whether by acceleration or otherwise) on the
maturity date of such Competitive Loan.

         (m) Each Competitive Loan based on an interest rate margin above or
below the Offshore Base Rate shall be subject to SECTIONS 4.02, 4.03 and 4.05 as
if such Competitive Loan were an Offshore Rate Loan.

         (n) In addition to, and not by way of limitation of SECTION 11.13, the
Borrower acknowledges and agrees that the Administrative Agent has no
responsibilities, obligations or liabilities in connection with the solicitation
or making of Competitive Loans pursuant to this SECTION 2.03A. The Borrower
agrees that it shall indemnify and hold harmless the Administrative Agent and
its Affiliates, directors, officers, agents, attorneys and employees from any
and all claims, demands, actions or causes of action asserted by any Person,
including any Lender, by reason of any Competitive Loan or request therefore
made pursuant to this SECTION 2.03A.

         2.03B.   COMPETITIVE LOANS--ADMINISTRATIVE AGENT ADMINISTERED.

         (a) Subject to the terms and conditions set forth in this Agreement,
each Lender may in its sole and absolute discretion make Competitive Loans in
Dollars only until the Maturity Date in such amounts as Borrower may from time
to time request; PROVIDED, HOWEVER, that (i) the Equivalent Amount in Dollars of
the Outstanding Obligations of all Lenders shall not exceed the combined
Commitments at any time, (ii) the aggregate outstanding principal amount of all
Competitive Bid Loans made by all Lenders shall not exceed the Competitive Bid
Sublimit at any time and (iii) the Equivalent Amount in Dollars of the
Outstanding Obligations denominated in an Offshore Currency shall not exceed the
Offshore Currency Sublimit at any time. The aggregate outstanding principal
amount of Competitive Loans made by any Lender may exceed its Commitment;
PROVIDED, HOWEVER, that the Equivalent Amount in Dollars of the Outstanding
Obligations of each Lender (excluding its outstanding Competitive Loans) shall
not exceed such Lender's Commitment. The Competitive Loans shall be deemed to
utilize the combined Commitments by an amount equal to the Equivalent Amount in
Dollars of the aggregate outstanding principal amount thereof.

                                      -34-
<PAGE>

         (b) The Borrower may irrevocably request the Administrative Agent, and
the Administrative Agent in its sole discretion may agree to receive and to
deliver to the Lenders Competitive Bid Requests on behalf of the Borrower and to
receive the Competitive Bids, in which case Borrower may irrevocably request
Competitive Loans in a Competitive Loan Minimum Amount therefor by delivering a
Competitive Bid Request by Requisite Notice to Administrative Agent not later
than the Competitive Loan Requisite Time therefor. Each Competitive Bid Request
shall state whether it is requesting a Competitive Loan with a fixed interest
rate (an "ABSOLUTE RATE BID") or a interest rate margin above or below the
Offshore Base Rate (an "OFFSHORE MARGIN BID"). Borrower may not request
Competitive Bids for more than three maturities nor request more than one type
of Competitive Loan in a single Competitive Bid Request. Unless Administrative
Agent otherwise agrees, in its sole and absolute discretion, Borrower may not
submit a Competitive Bid Request if it has submitted another Competitive Bid
Request within the prior five Business Days.

         (c) No Competitive Bid Request shall be made for an Absolute Bid with a
maturity of less than 14 days or more than 180 days, for an Offshore Margin Bid
with a maturity of less than one month or more than six months, or in any case
with a maturity date subsequent to the Maturity Date. No more than six (6)
different maturities for Competitive Loans may be outstanding at any time.

         (d) Administrative Agent shall promptly notify all Lenders of a
Competitive Bid Request by Requisite Notice. Each Lender may, in its sole and
absolute discretion, bid or not bid on all or a portion of the Competitive Loans
requested in such Competitive Bid Request by delivering by Requisite Notice an
irrevocable Competitive Bid to Administrative Agent by the Competitive Loan
Requisite Time therefor. Any Competitive Bid received after such Competitive
Loan Requisite Time, that is in a form other than a Competitive Bid, or that is
otherwise not responsive to the Competitive Bid Request shall be disregarded. A
Lender may correct any Competitive Bid containing a manifest error if it does so
by the Competitive Loan Requisite Time therefor. Administrative Agent may, but
shall not be required to, notify any Lender of any manifest error it detects in
such Lender's Competitive Bid.

         (e) The Competitive Bid Maximum offered by a Lender for any Competitive
Loan(s) requested in a Competitive Bid may be less than the principal amount of
such Competitive Loan(s) requested by Borrower, but shall not be less than the
Competitive Loan Minimum Amount for any Competitive Loan for which such Lender
is bidding. Each Competitive Bid shall expire unless accepted by Borrower prior
to the Competitive Loan Requisite Time therefor.

         (f) Not later than the Competitive Loan Requisite Time therefor,
Administrative Agent shall notify Borrower which Lenders provided conforming
Competitive Bids and the terms of such Competitive Bids. Borrower may, in its
sole and absolute discretion, accept or reject any Competitive Bid, or any
portion thereof, PROVIDED that if Borrower accepts any Competitive Bid, or any
portion thereof, all of the following shall apply: (i) Borrower shall notify
Administrative Agent of such acceptance not later than the Competitive Loan
Requisite Time for doing so, (ii) Borrower must accept all Absolute Rate Bids at
all lower fixed interest rates before accepting any portion of Absolute Rate
Bids at a higher fixed interest rate, (iii) Borrower must accept all Offshore
Margin Bids at all lower margins over the Offshore Base Rate before accepting
any portion of Offshore Margin Bids at a higher margin over the Offshore Base

                                      -35-
<PAGE>

Rate, (iv) each Competitive Loan to be made must be in a Competitive Loan
Minimum Amount therefor, (v) if two or more Lenders have submitted a Competitive
Bid at the same fixed interest rate or margin, then, unless otherwise agreed by
Borrower, Administrative Agent and such Lenders, Borrower must accept either all
of such Competitive Bids or accept such Competitive Bids in the same approximate
proportion as the Competitive Bid Maximum of each Lender for such Competitive
Loan bears to the aggregate Competitive Bid Maximums of all such Lenders for
such Competitive Loans (subject to clause (iv) above), and (vi) Borrower may not
accept Competitive Bids for an aggregate amount in excess of the Competitive
Loans requested in its Competitive Bid Request.

         (g) Administrative Agent shall promptly notify by Requisite Notice each
Lender whose Competitive Bid, or any portion thereof has been accepted or
rejected by Borrower. Any Competitive Bid or portion thereof not timely accepted
by Borrower and/or timely notified by Administrative Agent to a Lender as having
been accepted shall be deemed rejected.

         (h) In the case of an Offshore Margin Bid, Administrative Agent shall
determine the Offshore Base Rate on the date which is two Business Days prior to
the date of the proposed Competitive Loan, and shall promptly thereafter notify
Borrower and Lenders whose Offshore Margin Bids were accepted by Borrower of
such Offshore Base Rate.

         (i) Each Lender which has had a Competitive Bid, or portion thereof,
accepted by Borrower shall make the funds for its Competitive Loan(s) in the
currency of such Competitive Loan(s) available to Administrative Agent at
Administrative Agent's Office not later than the Requisite Time therefor on the
Business Day specified in such Competitive Loan Request. Upon satisfaction of
the applicable conditions set forth in SECTION 4.02, Administrative Agent shall
make all funds so received available to Borrower.

         (j) After each Competitive Bid auction, Administrative Agent shall
notify all Lenders which submitted a Competitive Bid in such auction of the
ranges of bids submitted (without the bidder's name) and accepted for each
Competitive Loan and the aggregate amount of Competitive Loans borrowed.

         (k) Each Lender's Competitive Loan shall be evidenced by such Lender's
Competitive Loan Note or by one or more loan accounts or records maintained by
such Lender in the ordinary course of business, in each case subject to SECTION
2.01(B). Each Competitive Loan shall be due and payable on the maturity date of
such Competitive Loan. Competitive Loans may not be prepaid without the consent
of the Lender making such Competitive Loan, and, in such case, Competitive Loans
may be non ratably prepaid.

         (l) Subject to Section 2.08(c), Borrower shall pay interest on the
unpaid principal amount of each Competitive Loan (before and after default,
before and after maturity, before and after judgment, and before and after the
commencement of any proceeding under any Debtor Relief Laws) from the date
borrowed until paid in full (whether by acceleration or otherwise) on the
maturity date of such Competitive Loan.

                                      -36-
<PAGE>

         (m) Each Competitive Loan based on an interest rate margin above or
below the Offshore Base Rate shall be subject to SECTIONS 3.02, 3.03 and 3.05 as
if such Competitive Loan was an Offshore Rate Loan.

         (n) Borrower shall pay to Administrative Agent for its own account an
administration fee of $3,000 for each Competitive Bid Request submitted to
Administrative Agent (whether or not any bids are submitted or accepted), which
fee shall be payable on the date such Competitive Bid Request is submitted.

         2.04     LETTERS OF CREDIT.

         (a) THE LETTER OF CREDIT COMMITMENT. Subject to the terms and
conditions set forth in this Agreement, until the Maturity Date, Issuing Lender
shall take such Letter of Credit Actions denominated in Dollars or Offshore
Currencies as Borrower may from time to time request; PROVIDED, HOWEVER, that
the Equivalent Amount in Dollars of the Outstanding Obligations of each Lender
(EXCLUDING any Lender's Competitive Loans and Swing Line Lender's Swing Line
Loans) shall not exceed such Lender's Commitment, (ii) the Equivalent Amount in
Dollars of the Outstanding Obligations of all Lenders shall not exceed the
combined Commitments at any time, (iii) the Equivalent Amount in Dollars of the
Letter of Credit Usage shall not exceed the Letter of Credit Sublimit at any
time and (iv) the Equivalent Amount in Dollars of the Outstanding Obligations
denominated in an Offshore Currency shall not exceed the Offshore Currency
Sublimit at any time. Subject to subsection (f) below and unless consented to by
Issuing Lender and Requisite Lenders, no Letter of Credit may expire more than
12 months after the date of its issuance or last renewal; PROVIDED, HOWEVER,
that no Letter of Credit shall expire after the fifth (5th) Business Day
preceding the Maturity Date. If any Letter of Credit Usage remains outstanding
after such date, Borrower shall, not later than such date, deposit cash in an
Equivalent Amount in Dollars equal to such Letter of Credit Usage in a Letter of
Credit Cash Collateral Account.

         (b) REQUESTING LETTER OF CREDIT ACTIONS. Borrower may irrevocably
request a Letter of Credit Action in a Minimum Amount therefor by delivering a
Letter of Credit Application therefor to Issuing Lender, with a copy to
Administrative Agent (who shall notify Lenders), by Requisite Notice not later
than the Requisite Time therefor. Each Letter of Credit Action shall be in a
form acceptable to Issuing Lender in its sole discretion. Unless Administrative
Agent notifies Issuing Lender that such Letter of Credit Action is not permitted
hereunder, or Issuing Lender notifies Administrative Agent that it has
determined that such Letter of Credit Action is contrary to any Laws or policies
of Issuing Lender, Issuing Lender shall, upon satisfaction of the applicable
conditions set forth in SECTION 5.02 with respect to any Letter of Credit Action
constituting an Extension of Credit, effect such Letter of Credit Action. This
Agreement shall control in the event of any conflict with any Letter of Credit
Application. Upon the issuance of a Letter of Credit, each Lender shall be
deemed to have purchased from Issuing Lender a risk participation therein in an
amount equal to such Lender's Pro Rata Share times the amount of such Letter of
Credit.

         (c) REIMBURSEMENT OF PAYMENTS UNDER LETTERS OF CREDIT. Borrower shall
reimburse Issuing Lender through Administrative Agent for any payment that
Issuing Lender makes under a Letter of Credit on or before the date of such
payment in the Equivalent Amount

                                      -37-
<PAGE>

in Dollars of such payment; PROVIDED, HOWEVER, that if the conditions precedent
set forth in SECTION 5.02 can be satisfied, Borrower may request a Borrowing of
Committed Loans to reimburse Issuing Lender for such payment pursuant to SECTION
2.02, or, failing to make such request, Borrower shall be deemed to have
requested a Borrowing of Base Rate Loans on such payment date pursuant to
subsection (e) below.

         (d) FUNDING BY LENDERS WHEN ISSUING LENDER NOT REIMBURSED. Upon any
drawing under a Letter of Credit, Issuing Lender shall notify Administrative
Agent and Borrower. If Borrower fails to timely make the payment required
pursuant to subsection (c) above, Issuing Lender shall notify Administrative
Agent of such fact and the amount of such unreimbursed payment. Administrative
Agent shall promptly notify each Lender of its Pro Rata Share of such amount by
Requisite Notice. Each Lender shall make funds in an amount equal its Pro Rata
Share of such amount available to Administrative Agent at Administrative Agent's
Office not later than the Requisite Time therefor on the Business Day specified
by Administrative Agent, Administrative Agent shall remit the funds so received
to Issuing Lender. The obligation of each Lender to so reimburse Issuing Lender
shall be absolute and unconditional and shall not be affected by the occurrence
of a Default or Event of Default or any other occurrence or event. Any such
reimbursement shall not relieve or otherwise impair the obligation of Borrower
to reimburse Issuing Lender for the amount of any payment made by Issuing Lender
under any Letter of Credit, together with interest as provided herein.

         (e) NATURE OF LENDERS' FUNDING. If the conditions precedent set forth
in SECTION 5.02 can be satisfied (except for the giving of a Request for
Extension of Credit) on any date Borrower is obligated to, but fails to,
reimburse Issuing Lender for a drawing under a Letter of Credit, the funding by
Lenders pursuant to the previous subsection shall be deemed to be a Borrowing of
Base Rate Loans (without regard to the Minimum Amount therefor) deemed requested
by Borrower. If the conditions precedent set forth in SECTION 5.02 cannot be
satisfied on the date Borrower is obligated to, but fails to, reimburse Issuing
Lender for a drawing under a Letter of Credit, the funding by Lenders pursuant
to the previous subsection shall be deemed to be a funding by each Lender of its
risk participation in such Letter of Credit, and each Lender making such funding
shall thereupon acquire a pro rata participation, to the extent of its
reimbursement, in the claim of Issuing Lender against Borrower in respect of
such payment and shall share, in accordance with that pro rata participation, in
any payment made by Borrower with respect to such claim. Any amounts made
available by a Lender under its risk participation shall be payable by Borrower
upon demand of Administrative Agent, and shall bear interest at a rate per annum
equal to the Default Rate.

         (f) SPECIAL PROVISIONS RELATING TO EVERGREEN LETTERS OF CREDIT.
Borrower may request Letters of Credit that have automatic extension or renewal
provisions ("evergreen" Letters of Credit) so long as Issuing Lender consents in
its sole and absolute discretion thereto and has the right to not permit any
such extension or renewal at least annually within a notice period to be agreed
upon at the time each such Letter of Credit is issued. Once an evergreen Letter
of Credit is issued, unless Administrative Agent has notified Issuing Lender
that Requisite Lenders have elected not to permit such extension or renewal, the
Borrower Parties, Administrative Agent and Lenders shall be deemed to have
authorized (but may not require) Issuing Lender to, in its sole and absolute
discretion, permit the renewal of such evergreen Letter of Credit at any time to
a date not later than the Maturity Date, and, unless directed by Issuing

                                      -38-
<PAGE>

Lender, Borrower shall not be required to request such extension or renewal.
Issuing Lender may, in its sole and absolute discretion elect not to permit an
evergreen Letter of Credit to be extended or renewed at any time.

         (g) OBLIGATIONS ABSOLUTE. The obligation of Borrower to pay to Issuing
Lender the amount of any payment made by Issuing Lender under any Letter of
Credit shall be absolute, unconditional, and irrevocable. Without limiting the
foregoing, Borrower's obligation shall not be affected by any of the following
circumstances:

                  (i) any lack of validity or enforceability of such Letter of
         Credit, this Agreement, or any other agreement or instrument relating
         thereto;

                  (ii) any amendment or waiver of or any consent to departure
         from such Letter of Credit, this Agreement, or any other agreement or
         instrument relating hereto or thereto;

                  (iii) the existence of any claim, setoff, defense, or other
         rights which Borrower may have at any time against Issuing Lender,
         Administrative Agent or any Lender, any beneficiary of such Letter of
         Credit (or any persons or entities for whom any such beneficiary may be
         acting) or any other Person, whether in connection with such Letter of
         Credit, this Agreement, or any other agreement or instrument relating
         thereto, or any unrelated transactions;

                  (iv) any demand, statement, or any other document presented
         under such Letter of Credit proving to be forged, fraudulent, invalid,
         or insufficient in any respect or any statement therein being untrue or
         inaccurate in any respect whatsoever so long as any such document
         appeared to comply with the terms of the Letter of Credit;

                  (v) payment by Issuing Lender in good faith under such Letter
         of Credit against presentation of a draft or any accompanying document
         which does not strictly comply with the terms of such Letter of Credit;
         or any payment made by Issuing Lender under such Letter of Credit to
         any Person purporting to be a trustee in bankruptcy,
         debtor-in-possession, assignee for the benefit of creditors,
         liquidator, receiver or other representative of or successor to any
         beneficiary or any transferee of such Letter of Credit, including any
         arising in connection with any proceeding under any Debtor Relief Laws;

                  (vi) the solvency or financial responsibility of any party
         issuing any documents in connection with such Letter of Credit;

                  (vii) any error in the transmission of any message relating to
         such Letter of Credit not caused by Issuing Lender, or any delay or
         interruption in any such message;

                  (viii) any error, neglect or default of any correspondent of
         Issuing Lender in connection with such Letter of Credit;

                                      -39-
<PAGE>

                  (ix) any consequence arising from acts of God, wars,
         insurrections, civil unrest, disturbances, labor disputes, emergency
         conditions or other causes beyond the control of Issuing Lender;

                  (x) so long as Issuing Lender in good faith determines that
         the document appears to comply with the terms of the Letter of Credit,
         the form, accuracy, genuineness or legal effect of any contract or
         document referred to in any document submitted to Issuing Lender in
         connection with such Letter of Credit; and

                  (xi) any other circumstances whatsoever where Issuing Lender
         has acted in good faith.

         In addition, Borrower will promptly examine a copy of each Letter of
Credit and amendments thereto delivered to it and, in the event of any claim of
noncompliance with Borrower's instructions or other irregularity, Borrower will
immediately notify Issuing Lender in writing. Borrower shall be conclusively
deemed to have waived any such claim against Issuing Lender and its
correspondents unless such notice is given as aforesaid.

         (h) ROLE OF ISSUING LENDER. Each Lender and Borrower Party agree that,
in paying any drawing under a Letter of Credit, Issuing Lender shall not have
any responsibility to obtain any document (other than any sight draft,
certificates and documents expressly required by the Letter of Credit) or to
ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. No
Administrative Agent-Related Person nor any of the respective correspondents,
participants or assignees of Issuing Lender shall be liable to any Lender for
any action taken or omitted in connection herewith at the request or with the
approval of Lenders or Requisite Lenders, as applicable; any action taken or
omitted in the absence of gross negligence or willful misconduct; or the due
execution, effectiveness, validity or enforceability of any document or
instrument related to any Letter of Credit. Borrower hereby assumes all risks of
the acts or omissions of any beneficiary or transferee with respect to its use
of any Letter of Credit; PROVIDED, HOWEVER, that this assumption is not intended
to, and shall not, preclude Borrower's pursuing such rights and remedies as it
may have against the beneficiary or transferee at law or under any other
agreement. No Administrative Agent-Related Person, nor any of the respective
correspondents, participants or assignees of Issuing Lender, shall be liable or
responsible for any of the matters described in subsection (g) above. In
furtherance and not in limitation of the foregoing, Issuing Lender may accept
documents that appear on their face to be in order, without responsibility for
further investigation, regardless of any notice or information to the contrary,
and Issuing Lender shall not be responsible for the validity or sufficiency of
any instrument transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in
whole or in part, which may prove to be invalid or ineffective for any reason.

         (i) APPLICABILITY OF ISP98. Unless otherwise expressly agreed by
Issuing Lender and Borrower when a Letter of Credit is issued and subject to
applicable laws, performance under Letters of Credit by Issuing Lender, its
correspondents, and beneficiaries will be governed by the rules of the
"International Standby Practices 1998" ("ISP98") or such later revision as

                                      -40-
<PAGE>

may be published by the Institute of International Banking Law & Practice,
subject to applicable laws.

         (j) LETTER OF CREDIT FEES. Borrower shall pay to Administrative Agent
on each Applicable Payment Date in arrears, for the account of each Lender in
accordance with its Pro Rata Share, a Letter of Credit fee equal to the
Applicable Amount for Letters of Credit times the actual daily maximum amount
available to be drawn under each Letter of Credit since the later of the Closing
Date and the previous Applicable Payment Date. If there is any change in the
Applicable Amount during any quarter, the actual daily amount shall be computed
and multiplied by the Applicable Amount separately for each period during such
quarter that such Applicable Amount was in effect.

         (k) FRONTING FEE AND DOCUMENTARY AND PROCESSING CHARGES PAYABLE TO
ISSUING LENDER. Borrower shall pay directly to Issuing Lender for its sole
account a fronting fee in an amount equal to 1/8 of 1% per annum on the daily
average face amount thereof, payable quarterly in arrears on each Applicable
Payment Date. In addition, Borrower shall pay directly to Issuing Lender, upon
demand, for its sole account its customary documentary and processing charges in
accordance with its standard schedule, as from time to time in effect, for any
Letter of Credit Action or other occurrence relating to a Letter of Credit for
which such charges are customarily made. Such fees and charges are
nonrefundable.

         2.05     SWING LINE LOANS.

         (a) Subject to the terms and conditions set forth in this Agreement,
Swing Line Lender agrees to make Swing Line Loans in Dollars until the Maturity
Date in such amounts as Borrower may from time to time request; PROVIDED,
HOWEVER, that (i) the aggregate principal amount of all Swing Line Loans shall
not exceed the Swing Line Sublimit and (ii) the Equivalent Amount in Dollars of
the Outstanding Obligations of each Lender (EXCLUDING any Lender's Competitive
Loans and Swing Line Lender's Swing Line Loans) shall not exceed such Lender's
Commitment and the Equivalent Amount in Dollars of the Outstanding Obligations
of all Lenders shall not exceed the combined Commitments at any time. This is a
revolving credit and, subject to the foregoing and the other terms and
conditions hereof, Borrower may borrow, prepay and reborrow Swing Line Loans as
set forth herein without premium or penalty. Each Swing Line Loan shall be a
Base Rate Loan and shall bear interest at the rate of interest (including
Applicable Amount, if any) otherwise payable on Base Rate Loans or shall bear
interest at such other rate mutually agreeable to Swing Line Lender and
Borrower.

         (b) Unless notified to the contrary by Swing Line Lender, Borrower may
irrevocably request a Swing Line Loan in Dollars on any Business Day in a
Minimum Amount therefor by delivering a Request for Extension of Credit therefor
by Requisite Notice to Swing Line Lender and Administrative Agent not later than
the Requisite Time therefor. Promptly after receipt of such request, Swing Line
Lender shall obtain telephonic verification from Administrative Agent that such
Swing Line Loan is permitted hereunder. Upon receiving such verification, Swing
Line Lender shall make such Swing Line Loan available to Borrower. Without the
consent of Requisite Lenders and Swing Line Lender, no Swing Line Loan shall be
made if to the actual knowledge of the Swing Line Lender there exists a Default
or Event of Default. Upon the making of each Swing Line Loan, each Lender shall
be deemed to have purchased from Swing

                                      -41-
<PAGE>

Line Lender a risk participation therein in an amount equal to such Lender's Pro
Rata Share TIMES the amount of the Swing Line Loan.

         (c) Swing Line Lender shall be responsible for invoicing Borrower for
interest on the Swing Line Loans. Unless and until any Swing Line Loan is
converted into a Borrowing of Base Rate Loans or a funding by Lenders of their
participation therein, the interest payable on Swing Line Loans is solely for
the account of Swing Line Lender.

         (d) Borrower shall repay each Swing Line Loan not later than the
Requisite Time for payments hereunder upon the earlier of (i) demand made by
Swing Line Lender (with a copy to Administrative Agent) and (ii) the Maturity
Date. Payments shall be made directly to Swing Line Lender. If the conditions
precedent set forth in SECTION 5.02 can be satisfied, Borrower may request a
Borrowing of Committed Loans to repay Swing Line Lender pursuant to SECTION 2.02
or, failing to make such request, Borrower shall be deemed to have requested a
Borrowing of Base Rate Loans (without regard to the Minimum Amount therefor) on
such payment date in a principal amount equal to such payment. Swing Line Lender
shall promptly notify Administrative Agent of each Swing Line Loan and each
payment thereof.

         (e) If Borrower fails to timely make (by payment, a Borrowing or a
deemed Borrowing) any payment of principal of or interest on any Swing Line Loan
to Swing Line Lender, Swing Line Lender shall notify Administrative Agent of
such fact and the unpaid amount. Administrative Agent shall promptly notify each
Lender of its Pro Rata Share of such unpaid amount by Requisite Notice, and each
Lender shall make its Pro Rata Share of such unpaid amount available to
Administrative Agent at Administrative Agent's Office not later than the
Requisite Time for payments hereunder on the following Business Day. The
obligation of each Lender to make such payment shall be absolute and
unconditional and shall not be affected by the occurrence of such or any other
Event of Default or any other event. Each Lender's payment shall be deemed to be
a funding of such Lender's participation in such Swing Line Loan, and each
Lender making such funding shall thereupon acquire a pro rata participation, to
the extent of its payment, in the claim of Swing Line Lender against Borrower in
respect of such payment and shall share, in accordance with that pro rata
participation, in any payment made by Borrower with respect to such claim. Any
amounts made available by a Lender under its risk participation shall not
relieve or otherwise impair the obligation of Borrower to repay Swing Line
Lender for any amount of Swing Line Loans, together with interest as provided
herein, and such amounts made available shall be payable by Borrower upon demand
of Administrative Agent, and shall bear interest at a rate per annum equal to
the Default Rate.

         2.06     PREPAYMENTS.

         (a) Upon Requisite Notice to Administrative Agent not later than the
Requisite Time therefor, Borrower may at any time and from time to time
voluntarily prepay Committed Loans in part in the Minimum Amount therefor or in
full without premium or penalty. Administrative Agent will promptly notify each
Lender thereof and of such Lender's Pro Rata Share of such prepayment. Any
prepayment of an Offshore Rate Loan shall be accompanied by all accrued interest
thereon, together with the costs set forth in SECTION 4.05.

                                      -42-
<PAGE>

         (b) Upon Requisite Notice to Swing Line Lender (with a copy to
Administrative Agent) not later than the Requisite Time therefor, Borrower may
at any time and from time to time voluntarily prepay Swing Line Loans in part in
the Minimum Amount therefor or in full without premium or penalty.

         (c) If for any reason the Outstanding Obligations exceed the combined
Commitments as in effect or as reduced or because of any limitation set forth in
this Agreement or otherwise, Borrower shall immediately prepay Loans and/or
deposit cash in a Letter of Credit Cash Collateral Account in an aggregate
amount equal to such excess.

         (d) Each payment or prepayment on account of Competitive Loans must be
made ratably among all outstanding Competitive Loans of the same type borrowed
on the same day; PROVIDED, HOWEVER, that no Competitive Loan may be prepaid
without the prior written consent of Lender making such Competitive Loan.

         2.07 REDUCTION OR TERMINATION OF COMMITMENTS. Upon Requisite Notice to
Administrative Agent not later than the Requisite Time therefor, Borrower may at
any time and from time to time, without premium or penalty, permanently and
irrevocably reduce the Commitments in a Minimum Amount therefor to an amount not
less than the Outstanding Obligations at such time or terminate the Commitments.
Any such reduction or termination shall be accompanied by payment of all accrued
and unpaid facility fees and utilization fees with respect to the portion of the
Commitments being reduced or terminated. Administrative Agent shall promptly
notify Lenders of any such request for reduction or termination of the
Commitments. Each Lender's Commitment shall be reduced by an amount equal to
such Lender's Pro Rata Share times the amount of such reduction.

         2.08     PRINCIPAL AND INTEREST.

         (a) Except as otherwise provided hereunder, if not sooner paid,
Borrower agrees to pay the outstanding principal amount of each Committed Loan
on the Maturity Date.

         (b) Subject to subsection (c) below, and unless otherwise specified
herein, Borrower shall pay interest on the unpaid principal amount of each Loan
(before and after default, before and after maturity, before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief
Laws) from the date borrowed until paid in full (whether by acceleration or
otherwise) on each Applicable Payment Date at a rate per annum equal to the
interest rate determined in accordance with the definition of such type of Loan,
plus, to the extent applicable in each case, the Applicable Amount for such type
of Loan. Interest on Offshore Currency Loans shall be paid in the currency of
such Offshore Currency Loan.

         (c) If any amount payable by any Borrower Party under any Loan Document
is not paid when due (without regard to any applicable grace periods), it shall
thereafter bear interest (after as well as before entry of judgment thereon to
the extent permitted by law) at a fluctuating interest rate per annum at all
times equal to the Default Rate to the fullest extent permitted by applicable
Law. Accrued and unpaid interest on past due amounts (including interest on past
due interest) shall be payable upon demand.

                                      -43-
<PAGE>

         2.09     FEES.

         (a) FACILITY FEE. Borrower shall pay to Administrative Agent for the
account of each Lender a facility fee equal to the Applicable Amount TIMES the
actual daily amount of its Commitment, regardless of usage. The facility fee
shall accrue at all times from the Closing Date until the Maturity Date and
shall be payable each fiscal quarter in arrears on each Applicable Payment Date.
The facility fee shall be calculated each fiscal quarter in arrears, and if
there is any change in the Applicable Amount during any quarter, the actual
daily amount shall be computed and multiplied by the Applicable Amount
separately for each period during such quarter that such Applicable Amount was
in effect. The facility fee shall accrue at all times, including at any time
during which one or more conditions in SECTION 5 are not met.

         (b) UTILIZATION FEE. Borrower shall pay to Administrative Agent for the
account of each Lender a utilization fee equal to the Applicable Amount TIMES
the actual daily amount of the sum of (i) aggregate outstanding principal amount
of all Loans and (ii) Letter of Credit Usage any time during which the sum of
(x) aggregate outstanding principal amount of all Loans and (y) Letter of Credit
Usage exceed 50% of the combined Commitments. The utilization fee shall be
calculated each fiscal quarter in arrears, and if there is any change in the
Applicable Amount during any fiscal quarter, the actual daily amount shall be
computed and multiplied by the Applicable Amount separately for each period
during such quarter that such Applicable Amount was in effect. The utilization
fee shall accrue at all times that the aggregate outstanding principal amount of
all Loans and Letter of Credit Usage exceed 50% of the combined Commitments,
including any time during which one or more conditions in SECTION 5 are not met.

         (c) ADMINISTRATIVE FEES. Borrower shall pay to Administrative Agent an
administrative fee in such amounts and at such times as set forth in a separate
letter agreement among Borrower, Administrative Agent and Arranger. The agency
fee is for the services to be performed by Administrative Agent in acting as
Administrative Agent and is fully earned on the date paid. The agency fee paid
to Administrative Agent is solely for its own account and is nonrefundable.

         (d) STRUCTURING AND SYNDICATION FEE. On the Closing Date, Borrower
shall pay to Arranger a structuring and syndication fee in the amount set forth
in a separate letter agreement among Borrower, Administrative Agent and
Arranger. Such arrangement fee is for the services of Arranger in arranging,
structuring and syndicating the credit facilities under this Agreement and is
fully earned on the date paid. The structuring and syndication fee paid to
Arranger is solely for its own account and is nonrefundable.

          (e) LENDERS' UPFRONT FEE. On the Closing Date, Borrower shall pay to
Administrative Agent, for the respective accounts of Lenders pro rata according
to their respective Pro Rata Shares, an upfront fee in an amount set forth in a
separate letter between Borrower, Administrative Agent and Arranger. Such
upfront fees are for the credit facilities committed by Lenders under this
Agreement and are fully earned on the date paid. The upfront fee paid to Lenders
is solely for their own account and is nonrefundable.

         2.10 COMPUTATION OF INTEREST AND FEES. Computation of interest on Base
Rate Loans when the Base Rate is determined by Bank of America's "prime rate"
shall be calculated on the

                                      -44-
<PAGE>

basis of a year of 365 or 366 days, as the case may be, and the actual number of
days elapsed. Computation of all other types of interest and all fees shall be
calculated on the basis of a year of 360 days and the actual number of days
elapsed, which results in a higher yield to Lenders than a method based on a
year of 365 or 366 days. Interest shall accrue on each Loan for the day on which
the Loan is made, and shall not accrue on a Loan, or any portion thereof, for
the day on which the Loan or such portion is paid, PROVIDED that any Loan that
is repaid on the same day on which it is made shall bear interest for one day.

         2.11     MAKING PAYMENTS.

         (a) Except as otherwise provided herein, all payments by Borrower or
any Lender hereunder shall be made to Administrative Agent at Administrative
Agent's Office not later than the Requisite Time for such type of payment. All
payments received after such Requisite Time shall be deemed received on the next
succeeding Business Day. All payments shall be made in immediately available
funds in the currency of such extension of credit. All payments by Borrower
shall be made without condition or deduction for any counterclaim, defense,
recoupment or setoff. Notwithstanding any other provisions of this Agreement, if
and to the extent that EMU Legislation provides that amounts denominated in the
euro or an NCU may be paid within a country in either the euro or the NCU of
that country by crediting an account of the creditor in that country, payments
may be made in either the euro or such NCU.

         (b) Upon satisfaction of any applicable terms and conditions set forth
herein, Administrative Agent shall promptly make any amounts received in
accordance with the prior subsection available in like funds received as
follows: (i) if payable to Borrower, by crediting a deposit account designated
from time to time by Borrower to Administrative Agent by Requisite Notice, and
(ii) if payable to any Lender, by wire transfer to such Lender at its Lending
Office. If such conditions are not so satisfied, Administrative Agent shall
return any funds it is holding to the Lenders making such funds available,
without interest.

         (c) Subject to the definition of "Interest Period," if any payment to
be made by any Borrower Party shall come due on a day other than a Business Day,
payment shall instead be considered due on the next succeeding Business Day, and
such extension of time shall be reflected in computing interest and fees.

         (d) Unless Borrower or any Lender has notified Administrative Agent
prior to the date any payment to be made by it is due, that it does not intend
to remit such payment, Administrative Agent may, in its sole and absolute
discretion, assume that Borrower or Lender, as the case may be, has timely
remitted such payment and may, in its sole and absolute discretion and in
reliance thereon, make available such payment to the Person entitled thereto. If
such payment was not in fact remitted to Administrative Agent in immediately
available funds, then:

                  (i) if Borrower failed to make such payment, each Lender shall
         forthwith on demand repay to Administrative Agent the amount of such
         assumed payment made available to such Lender, together with interest
         thereon in respect of each day from and including the date such amount
         was made available by Administrative Agent to such Lender to the date
         such amount is repaid to Administrative Agent at the Federal Funds
         Rate; and

                                      -45-
<PAGE>

                  (ii) if any Lender failed to make such payment, Administrative
         Agent shall be entitled to recover such corresponding amount on demand
         from such Lender. If such Lender does not pay such corresponding amount
         forth-with upon Administrative Agent's demand therefor, Administrative
         Agent promptly shall notify Borrower, and Borrower shall pay such
         corresponding amount to Administrative Agent. Administrative Agent also
         shall be entitled to recover from such Lender interest on such
         corresponding amount in respect of each day from the date such
         corresponding amount was made available by Administrative Agent to
         Borrower to the date such corresponding amount is recovered by
         Administrative Agent, (A) from such Lender at a rate per annum equal to
         the daily Federal Funds Rate, and (B) from Borrower, at a rate per
         annum equal to the interest rate applicable to such Borrowing. Nothing
         herein shall be deemed to relieve any Lender from its obligation to
         fulfill its Commitment or to prejudice any rights which Administrative
         Agent or Borrower may have against any Lender as a result of any
         default by such Lender hereunder.

         (e) If Administrative Agent or any Lender is required at any time to
return to Borrower, or to a trustee, receiver, liquidator, custodian, or any
official under any proceeding under Debtor Relief Laws, any portion of a payment
made by Borrower, each Lender shall, on demand of Administrative Agent, return
its share of the amount to be returned, plus interest thereon from the date of
such demand to the date such payment is made at a rate per annum equal to the
daily Federal Funds Rate.

         2.12 FUNDING SOURCES. Nothing in this Agreement shall be deemed to
obligate any Lender to obtain the funds for any Loan in any particular place or
manner or to constitute a representation by any Lender that it has obtained or
will obtain the funds for any Loan in any particular place or manner.

         2.13     INCREASE IN COMBINED COMMITMENTS.

         (a) Borrower shall have the right, without the consent of Lenders but
subject to the approval of Administrative Agent (which approval shall not be
unreasonably withheld), to effectuate from time to time an increase in the
combined Commitments under this Agreement by adding to this Agreement one or
more Persons that are Eligible Assignees (who shall, upon completion of the
requirements of this SECTION 2.13 constitute "Lenders" hereunder) (an "Added
Lender"), or by allowing one or more Lenders in their sole discretion to
increase their respective Commitments hereunder (each an "Increasing Lender"),
so that such added and increased Commitments shall equal the increase in
Commitments effectuated pursuant to this SECTION 2.13; PROVIDED that (i) no
increase in or added Commitment shall be less than the Minimum Amount, (ii) no
increase in or added Commitments pursuant to this SECTION 2.13 shall be less
than the Minimum Amount or result in combined Commitments exceeding
$800,000,000, (iii) no Lender's Commitment shall be increased under this SECTION
2.13 without the consent of such Lender, (iv) there shall exist no Default or
Event of Default immediately prior to and immediately after giving effect to
such increased or added Commitment, and (v) there shall have been no ratable
reduction of Commitments pursuant to SECTION 2.07. Borrower shall deliver or
pay, as applicable, to Administrative Agent by the Requisite Time each of the
following items with respect to each Added Lender and Increasing Lender:

                                      -46-
<PAGE>

                           (i) a written notice of Borrower's intention to
                  increase the combined Commitments pursuant to this SECTION
                  2.13, which shall specify each new Eligible Assignee, if any,
                  the changes in amounts of Commitments that will result, and
                  such other information as is reasonably requested by
                  Administrative Agent;

                           (ii) documents in the form of EXHIBIT I or EXHIBIT J,
                  as may be required by Administrative Agent, executed and
                  delivered by each new Eligible Assignee and each Lender
                  agreeing to increase its Commitment, pursuant to which it
                  becomes a party hereto or increases its Commitment, as the
                  case may be;

                            (iii) if requested by the applicable Lender, Notes
                  or replacement Notes, as the case may be, executed and
                  delivered by Borrower; and

                           (iv) a non-refundable processing fee of $4,000 with
                  respect to each Added Lender or Increasing Lender for the sole
                  account of Administrative Agent.

         (b) Upon receipt of any notice referred to in clause (a)(i) above,
Administrative Agent shall promptly notify each Lender thereof. Upon execution
and delivery of such documents and the payment of such fee (the "Increased
Commitment Date"), such new Eligible Assignee shall constitute a "Lender"
hereunder with a Commitment as specified therein, or such Lender's Commitment
shall increase as specified therein, as the case may be. Immediately upon the
effectiveness of the addition of such Added Lender or the increase in the
Commitment of such Increasing Lender under this SECTION 2.13 (i) the respective
Pro Rata Shares of the Lenders shall be deemed modified as appropriate to
correspond to such changed combined Commitments, and (ii) if there are at such
time outstanding any Committed Loans or Letter of Credit Usage or Swing Line
Loans, each Lender whose Pro Rata Share has been decreased as a result of the
increase in the combined Commitments shall be deemed to have assigned, without
recourse, to each Added Lender and Increasing Lender such portion of such
Lender's Committed Loans and participations in such Letter of Credit Usage and
Swing Line Loans as shall be necessary to effectuate such adjustment in Pro Rata
Shares. Each Increasing Lender and Added Lender (A) shall be deemed to have
assumed such portion of such Committed Loans and participating interest in
Letter of Credit Usage and Swing Line Loans and (B) shall fund to each other
Lender on the Increased Commitment Date the amount of Committed Loans assigned
by it to such Lender. Borrower agrees to pay to the Lenders on demand any and
all amounts to the extent payable pursuant to SECTION 4.05 as a result of any
such prepayment of Committed Loans occasioned by the foregoing increase in
Commitments and the reallocation of the Pro Rata Shares.

         (c) This section shall supercede any provisions in SECTION 11.01 to the
contrary.

         2.14 OBLIGATIONS TO COLLATERAL AGENT. The Borrower hereby agrees
vis-a-vis the Collateral Agent that it shall pay to the Collateral Agent all
amounts which the Borrower is now or may at any time and from time to time
hereafter be obligated to pay in respect of the Obligations, including without
limitation amounts payable to each Lender and the Administrative Agent under
this Agreement, including any amount due pursuant to the Facility Guaranty or
under any Qualifying Swap Contract (the "Covenant to Pay Obligations"), if and
when such

                                      -47-
<PAGE>

amounts become due and payable in accordance with the terms of this Agreement or
such other document.

         The Borrower and the Collateral Agent agree and acknowledge that the
Covenant to Pay Obligations consist of obligations and liabilities of the
Borrower to the Collateral Agent separate and independent from and without
prejudice to the liabilities and obligations which the Borrower has or may have
at any time to the Lender, the Administrative Agent or other Person under this
Agreement or other Loan Documents or any Qualifying Swap Contract, provided that
the total liability of the Borrower under the Covenant to Pay Obligations shall
be decreased from time to time to the extent that the Borrower shall have paid
to the Lender or the Administrative Agent or other appropriate payee any amount
due under this Agreement or other applicable Loan Document or Qualifying Swap
Contract, and the total liability of the Borrower via-a-vis the Lender, the
Administrative Agent and any counterparty under a Qualifying Swap Contract under
this Agreement or other applicable Loan Document or Qualifying Swap Contract,
shall be decreased to the extent that the Borrower shall have paid to the
Collateral Agent such amount due pursuant to the Covenant to Pay Obligations.

                                      -48-
<PAGE>

                                   SECTION 3.
                                    SECURITY

         3.01 FACILITY GUARANTY. As security for the full and timely payment and
performance of all Obligations, Borrower shall on or before the Closing Date do
or cause to be done all things necessary to cause each Domestic Subsidiary that
is a Significant Subsidiary to execute and deliver to Administrative Agent for
the benefit of the Lenders a Facility Guaranty and shall further cause each
Person who thereafter becomes a Domestic Subsidiary that is a Significant
Subsidiary to do all those things required by SECTION 7.13 hereof.

         3.02 PLEDGE AGREEMENTS. As security for the full and timely payment and
performance of (i) all Obligations now existing or hereafter arising and (ii) if
applicable, all obligations of Guarantors under the Facility Guaranty, Borrower
shall, and shall cause each Domestic Subsidiary to, on the Closing Date deliver
to Collateral Agent, Pledge Agreements which shall pledge to Collateral Agent
for the benefit of Administrative Agent and the Lenders, 65% of the voting
securities or other interests having ordinary voting power and 100% of the other
securities of or other ownership interests in each Direct Foreign Subsidiary
that is a Significant Subsidiary as are owned by Borrower or any Domestic
Subsidiary and shall take such further action and deliver or cause to be
delivered such further documents as required by the Security Instruments or
otherwise as Collateral Agent may reasonably request to effect the transactions
contemplated by this SECTION 3.

         3.03 FURTHER ASSURANCES. At the request of Administrative Agent,
Borrower shall or shall cause all other Borrower Parties, as the case may be, to
execute, by its Responsible Officer, alone or with Administrative Agent, any
certificate, instrument, financing statement, control agreement, statement or
document or to procure any such certificate, instrument, statement or document,
or to take such other action (and pay all connected costs) which Administrative
Agent reasonably deems necessary from time to time to create, continue or
preserve the Liens and security interests in the Collateral (and the perfection
and priority thereof) of Collateral Agent as contemplated hereby and by the
other Loan Documents and specifically including all Collateral acquired by
Borrower or other Borrower Party after the Closing Date.

         3.04 INTERCREDITOR AGREEMENT. Notwithstanding anything to the contrary
herein or in the Security Instruments, in the event that Borrower or any
Subsidiary shall issue any Senior Parity Debt or enter into the TDC TROL, each
of Administrative Agent and Collateral Agent is authorized, without the consent
of the Lenders, to enter into one or more intercreditor agreements or other
similar arrangements with the Senior Parity Debt Holders including the lenders
and holders party to the TDC TROL in order to effectuate pari passu status
between the Obligations and such Senior Parity Debt, including obligations under
the TDC TROL. At the election of the Borrower, Senior Parity Debt may either (i)
benefit from a guaranty of payment by Domestic Subsidiaries, or (ii) have the
benefit of a pledge of 65% of the voting securities or other ownership interest
having voting power and 100% of the other securities of or other ownership
interest in Direct Foreign Subsidiaries that are Significant Subsidiaries, or
(iii) both of the foregoing. Administrative Agent and Collateral Agent shall
take all such further actions as are necessary to effectuate the transactions
contemplated by this SECTION 3.04, all at the sole expense of Borrower.

                                      -49-
<PAGE>

                                   SECTION 4.
                     TAXES, YIELD PROTECTION AND ILLEGALITY

         4.01     TAXES.

         (a) Any and all payments by Borrower to or for the account of
Administrative Agent or any Lender under any Loan Document shall be made free
and clear of and without deduction for any and all present or future taxes,
duties, levies, imposts, deductions, assessments, fees, withholdings or similar
charges, and all liabilities with respect thereto, EXCLUDING, in the case of
Administrative Agent and each Lender, taxes imposed on or measured by its net
income, and franchise taxes imposed on it (in lieu of net income taxes), by the
jurisdiction (or any political subdivision thereof) under the Laws of which
Administrative Agent or such Lender, as the case may be, is organized or
maintains a lending office (all such non-excluded taxes, duties, levies,
imposts, deductions, assessments, fees, withholdings or similar charges, and
liabilities being hereinafter referred to as "TAXES"). If Borrower shall be
required by any Laws to deduct any Taxes from or in respect of any sum payable
under any Loan Document to Administrative Agent or any Lender, (i) the sum
payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under
this Section), Administrative Agent and such Lender receives an amount equal to
the sum it would have received had no such deductions been made, (ii) Borrower
shall make such deductions, (iii) Borrower shall pay the full amount deducted to
the relevant taxation authority or other authority in accordance with applicable
Laws, and (iv) within 30 days after the date of such payment, Borrower shall
furnish to Administrative Agent (who shall forward the same to such Lender) the
original or a certified copy of a receipt evidencing payment thereof.

         (b) In addition, Borrower agrees to pay any and all present or future
stamp, court or documentary taxes and any other excise or property taxes or
charges or similar levies which arise from any payment made under any Loan
Document or from the execution, delivery, performance, enforcement or
registration of, or otherwise with respect to, any Loan Document (hereinafter
referred to as "OTHER TAXES").

         (c) If Borrower shall be required to deduct or pay any Taxes or Other
Taxes from or in respect of any sum payable under any Loan Document to
Administrative Agent or any Lender, Borrower shall also pay to such Lender or
Administrative Agent (for the account of such Lender), at the time interest is
paid, such additional amount that the respective Lender specifies as necessary
to preserve the after-tax yield (after factoring in all taxes, including taxes
imposed on or measured by net income) such Lender would have received if such
Taxes or Other Taxes had not been imposed.

         (d) Borrower agrees to indemnify Administrative Agent and each Lender
for the full amount of Taxes and Other Taxes (including any Taxes or Other Taxes
imposed or asserted by any jurisdiction on amounts payable under this Section)
paid by Administrative Agent and such Lender, amounts payable under SECTION
4.01(C) and any liability (including penalties, interest and expenses) arising
therefrom or with respect thereto.

         4.02 ILLEGALITY. If any Lender determines that any Laws have made it
unlawful, or that any Governmental Authority has asserted that it is unlawful,
for any Lender or its applicable

                                      -50-
<PAGE>

Lending Office to make, maintain or fund Offshore Rate Loans or issue Letters of
Credit in an Offshore Currency, or materially restricts the authority of such
Lender to purchase or sell, or to take deposits of, Dollars or the applicable
Offshore Currency in the applicable offshore interbank market, or to determine
or charge interest rates based upon the Offshore Rate or issue Letters of Credit
in an Offshore Currency, then, on notice thereof by such Lender to Borrower
through Administrative Agent, any obligation of such Lender to make Offshore
Rate Loans or to issue Letters of Credit in an Offshore Currency shall be
suspended until such Lender notifies Administrative Agent and Borrower that the
circumstances giving rise to such determination no longer exist. Upon receipt of
such notice, Borrower shall, upon demand from such Lender (with a copy to
Administrative Agent), prepay or Convert all Offshore Rate Loans of such Lender,
either on the last day of the Interest Period thereof, if such Lender may
lawfully continue to maintain such Offshore Rate Loans to such day, or
immediately, if such Lender may not lawfully continue to maintain such Offshore
Rate Loans. Each Lender agrees to designate a different Lending Office if such
designation will avoid the need for such notice and will not, in the good faith
judgment of such Lender, otherwise be materially disadvantageous to such Lender.

         4.03 INABILITY TO DETERMINE RATES. If, in connection with any Request
for Extension of Credit involving any Offshore Rate Loan, Administrative Agent
determines that (a) deposits in Dollars or the applicable Offshore Currency are
not being offered to banks in the applicable offshore dollar market for the
applicable amount and Interest Period of the requested Offshore Rate Loan, (b)
adequate and reasonable means do not exist for determining the underlying
interest rate for such Offshore Rate Loan, or (c) such underlying interest rate
does not adequately and fairly reflect the cost to Lenders of funding such
Offshore Rate Loan, Administrative Agent will promptly notify Borrower and all
Lenders. Thereafter, the obligation of Lenders to make or maintain such Offshore
Rate Loan shall be suspended until Administrative Agent revokes such notice.
Upon receipt of such notice, Borrower may revoke any pending request for a
Borrowing of Offshore Rate Loans or, failing that, be deemed to have converted
such request into a request for a Borrowing of Base Rate Loans in the amount
specified therein.

         4.04     INCREASED COST AND REDUCED RETURN; CAPITAL ADEQUACY.

         (a) If any Lender (including the Issuing Bank) determines that any
Laws:

                  (i) subject such Lender to any tax, duty, or other charge with
         respect to any Offshore Rate Loans or its obligation to make Offshore
         Rate Loans or to issue or maintain Letters of Credit in an Offshore
         Currency, or change the basis on which taxes are imposed on any amounts
         payable to such Lender under this Agreement in respect of any Offshore
         Rate Loans or Letters of Credit (and related reimbursement obligations)
         in an Offshore Currency;

                  (ii) shall impose or modify any reserve, special deposit, or
         similar requirement (other than the reserve requirement utilized in the
         determination of the Offshore Rate) relating to any extensions of
         credit or other assets of, or any deposits with or other liabilities or
         commitments of, such Lender (including its Commitment); or

                                      -51-
<PAGE>

                  (iii) shall impose on such Lender or on the offshore interbank
         market any other condition affecting this Agreement or any of such
         extensions of credit or liabilities or commitments;

and the result of any of the foregoing is to increase the cost to such Lender of
making, Converting into, Continuing, or maintaining any Offshore Rate Loans or
issuing or maintaining Letters of Credit in an Offshore Currency or to reduce
any sum received or receivable by such Lender under this Agreement with respect
to any Offshore Rate Loans or Letters of Credit (including related reimbursement
obligations) in an Offshore Currency, then from time to time upon demand of
Lender (with a copy of such demand to Administrative Agent), Borrower shall pay
to such Lender such additional amounts as will compensate such Lender for such
increased cost or reduction.

         (b) If any Lender determines that any change in or the interpretation
of any Laws have the effect of reducing the rate of return on the capital of
such Lender or compliance by such Lender (or its Lending Office) or any
corporation controlling such Lender as a consequence of such Lender's
obligations hereunder (taking into consideration its policies with respect to
capital adequacy and such Lender's desired return on capital), then from time to
time upon demand of such Lender (with a copy to Administrative Agent), Borrower
shall pay to such Lender such additional amounts as will compensate such Lender
for such reduction.

         4.05 BREAKFUNDING COSTS. Upon demand of any Lender (with a copy to
Administrative Agent) from time to time, Borrower shall promptly compensate such
Lender for and hold such Lender harmless from any loss, cost or expense incurred
by it as a result of:

         (a) any Continuation, Conversion, payment or prepayment of any Loan
other than a Base Rate Loan on a day other than the last day of the Interest
Period for such Loan (whether voluntary, mandatory, automatic, by reason of
acceleration, or otherwise), and including, without limitation, prepayments
arising under SECTION 2.13; or

         (b) any failure by Borrower (for a reason other than the failure of
such Lender to make a Loan) to prepay, borrow, Continue or Convert any Loan
other than a Base Rate Loan on the date or in the amount notified by Borrower;

including any loss of anticipated profits and any loss or expense arising from
the liquidation or reemployment of funds obtained by it to maintain such Loan or
from fees payable to terminate the deposits from which such funds were obtained.
Borrower shall also pay any customary administrative fees charged by such Lender
in connection with the foregoing.

         4.06     MATTERS APPLICABLE TO ALL REQUESTS FOR COMPENSATION.

         (a) A certificate of Administrative Agent or any Lender claiming
compensation under this SECTION 4 and setting forth the additional amount or
amounts to be paid to it hereunder shall be conclusive in the absence of clearly
demonstrable error. In determining such amount, Administrative Agent or any
Lender may use any reasonable averaging and attribution methods. For purposes of
this SECTION 4, a Lender shall be deemed to have funded each Offshore Rate Loan
at the Offshore Base Rate used in determining the Offshore Rate for such Loan by
a matching deposit or other borrowing in the applicable offshore interbank
market, whether or not such Offshore Rate Loan was in fact so funded.

                                      -52-
<PAGE>

         (b) Upon any Lender making a claim for compensation under SECTION 4.01,
SECTION 4.02, if such claim is not made by all Lenders or 4.04, Borrower may
remove and replace such Lender in accordance with SECTION 11.22.

         4.07 SURVIVAL. All of Borrower's obligations under this SECTION 4 shall
survive termination of the Commitments and payment in full of all Obligations.

                                      -53-
<PAGE>

                                   SECTION 5.
                  CONDITIONS PRECEDENT TO EXTENSIONS OF CREDIT

         5.01 CONDITIONS OF INITIAL EXTENSION OF CREDIT. The obligation of each
Lender to make its initial Extension of Credit hereunder is subject to
satisfaction of the following conditions precedent:

         (a) Unless waived by all Lenders (or by Administrative Agent with
respect to immaterial matters or items specified in subsection (vi) or (vii)
below with respect to which Borrower has given assurances satisfactory to
Administrative Agent that they will be delivered promptly following the Closing
Date), Administrative Agent's receipt of the following, each of which shall be
originals or facsimiles (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer of the signing
Borrower Party, each dated on, or in the case of third-party certificates,
recently before the Closing Date and each in form and substance satisfactory to
Administrative Agent, Lenders and their respective legal counsel:

                  (i) executed counterparts of this Agreement, sufficient in
         number for distribution to Administrative Agent, Lenders and Borrower;

                  (ii) executed counterparts of the Facility Guaranty and Pledge
         Agreement;

                  (iii) Committed Loan Notes executed by Borrower in favor of
         each Lender requesting same, each in a principal amount equal to such
         Lender's Commitment;

                  (iv) Competitive Loan Notes executed by Borrower in favor of
         each Lender requesting same, each in the principal amount of the
         Competitive Loan Sublimit;

                  (v) a Swing Line Note executed by Borrower in favor of Swing
         Line Lender requesting same in the principal amount of the Swing Line
         Sublimit;

                  (vi) such certificates of resolutions or other action,
         incumbency certificates and/or other certificates of Responsible
         Officers of each Borrower Party as Administrative Agent or any Lender
         may require to establish the identities of and verify the authority and
         capacity of each Responsible Officer thereof authorized to act as a
         Responsible Officer thereof;

                  (vii) such evidence as Administrative Agent or any Lender may
         reasonably require to verify that each Borrower Party is duly organized
         or formed, validly existing, in good standing and qualified to engage
         in business in each jurisdiction in which it is required to be
         qualified to engage in business, including certified copies of each
         Borrower Party's Organization Documents, certificates of good standing
         and/or qualification to engage in business, tax clearance certificates,
         and the like;

                  (viii) a certificate signed by a Responsible Officer of
         Borrower certifying (A) that the conditions specified in SECTIONS
         5.01(c) and (d) have been satisfied (B) that there has been no event or
         circumstance since the date of the Audited Financial Statements which
         has a Material Adverse Effect; and (C) the current Debt Ratings;

                                      -54-
<PAGE>

                  (ix) a duly completed Compliance Certificate signed by a
         Responsible Officer of Borrower as of the fiscal year end preceding the
         Closing Date;

                  (x) a schedule as of the most recent fiscal quarter end
         preceding the Closing Date in the form and content set forth in SECTION
         7.02(B)(II);

                  (xi) an opinion of counsel to each Borrower Party
         substantially in the form of EXHIBIT H hereto and opinions of counsel
         in each foreign jurisdiction governing a Pledge Agreement in form and
         substance satisfactory to Administrative Agent and Lenders;

                  (xii) written evidence that all commitments under the Existing
         Credit Agreement have been or concurrently herewith are being
         terminated, all outstanding amounts thereunder have been paid in full,
         and all Liens securing obligations under the Existing Credit Facility
         have been or concurrently herewith are being released;

                  (xiii) written agreement of the Borrower terminating all
         rights under the Existing Credit Agreement; and

                  (xiv) such other assurances, certificates, documents, consents
         or opinions as Administrative Agent, Issuing Lender or Requisite
         Lenders reasonably may require.

         (b) Any fees required to be paid on or before the Closing Date shall
have been paid.

         (c) The representations and warranties made by each Borrower Party
herein or in any other Loan Document, or which are contained in any certificate,
document or financial or other statement furnished at any time under or in
connection herewith or therewith, shall be correct on and as of the Closing
Date.

         (d) Each Borrower Party shall be in compliance with all the terms and
provisions of the Loan Documents to which it is a party, and no Default or Event
of Default shall have occurred and be continuing.

         (e) Borrower shall have paid all Attorney Costs and other out-of-pocket
expenses of Administrative Agent to the extent invoiced prior to or on the
Closing Date, plus such additional amounts of Attorney Costs as shall constitute
its reasonable estimate of Attorney Costs incurred or to be incurred by it
through the closing proceedings (provided that such estimate shall not
thereafter preclude final settling of accounts between Borrower and
Administrative Agent).

         5.02 CONDITIONS TO ALL EXTENSIONS OF CREDIT. In addition to any
applicable conditions precedent set forth elsewhere in this SECTION 5 or in
SECTIONS 2 OR 3, the obligation of each Lender to honor any Request for
Extension of Credit is subject to the following conditions precedent:

         (a) the representations and warranties of each Borrower Party contained
in SECTION 6 or in any other Loan Document, or which are contained in any
certificate, document or financial or other statement furnished at any time
under or in connection herewith or therewith, shall be correct on and as of the
date of such Extension of Credit, except to the extent that such representations
and warranties specifically refer to an earlier date.

                                      -55-
<PAGE>

         (b) no Default or Event of Default exists, or would result from such
proposed Extension of Credit.

         (c) Administrative Agent shall have timely received a Request for
Extension of Credit by Requisite Notice by the Requisite Time therefor.

         (d) Administrative Agent shall have received, in form and substance
satisfactory to it and the Requisite Lenders, such other assurances,
certificates, documents or consents related to the foregoing as Administrative
Agent or Requisite Lenders reasonably may require.

         Each Request for Extension of Credit by Borrower shall be deemed to be
a representation and warranty that the conditions specified in SECTIONS 5.02(A)
and (B) have been satisfied on and as of the date of such Extension of Credit.

                                      -56-
<PAGE>

                                   SECTION 6.
                         REPRESENTATIONS AND WARRANTIES

         Borrower represents and warrants to Administrative Agent and Lenders
that:

         6.01 EXISTENCE AND QUALIFICATION; POWER; COMPLIANCE WITH LAWS. Each
Borrower Party is a corporation, partnership or limited liability company duly
organized or formed, validly existing and in good standing under the Laws of the
state of its incorporation or organization, has the power and authority and the
legal right to own and operate its properties, to lease the properties it
operates and to conduct its business, is duly qualified and in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of
properties or the conduct of its business requires such qualification, and is in
compliance with all Laws except to the extent that noncompliance does not have a
Material Adverse Effect.

         6.02 POWER; AUTHORIZATION; ENFORCEABLE OBLIGATIONS. Each Borrower Party
has the power and authority and the legal right to make, deliver and perform
each Loan Document to which it is a party and Borrower has power and authority
to borrow hereunder and has taken all necessary action to authorize the
borrowings on the terms and conditions of this Agreement and to authorize the
execution, delivery and performance of this Agreement and the other Loan
Documents to which it is a party. No consent or authorization of, filing with,
or other act by or in respect of any Governmental Authority, that has not been
obtained, is required in connection with the borrowings hereunder or with the
execution, delivery, performance, validity or enforceability of this Agreement
or any of the other Loan Documents. The Loan Documents have been duly executed
and delivered by each Borrower Party, and constitute a legal, valid and binding
obligation of each Borrower Party, enforceable against each Borrower Party in
accordance with their respective terms.

         6.03 NO LEGAL BAR. The execution, delivery, and performance by each
Borrower Party of the Loan Documents to which it is a party and compliance with
the provisions thereof have been duly authorized by all requisite action on the
part of such Borrower Party and do not and will not (a) violate or conflict
with, or result in a breach of, or require any consent under (i) any
Organization Documents of such Borrower Party or any of its Subsidiaries, (ii)
any applicable Laws, rules, or regulations or any order, writ, injunction, or
decree of any Governmental Authority or arbitrator, or (iii) any Contractual
Obligation of such Borrower Party or any of its Subsidiaries or by which any of
them or any of their property is bound or subject, (b) constitute a default
under any such agreement or instrument, or (c) result in, or require, the
creation or imposition of any Lien on any of the properties of such Borrower
Party or any of its Subsidiaries, other than as provided in the Loan Documents.

         6.04     FINANCIAL STATEMENTS; NO MATERIAL ADVERSE EFFECT.

         (a) The Audited Financial Statements (i) were prepared in accordance
with GAAP consistently applied throughout the period covered thereby, except as
otherwise expressly noted therein; (ii) fairly present the financial condition
of Borrower and its Subsidiaries as of the date thereof and their results of
operations for the period covered thereby in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly
noted therein; and (iii) show all material indebtedness and other liabilities,
direct or contingent, of

                                      -57-
<PAGE>

Borrower and its Subsidiaries as of the date thereof, including liabilities for
taxes, material commitments and Indebtedness in accordance with GAAP
consistently applied throughout the period covered thereby.

         (b) Since the date of the Audited Financial Statements, there has been
no event or circumstance which has a Material Adverse Effect.

         6.05 LITIGATION. No litigation, investigation or proceeding of or
before an arbitrator or Governmental Authority is pending or, to the knowledge
of Borrower after due and diligent investigation, threatened by or against any
Borrower Party or any of its Subsidiaries or against any of their properties or
revenues which, if determined adversely, has or would have a Material Adverse
Effect.

         6.06 NO DEFAULT. Neither any Borrower Party nor any of its Subsidiaries
are in default under or with respect to any Contractual Obligation which has a
Material Adverse Effect, and no Default or Event of Default has occurred and is
continuing or will result from the consummation of this Agreement or any of the
other Loan Documents, or the making of the Extensions of Credit hereunder.

         6.07 OWNERSHIP OF PROPERTY; LIENS. Each Borrower Party and its
Subsidiaries have valid fee or leasehold interests in all real property which
they use in their respective businesses, and each Borrower Party and its
Subsidiaries have good and marketable title to all their other property, and
none of such property is subject to any Lien, EXCEPT as permitted in SECTION
8.02.

         6.08 TAXES. Each Borrower Party and its Subsidiaries have filed all tax
returns which are required to be filed, and have paid, or made provision for the
payment of, all taxes with respect to the periods, property or transactions
covered by said returns, or pursuant to any assessment received by such Borrower
Party or its respective Subsidiaries, EXCEPT (a) such taxes, if any, as are
being contested in good faith by appropriate proceedings and as to which
adequate reserves have been established and maintained, and (b) immaterial
taxes; PROVIDED, HOWEVER, that in each case no material item or portion of
property of any Borrower Party or any of its Subsidiaries is in jeopardy of
being seized, levied upon or forfeited.

         6.09 MARGIN REGULATIONS; INVESTMENT COMPANY ACT; PUBLIC UTILITY HOLDING
COMPANY ACT.

         (a) No Borrower Party is engaged or will engage, principally or as one
of its important activities, in the business of extending credit for the purpose
of "purchasing" or "carrying" "margin stock" within the respective meanings of
each of the quoted terms under Regulation U of the Board of Governors of the
Federal Reserve System as now and from time to time hereafter in effect. No part
of the proceeds of any Extensions of Credit hereunder will be used for
"purchasing" or "carrying" "margin stock" as so defined or for any purpose which
violates, or which would be inconsistent with, the provisions of Regulations U
or X of such Board of Governors.

         (b) No Borrower Party or any of its Subsidiaries (i) is a "holding
company," or a "subsidiary company" of a "holding company," or an "affiliate" of
a "holding company" or of a "subsidiary company" of a "holding company," within
the meaning of the Public Utility Holding

                                      -58-
<PAGE>

Company Act of 1935, or (ii) is or is required to be registered as an
"investment company" under the Investment Company Act of 1940.

         6.10     ERISA COMPLIANCE.

         (a) Each Plan is in compliance in all material respects with the
applicable provisions of ERISA, the Code and other federal or state Laws. Each
Plan that is intended to qualify under Section 401(a) of the Code has received a
favorable determination letter from the IRS or an application for such a letter
is currently being processed by the IRS with respect thereto and, to the best
knowledge of Borrower, nothing has occurred which would prevent, or cause the
loss of, such qualification. Borrower and each ERISA Affiliate have made all
required contributions to each Plan subject to Section 412 of the Code, and no
application for a funding waiver or an extension of any amortization period
pursuant to Section 412 of the Code has been made with respect to any Plan.

         (b) There are no pending or, to the best knowledge of Borrower,
threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Plan that has a Material Adverse Effect. There has been no
prohibited transaction or violation of the fiduciary responsibility rules with
respect to any Plan that has a Material Adverse Effect.

         (c) (i) No ERISA Event has occurred or is reasonably expected to occur;
(ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither Borrower
nor any ERISA Affiliate has incurred, or reasonably expects to incur, any
liability under Title IV of ERISA with respect to any Pension Plan (other than
premiums due and not delinquent under Section 4007 of ERISA); (iv) neither
Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur,
any liability (and no event has occurred which, with the giving of notice under
Section 4219 of ERISA, would result in such liability) under Sections 4201 or
4243 of ERISA with respect to a Multiemployer Plan; and (v) neither Borrower nor
any ERISA Affiliate has engaged in a transaction that could be subject to
Sections 4069 or 4212(c) of ERISA.

         6.11 INTANGIBLE ASSETS. Each Borrower Party and its Subsidiaries own,
or possess the right to use, all trademarks, trade names, copyrights, patents,
patent rights, franchises, licenses and other intangible assets that are used in
the conduct of their respective businesses as now operated, and none of such
items, to the best knowledge of Borrower, conflicts with the valid trademark,
trade name, copyright, patent, patent right or intangible asset of any other
Person to the extent that such conflict has a Material Adverse Effect.

         6.12 COMPLIANCE WITH LAWS. Each Borrower Party and its Subsidiaries are
in compliance in all material respects with all Laws that are applicable to it.

         6.13 ENVIRONMENTAL COMPLIANCE. Each Borrower Party and its Subsidiaries
conduct in the ordinary course of business a review of the effect of existing
Environmental Laws and claims alleging potential liability or responsibility for
violation of any Environmental Law on their respective businesses, operations
and properties, and as a result thereof Borrower has reasonably concluded that
such Environmental Laws and claims do not, individually or in the aggregate,
have a Material Adverse Effect.

                                      -59-
<PAGE>

         6.14 INSURANCE. The properties of each Borrower Party and its
Subsidiaries are insured with financially sound and reputable insurance
companies not Affiliates of Borrower, in such amounts, with such deductibles and
covering such risks as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where such Borrower Party
or such Subsidiary operates.

         6.15 DISCLOSURE. No statement, information, report, representation, or
warranty made by any Borrower Party in any Loan Document or furnished to
Administrative Agent or any Lender in connection with any Loan Document contains
any untrue statement of a material fact or omits to state any material fact
necessary to make the statements herein or therein not misleading.

                                      -60-
<PAGE>

                                   SECTION 7.
                              AFFIRMATIVE COVENANTS

         So long as any Obligation remains unpaid or unperformed, or any portion
of the Commitments remains outstanding, Borrower shall, and shall (except in the
case of Borrower's reporting covenants), cause each Subsidiary to:

         7.01 FINANCIAL STATEMENTS. Deliver to Administrative Agent and each
Lender, in form and detail satisfactory to Administrative Agent and Requisite
Lenders:

         (a) as soon as available, but in any event within 95 days after the end
of each fiscal year of Borrower, consolidated and consolidating balance sheets
of Borrower and its Subsidiaries as at the end of such fiscal year, and the
related consolidated and consolidating statements of income and cash flows for
such fiscal year, setting forth in each case in comparative form the figures for
the previous fiscal year, all in reasonable detail, audited and accompanied by a
report and opinion of an independent certified public accountant of nationally
recognized standing reasonably acceptable to Requisite Lenders, which report and
opinion shall be prepared in accordance with GAAP and shall not be subject to
any qualifications or exceptions as to the scope of the audit nor to any
qualifications and exceptions not reasonably acceptable to Requisite Lenders;
and

         (b) as soon as available, but in any event within 50 days after the end
of each of the first three fiscal quarters of each fiscal year of Borrower,
consolidated and consolidating balance sheets of Borrower and its Subsidiaries
as at the end of such fiscal quarter, and the related consolidated and
consolidating statements of income and cash flows for such fiscal quarter and
for the portion of Borrower's fiscal year then ended, setting forth in each case
in comparative form the figures for the corresponding fiscal quarter of the
previous fiscal year and the corresponding portion of the previous fiscal year,
all in reasonable detail and certified by a Responsible Officer of Borrower as
fairly presenting the financial condition, results of operations and cash flows
of Borrower and its Subsidiaries in accordance with GAAP, subject only to normal
year-end audit adjustments and the absence of footnotes.

         (c) Reports required to be delivered pursuant to clauses (a) and (b) of
this SECTION 7.01 shall be deemed to have been delivered on the date on which
Borrower posts such reports on Borrower's website on the Internet at the website
address listed on SCHEDULE 11.02 hereof or when such report is posted on the
Securities and Exchange Commission's website at WWW.SEC.GOV.; PROVIDED that (x)
Borrower shall deliver paper copies of the reports referred to in such clauses
(a) and (b) of this SECTION 7.01 to Administrative Agent or any Lender who
requests Borrower to deliver such paper copies until written request to cease
delivering paper copies is given by Administrative Agent or such Lender, (y)
Borrower shall notify Administrative Agent and Lenders of the posting of any
such new material, and (z) in every instance Borrower shall provide paper copies
of the original executed Compliance Certificates required by clause (a) of
SECTION 7.02 to Administrative Agent with a copy, which may be by facsimile, to
each Lender. Except for the Compliance Certificates referred to in such clause
(a) of SECTION 7.02, Administrative Agent shall have no obligation to request
the delivery or to maintain copies of the reports referred to in clauses (a) and
(b) of this SECTION 7.01, and in any event shall have no responsibility to
monitor compliance by Borrower with any such request for delivery, and each

                                      -61-
<PAGE>

Lender shall be solely responsible for requesting delivery to it or maintaining
its copies of such reports.

         7.02 CERTIFICATES, NOTICES AND OTHER INFORMATION. Deliver to
Administrative Agent and each Lender in form and detail satisfactory to
Administrative Agent and Requisite Lenders:

         (a) concurrently with the delivery of the financial statements referred
to in SECTION 7.01(A), a certificate of its independent certified public
accountants certifying (with respect to the consolidated financial statements)
such financial statements and stating that in making the examination necessary
therefor no knowledge was obtained of any Default or Event of Default under the
financial covenants set forth herein or, if any such Default or Event of Default
shall exist, stating the nature and status of such event;

         (b) concurrently with the delivery of the financial statements referred
to in SECTIONS 7.01(A) and (B), a (i) duly completed Compliance Certificate
signed by a Responsible Officer of Borrower and (ii) a certificate signed by a
Responsible Officer in form acceptable to the Administrative Agent setting forth
the amount of assets and revenues of each of the Borrower and each of its
Subsidiaries;

         (c) promptly after request by Administrative Agent or any Lender,
copies of any detailed audit reports, management letters or recommendations
submitted to the board of directors (or the audit committee of the board of
directors) of Borrower by independent accountants in connection with the
accounts or books of Borrower or any Subsidiary, or any audit of any of them;

         (d) promptly after the same are available, copies of each annual
report, proxy or financial statement or other report or communication sent to
the stockholders of Borrower, and copies of all annual, regular, periodic and
special reports and registration statements which Borrower may file or be
required to file with the Securities and Exchange Commission under Sections 13
or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to
be delivered to Administrative Agent pursuant hereto;

         (e) promptly after the occurrence thereof, notice of any Default or
Event of Default;

         (f) notice of any material change in accounting policies or financial
reporting practices by Borrower or any Subsidiary;

         (g) promptly after the commencement thereof, notice of any litigation,
investigation or proceeding affecting any Borrower Party where the amount
involved exceeds the Threshold Amount, or in which injunctive relief or similar
relief is sought, which relief, if granted, has a Material Adverse Effect;

         (h) promptly after the occurrence thereof, notice of any Reportable
Event with respect to any Plan or the intent to terminate any Plan, or the
institution of proceedings or the taking or expected taking of any other action
to terminate any Plan or withdraw from any Plan;

         (i) promptly after the occurrence thereof, notice of any Material
Adverse Effect;

                                      -62-
<PAGE>

         (j) promptly, notice of any announcement by Moody's or S&P of any
change in a Debt Rating or other announcement as to the Borrower; and

         (k) promptly, such other data and information as from time to time may
be reasonably requested by Administrative Agent, or, through Administrative
Agent, any Lender.

         Each notice pursuant to this Section shall be accompanied by a
statement of a Responsible Officer of Borrower setting forth details of the
occurrence referred to therein and stating what action Borrower has taken and
proposes to take with respect thereto.

         7.03 PAYMENT OF TAXES. Pay and discharge when due all taxes,
assessments, and governmental charges, Ordinary Course Liens or levies imposed
on any Borrower Party or its Subsidiaries or on its income or profits or any of
its property, except for any such tax, assessment, charge, or levy which is an
Ordinary Course Lien under subsection (c) of SECTION 8.02.

         7.04 PRESERVATION OF EXISTENCE. Preserve and maintain its existence,
licenses, permits, rights, franchises and privileges necessary or desirable in
the normal conduct of its business, except where failure to do so does not have
a Material Adverse Effect.

         7.05 MAINTENANCE OF PROPERTIES. Maintain, preserve and protect all of
its material properties and equipment necessary in the operation of its business
in good order and condition, subject to wear and tear in the ordinary course of
business, and not permit any waste of its properties.

         7.06 MAINTENANCE OF INSURANCE. Maintain liability and casualty
insurance with financially sound and reputable insurance companies in such
amounts with such deductibles and against such risks as is customary for
similarly situated businesses.

         7.07     COMPLIANCE WITH LAWS.

         (a) Comply with the requirements of all applicable Laws and orders of
any Governmental Authority, the noncompliance with which could reasonably be
expected to have a Material Adverse Effect.

         (b) Conduct its operations and keep and maintain its property in
compliance with all Environmental Laws, the noncompliance with which could
reasonably be expected to have a Material Adverse Effect.

         7.08 INSPECTION RIGHTS. At any time during regular business hours and
as often as reasonably requested and upon reasonable prior notice, permit
Administrative Agent or any Lender, or any employee, agent or representative
thereof, to examine, audit and make copies and abstracts from the Borrower
Parties' records and books of account and to visit and inspect their properties
and to discuss their affairs, finances and accounts with any of their officers
and key employees and independent certified public accountants, and, upon
request, furnish promptly to Administrative Agent or any Lender true copies of
all financial information and internal management reports made available to
their senior management.

                                      -63-
<PAGE>

         7.09 KEEPING OF RECORDS AND BOOKS OF ACCOUNT. Keep adequate records and
books of account reflecting all financial transactions in conformity with GAAP,
consistently applied, and in material conformity with all applicable
requirements of any Governmental Authority having regulatory jurisdiction over
Borrower or the applicable Subsidiary.

         7.10 COMPLIANCE WITH ERISA. Cause, and cause each of its ERISA
Affiliates to: (a) maintain each Plan in compliance in all material respects
with the applicable provisions of ERISA, the Code and other federal or state
law; (b) cause each Plan which is qualified under Section 401(a) of the Code to
maintain such qualification; and (c) make all required contributions to any Plan
subject to Section 412 of the Code.

         7.11 COMPLIANCE WITH AGREEMENTS. Promptly and fully comply with all
Contractual Obligations to which any one or more of them is a party, EXCEPT for
any such Contractual Obligations (a) the performance of which would cause a
Default or Event of Default, (b) then being contested by any of them in good
faith by appropriate proceedings, or (c) if the failure to comply therewith does
not have a Material Adverse Effect.

         7.12 USE OF PROCEEDS. Use the proceeds of Extensions of Credit for
working capital, capital expenditures, refinancing existing Indebtedness and
other lawful general corporate purposes not otherwise in contravention of this
Agreement.

         7.13     NEW SUBSIDIARIES.

         (a) Within 30 days in the case of clause (i) and 60 days in the case of
clause (ii) of the formation or Acquisition of any Significant Subsidiary or at
any time a Subsidiary becomes a Significant Subsidiary, cause to be delivered to
Administrative Agent for the benefit of Administrative Agent and the Lenders:

                           (i) In the case of a Significant Subsidiary that is a
                  Domestic Subsidiary, (A) a Facility Guaranty substantially in
                  the form of EXHIBIT K executed by such Significant Subsidiary,
                  (B) an opinion of counsel to the Significant Subsidiary dated
                  as of the date of delivery of the Facility Guaranty provided
                  for in this SECTION 7.13 and addressed to Administrative Agent
                  and the Lenders, in form and substance reasonably acceptable
                  to Administrative Agent, and (C) the Organization Documents of
                  such Significant Subsidiary;

                           (ii) In the case of a Significant Subsidiary that is
                  a Direct Foreign Subsidiary, (A) a Pledge Agreement executed
                  by the Borrower or any Domestic Subsidiary directly owning the
                  stock of such Significant Subsidiary which shall pledge to
                  Administrative Agent for the benefit of Administrative Agent
                  and the Lenders, 65% of the voting securities or other
                  interests having ordinary voting power and 100% of the other
                  securities or of interests in such Significant Subsidiary, (B)
                  opinions of counsel to each Pledgor and to the Significant
                  Subsidiary that under the laws of the applicable foreign
                  jurisdiction, all agreements, notices and other documents
                  required to be executed, delivered, filed or recorded and all
                  other action required to be taken, within or pursuant to the
                  laws of such jurisdiction to perfect the Lien conferred in
                  favor of Administrative

                                      -64-
<PAGE>

                  Agent has been duly executed, delivered, filed, recorded or
                  taken, as the case may be, and (C) take such further action
                  and deliver or cause to be delivered such further documents as
                  reasonably requested by Administrative Agent to effect the
                  transactions contemplated herein;

         (b) If at any time the sum of the total assets or total annual revenues
of Domestic Subsidiaries that have not executed and delivered to Administrative
Agent a Facility Guaranty exceeds in the aggregate $150,000,000, Borrower shall
promptly cause there to be delivered to Administrative Agent one or more
additional Facility Guaranties of Domestic Subsidiaries that do not constitute
Significant Subsidiaries in order that after giving effect to such additional
Facility Guaranties, the sum of the total assets or total revenues, in either or
both cases, of Domestic Subsidiaries not having delivered a Facility Guaranty
does not exceed in the aggregate $150,000,000.

                                      -65-
<PAGE>

                                   SECTION 8.
                               NEGATIVE COVENANTS

         So long as any Obligations remain unpaid or unperformed, or any portion
of the Commitments remains outstanding, Borrower shall not, nor shall it permit
any Subsidiary to, directly or indirectly:

         8.01 INDEBTEDNESS. Create, incur, assume or suffer to exist any secured
Indebtedness, except:

         (a)      Indebtedness under the Loan Documents;

         (b) secured Indebtedness outstanding on the date hereof and listed on
SCHEDULE 8.01 and any refinancings, refundings, renewals or extensions thereof,
PROVIDED that the amount of such Indebtedness is not increased at the time of
such refinancing, refunding, renewal or extension except by an amount equal to
the premium or other amount paid, and fees and expenses incurred, in connection
with such refinancing and by an amount equal to any utilized commitments
thereunder;

         (c)      Qualifying Swap Contract;

         (d)      Senior Parity Debt;

         (e) purchase money Indebtedness described in SECTION 8.02(J) and
Capital Leases described in SECTION 8.02(K) not to exceed an aggregate
outstanding principal amount at any time of $20,000,000, excluding those
described on SCHEDULE 8.01; and

         (f) any obligations arising under the Transfer and Administration
Agreement.

         8.02 LIENS AND NEGATIVE PLEDGES. Incur, assume or suffer to exist, any
Lien or Negative Pledge upon any of its property, assets or revenues, whether
now owned or hereafter acquired, except:

         (a) Liens pursuant to any Loan Document and Qualifying Swap Contract;

         (b) Liens and Negative Pledges existing on the date hereof and listed
on SCHEDULE 8.01 and any renewals or extensions thereof, PROVIDED that the
property covered thereby is not increased and any renewal or extension of the
obligations secured or benefited thereby is permitted by SECTION 8.01(B);

         (c) Liens for taxes not yet due or which are being contested in good
faith and by appropriate proceedings, if adequate reserves with respect thereto
are maintained in accordance with GAAP;

         (d) carriers', warehousemen's, mechanics', materialmen's, repairmen's
or other like Liens arising in the ordinary course of business which are not
overdue for a period of more than 30 days or which are being contested in good
faith and by appropriate proceedings, if adequate reserves with respect thereto
are maintained;

                                      -66-
<PAGE>

         (e) pledges or deposits in connection with worker's compensation,
unemployment insurance and other social security legislation;

         (f) deposits to secure the performance of bids, trade contracts (other
than for borrowed money), leases, statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature incurred in the
ordinary course of business;

         (g) easements, rights-of-way, restrictions and other similar
encumbrances affecting real property which, in the aggregate, are not
substantial in amount, and which do not in any case materially detract from the
value of the property subject thereto or materially interfere with the ordinary
conduct of the business of Borrower or any Subsidiary;

         (h) attachment, judgment or other similar Liens arising in connection
with litigation or other legal proceedings (and not otherwise a Default
hereunder) in the ordinary course of business that is currently being contested
in good faith by appropriate proceedings, adequate reserves have been set aside
and no material property is subject to a material risk of loss or forfeiture and
the claims in respect of such Liens are fully covered by insurance (subject to
ordinary and customary deductibles);

         (i) Liens on receivables arising in connection with the Trade
Receivables Purchase Facility;

         (j) purchase money Liens to secure Indebtedness permitted under SECTION
8.01(E) and incurred to purchase fixed assets, provided such Indebtedness
represents not less than 75% of the purchase price of such assets as of the date
of purchase thereof and no property other than the assets so purchased secures
such Indebtedness;

         (k) Liens arising in connection with Capital Leases permitted under
SECTION 8.01(E); provided that no Lien shall extend to any other property other
than the assets subject to such Capital Lease; and

         (l) Liens arising under the Pledge Agreements securing Senior Parity
Debt and Negative Pledges entered into in connection with the issuance of Senior
Parity Debt.

         8.03 FUNDAMENTAL CHANGES. Merge or consolidate with or into any Person
or liquidate, wind-up or dissolve itself, or permit or suffer any liquidation or
dissolution or sell all or substantially all of its assets, except, that so long
as no Default or Event of Default exists or would result therefrom:

         (a) any Subsidiary may merge with (i) Borrower provided that Borrower
shall be the continuing or surviving corporation, (ii) any one or more Domestic
Subsidiaries, and (iii) any joint venture, partnership or other Person, so long
as such joint venture, partnership and other Person will, as a result of making
such merger and all other contemporaneous related transactions, become a
Domestic Subsidiary; PROVIDED that when any wholly-owned Subsidiary is merging
into another Subsidiary, the wholly-owned Subsidiary shall be the continuing or
surviving Person;

                                      -67-
<PAGE>

         (b) any Subsidiary may sell all or substantially all of its assets
(upon voluntary liquidation or otherwise), to Borrower or to a Domestic
Subsidiary; PROVIDED that when any wholly-owned Subsidiary is selling all or
substantially all of its assets to another Subsidiary, the Subsidiary acquiring
such assets shall be a wholly-owned Subsidiary; and

         (c) any Foreign Subsidiary may merge into and may transfer assets to
another Subsidiary; and

         (d) the Borrower may liquidate or dissolve or sell all or substantially
all of the assets of one or more Subsidiaries during a fiscal year so long as
the aggregate book value of the Subsidiaries liquidated or dissolved or assets
sold during such fiscal year does not exceed the Threshold Amount.

         8.04     DISPOSITIONS.  Make any Dispositions, except:

         (a) Dispositions of obsolete or worn out property, whether now owned or
hereafter acquired, in the ordinary course of business;

         (b) Dispositions of cash, cash equivalents, inventory and other
property in the ordinary course of business;

         (c) Dispositions of property to the extent that such property is
exchanged for credit against the purchase price of similar replacement property,
or the proceeds of such sale are reasonably promptly applied to the purchase
price of such replacement property or where Borrower or any Subsidiary determine
in good faith that the failure to replace such equipment will not be detrimental
to the business of Borrower or such Subsidiary; and

         (d) Dispositions of assets or property (other than cash) by Borrower or
any Subsidiary to Borrower or any Subsidiary;

PROVIDED, HOWEVER, that no such Disposition permitted in subsections (a) through
(d) of this SECTION 8.04 shall be for less than the fair market value of the
property being disposed of.

         (e)      Dispositions permitted by SECTION 8.03;

         (f) Dispositions of receivables pursuant to the Transfer and
Administration Agreement; and

         (g) Dispositions, in addition to those set forth in clauses (a) through
(f) of this SECTION 8.04, in any fiscal year which do not in the aggregate
exceed the Threshold Amount during such fiscal year.

         8.05     INVESTMENTS.  Make any Investments, EXCEPT:

         (a) direct obligations of the United States of America or any agency or
instrumentality thereof or obligations guaranteed by the United States of
America or any agency or instrumentality thereof, provided that such obligations
mature within one year from the date of acquisition thereof;

                                      -68-
<PAGE>

         (b) any evidence of Indebtedness, maturing not more than one year after
such time, issued or guaranteed by the government of a country ("OECD Country")
which is a member of the Organization for Economic Corporation and development
or any agency thereof;

         (c) demand deposits, time deposits or certificates of deposit issued by
any of the Lenders or certificates or deposit maturing within one year from the
date of acquisition issued by a bank or trust company which is a member of the
Federal Reserve System or an applicable central bank of an OECD Country having
capital surplus and undivided profits aggregating at least $400 million and, in
the case of a member of the Federal Reserve System, being rated A-3 or better by
Standard & Poor's Rating Services or A or better by Moody's Investors Services,
Inc.;

         (d) commercial paper rated A-1 or better by Standard & Poor's Rating
Services or P-1 or better by Moody's Investors Services, Inc. (Commercial Paper
Record);

         (e) Investments existing on the date hereof and described in SCHEDULE
8.05;

         (f)      cash and cash equivalents;

         (g) advances to officers, directors and employees of Borrower and
Subsidiaries for travel, entertainment, relocation and analogous ordinary
business purposes;

         (h) Investments of Borrower or any Subsidiary in Borrower or another
Domestic Subsidiary;

         (i) extensions of credit to customers or suppliers of Borrower and
Subsidiaries in the ordinary course of business and any Investments received in
satisfaction or partial satisfaction thereof;

         (j) Guaranty Obligations permitted by SECTION 8.01;

         (k) Investments permitted by SECTION 8.03;

         (l) additional Investments in Foreign Subsidiaries in excess of
$1,200,000,000 so long as such additional investments do not exceed the sum of
(x) 25% of Consolidated Shareholders' Equity and (y) 25% of the proceeds of the
issuance of capital stock of Borrower after the date hereof;

         (m) Investments in Persons with whom Borrower or a Subsidiary are
engaged in a business relationship or which provide products or services to
Borrower or a Subsidiary, so long as the Investment does not exceed $10,000,000
in any one such Person or $50,000,000 in the aggregate;

         (n) Investments by a Foreign Subsidiary in another Foreign Subsidiary;
and

         (o) Acquisitions permitted under SECTION 8.11.

                                      -69-
<PAGE>

         8.06 LEASE OBLIGATIONS. Create or suffer to exist any obligations for
the payment of rent for any property under lease or agreement to lease, except:

         (a) leases in existence on the date hereof, including the TDC TROL and
any renewal, extension or refinancing thereof; and

         (b) leases (other than capital leases) entered into or assumed by
Borrower or any Subsidiary after the date hereof in the ordinary course of
business.

         8.07 RESTRICTED PAYMENTS. Make any Restricted Payments, provided,
however, that the Borrower may (i) purchase shares of its common stock for the
purpose of making required contributions to its employee stock option plan so
long as the aggregate dollar amount spent for such stock in any fiscal year of
Borrower does not exceed $10,000,000, and (ii) Tech Data Germany, AG may pay
dividends to its shareholders so long as the aggregate amount of such dividend
paid in any fiscal year does not exceed $1,000,000.

         8.08 ERISA. At any time engage in a transaction which could be subject
to Sections 4069 or 4212(c) of ERISA, or permit any Pension Plan to (a) engage
in any non-exempt "prohibited transaction" (as defined in Section 4975 of the
Code); (b) fail to comply with ERISA or any other applicable Laws; or (c) incur
any material "accumulated funding deficiency" (as defined in Section 302 of
ERISA), which, with respect to each event listed above, has a Material Adverse
Effect.

         8.09 CHANGE IN NATURE OF BUSINESS. Make any change in the nature of the
business of any Borrower Party as conducted and as proposed to be conducted as
of the date hereof.

         8.10 TRANSACTIONS WITH AFFILIATES. Enter into any transaction of any
kind with any Affiliate of Borrower, other than Subsidiaries, other than
arm's-length transactions with Affiliates that are otherwise permitted
hereunder.

         8.11 ACQUISITIONS. Acquire all or any part of the assets or equity
securities of any Person unless (a) such Person is in the same or similar line
or lines of business as that engaged in by Borrower and its Subsidiaries, (b) no
Default or Event of Default occurs or is created or results from such
Acquisition, and (c) the Cost of Acquisition of such assets or equity securities
of any Person does not exceed 35% of Consolidated Shareholders' Equity.

         8.12 LIMITATIONS ON UPSTREAMING. Agree with any Person to any
restriction or limitation on the making of Restricted Payments or transferring
of assets from any Subsidiary to Borrower or any other Subsidiary.

         8.13 MARGIN REGULATIONS. No Borrower Party shall use the proceeds of
any Extensions of Credit hereunder for "purchasing" or "carrying" "margin stock"
as so defined or for any purpose which violates, or which would be inconsistent
with, the provisions of Regulations U or X of such Board of Governors.

                                      -70-
<PAGE>

         8.14 FINANCIAL COVENANTS.

         (a) CONSOLIDATED SHAREHOLDERS' EQUITY. Permit Consolidated
Shareholders' Equity at any time to be less than the sum of (a) $810,956,000,
(b) an amount equal to 75% of the Consolidated Net Income earned in each fiscal
quarter ending after January 31, 2000 (with no deduction for a net loss in any
such fiscal quarter) and (c) an amount equal to 50% of the proceeds of the
issuance and sale of capital stock of Borrower (including upon any conversion of
debt securities of Borrower into such capital stock) after the date hereof.

         (b) CONSOLIDATED SENIOR LEVERAGE RATIO. Permit the Consolidated Senior
Leverage Ratio at any time during the respective periods set forth below to be
greater than the ratio set forth below opposite each such period:

                                                         MAXIMUM
                                                    CONSOLIDATED SENIOR
                   PERIODS                             LEVERAGE RATIO
       ----------------------------------------------------------------
       Closing Date through January 31, 2001           3.75 to 1.00
       February 1, 2001 through January 31, 2002       3.50 to 1.00
       Thereafter                                      3.25 to 1.00

         (c) CONSOLIDATED TOTAL LEVERAGE RATIO. Permit the Consolidated Total
Leverage Ratio at any time to be greater than 4.50 to 1.00.

         (d) CONSOLIDATED CURRENT RATIO. Permit the Consolidated Current Ratio
as of the end of any fiscal quarter of the Borrower to be less than 1.20 to
1.00.

         (f) CONSOLIDATED RENTAL EXPENSE RATIO. Permit the Consolidated Rental
Expense Ratio as of the end of any fiscal quarter of the Borrower to be less
than 2.50 to 1.00.

         8.15 CHANGE IN AUDITORS. Change the certified public accountants
auditing the books of Borrower except to certified public accountant of
nationally recognized standing reasonably acceptable to Requisite Lenders in
being understood that any of the largest 5 accounting firms in the United States
are acceptable.

         8.16 PROHIBITION ON PREPAYMENT OF DEBT. (a) Prepay, redeem, purchase,
defease or otherwise satisfy prior to the scheduled maturity thereof any
Subordinated Indebtedness; or

         (b) amend, modify or change in any manner any term or condition of any
Indebtedness described in SECTION 8.01(B) or any lease so that the terms and
conditions thereof are less favorable to the Administrative Agent and the
Lenders than the terms of such Indebtedness or leases as of the Closing Date.

         8.17 GUARANTY OBLIGATIONS. Create, incur, assume or suffer to exist the
guaranty of payment of accounts receivable owed to the Borrower or a Subsidiary
by one or more of its customers except guaranties of payment of accounts
receivable (i) which accounts receivable arise in the ordinary course of
business, and (ii) the aggregate outstanding amount of such Guaranty Obligations
do not exceed at any time $50,000,000.

                                      -71-
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                                   SECTION 9.
                         EVENTS OF DEFAULT AND REMEDIES

         9.01 EVENTS OF DEFAULT. Any one or more of the following events shall
constitute an Event of Default:

         (a) Borrower fails to pay any principal on any Outstanding Obligation
(other than fees) as and on the date when due; or

         (b) Borrower fails to pay any interest on any Outstanding Obligation,
or any facility fees or utilization fees due hereunder when due; or fails to pay
any other fees or amount payable to Administrative Agent or any Lender under any
Loan Document within three days after the date due; or

         (c) Any default occurs in the observance or performance of any
agreement contained in SECTION 7.01, 7.02, 7.04, 7.08, 7.13 or SECTION 8; or

         (d) The occurrence of an Event of Default (as such term is or may
hereafter be specifically defined in any other Loan Document) under any other
Loan Document; or any Borrower Party fails to perform or observe any other
covenant or agreement (not specified in subsections (a), (b) or (c) above)
contained in any Loan Document on its part to be performed or observed and such
failure continues for 30 days; or

         (e) Any representation or warranty in any Loan Document or in any
certificate, agreement, instrument or other document made or delivered by any
Borrower Party pursuant to or in connection with any Loan Document shall be
false or misleading or incorrect in any material respect when made or deemed
made; or

         (f) (i) Any Borrower Party (x) defaults in any payment when due of
principal of or interest on any Indebtedness (other than Indebtedness hereunder)
having an aggregate principal amount in excess of the Threshold Amount or (y)
defaults in the observance or performance of any other agreement or condition
relating to any Indebtedness (other than Indebtedness hereunder) or contained in
any instrument or agreement evidencing, securing or relating thereto, or any
other event shall occur, the effect of which default or other event is to cause,
or to permit the holder or holders of such Indebtedness (or a trustee or agent
on behalf of such holder or holders or beneficiary or beneficiaries) to cause,
with the giving of notice if required, Indebtedness having an aggregate
principal amount in excess of the Threshold Amount to be demanded or become due
(automatically or otherwise) prior to its stated maturity, or any Guaranty
Obligation in such amount to become payable or cash collateral in respect
thereof to be demanded, or any Borrower Party is unable or admits in writing its
inability to pay its debts as they mature; or (ii) the occurrence under any Swap
Contract of an Early Termination Date (as defined in such Swap Contract)
resulting from (x) any event of default under such Swap Contract as to which
Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap
Contract) or (y) the occurrence of any Termination Event under such Swap
Contract (as defined therein) as to which Borrower or any Subsidiary is an
Affected Party (as so defined) as a result of which, in either event, the Swap
Termination Value owed by Borrower or such Subsidiary is greater than the
Threshold Amount; or

                                      -72-
<PAGE>

         (g) Any Loan Document, at any time after its execution and delivery and
for any reason other than the agreement of all Lenders or satisfaction in full
of all the Obligations, ceases to be in full force and effect or is declared by
a court of competent jurisdiction to be null and void, invalid or unenforceable
in any respect; or any Borrower Party denies that it has any or further
liability or obligation under any Loan Document, or purports to revoke,
terminate or rescind any Loan Document; or

         (h) (i) A final judgment against any Borrower Party is entered for the
payment of money in excess of the Threshold Amount, or any non-monetary final
judgment is entered against any Borrower Party which has a Material Adverse
Effect and, in each case, if such judgment remains unsatisfied without
procurement of a stay of execution within (A) 30 calendar days after the date of
entry of judgment or, (B) if earlier, five days prior to the date of any
proposed sale, or (ii) any writ or warrant of attachment or execution or similar
process is issued or levied against all or any material part of the property of
any such Person and is not released, vacated or fully bonded within 30 calendar
days after its issue or levy; or

         (i) Any Borrower Party or any of its Subsidiaries institutes or
consents to the institution of any proceeding under Debtor Relief Laws, or makes
an assignment for the benefit of creditors; or applies for or consents to the
appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its
property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent
of that Person and the appointment continues undischarged or unstayed for 60
calendar days; or any proceeding under Debtor Relief Laws relating to any such
Person or to all or any part of its property is instituted without the consent
of that Person and continues undismissed or unstayed for 60 calendar days, or an
order for relief is entered in any such proceeding; or

         (j) (i) An ERISA Event occurs with respect to a Pension Plan or
Multiemployer Plan which has resulted or could reasonably be expected to result
in liability of Borrower under Title IV of ERISA to the Pension Plan,
Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold
Amount; (ii) the aggregate amount of Unfunded Pension Liability among all
Pension Plans at any time exceeds the Threshold Amount; or (iii) Borrower or any
ERISA Affiliate fails to pay when due, after the expiration of any applicable
grace period, any installment payment with respect to its withdrawal liability
under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in
excess of the Threshold Amount; or

         (k)      There occurs any Change of Control; or

         (l)      Any event occurs which has a Material Adverse Effect; or

         (m) If a Termination Event (as defined in the Transfer and
Administration Agreement) shall occur under the Transfer and Administration
Agreement which Termination Event (as defined in the Transfer and Administration
Agreement) is not cured or waived;

         (n) If there occurs any event of default under the TDC TROL which is
not cured within any grace period.

                                      -73-
<PAGE>

         9.02 REMEDIES UPON EVENT OF DEFAULT. Without limiting any other rights
or remedies of Administrative Agent or Lenders provided for elsewhere in this
Agreement, or the other Loan Documents, or by applicable Law, or in equity, or
otherwise:

         (a) Upon the occurrence, and during the continuance, of any Event of
Default OTHER THAN an Event of Default described in SECTION 9.01(I):

                  (i) Requisite Lenders may request Administrative Agent to, and
         Administrative Agent thereupon shall, terminate the Commitments and/or
         declare all or any part of the unpaid principal of all Loans, all
         interest accrued and unpaid thereon and all other amounts payable under
         the Loan Documents to be immediately due and payable, whereupon the
         same shall become and be immediately due and payable, without protest,
         presentment, notice of dishonor, demand or further notice of any kind,
         all of which are expressly waived by Borrower; and

                  (ii) Issuing Lender may, with the approval of Administrative
         Agent on behalf of Requisite Lenders, demand immediate payment by
         Borrower of an amount equal to the aggregate amount of all outstanding
         Letter of Credit Usage to be held in a Letter of Credit Cash Collateral
         Account.

         (b) Upon the occurrence of any Event of Default described in SECTION
9.01(I):

                  (i) the Commitments and all other obligations of
         Administrative Agent or Lenders shall automatically terminate without
         notice to or demand upon Borrower, which are expressly waived by
         Borrower;

                  (ii) the unpaid principal of all Loans, all interest accrued
         and unpaid thereon and all other amounts payable under the Loan
         Documents shall be immediately due and payable, without protest,
         presentment, notice of dishonor, demand or further notice of any kind,
         all of which are expressly waived by Borrower; and

                  (iii) an amount equal to the aggregate amount of all
         outstanding Letter of Credit Usage shall be immediately due and payable
         to Issuing Lender without notice to or demand upon Borrower, which are
         expressly waived by Borrower, to be held in a Letter of Credit Cash
         Collateral Account.

         (c) Upon the occurrence of any Event of Default, Lenders and
Administrative Agent, or any of them, without notice to (except as expressly
provided for in any Loan Document) or demand upon Borrower, which are expressly
waived by Borrower (except as to notices expressly provided for in any Loan
Document), may proceed to (but only with the consent of Requisite Lenders)
protect, exercise and enforce their rights and remedies under the Loan Documents
against any Borrower Party and such other rights and remedies as are provided by
Law or equity.

         (d) Except as permitted by SECTION 11.05, no Lender may exercise any
rights or remedies with respect to the Obligations without the consent of
Requisite Lenders in their sole and absolute discretion. The order and manner in
which Administrative Agent's and Lenders' rights and remedies are to be
exercised shall be determined by Requisite Lenders in their sole and absolute
discretion. Regardless of how a Lender may treat payments for the purpose of its

                                      -74-
<PAGE>

own accounting, for the purpose of computing the Obligations hereunder, payments
shall be applied FIRST, to costs and expenses (including Attorney Costs)
incurred by Administrative Agent and each Lender, SECOND, to the payment of
accrued and unpaid interest on the Loans to and including the date of such
application, THIRD, to the payment of the unpaid principal of the Loans, FOURTH,
to the payment of all other amounts (including fees) then owing to
Administrative Agent and Lenders under the Loan Documents, and FIFTH, to the
payment of amounts owed under any Qualifying Swap Contract, in each case paid
pro rata to each Lender in the same proportions that the aggregate Obligations
owed to each Lender under the Loan Documents bear to the aggregate Obligations
owed under the Loan Documents to all Lenders, without priority or preference
among Lenders. No application of payments will cure any Event of Default, or
prevent acceleration, or continued acceleration, of amounts payable under the
Loan Documents, or prevent the exercise, or continued exercise, of rights or
remedies of Administrative Agent and Lenders hereunder or thereunder or at Law
or in equity.

                                      -75-
<PAGE>

                                   SECTION 10.
                              ADMINISTRATIVE AGENT

         10.01    APPOINTMENT AND AUTHORIZATION OF ADMINISTRATIVE AGENT.

         (a) Each Lender hereby irrevocably (subject to SECTION 10.09) appoints,
designates and authorizes Administrative Agent to take such action on its behalf
under the provisions of this Agreement and each other Loan Document and to
exercise such powers and perform such duties as are expressly delegated to it by
the terms of this Agreement or any other Loan Document, together with such
powers as are reasonably incidental thereto. Notwithstanding any provision to
the contrary contained elsewhere in this Agreement or in any other Loan
Document, Administrative Agent shall not have any duties or responsibilities,
except those expressly set forth herein, nor shall Administrative Agent have or
be deemed to have any fiduciary relationship with any Lender or participant, and
no implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Agreement or any other Loan Document or
otherwise exist against Administrative Agent. Without limiting the generality of
the foregoing sentence, the use of the term "agent" in this Agreement with
reference to Administrative Agent is not intended to connote any fiduciary or
other implied (or express) obligations arising under agency doctrine of any
applicable law. Instead, such term is used merely as a matter of market custom,
and is intended to create or reflect only an administrative relationship between
independent contracting parties.

         (b) Issuing Lender shall act on behalf of Lenders with respect to any
Letters of Credit issued by it and the documents associated therewith until such
time and except for so long as Administrative Agent may agree at the request of
Requisite Lenders to act for such Issuing Lender with respect thereto; PROVIDED,
HOWEVER, that Issuing Lender shall have all of the benefits and immunities (i)
provided to Administrative Agent in this SECTION 10 with respect to any acts
taken or omissions suffered by Issuing Lender in connection with Letters of
Credit issued by it or proposed to be issued by it and the application and
agreements for letters of credit pertaining to the Letters of Credit as fully as
if the term "Administrative Agent" as used in this SECTION 10 included Issuing
Lender with respect to such acts or omissions, and (ii) as additionally provided
in this Agreement with respect to Issuing Lender.

         10.02 DELEGATION OF DUTIES. Administrative Agent may execute any of its
duties under this Agreement or any other Loan Document by or through agents,
employees or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. Administrative Agent shall not
be responsible for the negligence or misconduct of any agent or attorney-in-fact
that it selects in the absence of gross negligence or willful misconduct.

         10.03 LIABILITY OF ADMINISTRATIVE AGENT. No Administrative
Agent-Related Person shall (i) be liable for any action taken or omitted to be
taken by any of them under or in connection with this Agreement or any other
Loan Document or the transactions contemplated hereby (except for its own gross
negligence or willful misconduct in connection with its duties expressly set
forth herein), or (ii) be responsible in any manner to any Lender or participant
for any recital, statement, representation or warranty made by any Borrower
Party or any officer thereof, contained in this Agreement or in any other Loan
Document, or in any certificate, report, statement or other document referred to
or provided for in, or received by Administrative Agent

                                      -76-
<PAGE>

under or in connection with, this Agreement or any other Loan Document, or the
validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Loan Document, or for any failure of any Borrower Party
or any other party to any Loan Document to perform its obligations hereunder or
thereunder. No Administrative Agent-Related Person shall be under any obligation
to any Lender or participant to ascertain or to inquire as to the observance or
performance of any of the agreements contained in, or conditions of, this
Agreement or any other Loan Document, or to inspect the properties, books or
records of any Borrower Party or any Subsidiary or Affiliate thereof.

         10.04    RELIANCE BY ADMINISTRATIVE AGENT.

         (a) Administrative Agent shall be entitled to rely, and shall be fully
protected in relying, upon any writing, communication, signature, resolution,
representation, notice, consent, certificate, affidavit, letter, telegram,
facsimile, telex or telephone message, statement or other document or
conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons, and upon advice and statements of
legal counsel (including counsel to any Borrower Party), independent accountants
and other experts reasonably selected by Administrative Agent. Administrative
Agent shall be fully justified in failing or refusing to take any action under
any Loan Document unless it shall first receive such advice or concurrence of
Requisite Lenders as it deems appropriate and, if it so requests, it shall first
be indemnified to its satisfaction by Lenders against any and all liability and
expense which may be incurred by it by reason of taking or continuing to take
any such action. Administrative Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement or any other Loan
Document in accordance with a request or consent of Requisite Lenders or all
Lenders, if required hereunder, and such request and any action taken or failure
to act pursuant thereto shall be binding upon all of Lenders and participants.
Where this Agreement expressly permits or prohibits an action unless Requisite
Lenders otherwise determine, and in all other instances, Administrative Agent
may, but shall not be required to, initiate any solicitation for the consent or
a vote of Lenders.

         (b) For purposes of determining compliance with the conditions
specified in SECTION 5.01, each Lender and participant shall be deemed to have
consented to, approved or accepted or to be satisfied with, each document or
other matter either sent by Administrative Agent to each Lender for consent,
approval, acceptance or satisfaction, or required thereunder to be consented to
or approved by or acceptable or satisfactory to a Lender.

         10.05 NOTICE OF DEFAULT. Administrative Agent shall not be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default,
except with respect to defaults in the payment of principal, interest and fees
required to be paid to Administrative Agent for the account of Lenders, unless
Administrative Agent shall have received written notice from a Lender or
Borrower referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a "notice of default". Administrative
Agent will notify Lenders of its receipt of any such notice. Administrative
Agent shall take such action with respect to such Default or Event of Default as
may be directed by Requisite Lenders in accordance with SECTION 9; PROVIDED,
HOWEVER, that unless and until Administrative Agent has received any such
direction, Administrative Agent may (but shall not be obligated to) take such
action, or refrain

                                      -77-
<PAGE>

from taking such action, with respect to such Default or Event of Default as it
shall deem advisable or in the best interest of Lenders.

         10.06 CREDIT DECISION; DISCLOSURE OF INFORMATION BY ADMINISTRATIVE
AGENT. Each Lender and participant acknowledges that no Administrative
Agent-Related Person has made any representation or warranty to it, and that no
act by Administrative Agent hereinafter taken, including any consent to and
acceptance of any assignment or review of the affairs of any Borrower Party or
any of its Subsidiaries or Affiliates, shall be deemed to constitute any
representation or warranty by any Administrative Agent-Related Person to any
Lender or participant as to any matter, including whether Administrative
Agent-Related Persons have disclosed material information in their possession.
Each Lender, including any Lender by assignment, and each participant represents
to Administrative Agent that it has, independently and without reliance upon any
Administrative Agent-Related Person and based on such documents and information
as it has deemed appropriate, made its own appraisal of and investigation into
the business, prospects, operations, property, financial and other condition and
creditworthiness of any Borrower Party and its Subsidiaries and Affiliates, and
all applicable bank regulatory laws relating to the transactions contemplated
hereby, and made its own decision to enter into this Agreement and to extend
credit to any Borrower Party hereunder. Each Lender and participant also
represents that it will, independently and without reliance upon any
Administrative Agent-Related Person and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit
analysis, appraisals and decisions in taking or not taking action under this
Agreement and the other Loan Documents, and to make such investigations as it
deems necessary to inform itself as to the business, prospects, operations,
property, financial and other condition and creditworthiness of any Borrower
Party and its Subsidiaries and Affiliates. Except for notices, reports and other
documents expressly required to be furnished to Lenders by Administrative Agent
herein, Administrative Agent shall not have any duty or responsibility to
provide any Lender or participant with any credit or other information
concerning the business, prospects, operations, property, financial and other
condition or creditworthiness of any Borrower Party or any of its Subsidiaries
or Affiliates which may come into the possession of any Administrative
Agent-Related Person.

         10.07 INDEMNIFICATION OF ADMINISTRATIVE AGENT. Whether or not the
transactions contemplated hereby are consummated, Lenders shall indemnify upon
demand each Administrative Agent-Related Person (to the extent not reimbursed by
or on behalf of any Borrower Party and without limiting the obligation of any
Borrower Party to do so), pro rata, and hold harmless each Administrative
Agent-Related Person from and against any and all Indemnified Liabilities
incurred by it; PROVIDED, HOWEVER, that no Lender shall be liable for the
payment to any Administrative Agent-Related Person of any portion of such
Indemnified Liabilities resulting from such Person's gross negligence or willful
misconduct; PROVIDED, HOWEVER, that no action taken in accordance with the
directions of Requisite Lenders shall be deemed to constitute gross negligence
or willful misconduct for purposes of this Section. Without limitation of the
foregoing, each Lender shall reimburse Administrative Agent upon demand for its
ratable share of any costs or out-of-pocket expenses (including Attorney Costs)
incurred by Administrative 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, any other Loan
Document, or any document contemplated by or referred to herein,

                                      -78-
<PAGE>

to the extent that Administrative Agent is not reimbursed for such expenses by
or on behalf of any Borrower Party. The undertaking in this Section shall
survive the payment of all Obligations hereunder and the resignation or
replacement of Administrative Agent.

         10.08 ADMINISTRATIVE AGENT IN INDIVIDUAL CAPACITY. Bank of America and
its Affiliates may make loans to, issue letters of credit for the account of,
accept deposits from, acquire equity interests in and generally engage in any
kind of banking, trust, financial advisory, underwriting or other business with
any Borrower Party and its Subsidiaries and Affiliates as though Bank of America
were not Administrative Agent or Issuing Lender hereunder and without notice to
or consent of Lenders. Lenders and participants acknowledge that, pursuant to
such activities, Bank of America or its Affiliates may receive information
regarding any Borrower Party or its Affiliates (including information that may
be subject to confidentiality obligations in favor of any Borrower Party or such
Affiliate) and acknowledge that Administrative Agent shall be under no
obligation to provide such information to them. With respect to its Loans, Bank
of America shall have the same rights and powers under this Agreement as any
other Lender and may exercise the same as though it were not Administrative
Agent or Issuing Lender.

         10.09 SUCCESSOR ADMINISTRATIVE AGENT. Administrative Agent may resign
as Administrative Agent upon 30 days' notice to Lenders. If Administrative Agent
resigns under this Agreement, Requisite Lenders shall appoint from among Lenders
a successor administrative agent for Lenders which successor administrative
agent must be consented to by Borrower at all times other than during the
existence of an Event of Default (which consent of Borrower shall not be
unreasonably withheld or delayed). If no successor administrative agent is
appointed prior to the effective date of the resignation of Administrative
Agent, Administrative Agent may appoint, after consulting with Lenders and
Borrower, a successor administrative agent from among Lenders. Upon the
acceptance of its appointment as successor administrative agent hereunder, such
successor administrative agent shall succeed to all the rights, powers and
duties of the retiring Administrative Agent and the term "Administrative Agent"
shall mean such successor administrative agent and the retiring Administrative
Agent's appointment, powers and duties as Administrative Agent shall be
terminated. After any retiring Administrative Agent's resignation hereunder as
Administrative Agent, the provisions of this SECTION 10 and SECTIONS 11.03 and
11.13 shall inure to its benefit as to any actions taken or omitted to be taken
by it while it was Administrative Agent under this Agreement. If no successor
administrative agent has accepted appointment as Administrative Agent (whether
by failure to obtain Borrower consent or otherwise) by the date which is 30 days
following a retiring Administrative Agent's notice of resignation, the retiring
Administrative Agent's resignation shall nevertheless thereupon become effective
and Lenders shall perform all of the duties of Administrative Agent hereunder
until such time, if any, as Requisite Lenders appoint a successor agent as
provided for above. Notwithstanding the foregoing, however, if Bank of America
resigns as Administrative Agent pursuant to this SECTION 10.09, it may elect, in
its sole discretion, to simultaneously be replaced as "Issuing Lender" and
"Swing Line Lender" hereunder pursuant to documentation in form and substance
reasonably satisfactory to Bank of America.

         10.10 CO-AGENTS; LEAD MANAGERS. None of Lenders identified on the
facing page or signature pages of this Agreement as a "co-agent" or "lead
manager" shall have any right, power, obligation, liability, responsibility or
duty under this Agreement other than those applicable to all

                                      -79-
<PAGE>

         Lenders as such. Without limiting the foregoing, none of Lenders so
         identified as a "co-agent" or "lead manager" shall have or be deemed to
         have any fiduciary relationship with any Lender. Each Lender
         acknowledges that it has not relied, and will not rely, on any of
         Lenders so identified in deciding to enter into this Agreement or in
         taking or not taking action hereunder.

         10.11    COLLATERAL MATTERS.

         (a) Each Lender hereby irrevocably (subject to SECTION 10.09) appoints,
designates and authorizes Collateral Agent to take such action on its behalf
under the provisions of this Agreement and each other Loan Document and to
exercise such powers and perform such duties as are expressly delegated to it by
the terms of this Agreement or any other Loan Document, together with such
powers as are reasonably incidental thereto. Notwithstanding any provision to
the contrary contained elsewhere in this Agreement or in any other Loan
Document, Collateral Agent shall not have any duties or responsibilities, except
those expressly set forth herein and in the Pledge Agreements, nor shall
Collateral Agent have or be deemed to have any fiduciary relationship with any
Lender or participant, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Agreement or any
other Loan Document or otherwise exist against Collateral Agent. Without
limiting the generality of the foregoing sentence, the use of the term "agent"
in this Agreement with reference to Collateral Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable law. Instead, such term is used merely as a matter of
market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. Without limiting the
generality of SECTION 10.08, each Lender hereby acknowledges and agrees that the
Collateral Agent is acting as a collateral agent for the Lenders, owner trustee
and holders under the TDC TROL and Senior Parity Debt Holders as provided in the
Pledge Agreements and authorizes the Collateral Agent to carry out all those
obligations and shall be entitled to all the rights and benefits of the
collateral agent described in the Pledge Agreements. Collateral Agent shall have
all of the benefits and immunities (i) provided to Administrative Agent in this
SECTION 10 with respect to the Loan Documents and the transactions contemplated
therein, including without limitation any acts taken or omissions suffered by
Collateral Agent in connection with or contemplated by such documents or
transactions as fully as if the term "Administrative Agent" as used in this
SECTION 10 included Collateral Agent with respect to such documents,
transactions, acts or omissions, and (ii) as additionally provided in this
Agreement, and specifically SECTION 11 hereof, and the other Loan Documents with
respect to Collateral Agent.

         (b) Each of the Administrative Agent and the Collateral Agent is
authorized on behalf of all the Lenders, without the necessity of any notice to
or further consent from the Lenders, from time to time take any action with
respect to any Collateral or the Security Instruments which may be necessary to
perfect and maintain perfected the security interest in and Liens upon the
Collateral granted pursuant to the Security Instruments.

         (c) The Lenders irrevocably authorize each of the Administrative Agent
and Collateral Agent, at its option and in its discretion, to release any Lien
granted to or held by the Administrative Agent or Collateral Agent upon any
Collateral (i) upon termination of the Commitments and payment in full of all
Loans and all other Obligations known to the Administrative Agent and payable
under this Agreement or any other Loan Document; (ii)

                                      -80-
<PAGE>

constituting property sold or to be sold or disposed of as part of or in
connection with any disposition permitted hereunder; (iii) constituting property
in which Borrower or any Subsidiary owned no interest at the time the Lien was
granted or at any time thereafter; (iv) constituting property leased by Borrower
or any Subsidiary in a transaction permitted under this Agreement; or (v)
consisting of an instrument evidencing Indebtedness or other debt instrument, if
the indebtedness evidenced hereby has been paid in full. Upon request by the
Administrative Agent or Collateral Agent at any time, the Lenders will confirm
in writing the Administrative Agent's authority to release particular types or
items of Collateral pursuant to this subsection 10.11(C), PROVIDED that the
absence of any such confirmation for whatever reason shall not affect the
Administrative Agent's or Collateral Agent's rights under this SECTION 10.11.

         (d) Each Lender agrees with and in favor of each other (which agreement
shall not be for the benefit of Borrower or any Subsidiary) that the Obligations
to such Lender under this Agreement and the other Loan Documents shall not be
secured by any real property collateral now or hereafter acquired by such
Lender.

                                      -81-
<PAGE>

                                   SECTION 11

                                  MISCELLANEOUS

         11.01 AMENDMENTS; CONSENTS. No amendment, modification, supplement,
extension, termination or waiver of any provision of this Agreement or any other
Loan Document, no approval or consent thereunder, and no consent to any
departure by any Borrower Party therefrom shall be effective unless in writing
signed by Requisite Lenders and acknowledged by Administrative Agent, and each
such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given. Except as otherwise expressly provided
herein, without the approval in writing of Administrative Agent and all Lenders,
no amendment, modification, supplement, termination, waiver or consent may be
effective to:

         (a) Reduce the amount of principal or required principal payments or
prepayments of any Outstanding Obligations; PROVIDED, HOWEVER, that only the
consent of Requisite Lenders shall be required in any instance where Lenders
have the right to consent to the release price of any property or Persons being
Disposed of;

         (b) Reduce the rate of interest payable on any Outstanding Obligations
or the amount of any fee or other amount payable to any Lender under the Loan
Documents (unless consented to by each Lender entitled to receive such fee or
other amount), including in each case, any change in the way any financial
covenant used to determine the Applicable Amount is calculated;

         (c) Waive an Event of Default consisting of the failure of Borrower to
pay when due principal, interest or any facility fee or utilization fee;

         (d) Postpone any date fixed for any payment of principal of, prepayment
of principal of, or any installment of interest on, any Loan or any installment
of any facility fee or utilization fee, to extend the term of, or increase the
amount of, any Lender's Commitment (it being understood that a waiver of any
Event of Default not referred to in subsection (c) above shall require only the
consent of Required Lenders) or, except as set forth in SECTION 2.13, modify the
Pro Rata Share of any Lender;

         (e) Amend the definition of "REQUISITE LENDERS" or the provisions of
SECTION 5, SECTION 9.02(D), SECTION 10, this SECTION 11.01 or SECTION 11.06; or

         (f) Amend any provision of this Agreement that expressly requires the
consent or approval of all Lenders;

PROVIDED, HOWEVER, that (i) no amendment, waiver or consent shall, unless in
writing and signed by Issuing Lender in addition to Requisite Lenders or all
Lenders, as the case may be, affect the rights or duties of Issuing Lender, (ii)
no amendment, waiver or consent shall, unless in writing and signed by
Administrative Agent in addition to Requisite Lenders or all Lenders, as the
case may be, affect the rights or duties of Administrative Agent, (iii) no
amendment, waiver or consent shall, unless in writing and signed by Swing Line
Lender in addition to Requisite

                                      -82-
<PAGE>

Lenders or all Lenders, as the case may be, affect the rights or duties of Swing
Line Lender, and (iv) any fee letters may be amended, or rights or privileges
thereunder waived, in a writing executed by the parties thereto. Any amendment,
modification, supplement, termination, waiver or consent pursuant to this
Section shall apply equally to, and shall be binding upon, all Lenders and
Administrative Agent.

         11.02 TRANSMISSION AND EFFECTIVENESS OF COMMUNICATIONS AND SIGNATURES.

         (A) MODES OF DELIVERY. Except as otherwise provided in any Loan
Document, notices, requests, demands, directions, agreements and documents
delivered in connection with the Loan Documents (collectively, "COMMUNICATIONS")
shall be transmitted by Requisite Notice to the number and address set forth on
SCHEDULE 11.02, may be delivered by the following modes of delivery, and shall
be effective as follows:

   MODE OF DELIVERY               EFFECTIVE ON EARLIER OF ACTUAL RECEIPT AND:
   -------------------------------------------------------------------------

       Courier                    Scheduled delivery date

       Facsimile                  When transmission in legible form complete

       Mail                       Fourth Business Day after deposit in U.S.
                                  mail first class postage pre-paid

       Personal delivery          When received

       Telephone                  When conversation completed

        Electronic Mail           When received

PROVIDED, HOWEVER, that communications delivered to Administrative Agent
pursuant to SECTION 2 must be in writing and shall not be effective until
actually received by Administrative Agent.

         (b) RELIANCE BY ADMINISTRATIVE AGENT AND LENDERS. Administrative Agent
and Lenders shall be entitled to rely and act on any communications purportedly
given by or on behalf of any Borrower Party even if (i) such communications (A)
were not made in a manner specified herein, (B) were incomplete or (C) were not
preceded or followed by any other notice specified herein, or (ii) the terms
thereof, as understood by the recipient, varied from any subsequent related
communications provided for herein. Borrower shall indemnify Administrative
Agent and Lenders from any loss, cost, expense or liability as a result of
relying on any communications permitted herein so long as such Administrative
Agent and Lenders have acted in good faith.

         (c) EFFECTIVENESS OF FACSIMILE DOCUMENTS AND SIGNATURES. Loan Documents
may be transmitted and/or signed by facsimile. The effectiveness of any such
documents and signatures shall, subject to applicable Law, have the same force
and effect as hardcopies with manual signatures and shall be binding on all
Borrower Parties and Administrative Agent and Lenders. Administrative Agent may
also require that any such documents and signatures be confirmed by a
manually-signed hardcopy thereof; PROVIDED, HOWEVER, that the failure to request

                                      -83-
<PAGE>

or deliver any such manually-signed hardcopy shall not affect the effectiveness
of any facsimile document or signature.

         (d) EFFECTIVENESS OF ELECTRONIC MAIL. Electronic mail and internet and
intranet websites may be used to distribute routine communications, such as
financial statements and other information and to distribute agreements and
other documents to be signed by Lenders; PROVIDED, HOWEVER, that no Request for
Extension of Credit or executed or legally-binding notice, agreement, waiver,
amendment or other communication may be sent by electronic mail.

         11.03 ATTORNEY COSTS, EXPENSES AND TAXES. Borrower agrees (a) to pay or
reimburse Administrative Agent for all reasonable costs and expenses incurred in
connection with the development, preparation, negotiation and execution of the
Loan Documents, and the development, preparation, negotiation and execution of
any amendment, waiver, consent, supplement or modification to, any Loan
Documents, and any other documents prepared in connection herewith or therewith,
and the consummation and administration of the transactions contemplated hereby
and thereby, including all reasonable Attorney Costs, (b) to pay or reimburse
Administrative Agent and each Lender for all costs and expenses incurred in
connection with any restructuring, reorganization (including a bankruptcy
reorganization) and enforcement or attempted enforcement, or preservation of any
rights under any Loan Documents, and any other documents prepared in connection
herewith or therewith, or in connection with any refinancing, or restructuring
of any such documents in the nature of a "workout" or of any insolvency or
bankruptcy proceeding, including Attorney Costs. The foregoing costs and
expenses shall include all search, filing, recording, title insurance and
appraisal charges and fees and taxes related thereto, and other out-of-pocket
expenses incurred by Administrative Agent and the cost of independent public
accountants and other outside experts retained by Administrative Agent or any
Lender. The agreements in this Section shall survive repayment of all
Obligations.

         11.04    BINDING EFFECT; ASSIGNMENT.

         (a) This Agreement and the other Loan Documents to which Borrower is a
party will be binding upon and inure to the benefit of Borrower, Administrative
Agent, Lenders and their respective successors and assigns, except that,
Borrower may not assign its rights hereunder or thereunder or any interest
herein or therein without the prior written consent of all Lenders and any such
attempted assignment shall be void. Any Lender may at any time pledge its Note
or any other instrument evidencing its rights as a Lender under this Agreement
to a Federal Reserve Bank, but no such pledge shall release such Lender from its
obligations hereunder or grant to such Federal Reserve Bank the rights of a
Lender hereunder absent foreclosure of such pledge.

         (b) From time to time following the Closing Date, each Lender may
assign to one or more Eligible Assignees all or any portion of its Commitment
and/or Extensions of Credit; PROVIDED that (i) such assignment, if not to a
Lender or an Affiliate of the assigning Lender, shall be consented to by
Borrower at all times other than during the existence of a Default or Event of
Default and by Administrative Agent, Issuing Lender and Swing Line Lender (which
consent of Borrower, Administrative Agent, Issuing Lender and Swing Line Lender
shall not be unreasonably withheld or delayed), (ii) a copy of a duly signed and
completed Assignment and Acceptance shall be delivered to Administrative Agent,
(iii) except in the case of an assignment

                                      -84-
<PAGE>

(A) to an Affiliate of the assigning Lender or to another Lender or (B) of the
entire remaining Commitment of the assigning Lender, the portion of the
Commitment assigned shall not be less than the Minimum Amount therefor, and (iv)
the effective date of any such assignment shall be as specified in the
Assignment and Acceptance, but not earlier than the date which is five Business
Days after the date Administrative Agent has received the Assignment and
Acceptance. Upon obtaining any consent required as set forth in the prior
sentence, any forms required by SECTION 11.21 and payment of the requisite fee
described below, the assignee named therein shall be a Lender for all purposes
of this Agreement to the extent of the Assigned Interest (as defined in such
Assignment and Acceptance), and the assigning Lender shall be released from any
further obligations under this Agreement to the extent of such Assigned
Interest. Upon request, Borrower shall execute and deliver new or replacement
Notes to the assigning Lender and the assignee Lender to evidence Loans made by
them. Administrative Agent's consent to any assignment shall not be deemed to
constitute any representation or warranty by any Administrative Agent-Related
Person as to any matter. Administrative Agent shall record the information
contained in the Assignment and Acceptance in the Register. For purposes hereof,
each mutual fund that is an Affiliate of a Lender shall be deemed to be a single
Eligible Assignee, whether or not such fund is managed by the same fund manager
as other mutual funds that are Affiliates of the same Lender.

         (c) After receipt of a completed Assignment and Acceptance, and receipt
of an assignment fee of $4,000 from such Eligible Assignee and/or such assigning
Lender (including in the case of assignments to Affiliates of assigning
Lenders), Administrative Agent shall, promptly following the effective date
thereof, provide to Borrower and Lenders a revised SCHEDULE 11.02 giving effect
thereto.

         (d) Each Lender may from time to time, without the consent of any other
Person, grant participations to one or more other Person (including another
Lender) of all or any portion of its Pro Rata Share of its Commitment and/or
Extensions of Credit; PROVIDED, HOWEVER, that (i) such Lender's obligations
under this Agreement shall remain unchanged, (ii) such Lender shall remain
solely responsible to the other parties hereto for the performance of such
obligations, (iii) the participating banks or other financial institutions shall
not be a Lender hereunder for any purpose except, if the participation agreement
so provides, for the purposes of SECTION 4 (but only to the extent that the cost
of such benefits to Borrower does not exceed the cost which Borrower would have
incurred in respect of such Lender absent the participation) and subject to
SECTIONS 11.05 AND 11.06, (iv) Borrower, Administrative 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, (v)
the participation agreement shall not restrict an increase in the combined
Commitments or in the granting Lender's Commitment or Pro Rata Share, so long as
the amount of the participation interest is not increased, and (vi) the consent
of the holder of such participation interest shall not be required for
amendments or waivers of provisions of the Loan Documents; PROVIDED, HOWEVER,
that the assigning Lender may, in any agreement with a participant, give such
participant the right to consent to any matter which (A) extends the Maturity
Date as to such participant or any other date upon which any payment of money is
due to such participant, (B) reduces the rate of interest owing to such
participant, any fee or any other monetary amount owing to such participant, or
(C) reduces the amount of any installment of principal owing to such
participant. Any Lender that sells a participation to any Person that is a
"foreign corporation, partnership or trust" within the meaning of the Code shall

                                      -85-
<PAGE>

include in its participation agreement with such Person a covenant by such
Person that such Person will comply with the provisions of SECTION 11.21 as if
such Person were a Lender and provide that Administrative Agent and Borrower
shall be third party beneficiaries of such covenant.

         11.05 SET-OFF. In addition to any rights and remedies of Administrative
Agent and Lenders or any assignee or participant of any Lender or any Affiliate
thereof (each, a "PROCEEDING PARTY") provided by law, upon the occurrence and
during the continuance of any Event of Default, each Proceeding Party is
authorized at any time and from time to time, without prior notice to Borrower,
any such notice being waived by Borrower to the fullest extent permitted by law,
to proceed directly, by right of set-off, banker's lien, or otherwise, against
any assets of the Borrower Parties which may be in the hands of such Proceeding
Party (including all general or special, time or demand, provisional or other
deposits and other indebtedness owing by such Proceeding Party to or for the
credit or the account of Borrower) and apply such assets against the
Obligations, irrespective of whether such Proceeding Party shall have made any
demand therefor and although such Obligations may be unmatured; PROVIDED,
HOWEVER, this SECTION 11.05 shall not supercede or affect the arrangements of
any Proceeding Party under any assignment of account, Lockbox Agreement or other
arrangement restricting the Proceeding Party's rights in any account. Each
Lender agrees promptly to notify Borrower and Administrative Agent after any
such set-off and application made by such Lender; provided, however, that the
failure to give such notice shall not affect the validity of such set-off and
application.

         11.06 SHARING OF PAYMENTS. Each Lender severally agrees that if it,
through the exercise of any right of setoff, banker's lien or counterclaim
against Borrower or otherwise, receives payment of the Obligations held by it of
a type owed ratably to the various Lenders that is ratably more than any other
Lender receives in payment of those Obligations held by such other Lender, then,
subject to applicable Laws: (a) such Lender exercising the right of setoff,
banker's lien or counterclaim or otherwise receiving such payment shall
purchase, and shall be deemed to have simultaneously purchased, from the other
Lender a participation in the Obligations held by the other Lender and shall pay
to the other Lender a purchase price in an amount so that the share of the
Obligations held by each Lender after the exercise of the right of setoff,
banker's lien or counterclaim or receipt of payment shall be in the same
proportion that existed prior to the exercise of the right of setoff, banker's
lien or counterclaim or receipt of payment; and (b) such other adjustments and
purchases of participations shall be made from time to time as shall be
equitable to ensure that all Lenders share any payment obtained in respect of
the Obligations ratably in accordance with each Lender's share of the
Obligations immediately prior to, and without taking into account, the payment;
PROVIDED that, if all or any portion of a disproportionate payment obtained as a
result of the exercise of the right of setoff, banker's lien, counterclaim or
otherwise is thereafter recovered from the purchasing Lender by Borrower or any
Person claiming through or succeeding to the rights of Borrower, the purchase of
a participation shall be rescinded and the purchase price thereof shall be
restored to the extent of the recovery, but without interest. Each Lender that
purchases a participation in the Obligations pursuant to this Section shall from
and after the purchase have the right to give all notices, requests, demands,
directions and other communications under this Agreement with respect to the
portion of the Obligations purchased to the same extent as though the purchasing
Lender were the original owner of the Obligations purchased. Borrower expressly
consents to the

                                      -86-
<PAGE>

foregoing arrangements and agrees that any Lender holding a participation in an
Obligation so purchased may exercise any and all rights of setoff, banker's lien
or counterclaim with respect to the participation as fully as if Lender were the
original owner of the Obligation purchased.

         11.07    NO WAIVER; CUMULATIVE REMEDIES.

         (a) No failure by any Lender or Administrative Agent to exercise, and
no delay by any Lender or Administrative Agent in exercising, any right, remedy,
power or privilege hereunder, shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege under any
Loan Document preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege.

         (b) The rights, remedies, powers and privileges herein or therein
provided are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by Law. Any decision by Administrative Agent or any Lender
not to require payment of any interest (including Default Interest), fee, cost
or other amount payable under any Loan Document or to calculate any amount
payable by a particular method on any occasion shall in no way limit or be
deemed a waiver of Administrative Agent's or such Lender's right to require full
payment thereof, or to calculate an amount payable by another method that is not
inconsistent with this Agreement, on any other or subsequent occasion.

         (c) Except with respect to SECTION 10.09, the terms and conditions of
SECTION 10 are for the sole benefit of Administrative Agent and Lenders.

         11.08 USURY. Notwithstanding anything to the contrary contained in any
Loan Document, the interest paid or agreed to be paid under the Loan Documents
shall not exceed the maximum rate of non-usurious interest permitted by
applicable Law (the "MAXIMUM RATE"). If Administrative Agent or any Lender shall
receive interest in an amount that exceeds the Maximum Rate, the excessive
interest shall be applied to the principal of the Outstanding Obligations or, if
it exceeds the unpaid principal, refunded to Borrower. In determining whether
the interest contracted for, charged, or received by Administrative Agent or a
Lender exceeds the Maximum Rate, such Person may, to the extent permitted by
applicable Law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary prepayments
and the effects thereof, and (c) amortize, prorate, allocate, and spread in
equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations.

         11.09 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         11.10 INTEGRATION. This Agreement, together with the other Loan
Documents and any letter agreements referred to herein, comprises the complete
and integrated agreement of the parties on the subject matter hereof and
supersedes all prior agreements, written or oral, on the subject matter hereof.
In the event of any conflict between the provisions of this Agreement and those
of any other Loan Document, the provisions of this Agreement shall control and
govern; PROVIDED that the inclusion of supplemental rights or remedies in favor
of Administrative Agent

                                      -87-
<PAGE>

or Lenders in any other Loan Document shall not be deemed a conflict with this
Agreement. Each Loan Document was drafted with the joint participation of the
respective parties thereto and shall be construed neither against nor in favor
of any party, but rather in accordance with the fair meaning thereof.

         11.11 NATURE OF LENDERS' OBLIGATIONS. Nothing contained in this
Agreement or any other Loan Document and no action taken by Administrative Agent
or Lenders or any of them pursuant hereto or thereto may, or may be deemed to,
make Lenders a partnership, an association, a joint venture or other entity,
either among themselves or with Borrower or any Affiliate of Borrower. Each
Lender's obligation to make any Extension of Credit pursuant hereto is several
and not joint or joint and several. A default by any Lender will not increase
the Pro Rata Share attributable to any other Lender.

         11.12 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations
and warranties made hereunder and in any other Loan Document, certificate or
statement delivered pursuant hereto or thereto or in connection herewith or
therewith shall survive the execution and delivery thereof. Such representations
and warranties have been or will be relied upon by Administrative Agent and each
Lender, notwithstanding any investigation made by Administrative Agent or any
Lender or on their behalf.

         11.13    INDEMNITY BY BORROWER.

         (a) Whether or not the transactions contemplated hereby are
consummated, Borrower agrees to indemnify, save and hold harmless each
Administrative Agent-Related Person and each Lender and their respective
Affiliates, directors, officers, agents, attorneys and employees (collectively
the "INDEMNITEES") from and against: (a) any and all claims, demands, actions or
causes of action that are asserted against any Indemnitee by any Person (other
than Administrative Agent or any Lender) relating directly or indirectly to a
claim, demand, action or cause of action that such Person asserts or may assert
against any Borrower Party, any of their Subsidiaries or any of their officers
or directors; (b) any and all claims, demands, actions or causes of action
arising out of or relating to, the Loan Documents, any predecessor loan
documents, the Commitments, the use or contemplated use of the proceeds of any
Loan, or the relationship of any Borrower Party, Administrative Agent and
Lenders under this Agreement; (c) any administrative or investigative proceeding
by any Governmental Authority arising out of or related to a claim, demand,
action or cause of action described in subsection (a) or (b) above; and (d) any
and all liabilities, losses, costs or expenses (including Attorney Costs) that
any Indemnitee suffers or incurs as a result of the assertion of any foregoing
claim, demand, action, cause of action or proceeding, or as a result of the
preparation of any defense in connection with any foregoing claim, demand,
action, cause of action or proceeding, in all cases, whether or not arising out
of the negligence of an Indemnitee, whether or not an Indemnitee is a party to
such claim, demand, action, cause of action or proceeding (all the foregoing,
collectively, the "INDEMNIFIED LIABILITIES"); PROVIDED that no Indemnitee shall
be entitled to indemnification for any loss caused by its own gross negligence
or willful misconduct or for any loss asserted against it by another Indemnitee.
The agreements in this Section shall survive repayment of all Obligations.

                                      -88-
<PAGE>

         (b) If, for the purposes of obtaining judgment in any court, it is
necessary to convert a sum due hereunder or any other Loan Document in one
currency into another currency, the rate of exchange used shall be Spot Rate.
The obligation of Borrower in respect of any such sum due from it shall,
notwithstanding any judgment in a currency (the "JUDGMENT CURRENCY") other than
that in which such sum is denominated in accordance with the applicable
provisions of the Loan Documents (the "AGREEMENT CURRENCY"), be discharged only
to the extent that Administrative Agent and Lenders can purchase the Equivalent
Amount of the Agreement Currency. If the amount of the Agreement Currency so
purchased is insufficient, Borrower agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify relevant Indemnitees against
such loss. If the Equivalent Amount of the Agreement Currency is greater than
the amount due, Lender agrees to return any excess to the Person who may be
entitled thereto.

         11.14 NONLIABILITY OF LENDERS. Borrower acknowledges and agrees that:

         (a) Any inspections of any property of Borrower made by or through
Administrative Agent or Lenders are for purposes of administration of the Loan
Documents only, and Borrower is not entitled to rely upon the same (whether or
not such inspections are at the expense of Borrower);

         (b) By accepting or approving anything required to be observed,
performed, fulfilled or given to Administrative Agent or Lenders pursuant to the
Loan Documents, neither Administrative Agent nor Lenders shall be deemed to have
warranted or represented the sufficiency, legality, effectiveness or legal
effect of the same, or of any term, provision or condition thereof, and such
acceptance or approval thereof shall not constitute a warranty or representation
to anyone with respect thereto by Administrative Agent or Lenders;

         (c) The relationship between Borrower and Administrative Agent and
Lenders is, and shall at all times remain, solely that of borrower and lenders;
neither Administrative Agent nor any Lender shall under any circumstance be
deemed to be in a relationship of confidence or trust or a fiduciary
relationship with Borrower or its Affiliates, or to owe any fiduciary duty to
Borrower or its Affiliates; neither Administrative Agent nor any Lender
undertakes or assumes any responsibility or duty to Borrower or its Affiliates
to select, review, inspect, supervise, pass judgment upon or inform Borrower or
its Affiliates of any matter in connection with their property or the operations
of Borrower or its Affiliates; Borrower and its Affiliates shall rely entirely
upon their own judgment with respect to such matters; and any review,
inspection, supervision, exercise of judgment or supply of information
undertaken or assumed by Administrative Agent or any Lender in connection with
such matters is solely for the protection of Administrative Agent and Lenders
and neither Borrower nor any other Person is entitled to rely thereon; and

         (d) Neither Administrative Agent nor any Lender shall be responsible or
liable to any Person for any loss, damage, liability or claim of any kind
relating to injury or death to Persons or damage to property caused by the
actions, inaction or negligence of Borrower and/or its Subsidiaries and Borrower
hereby indemnifies and holds Administrative Agent and Lenders harmless from any
such loss, damage, liability or claim.

                                      -89-
<PAGE>

         11.15 NO THIRD PARTIES BENEFITED. This Agreement is made for the
purpose of defining and setting forth certain obligations, rights and duties of
Borrower, Administrative Agent and Lenders in connection with the Extensions of
Credit, and is made for the sole benefit of Borrower, Administrative Agent and
Lenders, and Administrative Agent's and Lenders' successors and assigns. Except
as provided in SECTIONS 11.04 and 11.13, no other Person shall have any rights
of any nature hereunder or by reason hereof.

         11.16 SEVERABILITY. Any provision of the Loan Documents that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions thereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

         11.17 CONFIDENTIALITY. Administrative Agent, each Lender and each
participant shall use any confidential non-public information concerning the
Borrower Parties and their Subsidiaries that is furnished to Administrative
Agent or such Lender by or on behalf of the Borrower Parties and their
Subsidiaries in connection with the Loan Documents (collectively, "CONFIDENTIAL
INFORMATION") solely for the purpose of evaluating and providing products and
services to them and administering and enforcing the Loan Documents, and it will
hold the Confidential Information in confidence. Notwithstanding the foregoing,
Administrative Agent and each Lender may disclose Confidential Information (a)
to their affiliates or any of their or their affiliates' directors, officers,
employees, auditors, counsel, advisors, or representatives (collectively, the
"REPRESENTATIVES") whom it determines need to know such information for the
purposes set forth in this Section; and (b) to any bank or financial institution
or other entity to which such Lender has assigned or desires to assign an
interest or participation in the Loan Documents or the Obligations, PROVIDED
that any such foregoing recipient of such Confidential Information agrees to
keep such Confidential Information confidential as specified herein. In
addition, Administrative Agent, each Lender, and each Representative may
disclose the Confidential Information (a) to any governmental agency or
regulatory body having or claiming to have authority to regulate or oversee any
aspect of Administrative Agent's or such Lender's business or that of their
Representatives in connection with the exercise of such authority or claimed
authority; (b) to the extent necessary or appropriate to effect or preserve
Administrative Agent's or such Lender's or any of their Affiliates' security (if
any) for any Obligation or to enforce any right or remedy or in connection with
any claims asserted by or against Administrative Agent or such Lender or any of
their Representatives; and (c) pursuant to any subpoena or any similar legal
process. For purposes hereof, the term "Confidential Information" shall not
include information that (x) is in Administrative Agent's or a Lender's or
Representative's possession prior to its being provided by or on behalf of the
Borrower Parties, PROVIDED that such information is not known by Administrative
Agent or such Lender or such Representative to be subject to another
confidentiality agreement with, or other legal or contractual obligation of
confidentiality to, a Borrower Party, (y) is or becomes publicly available
(other than through a breach hereof by Administrative Agent or such Lender or
such Representative), or (z) becomes available to Administrative Agent or such
Lender or such Representative on a nonconfidential basis, PROVIDED that the
source of such information was not known by Administrative Agent or such Lender
or such Representative to be bound by a confidentiality agreement or other legal
or contractual obligation of confidentiality with respect to such information.

                                      -90-
<PAGE>

         11.18 FURTHER ASSURANCES. Each Borrower Party shall, and shall cause
its Subsidiaries to, at their expense and without expense to Lenders or
Administrative Agent, do, execute and deliver such further acts and documents as
any Lender or Administrative Agent from time to time reasonably requires for the
assuring and confirming unto Lenders or Administrative Agent of the rights
hereby created or intended now or hereafter so to be, or for carrying out the
intention or facilitating the performance of the terms of any Loan Document.

         11.19 HEADINGS. Section headings in this Agreement and the other Loan
Documents are included for convenience of reference only and are not part of
this Agreement or the other Loan Documents for any other purpose.

         11.20 TIME OF THE ESSENCE. Time is of the essence of the Loan
Documents.

         11.21 FOREIGN LENDERS. Each Lender that is a "foreign corporation,
partnership or trust" within the meaning of the Code shall deliver to
Administrative Agent, prior to receipt of any payment subject to withholding
under the Code (or after accepting an assignment of an interest herein), two
duly signed completed copies of either IRS Form W-8BEN or any successor thereto
(relating to such Person and entitling it to an exemption from, or reduction of,
withholding tax on all payments to be made to such Person by Borrower pursuant
to this Agreement) or IRS Form W-8ECI or any successor thereto (relating to all
payments to be made to such Person by Borrower pursuant to this Agreement) or
such other evidence satisfactory to Borrower and Administrative Agent that such
Person is entitled to an exemption from, or reduction of, U.S. withholding tax.
Thereafter and from time to time, each such Person shall (a) promptly submit to
Administrative Agent such additional duly completed and signed copies of one of
such forms (or such successor forms as shall be adopted from time to time by the
relevant United States taxing authorities) as may then be available under then
current United States laws and regulations to avoid, or such evidence as is
satisfactory to Borrower and Administrative Agent of any available exemption
from or reduction of, United States withholding taxes in respect of all payments
to be made to such Person by Borrower pursuant to this Agreement, (b) promptly
notify the Agent of any change in circumstances which would modify or render
invalid any claimed exemption or reduction, and (c) take such steps as shall not
be materially disadvantageous to it, in the reasonable judgment of such Lender,
and as may be reasonably necessary (including the re-designation of its Lending
Office) to avoid any requirement of applicable Laws that Borrower make any
deduction or withholding for taxes from amounts payable to such Person. If such
Person fails to deliver the above forms or other documentation, then
Administrative Agent may withhold from any interest payment to such Person an
amount equivalent to the applicable withholding tax imposed by Sections 1441 and
1442 of the Code, without reduction. If any Governmental Authority asserts that
Administrative Agent did not properly withhold any tax or other amount from
payments made in respect of such Person, such Person shall indemnify
Administrative Agent therefor, including all penalties and interest, any taxes
imposed by any jurisdiction on the amounts payable to the Agent under this
Section, and costs and expenses (including Attorney Costs) of Administrative
Agent. The obligation of Lenders under this Section shall survive the payment of
all Obligations and the resignation or replacement of Administrative Agent.

                                      -91-
<PAGE>

         11.22    REMOVAL AND REPLACEMENT OF LENDERS.

         (a) Under the circumstances set forth in SECTION 4.06(B) of this
Agreement providing that Borrower shall have the right to remove or replace a
Lender as a party to this Agreement, Borrower may, upon notice to such Lender
and Administrative Agent, remove such Lender by (i) non ratably terminating such
Lender's Commitment (and thereby reducing the aggregate Commitments) and/or (ii)
causing such Lender to assign its Commitment to one or more other Lenders or
Eligible Assignees procured by Borrower pursuant to SECTION 11.04(B). Borrower
shall (x) pay in full all principal, interest and fees owing to such Lender
through the date of termination or assignment (including any amounts payable
pursuant to SECTION 4.05), (y) provide appropriate assurances and indemnities
(which may include letters of credit) to such Lender as it may reasonably
require with respect to its participation interest in any Letters of Credit or
any Swing Line Loans then outstanding and (z) release such Lender from its
obligations under the Loan Documents. Any Lender being replaced shall execute
and deliver an Assignment and Acceptance covering such Lender's Commitment.
Administrative Agent shall distribute an amended SCHEDULE 2.01, which shall
thereafter be incorporated into this Agreement, to reflect adjustments to
Lenders and their Commitments. Borrower may net any payments required hereunder
against any funds being provided in the same currency by any Lender or Eligible
Assignee replacing a terminating Lender. The effect for purposes of this
Agreement shall be the same as if separate transfers of funds had been made with
respect thereto.

         (b) In order to make all Lender's interests in any outstanding
Extensions of Credit ratable in accordance with any revised Pro Rata Shares
after giving effect to the removal or replacement of a Lender, Borrower shall
pay or prepay, if necessary, on the effective date thereof, all outstanding
Extensions of Credit of all Lenders, together with any amounts due under SECTION
4.05. Borrower may then request Extensions of Credit from Lenders in accordance
with their revised Pro Rata Shares.

         (c) This section shall supercede any provisions in SECTION 11.01 to the
contrary.

         11.23    GOVERNING LAW.

         (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF FLORIDA APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE, NOTWITHSTANDING ITS EXECUTION OUTSIDE OF
SUCH STATE; PROVIDED THAT ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL
RIGHTS ARISING UNDER FEDERAL LAW.

         (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF FLORIDA
SITTING IN PINELLAS COUNTY OR HILLSBOROUGH COUNTY OR OF THE UNITED STATES FOR
THE MIDDLE DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH BORROWER PARTY, ADMINISTRATIVE AGENT AND EACH LENDER CONSENTS,
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF
THOSE COURTS. EACH BORROWER PARTY,

                                      -92-
<PAGE>

ADMINISTRATIVE AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING
ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR
PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER
DOCUMENT RELATED THERETO. EACH BORROWER PARTY, ADMINISTRATIVE AGENT AND EACH
LENDER WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH
MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.

         11.24 WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AGREEMENT
HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH
OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM
WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH
CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT
OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT
A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR
A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE
SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

         11.25 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

                                      -93-
<PAGE>

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

                               TECH DATA CORPORATION

                               By: /s/  JEFFERY P. HOWELLS
                                   ------------------------
                               Name:  Jeffery P. Howells
                               Title: Executive Vice President of Finance
                                      and Chief Financial Officer

                                       -1-
<PAGE>

                                BANK OF AMERICA, N.A., as Administrative
                                Agent

                                By: /s/ DOUGLAS MECKELNBURG
                                   -------------------------
                                Name:  Douglas Meckelnburg
                                Title: Vice President

                                BANK OF AMERICA, N.A., as a Lender, Issuing
                                Lender and Swing Line Lender

                                By: /s/ DOUGLAS MECKELNBURG
                                   -------------------------
                                Name:  Douglas Meckelnburg
                                Title: Vice President

                                       -2-
<PAGE>

                                         SCOTIABANC, INC.

                                         By: /s/ FRANK F. SANDLER
                                             ------------------------
                                         Name:   Frank F. Sandler
                                         Title:  Relationship Manager

                                         Domestic and Eurodollar Lending Office:
                                         600 Peachtree Street, N.E.
                                         Suite 2700
                                         Atlanta, Georgia  30308

                                         Wire Transfer Instructions:
                                         The Bank of Nova Scotia
                                         New York Agency
                                         ABA No.:  026 002 532
                                         For Credit to: Scotiabanc, Inc.
                                         Account No.:  0735639
                                         Re:  Tech Data Corporation

                                       -3-
<PAGE>

                                       BANK ONE, NA

                                       By: /s/ DIANNA L. MCCARTHY
                                          ---------------------------
                                       Name:  Dianna L. McCarthy
                                       Title: Vice President

                                       Domestic and Eurodollar Lending Office:
                                       1 Bank One Plaza, 10th Floor, Suite 0634
                                       Chicago, Illinois  60670

                                       Wire Transfer Instructions:
                                       Bank One, NA
                                       Chicago, Illinois
                                       ABA No.: 071 000 013
                                       Account No.: 4811-5286-00000
                                       Account Name: Loan Processing DP
                                       Attention: Bill Laird
                                       Reference: Tech Data Corporation

                                       -4-
<PAGE>

                                   FIRST UNION NATIONAL BANK

                                   By: /s/ RUSSELL J. LYONS
                                       ---------------------
                                   Name:  Russell J. Lyons
                                   Title: Assistant Vice President

                                   Domestic Lending Office:
                                   214 Hogan Street
                                   Jacksonville, Florida  32202

                                   Eurodollar Lending Office:
                                   First Union London Branch
                                   3 Bishopsgate
                                   London EC 2N3AB

                                   Wire Transfer Instructions:
                                   First Union National Bank
                                   ABA No.:  053-000-219
                                   In favor of:  First Union National Bank
                                   Reference:  Tech Data Corporation
                                               General Ledger #145916-2008
                                   Attention:  Cindy Petry (tel:904-489-6095)
                                                           (fax:904-489-1010)

                                       -5-
<PAGE>

                                  SUNTRUST BANK

                                  By: /s/  FRANK A. COE
                                      --------------------
                                  Name:  Frank A. Coe
                                  Title: Vice President

                                  Lending Office:
                                  303 Peachtree Street, N.E., 3rd Floor
                                  Atlanta, Georgia  30324

                                  Wire Transfer Instructions:
                                  SunTrust Bank
                                  Orlando, Florida
                                  ABA No.:  063 102 152
                                  Account No.:  9215004320
                                  Account Name:  SunTrust Bank
                                  Attention:  Commercial Loan Operations
                                  For further credit to: Tech Data Corporation

                                       -6-
<PAGE>

                                  BAYERISCHE HYPO-UND VEREINSBANK
                                  AG, NEW YORK BRANCH

                                  By: /s/ MARIANNE WEINZINGER
                                      -------------------------
                                  Name:  Marianne Weinzinger
                                  Title: Director

                                  By: /s/ FELICIA PIERSON
                                      --------------------------
                                  Name:  Felicia Pierson
                                  Title: Associate Director

                                  Lending Office:
                                  150 East 42nd Street
                                  New York, New York  10017

                                  Wire Transfer Instructions:
                                  Federal Reserve Bank of New York
                                  Favor: Bayerische Hypo-und Vereinsbank AG,
                                         New York Branch
                                  ABA No.: 026 008 808
                                  Reference: Tech Data Corporation
                                  Attention: Arelis Cepeda

                                       -7-
<PAGE>

                                   CREDIT INDUSTRIEL ET COMMERCIAL

                                   By:  /s/ A DE GROMARD       /s/ P. LATROBE
                                      ---------------------------------------
                                   Name:  A. de Gromard          P. Latrobe
                                   Title: Senior Vice President  Director

                                   Domestic Lender Branch:
                                   Credit Industriel et Commercial
                                   6, avenue de Provence
                                   75009 PARIS

                                   Wire Transfer Instructions:
                                   HSBC Bank USA
                                   New York, New York
                                   Account Name: Credit Industriel et Commercial
                                   Account No.:  000123439
                                   Reference:  Tech Data Corporation
                                   SWIFT:  MRMDUS33

                                       -8-
<PAGE>

                                 DG BANK DEUTSCHE
                                 GENOSSENSCHAFTSBANK AG,
                                 CAYMAN ISLANDS BRANCH

                                 By: /s/ J.W. SOMERS
                                     ---------------------------
                                     Name:  J.W. Somers
                                     Title: S.V.P.

                                 By: /s/ KURT A. MORRIS
                                     ----------------------------
                                     Name:  Kurt A. Morris
                                     Title: Vice President

                                 Domestic and Eurodollar Lending Office:
                                 DG Bank AG, Atlanta Agency
                                 303 Peachtree Street, N.E.
                                 One Peachtree Center, Suite 2900
                                 Atlanta, Georgia  30308

                                 Wire Transfer Instructions:
                                 Bank of New York
                                 ABA No.:  021000018
                                 For Account:  DG Bank, New York
                                 Account No.:  8900433876
                                 For further Credit to:  Tech Data Corporation

                                       -9-
<PAGE>

                                      CITICORP USA, INC.

                                      By: /s/ ALLEN FISHER
                                          -----------------------
                                       Name:  Allen Fisher
                                       Title: Vice President

                                       Domestic and Eurodollar Lending Office:
                                       390 Freenwich Street, 1st Floor
                                       New York, New Yokr  10013

                                       Wire Transfer Instructions:
                                       Citibank, N.A.
                                       New York, New York
                                       ABA No.:  021000089
                                       Account No.:  3885 8061
                                       Account Name:  Citicorp Industrial Credit
                                       Attention:  Mehmet Durgun
                                       Reference:  Tech Data Corporation

                                      -10-
<PAGE>

                                       THE INDUSTRIAL BANK OF JAPAN,
                                       LIMITED

                                       By: /s/ MINAMI MIURA
                                           --------------------------
                                       Name:  Minami Miura
                                       Title: Senior Vice President

                                       Lending Office:
                                       The Industrial Bank of Japan, Limited
                                       New York Branch
                                       1251 Avenue of the Americas
                                       New York, New York  10020-1104

                                       Wire Transfer Instructions:
                                       The Industrial Bank of Japan, Limited
                                       New York Branch
                                       ABA No.:  026008345
                                       Attention:  Credit Administration
                                       Reference:  Tech Data Corporation

                                      -11-
<PAGE>

                     DRESDNER BANK AG, NEW YORK AND
                     GRAND CAYMAN BRANCHES

                     By: /s/XINYUE JASMINE GEFFNER   /s/ B. CRAIG ERICKSON
                        --------------------------------------------------
                     Name:  Xinyue Jasmine Geffner      B. Craig Erickson
                     Title: Assistant Vice President    Vice President

                     Domestic and Eurodollar Lending Office:
                     75 Wall Street
                     New York, New York  10005-2889

                     Wire Transfer Instructions:
                     Dresdner Bank AG, New York and
                        Grand Cayman Branches
                     New York, New York
                     ABA No.:  026 008 303
                     Account No.:  1 120 347-15
                     Reference:  Tech Data Corporation
                     Attention:  Rosanna Caminiti

                                      -12-
<PAGE>

                      BANCA COMMERCIALE ITALIANA-
                      NEW YORK BRANCH

                      By:  /s/ FRANK MAFFEI       /s/ CHARLES DOUGHERTY
                         ----------------------------------------------
                      Name:  Frank Maffei            C. Dougherty
                      Title:                         V.P.

                      Domestic and Eurodollar Lending Office:
                      One William Street
                      New York, New York  10004

                      Wire Transfer Instructions:
                      ABA No.: 026005319
                      Account Name: BCA Italiana
                      Reference: Tech Data Corporation

                                      -13-
<PAGE>

                      BANK HAPOALIM B.M.

                      By:  /s/  SHAUN BREIDBART    /s/ LAURA ANNE RAFFA
                         ----------------------------------------------
                      Name:  Shaun Breidbart           Laura Anne Raffa
                      Title: Vice President            First Vice President
                                                       & Corporate Manager

                      Lending Office:
                      1177 Avenue of the Americas
                      New York, New York  10036

                      Wire Transfer Instructions:
                      Federal Reserve Bank of New York
                      ABA No.: 026008866
                      Account No.: 0011756-00000
                      Account Name: Bank Hapoalim B.M.
                      Attention: Commercial Loan Operations
                      Reference: Tech Data Corporation

                                      -14-
<PAGE>

                      NATEXIS BANQUE

                     By: /s/ PIETER J. VAN TULDER    /s/ JOHN RIGO
                        --------------------------------------------
                     Name:  Pieter J. van Tulder        John Rigo
                     Title:  Multinational Group        VP

                     Domestic and Eurodollar Lending Office:
                     645 Fifth Avenue
                     New York, New York  10022

                     Wire Transfer Instructions:
                     Chase Manhattan Bank, N.A.
                     New York, New York
                     ABA No.: 021-0002-1
                     Account No.: 544-7-75330
                     Account Name: Natexis Banque, NY
                     Attention: Loan Dept.
                     Reference: Tech Data Corporation

                                      -15-
<PAGE>

                              DEUTSCHE BANK AG NEW YORK
                              AND/OR CAYMAN ISLANDS BRANCH

                              By: /s/ CHRISTOPH A. KOCH
                                 ------------------------
                              Name:  Christoph A. Koch
                              Title: Vice President

                              By: /s/ CHRISTOPHER S. HALL
                                 -------------------------
                              Name:  Christopher S. Hall
                              Title: Managing Director

                              Domestic and Eurodollar Lending Office:
                              31 W. 52nd Street
                              New York, New York  10019

                              Wire Transfer Instructions:
                              Deutsche Bank AG
                              New York Branch
                              ABA No.: 026003780
                              Reference:  Tech Data Corporation

                                      -16-

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