PLUM CREEK TIMBER CO INC
EXHIBIT 10.1 CREDIT AGREEMENT
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<DESCRIPTION>EXHIBIT 10.1 CREDIT AGREEMENT
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<TITLE>Credit Agreement dated January 15, 2004</TITLE>
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EXECUTION VERSION </B></FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CREDIT AGREEMENT </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated as of January 15,
2004 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>among </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLUM CREEK
TIMBERLANDS, L.P., </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>as the Borrower, </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BANK OF AMERICA, N.A.,</B><br>
as Administrative
Agent, Swing Line Lender and L/C Issuer, </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>THE BANK OF TOKYO-MITSUBISHI,
LTD., SEATTLE BRANCH,</B><br>
as Syndication Agent,</FONT></P>

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     <H1    ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NORTHWEST    FARM   CREDIT    SERVICES,    PCA,<BR>THE   BANK   OF   NOVA
SCOTIA,<BR>SUNTRUST BANK </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COOPERATIEVE
     CENTRALE      RAIFFEISEN-BOERENLEENBANK       B.A.,<BR>      &#147;RABOBANK
INTERNATIONAL&#148;, NEW YORK BRANCH,</B><br>
as Documentation Agents, </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE OTHER LENDERS
PARTY HERETO </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BANC OF AMERICA
SECURITIES LLC,</B> <br>
as <br>
Sole Lead Arranger and
Sole Book Manager </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TABLE OF CONTENTS </FONT></H1>




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD COLSPAN=2 ALIGN=CENTER><FONT SIZE="2"><U>Section</U></FONT></TD>
     <TH><FONT SIZE="2">&nbsp;</FONT></TH>
     <TD ALIGN=CENTER><FONT SIZE="2"><U>Page</U></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="12%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ARTICLE I.</FONT></TD>
     <TD WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="75%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DEFINITIONS AND ACCOUNTING TERMS</FONT></TD>
     <TD WIDTH="10%" align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.01</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Defined Terms</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.02</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other Interpretive Provisions</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.03</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Accounting Terms</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.04</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Rounding</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">References to Agreements and Laws</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.06</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Times of Day</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.07</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Letter of Credit Amounts</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ARTICLE II.</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">THE COMMITMENTS AND CREDIT EXTENSIONS</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.01</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Committed Loans</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.02</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Borrowings, Conversions and Continuations of Committed Loans</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.03</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Letters of Credit</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">37</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.04</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Swing Line Loans</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Prepayments</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">48</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.06</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Termination or Reduction of Commitments; Mandatory Commitment Reduction</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.07</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Repayment of Loans</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.08</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Interest</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">52</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.09</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Fees</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">52</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.10</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Computation of Interest and Fees</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">53</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.11</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Evidence of Debt</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">53</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.12</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Payments Generally</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">54</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.13</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sharing of Payments</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">55</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.14</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Loan Tranches</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">56</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ARTICLE III.</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">TAXES, YIELD PROTECTION AND ILLEGALITY</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">57</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.01</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Taxes</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">57</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.02</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Illegality</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">58</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.03</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Inability to Determine Rates</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">58</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.04</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Increased Cost and Reduced Return; Capital Adequacy</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">58</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Funding Losses</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">59</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.06</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Matters Applicable to all Requests for Compensation</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">59</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.07</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Survival</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ARTICLE IV.</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.01</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Conditions of Initial Credit Extension</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.02</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Conditions to all Credit Extensions</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">64</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ARTICLE V.</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">REPRESENTATIONS AND WARRANTIES</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">65</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.01</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Existence, Qualification and Power; Compliance with Laws</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">65</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.02</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Authorization; No Contravention</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">65</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.03</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Governmental Authoization; Other Consents</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">66</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.04</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Binding Effect</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">66</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Litigation</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">66</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.06</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">No Default</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">66</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.07</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ERISA Compliance</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">67</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.08</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Use of Proceeds; Margin Regulations</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">68</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.09</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ownership of Property; Liens</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">68</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.10</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Taxes</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">69</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.11</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Financial Statements; No Material Adverse Effect</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">69</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.12</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Environmental Matters</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">69</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.13</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Regulated Entities</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">70</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.14</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">No Burdensome Restrictions</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">70</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.15</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Solvency</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">71</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.16</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Labor Relations</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">71</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.17</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Intellectual Property; Licenses, Etc.</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">71</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.18</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Subsidiaries</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">71</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.19</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Partnership Interest</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">71</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.20</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Insurance</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">72</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.21</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Full Disclosure</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">72</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.22</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Changes, Etc.</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">72</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.23</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tax Matters Agreement; Tax Opinion Insurance Policy</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">72</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.24</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tax Shelter Regulations</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">72</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ARTICLE VI.</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AFFIRMATIVE COVENANTS</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">73</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.01</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Financial Statements</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">73</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.02</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Certificates; Other Information</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">74</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.03</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Notices</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">75</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.04</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Preservation of Existence, Etc.</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">77</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Maintenance of Properties</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">77</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.06</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Maintenance of Insurance</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">78</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.07</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Payment of Obligations</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">78</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.08</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Compliance with Laws</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">78</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.09</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Books and Records and Inspection Rights</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">78</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.10</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Environmental Laws</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">79</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.11</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Use of Proceeds</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">79</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.12</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Solvency</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">79</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.13</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Notices and Information Relating to Specified Tax Liabilities and Tax Claims</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">79</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ARTICLE VII.</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">NEGATIVE COVENANTS</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">80</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.01</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Liens</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">80</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.02</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Merger; Disposition of Assets</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">82</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.03</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Harvesting Restrictions</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">84</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.04</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Loans and Investments</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">85</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Limitation on Indebtedness</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">86</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.06</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Transactions with Affiliates</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">88</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.07</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Use of Proceeds</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">88</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.08</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sale of Stock and Indebtedness of Subsidiaries</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">89</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.09</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Certain Contracts</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">89</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.10</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Joint Ventures</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">90</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.11</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Compliance with ERISA</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">90</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.12</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sale and Leaseback</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">91</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.13</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Restricted Payments</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">91</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.14</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Change in Records</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">92</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.15</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Issuance of Stock by Subsidiaries</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">92</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.16</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amendments</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">92</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.17</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Available Cash</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">93</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.18</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Interest Coverage Ratio</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">93</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.19</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Maximum Leverage Ratio</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">93</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.20</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tax Matters Agreement</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">93</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ARTICLE VIII.</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">EVENTS OF DEFAULT AND REMEDIES</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">94</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.01</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Events of Default</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">94</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.02</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Remedies Upon Event of Default</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">97</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.03</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Application of Funds</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">98</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ARTICLE IX.</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ADMINISTRATIVE AGENT</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">99</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.01</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Appointment and Authorization of Administrative Agent</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">99</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.02</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Delegation of Duties</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">99</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.03</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Liability of Administrative Agent</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">99</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.04</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Reliance by Administrative Agent</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Notice of Default</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.06</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Credit Decision; Disclosure of Information by Administrative Agent</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">101</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.07</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indemnification of Administrative Agent</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">101</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.08</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Administrative Agent in its Individual Capacity</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">102</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.09</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Successor Administrative Agent</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">102</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.10</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Administrative Agent May File Proofs of Claim</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">103</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.11</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other Agents; Arrangers and Managers</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">103</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ARTICLE X.</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">MISCELLANEOUS</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">104</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.01</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amendments, Etc.</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">104</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.02</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Notices and Other Communications; Facsimile Copies</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">105</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.03</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">No Waiver; Cumulative Remedies</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">106</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.04</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Attorney Costs, Expenses and Taxes</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">106</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indemnification by the Borrower</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">107</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.06</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Marshalling; Payments Set Aside</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">107</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.07</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Successors and Assigns</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">108</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.08</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Confidentiality</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">111</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.09</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Set-Off</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">112</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.10</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Interest Rate Limitation</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">112</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.11</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Counterparts</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">113</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.12</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Integration</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">113</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.13</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Survival of Representations and Warranties</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">113</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.14</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Severability</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">113</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.15</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tax Forms</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">114</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.16</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Governing Law; Service of Process</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">115</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.17</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Waiver of Right to Trial by Jury</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">116</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.18</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">USA Patriot Act Notice</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">116</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.19</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Automatic Debits of Fees</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">116</FONT></TD></TR>


</TABLE>


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<HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH ALIGN=LEFT><FONT SIZE="2"><b>SCHEDULES</b></FONT></TH>
     <TH><FONT SIZE="2">&nbsp;</FONT></TH>
     <TH><FONT SIZE="2">&nbsp;</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="20%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule 1.01(A)
</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="75%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Existing Letters of Credit</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule 1.01(B)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Corporate Investment Policy</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule 2.01</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Commitments and Pro Rata Shares</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule 5.07</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Plans</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule 5.12</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Environmental Matters</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule 5.18</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Subsidiaries and Other Equity Investments</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule 5.22</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Changes, Etc.</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule 7.01</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Permitted Liens</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule 7.04</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Permitted Investments</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule 10.02</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Administrative Agent's Office, Certain Addresses for Notices</FONT></TD></TR>
</TABLE>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH ALIGN=LEFT>&nbsp;</TH>
     <TH>&nbsp;</TH>
     <TH>&nbsp;</TH></TR>
<TR VALIGN="BOTTOM">
     <TH ALIGN=LEFT>&nbsp;</TH>
     <TH>&nbsp;</TH>
     <TH>&nbsp;</TH></TR>
<TR VALIGN="BOTTOM">
     <TH ALIGN=LEFT><FONT SIZE="2"><B>EXHIBITS</B></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="20%" align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit A
</FONT></TD>
     <TD WIDTH="5%">&nbsp;</TD>
     <TD WIDTH="75%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form of Committed Loan Notice
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit B
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form of Swing Line Loan Notice
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit C
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form of Legal Opinion of Counsel for the Borrower
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit D
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form of Compliance Certificate
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit E
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form of Assignment and Assumption Agreement
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit F
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form of Note
</FONT></TD></TR>
</TABLE>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CREDIT AGREEMENT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This <B>CREDIT AGREEMENT</B> (this &#147;<U>Agreement</U>&#148;) is dated and entered into as
of January 15,<B> </B>2004, among PLUM CREEK TIMBERLANDS, L.P., a Delaware limited
partnership (the &#147;<U>Borrower</U>&#148;), each lender from time to time party hereto
(collectively, the &#147;<U>Lenders</U>&#148; and individually, a
&#147;<U>Lender</U>&#148;), and BANK OF AMERICA, N.A.,<B> </B>as Administrative Agent,
Swing Line Lender and L/C Issuer. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,<B> </B>the Borrower has requested that the Lenders provide a revolving credit facility, and
the Lenders are willing to do so on the terms and conditions set forth herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW,
THEREFORE</B>, in consideration of the mutual covenants and agreements herein contained,
the parties hereto covenant and agree as follows: </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE I.<BR>DEFINITIONS AND
ACCOUNTING TERMS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.01
Defined Terms.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Agreement, the following terms shall have the meanings set forth below: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Administrative
Agent</U>&#148; means Bank of America in its capacity as administrative agent under any of
the Loan Documents, or any successor administrative agent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Administrative
Agent&#146;s Office</U>&#148; means the Administrative Agent&#146;s address and, as
appropriate, account as set forth on <U>Schedule 10.02</U>, or such other address or
account as the Administrative Agent may from time to time notify the Borrower and the
Lenders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Administrative
Questionnaire</U>&#148; means an Administrative Questionnaire in a form supplied by the
Administrative Agent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Affiliate</U>&#148;
means, with respect to any Person, another Person that directly, or indirectly through one
or more intermediaries, Controls or is Controlled by or is under common Control with the
Person specified. &#147;<U>Control</U>&#148; means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise.
&#147;<U>Controlling</U>&#148; and &#147;<U>Controlled</U>&#148; have meanings correlative
thereto. Without limiting the generality of the foregoing, a Person shall be deemed to be
Controlled by another Person if such other Person possesses, directly or indirectly, power
to vote five percent (5%) or more of the securities having ordinary voting power for the
election of directors, managing general partners or the equivalent. Notwithstanding the
foregoing, no Lender shall be deemed an &#147;Affiliate&#148; of the Borrower or of any
Subsidiary of the Borrower. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Agent-Related
Persons</U>&#148;<SUP> </SUP>means the Administrative Agent, together with its Affiliates
(including, in the case of Bank of America in its capacity as the Administrative Agent,
the Arranger), and the officers, directors, employees, agents and attorneys-in-fact of
such Persons and Affiliates. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Aggregate
Commitments</U>&#148; means the Commitments of all the Lenders. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agreement&#148;
means this Credit Agreement.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Applicable
Rate</U>&#148; means the percentage per annum specified below opposite the Pricing
Leverage Ratio (which ratio shall be calculated on a rolling four quarter basis for the
relevant fiscal quarter and in reliance on the financial reports received by the
Administrative Agent pursuant to <U>Sections&nbsp;6.01(a)</U>, the most recent financial
reports received by the Administrative Agent pursuant to <U>Section 6.01(c)</U> and the
most recent Compliance Certificate received by the Administrative Agent pursuant to <U>Section&nbsp;6.02(b)</U>). </FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN=TOP>
     <TD COLSPAN=2 ALIGN=LEFT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRICING LEVEL</FONT></TD>
     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRICING LEVERAGE<BR>RATIO AT END OF FISCAL<BR>QUARTER</FONT></TD>
     <TD COLSPAN=4 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPLICABLE RATE</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Eurodollar Rate</FONT></TD>
     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Base Rate</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="39%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="31%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pricing Level 1</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Greater than or equal to<BR> 4.25</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.275%</FONT></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.275%</FONT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="center">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pricing Level 2</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less than 4.25 but greater<BR>than or equal to 3.50</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.000%</FONT></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.000%</FONT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pricing Level 3</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less than 3.50 but greater<br>than or equal to 2.75</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.800%</FONT></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.000%</FONT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pricing Level 4</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less than 2.75 but greater<br>than or equal to 2.00</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.700%</FONT></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.000%</FONT></TD>
        <TD ALIGN=LEFT>&nbsp;</TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pricing Level 5</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less than 2.00</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.600%</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.000%</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
</TABLE>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
     increase or decrease in the Applicable  Rate resulting from a change in the
Pricing  Leverage  Ratio shall  become  effective  as of the fifth  Business Day
immediately following the date a Compliance Certificate is delivered pursuant to
<U>Section  6.02(b)</U>;  <U>provided</U>,  <U>however</U> that, if a Compliance
Certificate is not delivered when due in accordance with <U>Section 6.02(b)</U>,
then Pricing Level 1 shall become  effective and apply as of the first  Business
Day after the date on which such  Compliance  Certificate  was  required to have
been  delivered;  <U>provided</U>,   <U>further</U>,   <U>however</U>,  if  such
Compliance Certificate is subsequently delivered and such Compliance Certificate
shows a decrease in the  Applicable  Rate resulting from a change in the Pricing
Leverage  Ratio,  which  thereby  results in a pricing  level lower than Pricing
Level 1, then the Pricing Level indicated by such Compliance  Certificate  shall
become  effective  and apply as of the fifth  Business Day after the delivery of
such Compliance Certificate. The Applicable Rate in effect from the Closing Date
through  March  31,  2004  shall  be  determined  based  upon  Pricing  Level 2.
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Approved
Fund</U>&#148; has the meaning specified in <U>Section 10.07(g)</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Arranger</U>&#148;
means Banc of America<B> </B>Securities LLC, in its capacity as sole lead arranger and
sole book manager. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Asset
     Sales</U>&#148;  means any sale or  disposition  of Properties  (other than
inventory  in the  Ordinary  Course of  Business)  of the  Borrower,  any of its
Subsidiaries  or any other Person in which the Borrower holds an equity or other
ownership  interest,  by the  Borrower,  such  Subsidiary  or such other Person.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Assignment
and Assumption Agreement</U>&#148; means an Assignment and Assumption Agreement
substantially in the form of <U>Exhibit E</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Attorney
     Costs</U>&#148;  means and includes all fees, expenses and disbursements of
any law firm or other external counsel and, without duplication,  if in the case
of any  particular  matter  where a law firm or other  external  counsel  is not
retained with respect to such particular  matter, the allocated cost of internal
legal  services  and  all  expenses  and   disbursements  of  internal  counsel.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Auto-Renewal
Letter of Credit</U>&#148; has the meaning specified in <U>Section 2.03(b)(iii)</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Audited
     Financial Statements</U>&#148; means the audited consolidated balance sheet
of the  Borrower  and its  Subsidiaries  for the fiscal year ended  December 31,
2002,  and  the  related  consolidated   statements  of  income  or  operations,
shareholders&#146;  equity and cash flows for such fiscal  year of the  Borrower
and its Subsidiaries, including the notes thereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Available
Cash</U>&#148; means, with respect to any calendar quarter, (i)&nbsp;the sum of: </FONT></P>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     the Borrower&#146;s net income (or net loss) (excluding gain on the sale of
any Capital Asset) for such quarter, </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     the  amount of  depletion,  depreciation,  amortization  and other  noncash
charges  utilized in  determining  net income of the Borrower for such  quarter,
</FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Workstation" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     the  amount of any  reduction  in  reserves  of the  Borrower  of the types
referred to in clause&nbsp;(ii)(d) below, </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               proceeds received by the Borrower from the sale of Designated Acres, </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any Cash from Capital Transactions received by the Borrower during such quarter
               in specific contemplation that such Cash from Capital Transactions will be used
               to refund or refinance any payment of Indebtedness of the type specified in
               clause&nbsp;(ii)(a) below which was made in either of the two immediately
               preceding quarters, </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               other Cash from Capital Transactions received by the Borrower during the
               relevant quarter up to an aggregate amount equal to $157,000,000 for all
               calendar quarters, commencing with the calendar quarter that ended December 31,
               2003, <U>less</U> the aggregate amounts of such $157,000,000 utilized in the
               calculation of Available Cash for the previous calendar quarters; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               without duplication in respect of clauses (i)(e) and (i)(f) above, in the event
               of any Asset Sale, an amount equal to that portion of the Net Proceeds received
               from such sale that was applied to the repayment of the Qualified Debt in
               accordance with <U>Section 2.05(b)(ii)</U> or <U>Section 7.02(i)</U> but not to
               exceed an amount equal to 50% of the Net Proceeds received from such sale; <U>provided</U>, that, the cumulative increase to Available Cash pursuant to
               this clause (i)(g) (after giving effect to any current increase in respect
               thereof) with respect to any Asset Sale shall not exceed, in any event, an
               amount equal to the Net Proceeds from such Asset Sale <U>less</U> the cumulative
               amount of such Net Proceeds applied to the repayment of Qualified Debt and to
               the purchase of productive assets in accordance with <U>Section 2.05(b)(ii)</U> or <U>Section </U><U>7.02(i)</U>; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;less
(ii)&nbsp;the sum of: </FONT></P>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               all payments of principal on Indebtedness made by the Borrower in such quarter
               (excluding any payments of principal on Indebtedness made with Cash from Capital
               Transactions received by the Borrower during such quarter or, to the extent such
               Cash from Capital Transactions remains available, received by the Borrower
               during the four immediately preceding quarters), </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               capital expenditures made by the Borrower during such quarter (excluding any
               capital expenditures for such quarter made with Cash from Capital Transactions
               received by the Borrower during such quarter or, to the extent such Cash from
               Capital Transactions remains available, received by the Borrower during the four
               immediately preceding quarters, and capital expenditures which the General
               Partner reasonably anticipates will be financed with Cash from Capital
               Transactions within 90 days from the end of such quarter), </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the amount of any capital expenditures made by the Borrower in a prior quarter
               which was anticipated would be financed from Cash from Capital Transactions but
               which have not been financed from such source within 90 days from the end of
               such quarter, </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the amount of any reserves of the Borrower established during such quarter which
               are necessary or appropriate (1)&nbsp;to provide funds for the future payment of
               items of the types specified in clauses&nbsp;(ii)(a) and (ii)(b) above,
               (2)&nbsp;to provide additional working capital, (3)&nbsp;to provide funds for
               cash distributions with respect to any one or more of the next four quarters, or
               (4)&nbsp;to provide funds for the future payment of interest in an amount equal
               to the interest to be accrued in the next quarter, </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the amount of any noncash items of income utilized in determining net income of
               the Borrower for such quarter, </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the amount of any Investments in the form of cash or cash equivalents (other
               than guarantees, contingent liabilities or endorsements, except to the extent
               payments are actually made under such guarantees, contingent liabilities or
               endorsements) made by the Borrower during such quarter pursuant to <U>Section
               7.04(a)</U>, <U>(h)</U> or <U>(i)</U> (or, in the case of any Subsidiary,
               Investments in the form of cash or cash equivalents (other than guarantees,
               contingent liabilities or endorsements, except to the extent payments are
               actually made under such guarantees, contingent liabilities or endorsements) of
               similar type) to the extent not included in capital expenditures or payments on
               principal on Indebtedness made by the Borrower during such quarter (excluding
               any such Investments for such quarter made with Cash from Capital Transactions
               received by the Borrower during such quarter or, to the extent such Cash from
               Capital Transactions remains available, received by the Borrower during the four
               immediately preceding quarters, and Investments which the General Partner
               reasonably anticipates will be financed with Cash from Capital Transactions
               within 90 days from the end of such quarter), and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Workstation" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the amount of any Investments (other than guarantees, contingent liabilities or
               endorsements, except to the extent payments are actually made under such
               guarantees, contingent liabilities or endorsements) made by the Borrower in a
               prior quarter pursuant to <U>Section 7.04(a)</U>, <U>(h)</U> or <U>(i)</U> (or
               in the case of any Subsidiary, Investments (other than guarantees, contingent
               liabilities or endorsements, except to the extent payments are actually made
               under such guarantees, contingent liabilities or endorsements) of similar type)
               to the extent not included in capital expenditures made by the Borrower during
               such quarter which was anticipated would be financed from Cash from Capital
               Transactions but which have not been financed from such source within 90 days
               from the end of such quarter. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, &#147;Available Cash&#148; shall not take into account any reductions in
reserves or disbursements made or reserves established after commencement of the
dissolution and liquidation of the Borrower. In determining &#147;Available Cash,&#148;
(i)&nbsp;all items under clauses&nbsp;(i)(a), (b), (c), (d), (e), (f) and (g) above and
all items under clauses&nbsp;(ii)(a), (b), (c), (d), (e), (f) and (g) above shall be (A)
calculated on a consolidated basis with any Subsidiary of the Borrower whose income is
accounted for on a consolidated basis with the Borrower and (B) calculated on a
consolidated basis with any other Person in which the Borrower directly or indirectly
holds an equity or other ownership interest, and, in accordance therewith, &#147;Available
Cash&#148; shall include a percentage of each such item of each such Subsidiary or such
other Person equal to the Borrower&#146;s percentage ownership interest in such Subsidiary
or such other Person; <U>provided</U>, <U>however</U>, that the items under
clauses&nbsp;(i)(a), (b), (c), (d), (e), (f) and (g) above shall only be included in
Available Cash to the extent that the General Partner determines such amount to be legally
available for dividends or distributions to the Borrower of a Subsidiary by such
Subsidiary or such other Person; (ii)&nbsp;the amount of net income and the amount of
depletion, depreciation, amortization and other noncash charges utilized in determining
net income shall be determined, with respect to the Borrower, by the General Partner in
accordance with generally accepted accounting principals and, with respect to any
Subsidiary or other Person in which the Borrower directly or indirectly holds an equity or
other ownership interest, by its Board of Directors (or by such other body or person which
has the ultimate management authority of such Subsidiary or such other Person) in
accordance with generally accepted accounting principles; (iii)&nbsp;the net income of any
Subsidiary or other Person in which the Borrower directly or indirectly holds an equity or
other ownership interest shall be determined on an after-tax basis; (iv)&nbsp;the amount
of any reductions in, or additions to, reserves for purposes of clauses&nbsp;(i)(c) and
(ii)(d) above shall be determined, with respect to the Borrower, by the General Partner in
its reasonable good faith judgment and, with respect to any Subsidiary or other Person in
which the Borrower directly or indirectly holds an equity or other ownership interest, by
its Board of Directors (or by such other body or person which has the ultimate management
authority of such Subsidiary or such Person) in its reasonable good faith judgment; and
(v)&nbsp;any determination of whether any capital expenditures or Investments are
financed, or anticipated to be financed, with Cash from Capital Transactions for purposes
of clause&nbsp;(ii)(b) or (ii)(f) above shall be made, with respect to the Borrower, by
the General Partner in its reasonable good faith judgment and, with respect to any
Subsidiary or other Person in which the Borrower directly or indirectly holds an equity or
other ownership interest, by its Board of Directors (or by such other body or person which
has the ultimate management authority of such Subsidiary or such Person) in its reasonable
good faith judgment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the immediately succeeding sentence, any increase to Available Cash pursuant to clause
(i)(g) above shall be made in the calendar quarter in which Qualified Debt is repaid in
accordance with such clause (irrespective of the calendar quarter in which the Asset Sale
occurred). Notwithstanding the foregoing, the item under clause&nbsp;(i)(g) above shall
only be included in the calculation of Available Cash if (A) the Borrower has delivered to
the Administrative Agent a Compliance Certificate in the form of <U>Exhibit D</U> for the
calendar quarter in which the payment of Qualified Debt in accordance with clause (i)(g)
above is made, and (B) the Pricing Leverage Ratio as the last day of such calendar quarter
is less than 5.0 to 1.0. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Availability
Period</U>&#148; means the period from and including the Closing Date to the earliest of
(a) the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant
to <U>Section 2.06</U>, and (c) the date of termination of the commitment of each Lender
to make Loans and of the obligation of the of the L/C Issuer to make L/C Credit Extensions
pursuant to <U>Section 8.02</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Bank
of America</U>&#148; means Bank of America, N.A., and its successors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Bankruptcy
Code</U>&#148; means the Federal Bankruptcy Reform Act of 1978 (11&nbsp;U.S.C.
&sect;&nbsp;101, et seq.). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Base
Rate</U>&#148; means for any day a fluctuating rate per annum equal to the higher of (a)
the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day
as publicly announced from time to time by Bank of America as its &#147;prime rate.&#148;
The &#147;prime rate&#148; is a rate set by Bank of America based upon various factors
including Bank of America&#146;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 such 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Base
Rate Committed Loan</U>&#148; means a Committed Loan that is a Base Rate Loan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Base Rate
Loan</U>&#148; means a Loan that bears interest based on the Base Rate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrower</U>&#148;
has the meaning specified in the introductory paragraph hereto. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrower&#146;s
Knowledge</U>&#148; or &#147;<U>Knowledge of the Borrower</U>&#148; means the actual
knowledge of any person holding any of the following offices as of the date of
determination: (a)&nbsp;President, Chief Executive Officer, any Executive Vice President,
Chief Financial Officer, General Counsel, Secretary, Vice President-Human Resources, and
Environmental Engineer, and any successor to those offices, such persons being the
principal persons employed by the Borrower ultimately responsible for environmental
operations and compliance, ERISA and legal matters relating to the Borrower or
(b)&nbsp;the Treasurer or any other person having the primary responsibility for the
day-to-day administration of, and dealings with the Administrative Agent and the Lenders
in connection with, this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrowing</U>&#148;
means a Committed Borrowing or a Swing Line Borrowing, as the context may require. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Business
Day</U>&#148; means any day other than a Saturday, Sunday or other day on which commercial
banks are authorized to close under the Laws of, or are in fact closed in, the State where
the Administrative Agent&#146;s Office is located or the State of New York and, if such
day relates to any Eurodollar Rate Loan, means any such day on which dealings in Dollar
deposits are conducted by and between banks in the London interbank eurodollar market. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capital
Asset</U>&#148; means any asset on the Borrower&#146;s or any Subsidiary&#146;s balance
sheet, as the case may be, other than inventory, accounts receivable or any other current
asset and assets disposed of in connection with normal retirements or replacements. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capital
Expenditure Tranche</U>&#148; has the meaning specified in <U>Section&nbsp;2.14</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capital Expenditure Tranche Loan</U>&#148; means a Loan allocated by the Borrower to the Capital Expenditure Tranche as provided in <U>Section&nbsp;2.14</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capital
Lease</U>&#148; has the meaning specified in the definition of &#147;Capital Lease
Obligations&#148;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capital
Lease Obligations</U>&#148; means all monetary obligations of the Borrower or any of its
Subsidiaries under any leasing or similar arrangement which, in accordance with GAAP, is
classified as a capital lease (&#147;<U>Capital Lease</U>&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capital
Stock</U>&#148; means any and all shares, interests, participations, units or other
equivalents (however designated) of capital stock of a corporation, and any and all
equivalent ownership interests in a Person other than a corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capital
Transaction</U>&#148; means (a)&nbsp;borrowings and sales of debt securities (other than
for working capital purposes and other than for items purchased on open account in the
ordinary course of business) by the Borrower, (b)&nbsp;sales of equity interests by the REIT the proceeds of which are contributed to the Borrower, and (c)&nbsp;sales or other
voluntary or involuntary dispositions of any assets of the Borrower (other than
(i)&nbsp;sales or other dispositions of inventory in the ordinary course of business,
(ii)&nbsp;sales or other dispositions of other current assets including receivables and
accounts and (iii)&nbsp;sales or other dispositions of assets as a part of normal
retirements or replacements), in each case prior to the commencement of the dissolution
and liquidation of the Borrower, <U>provided</U> that in determining Cash from Capital
Transactions, clauses (a), (b)&nbsp;and (c) above shall include, with respect to each
Subsidiary of the Borrower whose income is accounted for on a consolidated basis with the
Borrower, a percentage of each such item of such Subsidiary equal to the Borrower&#146;s
percentage ownership interest in such Subsidiary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Cash
Collateralize</U>&#148; has the meaning specified in <U>Section 2.03(g)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Cash from
Capital Transactions</U>&#148; means at any date, such amounts of cash as are determined
by the General Partner to be cash made available to the Borrower from or by reason of a
Capital Transaction. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>CERCLA</U>&#148;
has the meaning specified in the definition of &#147;Environmental Laws&#148;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Change
of Control</U>&#148; means, with respect to any Person, an event or series of events by
which: </FONT></P>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections
               13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of
               such person or its subsidiaries, and any person or entity acting in its capacity
               as trustee, agent or other fiduciary or administrator of any such plan) becomes
               the &#147;beneficial owner&#148; (as defined in Rules 13d-3 and 13d-5 under the
               Exchange Act, except that a person or group shall be deemed to have
               &#147;beneficial ownership&#148; of all Capital Stock that such person or group
               has the right to acquire (such right, an &#147;option right&#148;), whether such
               right is exercisable immediately or only after the passage of time), directly or
               indirectly, of 30% or more of the Capital Stock of such Person entitled to vote
               for members of the board of directors or equivalent governing body of such
               Person on a partially-diluted basis (<U>i.e.</U>, taking into account all such
               securities that such person or group has the right to acquire pursuant to any
               option right); or </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               during any period of 12 consecutive months, a majority of the members of the
               board of directors or other equivalent governing body of such Person 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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Closing
Date</U>&#148; means January 15, 2004. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Code</U>&#148;
means the Internal Revenue Code of 1986. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Commitment</U>&#148;
means, as to each Lender, its obligation to (a) make Committed Loans to the Borrower
pursuant to <U>Section 2.01</U>, (b) purchase participations in L/C Obligations, and (c)
purchase participations in Swing Line Loans, in an aggregate principal amount at any one
time outstanding not to exceed the amount set forth opposite such Lender&#146;s name on <U>Schedule 2.01</U> or in the Assignment and Assumption Agreement pursuant to which such
Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to
time in accordance with this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Committed
Borrowing</U>&#148; means a borrowing consisting of simultaneous Committed Loans of the
same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made
by each of the Lenders pursuant to <U>Section 2.01</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Committed
Loan</U>&#148; has the meaning specified in <U>Section 2.01</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Committed Loan
Notice</U>&#148; means a notice of (a) a Committed Borrowing, (b) a conversion of
Committed Loans from one Type to the other, or (c) a continuation of Eurodollar Rate
Loans, pursuant to <U>Section 2.02(a)</U>, which, if in writing, shall be substantially in
the form of <U>Exhibit A</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Compensation
Period</U>&#148; has the meaning specified in <U>Section 2.12(c)(ii)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Compliance
Certificate</U>&#148; means a certificate substantially in the form of <U>Exhibit D</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Contractual
Obligation</U>&#148; means, as to any Person, any provision of any security issued by such
Person or of any agreement, undertaking, contract, indenture, mortgage, deed of trust or
other instrument, document or agreement to which such Person is a party or by which it or
any of its property is bound. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Control</U>&#148;
has the meaning specified in the definition of &#147;<U>Affiliate</U>&#148;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Controlled
Group</U>&#148; means the Borrower and all Persons (whether or not incorporated) under
common control or treated as a single employer with the Borrower pursuant to
Section&nbsp;414(b), (c), (m) or (o) of the Code. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Credit
Extension</U>&#148; means each of the following: (a) a Borrowing; and (b) an L/C Credit
Extension. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Cunit</U>&#148;
means 100 cubic feet of wood. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Debtor
Relief Laws</U>&#148; means the Bankruptcy Code of the United States, 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 or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Debt
Proceeds</U>&#148; means the proceeds of Indebtedness permitted by <U>Section&nbsp;7.05(i)</U>, net of customary expenses payable to Persons that are not
Affiliates of the Borrower. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Default</U>&#148;
means any event or condition that constitutes an Event of Default or that, with the giving
of any notice, the passage of time, or both, would be an Event of Default. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Default
Rate</U>&#148; means an interest rate equal to (a) the Base Rate <U>plus</U> (b) the
Applicable Rate, if any, applicable to Base Rate Loans <U>plus</U> (c) 2% per annum; <U>provided</U>, <U>however</U>, that with respect to a Eurodollar Rate Loan, the Default
Rate shall be an interest rate equal to the interest rate (including any Applicable Rate)
otherwise applicable to such Loan plus 2% per annum, in each case to the fullest extent
permitted by applicable Laws. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Defaulting
Lender</U>&#148; means any Lender that (a) has failed to fund any portion of the Committed
Loans, participations in L/C Obligations or participations in Swing Line Loans required to
be funded by it hereunder within one Business Day of the date required to be funded by it
hereunder, (b) has otherwise failed to pay over to the Administrative Agent or any other
Lender any other amount required to be paid by it hereunder within one Business Day of the
date when due, unless the subject of a good faith dispute, or (c) has been deemed
insolvent or become the subject of a bankruptcy or insolvency proceeding. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Designated
Acres</U>&#148; means up to an aggregate of 815,367 acres, as such number of acres may be
adjusted as hereafter provided, owned by the Borrower which (based on the good faith
determination of the Responsible Representatives that such acres have at the time such
determination is made a higher value as recreational, residential, grazing or agricultural
property than for timber production) may be reasonably designated by the General Partner
at the time of the sale thereof as constituting Designated Acres. The maximum number of
Designated Acres as set forth above shall be adjusted from time to time as follows: (a)
upon any acquisition of Timberlands made after September 30, 2003, the maximum number of
Designated Acres shall be increased by an amount equal to five percent (5%) of the
aggregate acreage of Timberlands so acquired, and (b) upon any disposition or sale of
Timberlands (other than a sale of Designated Acres) made after September 30, 2003, the
maximum number of Designated Acres shall be decreased by an amount equal to five percent
(5%) of the aggregate acreage of Timberlands so disposed or sold; <U>provided</U>, <U>however</U>, in no event may the number of Designated Acres be decreased below the
number of Designated Acres previously sold as Designated Acres. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Designated
Immaterial Subsidiary</U>&#148; means any entity which would otherwise be a Restricted
Subsidiary and which at any time is designated by the Borrower as a Designated Immaterial
Subsidiary, <U>provided</U> that no such designation of any entity as a Designated
Immaterial Subsidiary shall be effective unless (a)&nbsp;at the time of such designation,
such entity does not own any shares of stock or Indebtedness of any Restricted Subsidiary
which is not simultaneously being designated as a Designated Immaterial Subsidiary,
(b)&nbsp;immediately after giving effect to such designation, (i)&nbsp;the Borrower could
incur at least $1 of additional Funded Debt pursuant to <U>Section&nbsp;7.05(i)</U>, and
(ii)&nbsp;no condition or event shall exist which constitutes an Event of Default or
Material Default, and (c)&nbsp;the Borrower is permitted to make the Investment in such
entity resulting from such designation pursuant to, and within the limitations specified
in, <U>Section&nbsp;7.04(i)</U>, treating the aggregate book value (including equity in
retained earnings) of the Investments of the Borrower and its Subsidiaries in such entity
immediately prior to such designation as the cost of such Investment, and <U>provided</U>, <U>further</U>, that if at any time all Designated Immaterial Subsidiaries on a
consolidated basis would be a &#147;significant subsidiary&#148; (assuming the Borrower is
the registrant) within the meaning of Regulation&nbsp;S-X (17&nbsp;C.F.R. Part&nbsp;210)
the Borrower shall designate one or more Designated Immaterial Subsidiaries which are
directly owned by the Borrower and its Restricted Subsidiaries as Restricted Subsidiaries
such that the condition in this proviso is no longer applicable and the entities so
designated shall no longer be Designated Immaterial Subsidiaries. Any entity which has
been designated a Designated Immaterial Subsidiary shall not thereafter become a
Restricted Subsidiary except pursuant to a designation required by the last proviso in the
preceding sentence, and any Designated Immaterial Subsidiary which has been designated a
Restricted Subsidiary pursuant to the last proviso of the preceding sentence shall not
thereafter be redesignated as a Designated Immaterial Subsidiary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Dollar</U>&#148;
and &#147;<U>$</U>&#148; mean lawful money of the United States. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>EBITDA</U>&#148; means,
for any period, for the Borrower and its Subsidiaries on a consolidated basis, determined
in accordance with GAAP, the sum of (a)&nbsp;the net income (or net loss) for such period,
plus (b)&nbsp;all amounts treated as expenses for depreciation, depletion and interest and
the amortization of intangibles of any kind to the extent included in the determination of
such net income (or loss), plus (c)&nbsp;the cost basis for Designated Acres disposed of
during such period to the extent such aggregate cost basis, when added to the net income
for such period arising from the sale of Designated Acres, does not exceed $200,000,000
for the four quarters then ending, plus (d)&nbsp;all accrued taxes on or measured by
income to the extent included in the determination of such net income (or loss), plus or
minus, as applicable, (e)&nbsp;in connection with any Timber previously acquired within
such period, an amount equal to a good faith estimate of such additional amounts as would
be included in clauses (a), (b), (c), or (d) above had such Timber been owned by the
Borrower or one of its Subsidiaries for the entirety of such period, as certified (in a
certificate containing such detail as the Administrative Agent or the Required Lenders may
reasonably request) by a Responsible Officer based upon such Responsible Officer&#146;s
good faith estimates of applicable revenues and expenses arising from such Timber and
assuming aggregate timber harvests in an amount that does not require application of the
proceeds thereof to the purchase of Timber or the repayment of Qualified Debt under <U>Section&nbsp;7.03</U>; <U>provided</U>, <U>however</U>, that net income (or loss) shall
be computed for purposes of computing EBITDA without giving effect to extraordinary losses
or extraordinary gains. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eligible
Assignee</U>&#148; has the meaning specified in <U>Section 10.07(g)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Environmental
Claims</U>&#148; means all claims, however asserted, by any Governmental Authority or
other Person alleging potential liability or responsibility for violation of any
Environmental Law, or for release or injury to the environment or threat to public health,
personal injury (including sickness, disease or death), property damage, natural resources
damage, or otherwise alleging liability or responsibility for damages (punitive or
otherwise), cleanup, removal, remedial or response costs, restitution, civil or criminal
penalties, injunctive relief, or other type of relief, resulting from or based upon
(a)&nbsp;the presence, placement, discharge, emission or release (including intentional
and unintentional, negligent and non-negligent, sudden or non-sudden, accidental or
non-accidental placement, spills, leaks, discharges, emissions or releases) of any
Hazardous Material at, in, or from Property, whether or not owned by such person, or
(b)&nbsp;any other circumstances forming the basis of any violation, or alleged violation,
of any Environmental Law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Environmental
Laws</U>&#148; means all federal, state or local laws, statutes, common law duties, rules,
regulations, ordinances and codes, together with all administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any
Governmental Authorities, in each case relating to environmental, health, safety, land
use, conservation, and timber harvesting matters; including, but not limited to, the
Comprehensive Environmental Response, Compensation and Liability Act of 1980 <U>(&#147;CERCLA</U>&#148;), the Clean Air Act, the Federal Water Pollution Control Act of
1972, the Solid Waste Disposal Act, the Federal Resource Conservation and Recovery Act,
the Toxic Substances Control Act, the Emergency Planning and Community Right-to-Know Act. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Environmental
Liability</U>&#148; means any liability, contingent or otherwise (including any liability
for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower, any other Loan Party or any of their respective Subsidiaries directly or
indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any Hazardous
Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release
of any Hazardous Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Environmental
Permits</U>&#148; has the meaning specified in <U>Section 5.12(b)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>ERISA</U>&#148;
means the Employee Retirement Income Security Act of 1974. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>ERISA
Affiliate</U>&#148; means any trade or business (whether or not incorporated) under common
control with the Borrower within the meaning of Section 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). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>ERISA
Event</U>&#148; means (a)&nbsp;a Reportable Event with respect to a Qualified Plan or a
Multiemployer Plan; (b)&nbsp;a withdrawal by the Borrower or any ERISA Affiliate from a
Qualified Plan subject to Section&nbsp;4063 of ERISA during a plan year in which it was a
substantial employer (as defined in Section&nbsp;4001(a)(2) of ERISA) or a cessation of
operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c)&nbsp;a
complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer
Plan or notification that a Multiemployer Plan is in reorganization; (d)&nbsp;the filing
of a notice of intent to terminate, the treatment of a Plan amendment as a termination
under Section&nbsp;4041 or 4041A of ERISA or the commencement of proceedings by the PBGC to terminate a Qualified Plan or Multiemployer Plan; (e)&nbsp;a failure by the Borrower or
any ERISA Affiliate to make required contributions to a Qualified Plan or Multiemployer
Plan; (f)&nbsp;an event or condition which might reasonably be expected to constitute
grounds under Section&nbsp;4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Qualified Plan or Multiemployer Plan; (g)&nbsp;the imposition
of any liability under Title IV of ERISA, other than PBGC premiums due but not delinquent
under Section&nbsp;4007 of ERISA, upon the Borrower or any ERISA Affiliate; (h)&nbsp;an
application for a funding waiver or an extension of any amortization period pursuant to
Section&nbsp;412 of the Code with respect to any Plan; (i)&nbsp;a non-exempt prohibited
transaction occurs with respect to any Plan for which the Borrower may be directly or
indirectly liable; or (j)&nbsp;a violation of the applicable requirements of
Section&nbsp;404 or 405 of ERISA or the exclusive benefit rule under Section&nbsp;401(a)
of the Code by any fiduciary or disqualified person with respect to any Plan for which the
Borrower may be directly or indirectly liable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eurocurrency
Liabilities</U>&#148; has the meaning specified in the definition of &#147;Eurodollar
Rate&#148;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eurodollar
Base Rate</U>&#148; has the meaning specified in the definition of &#147;Eurodollar
Rate&#148;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eurodollar
Rate</U>&#148; means for any Interest Period with respect to any Eurodollar Rate Loan, a
rate per annum determined by the Administrative Agent pursuant to the following formula: </FONT></P>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Eurodollar Rate  = </FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="70%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurodollar Base Rate&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.00 - Eurodollar Reserve Percentage </FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where,</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eurodollar
Base Rate</U>&#148; means, for such Interest Period: </FONT></P>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the rate per annum equal to the rate determined by the Administrative Agent to
               be the offered rate that appears on the page of the Telerate screen (or any
               successor thereto) that displays an average British Bankers Association Interest
               Settlement Rate for deposits in Dollars (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 </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               if the rate referenced in the preceding clause (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 the 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 Dollars (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 </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               if the rates referenced in the preceding clauses (a) and (b) are not available,
               the rate per annum determined by the Administrative Agent as the rate of
               interest at which deposits in Dollars for delivery on the first day of such
               Interest Period in same day funds in the approximate amount of the Eurodollar
               Rate Loan being made, continued or converted by Bank of America and with a term
               equivalent to such Interest Period would be offered by Bank of America&#146;s
               London branch to major banks in the London interbank eurodollar market at their
               request at approximately 4:00 p.m. (London time) two Business Days prior to the
               first day of such Interest Period; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
where, </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eurodollar
Reserve Percentage</U>&#148; means, for any day during any Interest Period, the reserve
percentage (expressed as a decimal, carried out to five decimal places) in effect on such
day, whether or not applicable to any Lender, under regulations issued from time to time
by the FRB for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) with respect to Eurocurrency funding
(currently referred to as <U>&#147;Eurocurrency Liabilities</U>&#148;). The Eurodollar
Rate for each outstanding Eurodollar Rate Loan shall be adjusted automatically as of the
effective date of any change in the Eurodollar Reserve Percentage. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eurodollar
     Rate  Loan</U>&#148;  means a Committed  Loan that bears interest at a rate
based on the Eurodollar Rate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eurodollar
Reserve Percentage</U>&#148; has the meaning specified in the definition of
&#147;Eurodollar Rate&#148;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Event
of Default</U>&#148; has the meaning specified in <U>Section 8.01</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Exchange
Act</U>&#148; means the Securities Exchange Act of 1934. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Existing Credit
Agreement</U>&#148; means the Credit Agreement, dated as of October&nbsp;3, 2001, among
the Borrower, Bank of America, N.A., as issuing bank, swingline bank and administrative
agent, First Union National Bank and The Bank of Tokyo-Mitsubishi, Ltd., Portland Branch,
as syndication agents, SunTrust Bank, ScotiaBanc Inc., and Northwest Farm Credit Services, PCA, as documentation agents, and the other financial institutions party thereto, as the
same may be amended, amended and restated, supplemented or modified. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Existing
Letters of Credit</U>&#148; means those letters of credit identified on <U>Schedule1.01(A)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Facilities
Operating Subsidiaries</U>&#148; means, collectively, Plum Creek Marketing, Inc., a
Delaware corporation, Holding, and the New Subsidiaries, and a &#147;Facilities Operating
Subsidiary&#148; means any one of them. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Facilities
Subsidiary</U>&#148; means, collectively, Plum Creek Manufacturing, L.P., a Delaware
limited partnership, Plum Creek Marketing, Inc., a Delaware corporation, Holding, the New
Subsidiaries, and any other Subsidiary of Plum Creek Manufacturing, L.P. satisfying the
requirements of clause (ii) of the definition of Wholly-Owned Subsidiary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Facilities
Subsidiary&#146;s Facility</U>&#148; means any credit facility pursuant to which Plum
Creek Manufacturing, L.P. may incur Indebtedness for purposes of making capital
improvements, additions to, or expansions of, property, plant and equipment of the
Facilities Subsidiary or its Subsidiaries which are Restricted Subsidiaries. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Facilities
Subsidiary&#146;s Revolving Credit Facility</U>&#148; means any credit facility pursuant
to which Plum Creek Manufacturing, L.P. or any of its Subsidiaries which is a Restricted
Subsidiary may obtain revolving credit, take-down credit, the issuance of standby and
payment letters of credit and backup for the issuance of commercial paper. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Facility
Fee Rate</U>&#148; means the percentage per annum specified below opposite the Pricing
Leverage Ratio (which ratio shall be calculated on a rolling four quarter basis for the
relevant fiscal quarter and in reliance on the financial reports received by the
Administrative Agent pursuant to <U>Sections&nbsp;6.01(a)</U>, the most recent financial
reports received by the Administrative Agent pursuant to <U>Section 6.01(c)</U> and the
most recent Compliance Certificate received by the Administrative Agent pursuant to <U>Section&nbsp;6.02(b)</U>). </FONT></P>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT SIZE="2">PRICING LEVEL</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2">PRICING LEVERAGE RATIO AT<BR>END OF FISCAL QUARTER</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2">FACILITY FEE RATE</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="34%" align="center">&nbsp;</TD>
     <TD WIDTH="33%" align="left">&nbsp;</TD>
     <TD WIDTH="33%" align="center">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="34%" align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pricing Level 1</FONT></TD>
     <TD WIDTH="33%" align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Greater than or equal to 4.25</FONT></TD>
     <TD WIDTH="33%" align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.350%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center">&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align="center">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pricing Level 2</FONT></TD>
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Less than 4.25 but greater than or <BR>equal to 3.50</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.250%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center">&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align="center">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pricing  Level 3</FONT></TD>
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Less than 3.50 but greater than or <BR>equal to 2.75</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.200%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center">&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align="center">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pricing Level 4</FONT></TD>
     <TD align="left"><FONT  FACE="Times New Roman, Times, Serif" SIZE="2">Less than 2.75 but
greater than or <BR>equal to 2.00</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.175% </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="center">&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align="center">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pricing  Level
5</FONT></TD>
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Less than 2.00</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.150%</FONT></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
increase or decrease in the Facility Fee Rate resulting from a change in the Pricing
Leverage Ratio shall become effective as of the fifth Business Day immediately following
the date a Compliance Certificate is delivered pursuant to <U>Section 6.02(b)</U>; <U>provided</U>, <U>however</U> that, if a Compliance Certificate is not delivered when
due in accordance with <U>Section 6.02(b)</U>, then Pricing Level 1 shall become effective
and apply as of the first Business Day after the date on which such Compliance Certificate
was required to have been delivered; <U>provided</U>, <U>further</U>, <U>however</U>, if
such Compliance Certificate is subsequently delivered and such Compliance Certificate
shows a decrease in the Facility Fee Rate resulting from a change in the Pricing Leverage
Ratio, which thereby results in a pricing level lower than Pricing Level 1, then the
Pricing Level indicated by such Compliance Certificate shall become effective and apply as
of the fifth Business Day after the delivery of such Compliance Certificate. The Facility
Fee Rate in effect from the Closing Date through March 31, 2004 shall be determined based
upon Pricing Level 2. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Federal
Funds Rate</U>&#148; means, for any day, the rate per annum 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; <U>provided</U> 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 (rounded upward, if
necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on
such transactions as determined by the Administrative Agent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fee
Letter</U>&#148; means the letter agreement, dated November 7, 2003, among the Borrower,
the Administrative Agent and the Arranger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Foreign
Lender</U>&#148; has the meaning specified in <U>Section 10.15(a)(i)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>FRB</U>&#148;
means the Board of Governors of the Federal Reserve System of the United States. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fund</U>&#148;
has the meaning specified in <U>Section 10.07(g)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Funded
Debt</U>&#148; means, without duplication, any Indebtedness, whether current or long-term,
for borrowed money (including Obligations hereunder) and which Indebtedness bears
interest. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>GAAP</U>&#148;
means generally accepted accounting principles 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 in the United States, that are applicable to the
circumstances as of the date of determination, consistently applied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>General
Partner</U>&#148; means Plum Creek Timber I, L.L.C., a limited liability company organized
and existing under the laws of the State of Delaware, and any successor managing general
partner of the Borrower. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Georgia-Pacific</U>&#148;
means Georgia-Pacific Corporation, a Georgia corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Governmental
Authority</U>&#148; means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court,
administrative tribunal, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Hazardous
Materials</U>&#148; means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or
petroleum distillates, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of
any nature regulated pursuant to, or which may form the basis of liability under, any
Environmental Law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Harvesting
Carryover Amount</U>&#148; has the meaning specified in <U>Section 7.03</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Holding</U>&#148;
means Plum Creek Manufacturing Holding Company, Inc., a Delaware corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Honor
Date</U>&#148; has the meaning specified in <U>Section 2.03(c)(i)</U>.<U></U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>ICC</U>&#148;
has the meaning set forth in <U>Section 2.03(h)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Indebtedness</U>&#148;
of any Person means, as of any date of determination, without duplication, (a)&nbsp;all
indebtedness of such Person for borrowed money or for the deferred purchase price of
property or services, (b)&nbsp;all amounts owed by such Person to banks or other Persons
in respect of reimbursement obligations under letters of credit, surety bonds,
banker&#146;s acceptances and other similar instruments guaranteeing payment or other
performance of obligations by such Person, (c)&nbsp;all indebtedness for borrowed money or
for the deferred purchase price of property or services secured by any Lien on any
property owned by such Person, to the extent attributable to such Person&#146;s interest
in such property, even though such Person has not assumed or become liable for the payment
thereof, (d)&nbsp;lease obligations of such Person which, in accordance with GAAP, should
be capitalized, (e)&nbsp;Synthetic Lease Obligations, (f)&nbsp;obligations payable out of
the proceeds of production from property of such Person, even though such Person has not
assumed or become liable for the payment thereof, (g)&nbsp;the Swap Termination Value with
respect to Swap Contracts, and (h)&nbsp;any obligations of any other Person of the type
described in the above clauses&nbsp;(a) through&nbsp;(g), inclusive, which are guaranteed
or in effect guaranteed by such Person through any agreement (contingent or otherwise) to
purchase, repurchase or otherwise acquire such obligation or any security therefor, or to
provide funds for the payment or discharge of such obligation (whether in the form of
loans, advances, stock purchases, capital contributions or otherwise), or to maintain the
solvency or any balance sheet or other financial condition of the obligor of such
obligation, or to make payment for any property, securities, products, materials or
supplies or for any transportation or services regardless of the non-delivery or nonfurnishing thereof, in any such case if the purpose or intent of such agreement is to
provide assurance that such obligation will be paid or discharged, or that any agreements
relating thereto will be complied with, or that the holders of such obligation will be
protected against loss in respect thereof or to otherwise assure or hold harmless the
holder of any primary obligation against loss in respect thereof. The amount of any
obligations of the type described in clause&nbsp;(h) of this definition shall be deemed
equal to the stated or determinable amount of the primary obligation in respect of which
such obligation is made or, if not stated or if not determinable, the maximum reasonably
anticipated liability in respect thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Indemnified
Liabilities</U>&#148; has the meaning set forth in <U>Section 10.05</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Indemnitees</U>&#148;
has the meaning set forth in <U>Section 10.05</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Independent
Auditor</U>&#148; has the meaning specified in <U>Section 6.01(a)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Ineligible
Securities</U>&#148; has the meaning specified in <U>Section 7.07(b)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Information</U>&#148;
has the meaning specified in <U>Section 10.08(b)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Insolvency
Proceeding</U>&#148; means (a)&nbsp;any case, action or proceeding before any court or
other Governmental Authority relating to bankruptcy, reorganization, insolvency,
liquidation, receivership, dissolution, winding-up or relief of debtors, or (b)&nbsp;any
general assignment for the benefit of creditors, composition, marshalling of assets for
creditors, or other, similar arrangement in respect of its creditors generally or any
substantial portion of its creditors; in each case with respect to clauses (a)&nbsp;and
(b)&nbsp;above undertaken under U.S. Federal, State or foreign law, including the
Bankruptcy Code. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interest
Coverage Ratio</U>&#148; means, as measured quarterly on the last day of each fiscal
quarter for the four fiscal quarter period then ending, the ratio of </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EBITDA  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>
</TR>
</TABLE>
<BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the consolidated interest expense (including capitalized interest) of the
               Borrower and its Subsidiaries for the four fiscal quarter period then ending
               calculated in accordance with GAAP, plus interest expense that would have been
               payable during such four fiscal quarters had any Indebtedness incurred during
               such period for the purpose of acquiring Timber and related assets been incurred
               at the beginning of such period, based upon the interest rate applicable to such
               Indebtedness at the end of such period. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interest
Payment Date</U>&#148; means, (a) as to any Loan other than a Base Rate Loan, the last day
of each Interest Period applicable to such Loan and the Maturity Date; <U>provided</U>, <U>however</U>, that if any Interest Period for a Eurodollar Rate Loan exceeds three
months, the respective dates that fall every three months after the beginning of such
Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan
(including a Swing Line Loan), the last Business Day of each March, June, September and
December and the Maturity Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interest
Period</U>&#148; means, as to each Eurodollar Rate Loan, the period commencing on the date
such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate
Loan and ending on the date that is one week or one, two, three or six months thereafter,
as selected by the Borrower in its Committed Loan Notice; <U>provided</U> that: </FONT></P>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               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; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any Interest Period that 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 </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               no Interest Period shall extend beyond the Maturity Date. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investment
Policy</U>&#148; means the Corporate Investment Policy of the Borrower, as it existed on
April&nbsp;5, 1993 and as attached hereto as <U>Schedule&nbsp;1.01(B)</U> (without giving
effect to any later amendments thereto). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investments</U>&#148;
has the meaning specified in <U>Section 7.04</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Joint
Venture</U>&#148; means a partnership, joint venture or other similar legal arrangement
(whether created pursuant to contract or conducted through a separate legal entity) now or
hereafter formed by the Borrower or any of its Restricted Subsidiaries with another Person
in order to conduct a common venture or enterprise with such Person. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>IRS</U>&#148;
means the United States Internal Revenue Service. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Laws</U>&#148;
means, collectively, all international, foreign, Federal, state and local statutes,
treaties, rules, guidelines, 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>L/C
Advance</U>&#148; means, with respect to each Lender, such Lender&#146;s funding of its
participation in any L/C Borrowing in accordance with its Pro Rata Share. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>L/C
Borrowing</U>&#148; means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date when made or refinanced as a Committed
Borrowing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>L/C
Credit Extension</U>&#148; means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the renewal or increase of the amount
thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>L/C
Issuer</U>&#148; means Bank of America in its capacity as issuer of Letters of Credit
hereunder, or any successor issuer of Letters of Credit hereunder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>L/C
Obligations</U>&#148; means, as at any date of determination, the aggregate undrawn amount
of all outstanding Letters of Credit <U>plus</U> the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>L/C-Related
Documents</U>&#148; means the Letters of Credit, the Letter of Credit Applications, and
any other document relating to any Letter of Credit, including the L/C Issuer&#146;s
standard form documents for letter of credit issuances. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Lender</U>&#148;
has the meaning specified in the introductory paragraph hereto and, as the context
requires, includes the L/C Issuer and the Swing Line Lender. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Lending
Office</U>&#148; means, as to any Lender, the office or offices of such Lender described
as such in such Lender&#146;s Administrative Questionnaire, or such other office or
offices as a Lender may from time to time notify the Borrower and the Administrative
Agent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Letter
of Credit</U>&#148; means any letter of credit issued hereunder and shall include the
Existing Letters of Credit. A Letter of Credit shall be a standby letter of credit. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Letter
of Credit Application</U>&#148; means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Letter
of Credit Expiration Date</U>&#148; means the day that is seven days prior to the Maturity
Date then in effect (or, if such day is not a Business Day, the next preceding Business
Day). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Letter
of Credit Rate</U>&#148; means the percentage per annum specified below opposite the
Pricing Leverage Ratio (which ratio shall be calculated on a rolling four quarter basis
for the relevant fiscal quarter and in reliance on the financial reports received by the
Administrative Agent pursuant to <U>Sections&nbsp;6.01(a)</U>, the most recent financial
reports received by the Administrative Agent pursuant to <U>Section 6.01(c)</U> and the
most recent Compliance Certificate received by the Administrative Agent pursuant to <U>Section&nbsp;6.02(b)</U>). </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT SIZE="2">PRICING LEVEL</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2">PRICING LEVERAGE RATIO AT<BR> END OF FISCAL QUARTER</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2">LETTER OF CREDIT RATE</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="34%" align="left">&nbsp;</TD>
     <TD WIDTH="33%">&nbsp;</TD>
     <TD WIDTH="33%" align="center">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="34%" align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pricing Level 1</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Greater than or equal to 4.25
</FONT></TD>
     <TD WIDTH="33%" align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.275%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="center">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pricing Level 2</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Less than 4.25 but greater than <br>or equal to 3.50</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.000%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="center">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pricing Level 3</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Less than 3.50 but greater than <br>or equal to 2.75</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.800%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="center">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pricing Level 4</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Less than 2.75 but greater than <BR>or equal to 2.00</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.700%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align="left">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="center">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pricing Level 5</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Less than 2.00</FONT></TD>
     <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.600%</FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
increase or decrease in the Letter of Credit Rate resulting from a change in the Pricing
Leverage Ratio shall become effective as of the fifth Business Day immediately following
the date a Compliance Certificate is delivered pursuant to <U>Section 6.02(b)</U>; <U>provided</U>, <U>however</U> that, if a Compliance Certificate is not delivered when
due in accordance with <U>Section 6.02(b)</U>, then Pricing Level 1 shall become effective
and apply as of the first Business Day after the date on which such Compliance Certificate
was required to have been delivered; <U>provided</U>, <U>further</U>, <U>however</U>, if
such Compliance Certificate is subsequently delivered and such Compliance Certificate
shows a decrease in the Letter of Credit Rate resulting from a change in the Pricing
Leverage Ratio, which thereby results in a pricing level lower than Pricing Level 1, then
the Pricing Level indicated by such Compliance Certificate shall become effective and
apply as of the fifth Business Day after the delivery of such Compliance Certificate. The
Letter of Credit Rate in effect from the Closing Date through March 31, 2004 shall be
determined based upon Pricing Level 2. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Letter
of Credit Sublimit</U>&#148; means an amount equal to fifty million Dollars ($50,000,000).
The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate
Commitments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Lien</U>&#148;
means any mortgage, pledge, security interest, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), preference, priority or charge of any
kind or nature whatsoever, or any preferential arrangement of any kind or nature
whatsoever in respect of or affecting any Property (including any conditional sale or
other title retention agreement, and any financing lease having substantially the same
economic effect as any of the foregoing), but not including the interest of a lessor under
an Operating Lease. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loan</U>&#148;
means an extension of credit by a Lender to the Borrower under <U>Article II</U> in the
form of a Committed Loan or a Swing Line Loan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loan
Documents</U>&#148; means, collectively, this Agreement, the Subsidiary Assumption
Agreements, each Note, the L/C Related Documents, and all other documents delivered to the
Administrative Agent in connection herewith and therewith, and the Fee Letter. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loan
Parties</U>&#148; means, collectively, the Borrower and each of the Borrower&#146;s
Subsidiaries which is a party to any Loan Document; and each, a &#147;<U>Loan
Party</U>&#148;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Manufacturing
Entities</U>&#148; has the meaning specified in <U>Section 7.14</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Margin
Stock</U>&#148; means &#147;margin stock&#148; as such term is defined in Regulation T, U
or X of the FRB. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Material
Adverse Effect</U>&#148; means (a)&nbsp;a material adverse change in, or a material
adverse effect upon, any of the operations, business, properties, condition (financial or
otherwise) or prospects of the Borrower or the Borrower and its Subsidiaries taken as a
whole; (b)&nbsp;a material impairment of the ability of the Borrower or any other Loan
Party to perform under any Loan Document and avoid any Event of Default; or (c)&nbsp;a
material adverse effect upon the legality, validity, binding effect or enforceability of
any Loan Document. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Material
Default</U>&#148; means any continuing Default as to which a written notice of such
Default (which notice has not been rescinded) shall have been received by the Borrower,
the General Partner or the REIT from the Administrative Agent or any Lender, or any
continuing Event of Default. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Maturity
Date</U>&#148; means January 15, 2009. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Maximum
Leverage Ratio</U>&#148; has the meaning specified in <U>Section 7.19</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Maximum Pro
Forma Annual Interest Charges</U>&#148; means, as of any date, the highest total amount
payable during any period of four consecutive fiscal quarters, commencing with the fiscal
quarter in which such date occurs and ending with the fiscal quarter in which the Maturity
Date occurs, by the Borrower and its Restricted Subsidiaries on a consolidated basis,
after eliminating all intercompany transactions, in respect of interest charges
((a)&nbsp;including amortization of debt discount and expense and imputed interest on
Capital Lease Obligations and on other obligations included in Indebtedness which do not
have stated interest, (b)&nbsp;assuming, in the case of fluctuating interest rates which
cannot be determined in advance, that the rate in effect on such date will remain in
effect throughout such period, and (c)&nbsp;treating the principal amount of all
Indebtedness outstanding as of such date under a revolving credit or similar agreement as
maturing and becoming due and payable on the scheduled maturity date thereof, without
regard to any provision permitting such maturity date to be extended) on all Indebtedness
of the Borrower and its Restricted Subsidiaries outstanding on such date (excluding the
Mortgage Note Guarantee and the guarantees of the Facilities Subsidiary&#146;s Facility
and the Facilities Subsidiary&#146;s Revolving Credit Facility but including, to the
extent not already included, all other Indebtedness outstanding on such date which is
guaranteed or in effect guaranteed by the Borrower or any Restricted Subsidiaries), after
giving effect to any Indebtedness proposed to be created on such date and to the
concurrent retirement of any other Indebtedness. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Maximum
Rate</U>&#148;<I> </I>has the meaning specified in <U>Section 10.10</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>MCCF</U>&#148;
means one thousand Cunits. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Measurement
Period</U>&#148;<I> </I>has the meaning specified in the definition of &#147;Pro Forma
Free Cash Flow&#148;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Member</U>&#148;
has the meaning specified in the Tax Matters Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Merger</U>&#148; means,
collectively, the merger of each Spinco with and into the REIT as provided in the Merger
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Merger
Agreement</U>&#148; means the Agreement and Plan of Merger dated as of July 18, 2000,
among Georgia-Pacific, each of the Spincos, and the REIT, as amended by Amendment No. 1 to
Agreement and Plan of Merger, dated as of June 12, 2001. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Mortgage
Note Agreement</U>&#148; means the Mortgage Note Agreement, dated as of May&nbsp;31, 1989,
providing for the issuance and sale by Plum Creek Manufacturing, L.P. of its 11&nbsp;1/8%
First Mortgage Notes to the purchasers listed in the schedule of purchasers attached
thereto, as amended by (a)&nbsp;the Mortgage Note Agreement Amendment, Consent and Waiver
dated as of January&nbsp;1, 1991, (b)&nbsp;the letter agreement dated April&nbsp;22, 1993,
(c)&nbsp;the Mortgage Note Agreement Amendment dated as of September&nbsp;1, 1993,
(d)&nbsp;the Mortgage Note Agreement Amendment dated as of May&nbsp;20, 1994, (e)&nbsp;the
Amendment to Mortgage Note Agreement dated as of June 15, 1995, (f) the Mortgage Note
Agreements Amendment dated as of May 31, 1996, (g) the Mortgage Note Agreements Amendment
dated as of April 15, 1997, (h) the Mortgage Note Agreements Amendment dated as of
January&nbsp;15, 1999, (i)&nbsp;the Mortgage Note Agreements Amendment dated as of
October&nbsp;5, 2001, and (j) the Mortgage Note Agreements Amendment dated as of December
19, 2002. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Mortgage
Note Guarantee</U>&#148; means the guarantee in paragraph&nbsp;7 of the Mortgage Note
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Mortgage
Notes</U>&#148; means the 11&nbsp;1/8% First Mortgage Notes of the Plum Creek
Manufacturing, L.P. issued and sold pursuant to the Mortgage Note Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Multiemployer
Plan</U>&#148; means any employee benefit plan of the type described in
Section&nbsp;4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is
obligated to make contributions, or during the preceding five plan years, has made or been
obligated to make contributions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Net
Proceeds</U>&#148; means proceeds in cash as and when received by the Person making a sale
or dispostion of Property, net of: (a)&nbsp;the direct costs relating to such sale
excluding amounts payable to the Borrower, any Affiliate of the Borrower or any other
Person in which the Borrower holds an equity or other ownership interest, (b)&nbsp;sale,
use or other transaction taxes paid or payable as a result thereof, and (c)&nbsp;amounts
required to be applied to repay principal, interest and prepayment premiums and penalties
on Indebtedness secured by a Lien on the asset which is the subject of such disposition. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>New
Subsidiaries</U>&#148; means, collectively, Plum Creek Northwest Lumber, Inc., a Delaware
corporation, Plum Creek Northwest Plywood, Inc., a Delaware corporation, Plum Creek MDF,
Inc., a Delaware corporation, and Plum Creek Southern Lumber, Inc., a Delaware
corporation, and &#147;New Subsidiary&#148; means any one of them. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1989
Notes</U>&#148; means the senior promissory notes in the aggregate principal amount of
$165,000,000 issued and sold pursuant to the 1989 Senior Note Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1989
Senior Note Agreement</U>&#148; means the Senior Note Agreement dated as of May&nbsp;31,
1989, providing for the issuance and sale by the Borrower of the 1989 Notes to the
purchasers listed in the schedule of purchasers attached thereto, as amended by
(a)&nbsp;the Senior Note Agreement Amendment, Consent and Waiver dated as of
January&nbsp;1, 1991, (b)&nbsp;the letter agreement dated April&nbsp;22, 1993,
(c)&nbsp;the Senior Note Agreement Amendment dated as of September&nbsp;1, 1993,
(d)&nbsp;the Senior Note Agreement Amendment dated as of May&nbsp;20, 1994, (e) the Senior
Note Agreements Amendment dated as of May 31, 1996, (f) the Senior Note Agreements
Amendment dated as of April 15, 1997, (g)&nbsp;the Senior Note Agreements Amendment dated
as of January 15, 1999, (h)&nbsp;the Senior Note Agreement Amendment dated as of October
5, 2001, and (i) the Senior Note Agreement Amendment dated as of December 19, 2002. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1994
Notes</U>&#148; means the 8.73% Senior Notes due August&nbsp;1, 2009 in the aggregate
principal amount of $150,000,000 issued and sold pursuant to the 1994 Senior Note
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1994
Senior Note Agreement</U>&#148; means the Senior Note Agreement dated as of August&nbsp;1,
1994 providing for the issuance and sale by the Borrower of the 1994 Notes to the
purchasers listed in the schedule of purchasers attached thereto, as amended by (a) the
Senior Note Agreement Amendment dated as of October 15, 1995, (b) the Senior Note
Agreements Amendment dated as of May 31, 1996, (c) the Senior Note Agreements Amendment
dated as of April 15, 1997, (d) the Senior Note Agreements Amendment dated as of January
15, 1999, (e)&nbsp;the Senior Note Agreement Amendment dated as of October 5, 2001, and
(f) the Senior Note Agreement Amendment dated as of December 19, 2002. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1996
Notes</U>&#148; means the senior promissory notes in the aggregate principal amount of
$200,000,000 issued and sold pursuant to the 1996 Senior Note Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1996
Senior Note Agreemen</U>t&#148; means the Senior Note Agreement dated as of
November&nbsp;13, 1996, providing for the issuance and sale by the Borrower of the 1996
Notes to the purchasers listed in the schedule of purchasers attached thereto, as amended
by (a) the Senior Note Agreements Amendment dated as of January 15, 1999, (b) the Senior
Note Agreement Amendment dated as of October 5, 2001, and (c) the Senior Note Agreement
Amendment dated as of December 19, 2002. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1998
Notes</U>&#148; means the senior promissory notes in the aggregate principal amount of
$171,375,000 issued and sold pursuant to the 1998 Senior Note Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1998
Senior Note Agreement</U>&#148; means the Senior Note Agreement dated as of November 12,
1998, providing for the issuance and sale by the Borrower of the 1998 Notes to SDW Timber
1, L.L.C., as amended by (a) the Senior Note Agreement dated as of April 1, 1999, (b) the
Senior Note Agreement Amendment dated as of October 5, 2001, and (c) the Senior Note
Agreement Amendment dated as of December 19, 2002. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1999
Senior Note Agreement</U>&#148; means the Senior Note Agreement dated as of September 17,
1999, as amended, providing for the issuance and sale by the Borrower of the 2003 Shelf
Notes. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Nonrenewal
Notice Date</U>&#148; has the meaning specified in <U>Section 2.03(b)(iii)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Note</U>&#148;
means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by
such Lender, substantially in the form of <U>Exhibit F</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Notice
of Lien</U>&#148; means any &#147;notice of lien&#148; or similar document intended to be
filed or recorded with any court, registry, recorder&#146;s office, central filing office
or other Governmental Authority for the purpose of evidencing, creating, perfecting or
preserving the priority of a Lien securing obligations owing to a Governmental Authority. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Obligations</U>&#148;
means all Loans, and other Indebtedness, advances, debts, liabilities, obligations,
covenants and duties owing by the Borrower or any other Loan Party to any Lender, the
Administrative Agent, the Arranger, the L/C Issuer, the Swing Line Lender, any Person
identified on the facing page or signature pages of this Agreement as a &#147;syndication
agent&#148; or &#147;documentation agent&#148;, or any other Person that arises under any
Loan Document, whether or not for the payment of money, whether arising by reason of an
extension of credit, loan, guaranty, indemnification or in any other manner, whether
direct or indirect (including those acquired by assignment or assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and however acquired
and including interest and fees that accrue after the commencement by or against any Loan
Party or any Affiliate thereof of any Insolvency Proceeding naming such Person as the
debtor in such Insolvency Proceeding, regardless of whether such interest and fees are
allowed claims in such Insolvency Proceeding. The term &#147;Obligations&#148; also
includes all interest, charges, expenses, fees, attorneys&#146; fees and disbursements and
any other sums chargeable to the Borrower or any other Loan Party under or in connection
with this Agreement or any other Loan Document. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Operating
Lease</U>&#148; means, as applied to any Person, any lease of Property which is not a
Capital Lease. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Ordinary
Course of Business</U>&#148; means, in respect of any transaction involving the Borrower
or any Subsidiary of the Borrower, the ordinary course of such Person&#146;s business, as
conducted by any such Person in accordance with past practice and undertaken by such
Person in good faith and not for purposes of evading any covenant or restriction in any
Loan Document. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Organization
Documents</U>&#148; means, (a) with respect to any corporation, the certificate or
articles of incorporation and the bylaws (or equivalent or comparable constitutive
documents with respect to any non-U.S. jurisdiction), any certificate of determination or
instrument relating to the rights of preferred shareholders of such corporation, any
shareholder rights agreement, and all applicable resolutions of the board of directors (or
any committee thereof) of such corporation; (b) with respect to any limited liability
company, the certificate or articles of formation or organization, the operating agreement
or comparable document, and all other documents evidencing the authority and validity of
actions taken by the limited liability company.; and (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or
other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its
formation or organization and, if applicable, any certificate or articles of formation or
organization of such entity, and all applicable partnership, joint venture, trust or other
form of business entity resolutions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Outstanding
Amount</U>&#148; means (a) with respect to Committed Loans and Swing Line Loans on any
date, the aggregate outstanding principal amount thereof after giving effect to any
borrowings and prepayments or repayments of Committed Loans and Swing Line Loans, as the
case may be, occurring on such date; and (b) with respect to any L/C Obligations on any
date, the amount of such L/C Obligations on such date after giving effect to any L/C
Credit Extension occurring on such date and any other changes in the aggregate amount of
the L/C Obligations as of such date, including as a result of any reimbursements of
outstanding unpaid drawings under any Letters of Credit or any reductions in the maximum
amount available for drawing under Letters of Credit taking effect on such date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Other
Senior Notes</U>&#148; means the Senior Notes other than the Mortgage Notes. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Other Taxes</U>&#148;
has the meaning specified in <U>Section&nbsp;3.01(b)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Participant</U>&#148; has
the meaning specified in <U>Section 10.07(d)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Partnership
Agreement</U>&#148; means the Agreement of Limited Partnership of the Borrower as in
effect, as the same may, from time to time, be amended, modified or supplemented in
accordance with the terms thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Partner
Entities</U>&#148; means, collectively, the REIT and the General Partner. &#147;<U>Patriot
Act</U>&#148; has the meaning set forth in <U>Section 10.18</U>.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>PBGC</U>&#148;
means the Pension Benefit Guaranty Corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Permitted
Ancillary Business</U>&#148; means the ownership, development, management and sale or
disposition of Property owned or previously owned by the Borrower or a Restricted
Subsidiary that, based on the good faith determination of the Responsible Representatives
at the time of determination, has a higher value as recreational, residential, grazing or
agricultural property than for timber production. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Permitted
Business</U>&#148; means any business engaged in by the Borrower or the Facilities
Subsidiary on the Closing Date, pulp and paper manufacturing, acquiring, selling and
managing timberlands and related assets for a fee for third Persons, and any business
substantially similar or related to any such business. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Permitted
Liens</U>&#148; has the meaning specified in <U>Section&nbsp;7.01</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Person</U>&#148;
means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Plan</U>&#148;
means an employee benefit plan (as defined in Section&nbsp;3(3) of ERISA) which the
Borrower or any ERISA Affiliate sponsors or maintains or to which the Borrower or any ERISA Affiliate makes, is making or is obligated to make contributions, and includes any
Multiemployer Plan or Qualified Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Plum
Creek South Central</U>&#148; means Plum Creek South Central Timberlands, L.L.C., a
Delaware limited liability company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Plum
Creek South Central Assumption Agreement</U>&#148; means the Amended and Restated Plum
Creek South Central Timberlands, L.L.C. Assumption Agreement dated as of the date hereof
and executed and delivered by Plum Creek South Central. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Plum
Creek Southern</U>&#148; means Plum Creek Southern Timber, L.L.C., a Delaware limited
liability company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Plum
Creek Southern Timber Assumption Agreement</U>&#148; means the Second Amended and Restated
Plum Creek Southern Timber, L.L.C. Assumption Agreement dated as of the date hereof and
executed and delivered by Plum Creek Southern. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Plum
Creek Timber I</U>&#148; means Plum Creek Timber I, L.L.C., a limited liability company
organized and existing under the laws of the State of Delaware. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Pricing
Leverage Ratio</U>&#148; means, as measured quarterly on the last day of each fiscal
quarter, the ratio of (a)&nbsp;an amount equal to (i) all Funded Debt of the Borrower and
its Subsidiaries on a consolidated basis as of such day less (ii) the amount, if any, by
which (A)&nbsp;the sum of the Borrower&#146;s and its Subsidiaries&#146; cash balances and
cash equivalents on a consolidated basis as of such date exceeds (B)&nbsp;$75,000,000 to
(b)&nbsp;EBITDA for the period of four fiscal quarters ending on such day. The Pricing
Leverage Ratio shall be computed without giving effect to any write-up or write-down of
the Funded Debt, or corresponding adjustments to interest expense in connection with such
write-up or write-down, required under GAAP by virtue of the Merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Principal
Repayment Proviso</U>&#148; means that for any period of calculation, the aggregate amount
of scheduled principal repayment on Indebtedness (x)&nbsp;shall not include voluntary
prepayments of Indebtedness except to the extent such voluntary prepayments includes any
amounts that would have been scheduled principal repayments during such period, and
(y)&nbsp;shall not include the amount of any scheduled principal repayment to the extent
the Borrower refinanced or rescheduled such scheduled repayments and the scheduled
principal repayments due before the Maturity Date under the refinancing or rescheduling
have been or will be included in the calculation of the aggregate amount of scheduled
principal repayments for the periods in which they are due. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Pro
Forma Free Cash Flow</U>&#148; as of any date means (i)&nbsp;net income of the Borrower
and its Restricted Subsidiaries on a pro forma consolidated basis (excluding (a)&nbsp;gain
on the sale of any Capital Asset, (b)&nbsp;noncash items of income, and (c)&nbsp;any
distributions or other income received from, or equity of the Borrower or any Restricted
Subsidiary in the earnings of, any entity which is not a Restricted Subsidiary) for the
period of four consecutive fiscal quarters immediately prior to such date (such period of
four consecutive fiscal quarters being the &#147;<U>Measurement Period</U>&#148;),
determined in accordance with GAAP plus depreciation, depletion, amortization and other noncash charges, interest expense on Indebtedness and provision for income taxes and up to
$200,000,000 in net cash proceeds received during the Measurement Period by the Borrower
and its Restricted Subsidiaries from the sale of Designated Acres, minus (ii) capital
expenditures made by the Borrower and its Restricted Subsidiaries during the Measurement
Period, to maintain their respective operations; <U>provided</U>, <U>however</U>, if
(A)&nbsp;the Borrower or a Restricted Subsidiary is acquiring a Restricted Subsidiary or
assets and (B)&nbsp;Pro Forma Free Cash Flow is being determined in connection therewith,
such Restricted Subsidiary shall be considered to have been a Restricted Subsidiary during
the entire Measurement Period and such assets shall be considered to have been owned by
the Borrower during the entire Measurement Period if net income attributable to such
Restricted Subsidiary or such assets (as the case may be) for the entire Measurement
Period is readily determinable and confirmed pursuant to an audit or a certification
prepared in good faith by the Borrower&#146;s chief financial officer; <U>further</U> <U>provided</U>, <U>however</U>, that portion of Pro Forma Free Cash Flow allocable to
such Restricted Subsidiary or assets shall be reduced on a pro rata basis to the extent
Timber has been harvested by such Restricted Subsidiary or from such assets during the
Measurement Period at a rate greater than the rate at which the Borrower has harvested
Timber from its Timberlands during the Measurement Period, as certified in good faith by
the chief financial officer of the Borrower; and <U>finally</U> <U>provided</U>, <U>however</U>, if Pro Forma Free Cash Flow is being determined for any Measurement Period
and a Restricted Subsidiary or assets have been sold or otherwise disposed of at any time
during such Measurement Period by the Borrower or any Restricted Subsidiary, such
Restricted Subsidiary shall not be considered to have been a Restricted Subsidiary during
any part of such Measurement Period and such assets shall not be considered to have been
owned by the Borrower during any part of such Measurement Period, and the net income that
otherwise would have been attributable to such Restricted Subsidiary or asset during such
Measurement Period shall be certified in good faith by the chief financial officer of the
Borrower. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Property</U>&#148;
means any estate or interest in any kind of property or asset, whether real, personal or
mixed, and whether tangible or intangible. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Pro
Rata Share</U>&#148; means, with respect to each Lender at any time, a fraction (expressed
as a percentage, carried out to the ninth decimal place), the numerator of which is the
amount of the Commitment of such Lender at such time and the denominator of which is the
amount of the Aggregate Commitments at such time; <U>provided</U> that if the commitment
of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to <U>Section 8.02</U>, then the Pro Rata Share
of each Lender shall be determined based on the Pro Rata Share of such Lender immediately
prior to such termination and after giving effect to any subsequent assignments made
pursuant to the terms hereof. The initial Pro Rata Share of each Lender is set forth
opposite the name of such Lender on <U>Schedule 2.01</U> or in the Assignment and
Assumption Agreement pursuant to which such Lender becomes a party hereto, as applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Qualified
Debt</U>&#148; means, as to the Borrower, as of any date of determination, without
duplication, all outstanding indebtedness of the Borrower for borrowed money, including
Indebtedness represented by the Senior Notes and this Agreement (including L/C Borrowings
and Loans used to repay L/C Borrowings, but excluding L/C Obligations with respect to undrawn Letters of Credit). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Qualified
Plan</U>&#148; means a pension plan (as defined in Section&nbsp;3(2) of ERISA) intended to
be tax-qualified under Section&nbsp;401(a) of the Code and which any ERISA Affiliate
sponsors, maintains, or to which it makes, is making or is obligated to make
contributions, or in the case of a multiple employer plan (as described in
Section&nbsp;4064(a) of ERISA) has made contributions at any time during the immediately
preceding period covering at least five (5) plan years, but excluding any Multiemployer
Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Register</U>&#148;
has the meaning set forth in <U>Section 10.07(c)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>REIT</U>&#148;
means Plum Creek Timber Company, Inc., a Delaware corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>REIT
Contribution Agreements</U>&#148; means, collectively, (a)&nbsp;the Assignment and
Contribution and Assumption Agreement, dated as of October 6, 2001, among the REIT, the
General Partner and the Borrower; (b)&nbsp;the Assignment and Contribution and Assumption
Agreement, dated as of October 6, 2001, among the REIT, the General Partner, the Borrower
and Plum Creek South Central; (c)&nbsp;the Assignment and Contribution and Assumption
Agreement, dated as of October 6, 2001, among the REIT, the General Partner, the Borrower
and Plum Creek Southern; and (d)&nbsp;the Assignment and Contribution and Assumption
Agreement, dated as of October 6, 2001, among the REIT, the General Partner, the Borrower,
Plum Creek II, L.L.C, Plum Creek Manufacturing, L.P., and Holding. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Reportable
Event</U>&#148; means, as to any Plan, (a)&nbsp;any of the events set forth in
Section&nbsp;4043(c) of ERISA or the regulations thereunder, other than any such event for
which the 30-day notice requirement under ERISA has been waived in regulations issued by
the PBGC, (b)&nbsp;a withdrawal from a Plan described in Section&nbsp;4063 of ERISA, or
(c)&nbsp;a cessation of operations described in Section&nbsp;4062(e) of ERISA. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Request
for Credit Extension</U>&#148; means (a) with respect to a Borrowing, conversion or
continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C
Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line
Loan, a Swing Line Loan Notice. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Required
Lenders</U>&#148; means, as of any date of determination, Lenders having more than 50% of
the Aggregate Commitments or, if the commitment of each Lender to make Loans and the
obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant
to <U>Section 8.02</U>, Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender&#146;s risk participation and
funded participation in L/C Obligations and Swing Line Loans being deemed &#147;held&#148;
by such Lender for purposes of this definition); <U>provided</U> that the Commitment of,
and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender
shall be excluded for purposes of making a determination of Required Lenders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Requirement
of Law</U>&#148; means, as to any Person, any Law applicable to or binding upon the Person
or any of its property or to which the Person or any of its property is subject. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Responsible
Officer</U>&#148; means the chief executive officer, the president or any vice president
of the REIT acting in its capacity as the sole member of the General Partner, as general
partner of the Borrower, or any other officer thereof having substantially the same
authority and responsibility; or, with respect to compliance with financial covenants, the
chief financial officer or the treasurer of the REIT acting in its capacity as the sole
member of the General Partner, as general partner of the Borrower, or any other officer
having substantially the same authority and responsibility. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Responsible
Representatives</U>&#148; means (a)&nbsp;in the case of any transaction in which the value
of any assets disposed of or received have a value of less than $25,000,000 or in which
payments made are less than $25,000,000, the chief executive officer, chief financial
officer or chief operating officer of the REIT acting in its capacity as the sole member
of the General Partner, as general partner of the Borrower, and (b)&nbsp;in the case of
any other transaction, the Board of Directors of the REIT acting in its capacity as the
sole member of the General Partner, as general partner of the Borrower. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Restricted
Payment</U>&#148; means (a)&nbsp;any dividend or other distribution (whether in cash,
securities or other property), direct or indirect, on account of any shares of any class
of stock of or other ownership or equity interests in the Borrower, now or hereafter
outstanding, except a dividend payable solely in shares of stock of or ownership or equity
interests in the Borrower, and (b)&nbsp;any redemption, retirement, purchase or other
acquisition, direct or indirect, of any shares of any class of stock of or other ownership
or equity interests in the Borrower, now or hereafter outstanding, or of any warrants,
rights or options to acquire any such shares or interests, except to the extent that the
consideration therefor consists of shares of stock of or other ownership or equity
interests in the Borrower. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Restricted
Subsidiary</U>&#148; means any Wholly-Owned Subsidiary other than any Designated
Immaterial Subsidiary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Revolving
Facility Tranche</U>&#148; has the meaning specified in <U>Section&nbsp;2.14</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Revolving Facility Tranche Loan</U>&#148; means a Loan allocated by the Borrower to the Revolving Facility Tranche as provided in <U>Section&nbsp;2.14</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>SEC</U>&#148;
means the Securities and Exchange Commission, or any Governmental Authority succeeding to
any of its principal functions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Section
20 Subsidiary</U>&#148; has the meaning specified in <U>Section 7.07(b)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Senior
Notes</U>&#148; means, collectively, the 2003 Shelf Notes, the 2003 Notes, the 2001 Notes,
the 1998 Notes, the 1996 Notes, the 1994 Notes, the 1989 Notes, and the Mortgage Notes. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Senior
Notes Agreements</U>&#148; means, collectively, the 2003 Senior Note Agreement, the 2001
Senior Note Agreement, the 1999 Senior Note Agreement, the 1998 Senior Note Agreement, the
1996 Senior Note Agreement, the 1994 Senior Note Agreement, the 1989 Senior Note
Agreement, and the Mortgage Note Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Series
D Notes</U>&#148; means those 8.05% Senior Notes due November 13, 2016, Series D, in the
original aggregate principal amount of $25,000,000 issued and sold pursuant to the 1996
Senior Note Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Solvent</U>&#148;
means, as to any Person at any time, that (a)&nbsp;(i)&nbsp;in the case of a Person that
is not a partnership, the fair value of the Property of such Person is greater than the
amount of such Person&#146;s liabilities (including disputed, contingent and unliquidated liabilities), and (ii)&nbsp;in the case of a Person that is a partnership, the sum of
(A)&nbsp;the fair value of the Property of such Person plus (B)&nbsp;the sum of the excess
of the fair value of each general partner&#146;s non-partnership Property over such
partner&#146;s non-partnership debts (together, the &#147;Applicable Property&#148;) is
greater than the amount of such Person&#146;s liabilities (including disputed, contingent
and unliquidated liabilities), as such value for purposes of both clauses&nbsp;(i)
and&nbsp;(ii) is established and liabilities evaluated for purposes of
Section&nbsp;101(31) of the Bankruptcy Code and, in the alternative, for purposes of the
Uniform Fraudulent Transfer Act; (b)&nbsp;the present fair saleable value of the Property
of such Person (or, in the case of a partnership, the Applicable Property for such Person)
is not less than the amount that will be required to pay the probable liability of such
Person on its debts as they become absolute and matured; (c)&nbsp;such Person is able to
realize upon its Property and pay its debts and other liabilities (including disputed,
contingent and unliquidated liabilities) as they mature in the normal course of business;
(d)&nbsp;such Person does not intend to, and does not believe that it will, incur debts or
liabilities beyond such Person&#146;s ability to pay as such debts and liabilities mature;
and (e)&nbsp;such Person is not engaged in business or a transaction, and is not about to
engage in business or a transaction, for which such Person&#146;s Property would
constitute unreasonably small capital. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Specified
Taxes</U>&#148; means any tax liabilities specified in Section 4(a)(ii) of the Tax Matters
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Spinco
Assets</U>&#148; means all of the assets and properties of the Spincos, which assets and
properties the REIT acquired as a result of the Merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Spincos</U>&#148;
has the meaning specified in the Merger Agreement; and each a &#147;Spinco&#148;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Standing
Inventory</U>&#148; has the meaning specified in <U>Section 7.03</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subsidiary</U>&#148;
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 indirectly through one or more intermediaries, or both, by such
Person. Unless otherwise specified, all references herein to a &#147;Subsidiary&#148; or
to &#147;Subsidiaries&#148; shall refer to a Subsidiary or Subsidiaries of the Borrower. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subsidiary
Assumption Agreements</U>&#148; means, collectively, the Plum Creek Southern Timber
Assumption Agreement and the Plum Creek South Central Assumption Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Swap
Contract</U>&#148; 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, a
&#147;<U>Master Agreement</U>&#148;), including any such obligations or liabilities under
any Master Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Swap
Termination Value</U>&#148; 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)&nbsp;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)&nbsp;for any date prior to the date referenced in
clause&nbsp;(a) the amount(s) determined as the mark-to-market value(s) for such Swap
Contracts, as determined by the Borrower (or, for purposes of <U>Section&nbsp;8.01(e)</U>,
by the Required Lenders) based upon one or more mid-market or other readily available
quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Swing
Line</U>&#148; means the revolving credit facility made available by the Swing Line Lender
pursuant to <U>Section 2.04</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Swing
Line Borrowing</U>&#148; means a borrowing of a Swing Line Loan pursuant to <U>Section
2.04</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Swing
Line Clean-Up Day</U>&#148; has the meaning specified in <U>Section&nbsp;2.05(b)(v)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Swing Line
Lender</U>&#148; means Bank of America in its capacity as provider of Swing Line Loans, or
any successor swing line lender hereunder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Swing
Line Loan</U>&#148; has the meaning specified in <U>Section 2.04(a)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Swing Line
Loan Notice</U>&#148; means a notice of a Swing Line Borrowing pursuant to <U>Section
2.04(b)</U>, which, if in writing, shall be substantially in the form of <U>Exhibit B</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Swing
Line Sublimit</U>&#148; means an amount equal to the lesser of (a) twenty-five million
Dollars ($25,000,000) and (b) the Aggregate Commitments. The Swing Line Sublimit is part
of, and not in addition to, the Aggregate Commitments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Synthetic
Lease Obligations</U>&#148; means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the
use or possession of property creating obligations that 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). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Tangible
Assets</U>&#148; means assets that are considered to be tangible under GAAP. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Tax
Authority</U>&#148; has the meaning specified in the Tax Matters Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Tax Claim</U>&#148;
has the meaning specified in the Tax Matters Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Taxes</U>&#148;
has the meaning specified in <U>Section&nbsp;3.01(a)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Tax
Matters Agreement</U>&#148; means the Tax Matters Agreement, dated as of June 12, 2001,
among Georgia-Pacific, the REIT and the Spincos. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Tax
Opinion Insurance Policy</U>&#148; means the &#147;Insurance Binder&#148; (as such term is
defined in the Merger Agreement). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Timber</U>&#148;
means standing trees not yet harvested. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Timberlands</U>&#148;
means the timberlands owned by the Borrower as of the Closing Date and any timberlands
acquired by the Borrower or any Subsidiary after the Closing Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Timber
Proceeds</U>&#148; has the meaning specified in <U>Section 7.14</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Timber Properties</U>&#148;
has the meaning specified in <U>Section 7.14</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Total Outstandings</U>&#148; means the aggregate Outstanding Amount of all Loans and all L/C
Obligations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Transferee</U>&#148;
has the meaning specified in <U>Section 10.08(a)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>2001
Notes</U>&#148; means the senior promissory notes in the aggregate principal amount of
$500,000,000 issued and sold pursuant to the 2001 Senior Note Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>2001
Senior Note Agreement</U>&#148; means the Senior Note Agreement, dated as of October 9,
2001, providing for the issuance and sale by the Borrower of the 2001 Notes. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>2003
Notes</U>&#148; means the senior promissory notes in the aggregate principal amount of
$300,000,000 issued and sold pursuant to the 2003 Senior Note Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>2003
Senior Note Agreement</U>&#148; means the Senior Note Agreement, dated as of January 22,
2003, providing for the issuance and sale by the Borrower of the 2003 Notes. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>2003
Shelf Notes</U>&#148; means the senior promissory notes in the aggregate principal amount
of $25,000,000 issued and sold pursuant to the 1999 Senior Note Agreement in calendar year
2003. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Type</U>&#148;
means, with respect to a Committed Loan, its character as a Base Rate Loan or a Eurodollar
Rate Loan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><U>UCC<I></I></U><I>&#148;</I> means the Uniform Commercial Code as in effect from time to time in the relevant
jurisdiction. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>UCP</U>&#148;
has the meaning set forth in <U>Section 2.03(h)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Unfunded
Pension Liabilities</U>&#148; means the excess of a Plan&#146;s benefit liabilities under
Section&nbsp;4001(a)(16) of ERISA, over the current value of that Plan&#146;s assets,
determined in accordance with the assumptions used by the Plan&#146;s actuaries for
funding the Plan pursuant to Section 412 of the Code for the applicable plan year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>United
States</U>&#148; and &#147;<U>U.S.</U>&#148; each means the United States of America. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Unreimbursed
Amount</U>&#148; has the meaning set forth in <U>Section 2.03(c)(i)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Voting
Stock</U>&#148; means, with respect to any corporation or other entity, any shares of
capital stock or other ownership interests of such corporation or entity whose holders are
entitled under ordinary circumstances to vote for the election of directors of such
corporation or to manage any such other entity (irrespective of whether at the time stock
or ownership interests of any other class or classes shall have or might have voting power
by reason of the happening of any contingency). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Wholly-Owned
Subsidiary</U>&#148; means any Subsidiary organized under the laws of any state of the
United States which conducts the major portion of its business in the United States and
(i) in the case of any Subsidiary, all of the stock or other ownership interests of which
are owned by the Borrower either directly or through Wholly-Owned Subsidiaries (other than
Plum Creek Manufacturing, L.P. or one or any of its Subsidiaries) and (ii) at such time as
the Mortgage Notes shall have been paid in full and retired, (x) Plum Creek Manufacturing,
L.P. provided that all the stock and other ownership interests thereof are owned by the
Borrower either directly or indirectly through Wholly-Owned Subsidiaries (other than a
Subsidiary of Plum Creek Manufacturing, L.P.), (y) Holding provided that (1) Holding shall
engage in no business except the ownership of its Subsidiaries and (2) all the outstanding
stock and ownership interests thereof are owned by the Borrower either directly or
indirectly through Plum Creek Manufacturing, L.P., and (z) any other Subsidiary of Plum
Creek Manufacturing, L.P., provided that all the outstanding stock and ownership interests
thereof are owned by the Borrower (either directly or indirectly through Wholly-Owned
Subsidiaries of the type described in clause (i) above). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.02
Other Interpretive Provisions.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
meanings of defined terms are equally applicable to the singular and plural
          forms of the defined terms.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
     The     words     &#147;<U>herein</U>,&#148;     &#147;<U>hereto</U>,&#148;&#147;<U>hereof</U>&#148; and
&#147;<U>hereunder</U>&#148;  and words of similar import when used in any Loan  Document
 shall  refer to such Loan  Document as a whole and not to any particular provision
thereof.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;          (ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article,
Section, Exhibit and Schedule references are to the Loan Document           in which such
reference appears.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;<U>including</U>&#148; is by way of example and not limitation.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;<U>documents</U>&#148; includes any and all instruments,           documents,
agreements, certificates, notices, reports, financial statements and           other
writings, however evidenced, whether in physical or electronic form.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
     the  computation  of  periods  of  time  from a  specified  date to a later
specified  date,  the  word  &#147;<U>from</U>&#148;   means  &#147;<U>from  and
including</U>;&#148;       the       words       &#147;<U>to</U>&#148;       and
&#147;<U>until</U>&#148;  each mean &#147;<U>to but excluding</U>;&#148; and the
word  &#147;<U>through</U>&#148;   means  &#147;<U>to  and  including</U>.&#148;
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
     headings   herein  and  in  the  other  Loan  Documents  are  included  for
convenience  of reference only and shall not affect the  interpretation  of this
Agreement or any other Loan Document. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.03
Accounting Terms.</B> </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
     accounting  terms not  specifically  or completely  defined herein shall be
construed in conformity with, and all financial data (including financial ratios
and other  financial  calculations)  required to be  submitted  pursuant to 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,  <U>except</U> as otherwise
specifically prescribed herein. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
     <TD  WIDTH=95%><P  ALIGN=LEFT><FONT  FACE="Times New Roman,  Times,  Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 the Borrower or
the Required Lenders shall so request, the Administrative Agent, the Lenders and
the 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 the Required Lenders);
<U>provided</U><U>that</U>,  until so  amended,  (i) such  ratio or  requirement
shall  continue  to be  computed  in  accordance  with GAAP prior to such change
therein and (ii)&nbsp;the Borrower shall provide to the Administrative Agent and
the  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. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References
     herein to &#147;fiscal year&#148; and &#147;fiscal  quarter&#148;  refer to
such fiscal periods of the Borrower. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
     preparing the financial statements,  computations, and reports provided for
herein,  the Facilities  Subsidiary and its Subsidiaries  shall be considered as
consolidated  subsidiary  entities of the Borrower (and not accounted for on the
equity method of accounting or as an investment) notwithstanding that the Voting
Stock thereof shall not be owned by the Borrower, either directly or indirectly,
and  without  regard to whether  they  would be  considered  as such  subsidiary
entities under GAAP. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.04
Rounding.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
financial ratios required to be maintained by the 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
herein and rounding the result up or down to the nearest number (with a rounding-up if
there is no nearest number). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.05
References to Agreements and Laws.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise expressly provided herein, (a) references to Organization Documents, agreements
(including the Loan Documents) and other contractual instruments shall be deemed to
include all subsequent amendments, restatements, extensions, supplements and other
modifications thereto, but only to the extent that such amendments, restatements,
extensions, supplements and other modifications are not 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.06
Times of Day.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise specified, all references herein to times of day shall be references to San
Francisco, California time (daylight or standard, as applicable). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.07
Letter of Credit Amounts.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise specified, all references herein to the amount of a Letter of Credit at any time
shall be deemed to mean the maximum face amount of such Letter of Credit after giving
effect to all increases thereof contemplated by such Letter of Credit or the Letter of
Credit Application therefor, whether or not such maximum face amount is in effect at such
time. </FONT></P>

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<P ALIGN="LEFT"><B></B></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE II.<BR>THE COMMITMENTS AND
CREDIT EXTENSIONS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.01
Committed Loans.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions set forth herein, each Lender severally agrees to make loans
(each such loan, a <U>&#147;Committed Loan</U>&#148;) to the Borrower from time to time,
on any Business Day during the Availability Period, in an aggregate amount not to exceed
at any time outstanding the amount of such Lender&#146;s Commitment; <U>provided</U>, <U>however</U>, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate
Outstanding Amount of the Committed Loans of any Lender, <U>plus</U> such Lender&#146;s
Pro Rata Share of the Outstanding Amount of all L/C Obligations, <U>plus</U> such
Lender&#146;s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not
exceed such Lender&#146;s Commitment. Within the limits of each Lender&#146;s Commitment,
and subject to the other terms and conditions hereof, the Borrower may borrow under this <U>Section 2.01</U>, prepay under <U>Section 2.05</U>, and reborrow under this <U>Section
2.01</U>. Committed Loans may be Base Rate Loans or Eurodollar Rate Loans, as further
provided herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.02
Borrowings, Conversions and Continuations of Committed Loans.</B> </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Each
Committed Borrowing, each conversion of Committed Loans from one Type to           the
other, and each continuation of Eurodollar Rate Loans shall be made upon the
          Borrower&#146;s irrevocable notice to the Administrative Agent, which may be
          given by telephone. Each such notice must be received by the Administrative
          Agent not later than 9:00 a.m. (i) three Business Days prior to the requested
          date of any Borrowing of, conversion to or continuation of Eurodollar Rate
          Loans, and (ii) on the requested date of any Borrowing of Base Rate Committed
          Loans or of any conversion of Eurodollar Rate Loans to Base Rate Committed
          Loans. Each telephonic notice by the Borrower pursuant to this <U>Section
          2.02(b)</U> must be confirmed promptly by delivery to the Administrative Agent
          of a written Committed Loan Notice, appropriately completed and signed by a
          Responsible Officer. Each Borrowing of, conversion to or continuation of
          Eurodollar Rate Loans shall be in a principal amount of $5,000,000 except in
the           case of Eurodollar Rate Loans with a proposed Interest Period of one week,
in           which case the aggregate minimum principal amount shall be twenty million
          Dollars ($20,000,000) or, in either case, any whole multiple of five hundred
          thousand Dollars ($500,000) in excess thereof. Except as provided in <U>Sections
          2.03(c)</U> and <U>2.04(c)</U>, each Borrowing of or conversion to Base Rate
          Committed Loans shall be in a principal amount of $500,000 or a whole multiple
          of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic
or           written) shall specify (i) whether the Borrower is requesting a Committed
          Borrowing, a conversion of Committed Loans from one Type to the other, or a
          continuation of Eurodollar Rate Loans, (ii) the requested date of the
Borrowing,           conversion or continuation, as the case may be (which shall be a
Business Day),           (iii) the principal amount of Committed Loans to be borrowed,
converted or           continued, (iv) the Type of Committed Loans to be borrowed or to
which existing           Committed Loans are to be converted, (v) if applicable, the
duration of the           Interest Period with respect thereto, and (vi) with respect to
any Borrowing of           Committed Loans after the date the Borrower gives the notice
regarding           allocation of such Committed Loans pursuant to <U>Section 2.14</U>,
whether the           Borrowing shall be allocated to the Revolving Facility Tranche or
the Capital           Expenditure Tranche. If the Borrower fails to specify a Type of
Committed Loan           in a Committed Loan Notice or if the Borrower fails to give a
timely notice           requesting a conversion or continuation, then the applicable
Committed Loans           shall be made as, or converted to, Base Rate Loans. Any such
automatic           conversion to Base Rate Loans shall be effective as of the last day
of the           Interest Period then in effect with respect to the applicable Eurodollar
Rate           Loans. If the Borrower requests a Borrowing of Eurodollar Rate Loans in
any such           Committed Loan Notice, but fails to specify an Interest Period, it
will be           deemed to have specified an Interest Period of three months. If upon
the           expiration of any Interest Period applicable to Eurodollar Rate Loans, the
          Borrower has failed to select timely a new Interest Period to be applicable to
          such Eurodollar Rate Loans or if any Default or Event of Default shall then
          exist, the Borrower shall be deemed to have elected to convert such Eurodollar
          Rate Loans into Base Rate Loans effective as of the expiration date of such
          current Interest Period.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Following
receipt of a Committed Loan Notice, the Administrative Agent shall           promptly
notify each Lender of the amount of its Pro Rata Share of the           applicable
Committed Loans, and if no timely notice of a conversion or           continuation is
provided by the Borrower, the Administrative Agent shall notify           each Lender of
the details of any automatic conversion to Base Rate Loans           described in the
preceding subsection. In the case of a Committed Borrowing,           each Lender shall
make the amount of its Committed Loan available to the           Administrative Agent in
immediately available funds at the Administrative           Agent&#146;s Office not later
than 12:00 noon on the Business Day specified in           the applicable Committed Loan
Notice. Upon satisfaction of the applicable           conditions set forth in <U>Section
4.02</U> (and, if such Borrowing is the           initial Credit Extension, <U>Section
4.01</U>), the Administrative Agent shall           make all funds so received available
to the Borrower in like funds as received           by the Administrative Agent either by
(i) crediting the account of the Borrower           on the books of Bank of America with
the amount of such funds or (ii) wire           transfer of such funds, in each case in
accordance with instructions provided to           (and reasonably acceptable to) the
Administrative Agent by the Borrower; <U>provided</U>, <U>however</U>, that if, on the
date the Committed Loan Notice           with respect to such Borrowing is given by the
Borrower, there are Swing Line           Loans or L/C Borrowings outstanding, then the
proceeds of such Borrowing shall           be applied, <U>first</U>, to the payment in
full of any such L/C Borrowings, <U>second</U>, to the payment in full of any such Swing
Line Loans, and <U>third</U>, to the Borrower as provided above.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as otherwise provided herein, a Eurodollar Rate Loan may be continued or
          converted only on the last day of an Interest Period for such Eurodollar Rate
          Loan. During the existence of a Default, no Loans may be requested as,
converted           to or continued as Eurodollar Rate Loans without the consent of the
Required           Lenders.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          The
Administrative Agent shall promptly notify the Borrower and the Lenders of           the
interest rate applicable to any Interest Period for Eurodollar Rate Loans           upon
determination of such interest rate. The determination of the Eurodollar           Rate
by the Administrative Agent shall be conclusive in the absence of manifest
          error. At any time that Base Rate Loans are outstanding, the Administrative
          Agent shall notify the Borrower and the Lenders of any change in Bank of
          America&#146;s prime rate used in determining the Base Rate promptly following
          the public announcement of such change.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;          After
giving effect to all Committed Borrowings, all conversions of Committed           Loans
from one Type to the other, and all continuations of Committed Loans as           the
same Type, there shall not be more than eight Interest Periods in effect           with
respect to Committed Loans.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.03
Letters of Credit.</B> </FONT></P>

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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Letter of Credit Commitment</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions set forth herein, (A) the L/C Issuer agrees,           in
reliance upon the agreements of the other Lenders set forth in this <U>Section 2.03</U>,
(1) from time to time on any Business Day during the period           from the Closing
Date until the Letter of Credit Expiration Date, to issue           Letters of Credit for
the account of the Borrower (it being understood that such           Letter of Credit may
be for the benefit of any of the Borrower&#146;s           Subsidiaries), and to amend or
renew Letters of Credit previously issued by it,           in accordance with subsection
(b) below, and (2) to honor drafts under the           Letters of Credit; and (B) the
Lenders severally agree to participate in Letters           of Credit issued for the
account of the Borrower; <U>provided</U> that the L/C           Issuer shall not be
obligated to make any L/C Credit Extension with respect to           any Letter of
Credit, and no Lender shall be obligated to participate in any           Letter of Credit
if as of the date of such L/C Credit Extension, (x) the Total Outstandings would exceed
the Aggregate Commitments, (y) the aggregate           Outstanding Amount of the
Committed Loans of any Lender, <U>plus</U> such           Lender&#146;s Pro Rata Share of
the Outstanding Amount of all L/C Obligations, <U>plus</U> such Lender&#146;s Pro Rata
Share of the Outstanding Amount of all           Swing Line Loans would exceed such Lender&#146;s
Commitment, or (z) the           Outstanding Amount of the L/C Obligations would exceed
the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and
conditions           hereof, the Borrower&#146;s ability to obtain Letters of Credit
shall be fully           revolving, and accordingly the Borrower may, during the
foregoing period, obtain           Letters of Credit to replace Letters of Credit that
have expired or that have           been drawn upon and reimbursed. All Existing Letters
of Credit shall be deemed           to have been issued pursuant hereto, and from and
after the Closing Date shall           be subject to and governed by the terms and
conditions hereof.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
L/C Issuer shall be under no obligation to issue any Letter of Credit if:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
order, judgment or decree of any Governmental Authority or arbitrator shall           by
its terms purport to enjoin or restrain the L/C Issuer from issuing such           Letter
of Credit, or any Law applicable to the L/C Issuer or any request or           directive
(whether or not having the force of law) from any Governmental           Authority with
jurisdiction over the L/C Issuer shall prohibit, or request that           the L/C Issuer
refrain from, the issuance of letters of credit generally or such           Letter of
Credit in particular or shall impose upon the L/C Issuer with respect           to such
Letter of Credit any restriction, reserve or capital requirement (for           which the
L/C Issuer is not otherwise compensated hereunder) not in effect on           the Closing
Date, or shall impose upon the L/C Issuer any unreimbursed loss,           cost or
expense which was not applicable on the Closing Date and which the L/C           Issuer
in good faith deems material to it;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to Section 2.03(b)(iii), the expiry date of such requested Letter of           Credit
would occur more than twelve months after the date of issuance or last           renewal,
unless the Required Lenders have approved such expiry date;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expiry date of such requested Letter of Credit would occur after the Letter           of
Credit Expiration Date, unless all the Lenders have approved such expiry           date;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuance of such Letter of Credit would violate one or more policies of the           L/C
Issuer; or  </FONT></P></TD>
</TR>
</TABLE>
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<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Letter of Credit is in an initial amount less than $100,000 or is to be
          denominated in a currency other than Dollars.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
L/C Issuer shall be under no obligation to amend any Letter of Credit if (A)
          the L/C Issuer would have no obligation at such time to issue such Letter of
          Credit in its amended form under the terms hereof, or (B) the beneficiary of
          such Letter of Credit does not accept the proposed amendment to such Letter of
          Credit.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedures
for Issuance and Amendment of Letters of Credit; Auto-Renewal           Letters of Credit</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Letter of Credit shall be issued or amended, as the case may be, upon the
          request of the Borrower delivered to the L/C Issuer (with a copy to the
          Administrative Agent) in the form of a Letter of Credit Application,
          appropriately completed and signed by a Responsible Officer. Such Letter of
          Credit Application must be received by the L/C Issuer and the Administrative
          Agent not later than 9:00 a.m. at least two Business Days (or such later date
          and time as the L/C Issuer may agree in a particular instance in its sole
          discretion) prior to the proposed issuance date or date of amendment, as the
          case may be. In the case of a request for an initial issuance of a Letter of
          Credit, such Letter of Credit Application shall specify in form and detail
          satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested
          Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C)
          the expiry date thereof; (D) the name and address of the beneficiary thereof;
          (E) the documents to be presented by such beneficiary in case of any drawing
thereunder; (F) the full text of any certificate to be presented by such
          beneficiary in case of any drawing thereunder; and (G) such other matters as
the           L/C Issuer may require. In the case of a request for an amendment of any
          outstanding Letter of Credit, such Letter of Credit Application shall specify
in           form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to
be           amended; (B) the proposed date of amendment thereof (which shall be a
Business           Day); (C) the nature of the proposed amendment; and (D) such other
matters as           the L/C Issuer may require.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after receipt of any Letter of Credit Application, the L/C Issuer will           confirm
with the Administrative Agent (by telephone or in writing) that the
          Administrative Agent has received a copy of such Letter of Credit Application
          from the Borrower and, if not, the L/C Issuer will provide the Administrative
          Agent with a copy thereof. Upon receipt by the L/C Issuer of confirmation from
          the Administrative Agent that the requested issuance or amendment is permitted
          in accordance with the terms hereof, then, subject to the terms and conditions
          hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit
          for the account of the Borrower or enter into the applicable amendment, as the
          case may be, in each case in accordance with the L/C Issuer&#146;s usual and
          customary business practices. Immediately upon the issuance of each Letter of
          Credit, each Lender shall be deemed to, and hereby irrevocably and
          unconditionally agrees to, purchase from the L/C Issuer a risk participation in
          such Letter of Credit in an amount equal to the product of such Lender&#146;s
          Pro Rata Share <U>times</U> the amount of such Letter of Credit.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Borrower so requests in any applicable Letter of Credit Application, the
          L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of
          Credit that has automatic renewal provisions (each, an &#147;<U>Auto-Renewal
          Letter of </U>Credit&#148;); <U>provided</U> that any such Auto-Renewal Letter
          of Credit must permit the L/C Issuer to prevent any such renewal at least once
          in each twelve-month period (commencing with the date of issuance of such
Letter           of Credit) by giving prior notice to the beneficiary thereof not later
than a           day (the &#147;<U>Nonrenewal Notice Date</U>&#148;) in each such
twelve-month           period to be agreed upon at the time such Letter of Credit is
issued. Unless           otherwise directed by the L/C Issuer, the Borrower shall not be
required to make           a specific request to the L/C Issuer for any such renewal.
Once an Auto-Renewal           Letter of Credit has been issued, the Lenders shall be
deemed to have authorized           (but may not require) the L/C Issuer to permit the
renewal of such Letter of           Credit at any time to an expiry date not later than
the Letter of Credit           Expiration Date; <U>provided</U>, however, that the L/C
Issuer shall not permit           any such renewal if (A) the L/C Issuer has determined
that it would have no           obligation at such time to issue such Letter of Credit in
its renewed form under           the terms hereof (by reason of the provisions of <U>Section
2.03(a)(ii)</U> or           otherwise), or (B) it has received notice (which may be by
telephone or in           writing) on or before the day that is two Business Days before
the Nonrenewal Notice Date (1) from the Administrative Agent that the Required Lenders
have           elected not to permit such renewal or (2) from the Administrative Agent,
any           Lender or the Borrower that one or more of the applicable conditions
specified           in <U>Section 4.02</U> is not then satisfied.  </FONT></P></TD>
</TR>
</TABLE>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after its delivery of any Letter of Credit or any amendment to a Letter           of
Credit to an advising bank with respect thereto or to the beneficiary           thereof,
the L/C Issuer will also deliver to the Borrower and the Administrative           Agent a
true and complete copy of such Letter of Credit or amendment.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Drawings
and Reimbursements; Funding of Participations</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt from the beneficiary of any Letter of Credit of any notice of a           drawing
under such Letter of Credit, the L/C Issuer shall notify the Borrower           and the
Administrative Agent thereof. Not later than 10:00 a.m. on the date of           any
payment by the L/C Issuer under a Letter of Credit (each such date, an           &#147;<U>Honor
Date</U>&#148;), the Borrower shall reimburse the L/C Issuer           through the
Administrative Agent in an amount equal to the amount of such           drawing. If the
Borrower fails to so reimburse the L/C Issuer by such time, the           Administrative
Agent shall promptly notify each Lender of the Honor Date, the           amount of the
unreimbursed drawing (the &#147;<U>Unreimbursed Amount</U>&#148;),           and the
amount of such Lender&#146;s Pro Rata Share thereof. In such event, the
          Borrower shall be deemed to have requested a Committed Borrowing of Base Rate
          Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed
Amount, without regard to the minimum and multiples specified in <U>Section           2.02</U> for
the principal amount of Base Rate Loans, but subject to the amount           of the
unutilized portion of the Aggregate Commitments and the conditions set           forth in
<U>Section 4.02</U> (other than the delivery of a Committed Loan           Notice). Any
notice given by the L/C Issuer or the Administrative Agent pursuant           to this <U>Section
2.03(c)(i)</U> may be given by telephone if immediately           confirmed in writing;
<U>provided</U> that the lack of such an immediate           confirmation shall not
affect the conclusiveness or binding effect of such           notice.  </FONT></P></TD>
</TR>
</TABLE>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lender (including the Lender acting as L/C Issuer) shall upon any notice
          pursuant to <U>Section 2.03(c)(i)</U> make funds available to the
Administrative           Agent for the account of the L/C Issuer at the Administrative
Agent&#146;s           Office in an amount equal to its Pro Rata Share of the
Unreimbursed Amount not           later than 12:00 noon on the Business Day specified in
such notice by the           Administrative Agent, whereupon, subject to the provisions
of <U>Section           2.03(c)(iii)</U>, each Lender that so makes funds available shall
be deemed to           have made a Base Rate Committed Loan to the Borrower in such
amount. The           Administrative Agent shall remit the funds so received to the L/C
Issuer.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any Unreimbursed Amount that is not fully refinanced by a           Committed
Borrowing of Base Rate Loans because the conditions set forth in <U>Section 4.02</U> cannot
be satisfied or for any other reason, the Borrower           shall be deemed to have
incurred from the L/C Issuer an L/C Borrowing in the           amount of the Unreimbursed
Amount that is not so refinanced, which L/C Borrowing           shall be due and payable
on demand (together with interest) and shall bear           interest at the Default Rate.
In such event, each Lender&#146;s payment to the           Administrative Agent for the
account of the L/C Issuer pursuant to <U>Section           2.03(c)(ii) </U>shall be
deemed payment in respect of its participation in such           L/C Borrowing and shall
constitute an L/C Advance from such Lender in           satisfaction of its participation
obligation under this <U>Section 2.03</U>.  </FONT></P></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
each Lender funds its Committed Loan or L/C Advance pursuant to this <U>Section 2.03(c)</U> to
reimburse the L/C Issuer for any amount drawn under           any Letter of Credit,
interest in respect of such Lender&#146;s Pro Rata Share           of such amount shall
be solely for the account of the L/C Issuer.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lender&#146;s obligation to make Committed Loans or L/C Advances to           reimburse
the L/C Issuer for amounts drawn under Letters of Credit, as           contemplated by
this <U>Section 2.03(c)</U>, shall be absolute and unconditional           and shall not
be affected by any circumstance, including (A) any set-off,           counterclaim,
recoupment, defense or other right which such Lender may have           against the L/C
Issuer, the Borrower or any other Person for any reason           whatsoever; (B) the
occurrence or continuance of a Default, or (C) any other           occurrence, event or
condition, whether or not similar to any of the foregoing; <U>provided</U>, <U>however</U>,
that each Lender&#146;s obligation to make           Committed Loans pursuant to this <U>Section
2.03(c)</U> is subject to the           conditions set forth in <U>Section 4.02</U> (other
than delivery by the Borrower           of a Committed Loan Notice). No such making of an
L/C Advance shall relieve or           otherwise impair the obligation of the Borrower to
reimburse the L/C Issuer for           the amount of any payment made by the L/C Issuer
under any Letter of Credit,           together with interest as provided herein.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Lender fails to make available to the Administrative Agent for the           account
of the L/C Issuer any amount required to be paid by such Lender pursuant           to the
foregoing provisions of this <U>Section 2.03(c)</U> by the time specified           in <U>Section
</U><U>2.03(c)(ii)</U>, the L/C Issuer shall be entitled to           recover from such
Lender (acting through the Administrative Agent), on demand,           such amount with
interest thereon for the period from the date such payment is           required to the
date on which such payment is immediately available to the L/C           Issuer at a rate
per annum equal to the Federal Funds Rate from time to time in           effect. A
certificate of the L/C Issuer submitted to any Lender (through the
          Administrative Agent) with respect to any amounts owing under this clause (vi)
          shall be conclusive absent manifest error.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repayment
of Participations</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after the L/C Issuer has made a payment under any Letter of Credit           and
has received from any Lender such Lender&#146;s L/C Advance in respect of           such
payment in accordance with <U>Section 2.03(c)</U>, if the Administrative           Agent
receives for the account of the L/C Issuer any payment in respect of the
          related Unreimbursed Amount or interest thereon (whether directly from the
          Borrower or otherwise, including proceeds of Cash Collateral applied thereto by
          the Administrative Agent), the Administrative Agent will distribute to such
          Lender its Pro Rata Share thereof (appropriately adjusted, in the case of
          interest payments, to reflect the period of time during which such Lender&#146;s
          L/C Advance was outstanding) in the same funds as those received by the
          Administrative Agent.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any payment received by the Administrative Agent for the account of the L/C
          Issuer pursuant to <U>Section 2.03(c)(i)</U> is required to be returned under
          any of the circumstances described in <U>Section 10.06</U> (including pursuant
          to any settlement entered into by the L/C Issuer in its discretion), each
Lender           shall pay to the Administrative Agent for the account of the L/C Issuer
its Pro           Rata Share thereof on demand of the Administrative Agent, plus interest
thereon           from the date of such demand to the date such amount is returned by
such Lender,           at a rate per annum equal to the Federal Funds Rate from time to
time in effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Obligations
Absolute</U>.<B></B>The obligation of the Borrower to reimburse           the L/C Issuer
for each drawing under each Letter of Credit and to repay each           L/C Borrowing
shall be absolute, unconditional and irrevocable, and shall be           paid strictly in
accordance with the terms of this Agreement under all           circumstances, including
the following:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
lack of validity or enforceability of such Letter of Credit, this Agreement,           or
any other agreement or instrument relating thereto;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
existence of any claim, counterclaim, set-off, defense or other right that           the
Borrower may have at any time against any beneficiary or any transferee of           such
Letter of Credit (or any Person for whom any such beneficiary or any such
          transferee may be acting), the L/C Issuer or any other Person, whether in
          connection with this Agreement, the transactions contemplated hereby or by such
          Letter of Credit or any agreement or instrument relating thereto, or any
          unrelated transaction;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
draft, demand, certificate or 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; or any loss
          or delay in the transmission or otherwise of any document required in order to
          make a drawing under such Letter of Credit;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
payment by the L/C Issuer under such Letter of Credit against presentation           of a
draft or certificate that does not strictly comply with the terms of such
          Letter of Credit; or any payment made by the L/C Issuer 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 Law; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other circumstance or happening whatsoever, whether or not similar to any of
          the foregoing, including any other circumstance that might otherwise constitute
          a defense available to, or a discharge of, the Borrower.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto
that is delivered to it and, in the event of any claim of noncompliance with the
Borrower&#146;s instructions or other irregularity, the Borrower will immediately notify
the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim
against the L/C Issuer and its correspondents unless such notice is given as aforesaid. </FONT></P>

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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Role
of L/C Issuer</U>.<B></B>Each Lender and the Borrower agree that, in           paying any
drawing under a Letter of Credit, the L/C Issuer 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. None of the L/C Issuer,
          any Agent-Related Person nor any of the respective correspondents, participants
          or assignees of the L/C Issuer shall be liable to any Lender for (i) any action
          taken or omitted in connection herewith at the request or with the approval of
          the Lenders or the Required Lenders, as applicable; (ii) any action taken or
          omitted in the absence of gross negligence or willful misconduct; or (iii) the
          due execution, effectiveness, validity or enforceability of any document or
          instrument related to any Letter of Credit or Letter of Credit Application. The
          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, <U>however</U>,
that this assumption is not intended to, and shall not, preclude           the Borrower&#146;s
pursuing such rights and remedies as it may have against the           beneficiary or
transferee at law or under any other agreement. None of the L/C           Issuer, any
Agent-Related Person, nor any of the respective correspondents,           participants or
assignees of the L/C Issuer, shall be liable or responsible for           any of the
matters described in clauses (i) through (v) of <U>Section           2.03(e)</U>; <U>provided</U>,
<U>however</U>, that anything in such clauses to           the contrary notwithstanding,
the Borrower may have a claim against the L/C           Issuer, and the L/C Issuer may be
liable to the Borrower, to the extent, but           only to the extent, of any direct,
as opposed to consequential or exemplary,           damages suffered by the Borrower
which the Borrower proves were caused by the           L/C Issuer&#146;s willful
misconduct or gross negligence or the L/C           Issuer&#146;s willful failure to pay
under any Letter of Credit after the           presentation to it by the beneficiary of a
sight draft and certificate(s)           strictly complying with the terms and conditions
of a Letter of Credit.<B></B>In furtherance and not in limitation of the foregoing, the
L/C Issuer 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 the L/C Issuer 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.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cash
Collateral</U>. Upon the request of the Administrative Agent, (i) if the           L/C
Issuer has honored any full or partial drawing request under any Letter of
          Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the
          Letter of Credit Expiration Date, any Letter of Credit may for any reason
remain           outstanding and partially or wholly undrawn, the Borrower shall
immediately Cash           Collateralize the then Outstanding Amount of all L/C
Obligations (in an amount           equal to such Outstanding Amount determined as of the
date of such L/C Borrowing           or the Letter of Credit Expiration Date, as the case
may be). For purposes           hereof, <U>&#147;Cash Collateralize</U>&#148; means to
pledge and deposit with           or deliver to the Administrative Agent, for the benefit
of the L/C Issuer and           the Lenders, as collateral for the L/C Obligations, cash
or deposit account           balances pursuant to documentation in form and substance
satisfactory to the           Administrative Agent and the L/C Issuer (which documents
are hereby consented to           by the Lenders). Derivatives of such term have
corresponding meanings.<B></B>The Borrower hereby grants to the Administrative Agent, for
the benefit of the           L/C Issuer and the Lenders, a security interest in all such
cash, deposit           accounts and all balances therein and all proceeds of the
foregoing. Cash           collateral shall be maintained in blocked, non-interest bearing
deposit accounts           at Bank of America.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicability
of ISP98 and UCP</U>.<B></B>When a Letter of Credit is issued           (including any
such agreement applicable to Existing Letters of Credit), the           rules of the
&#147;International Standby Practices 1998&#148; published by the           Institute of
International Banking Law &amp; Practice (or such later version           thereof as may
be in effect at the time of issuance) shall apply to each Letter           of Credit,
unless the L/C Issuer and the Borrower agree that the rules of the           Uniform
Customs and Practice for Documentary Credits (&#147;<U>UCP</U>&#148;),           as most
recently published by the International Chamber of Commerce (the           &#147;<U>ICC</U>&#148;)
at the time of issuance (including the ICC decision           published by the Commission
on Banking Technique and Practice on April 6, 1998           regarding the European
single currency (euro)) apply to such Letter of Credit,           in which case the UCP
shall apply to such Letter of Credit.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Letter
of Credit Fees</U>. The Borrower shall pay to the Administrative Agent           for the
account of each Lender in accordance with its Pro Rata Share a Letter of           Credit
fee for each Letter of Credit equal to the Letter of Credit Rate <U>times</U> the daily
maximum amount available to be drawn under such Letter of           Credit (whether or
not such maximum amount is then in effect under such Letter           of Credit). Such
letter of credit fees shall be computed on a quarterly basis in           arrears. Such
letter of credit fees shall be due and payable on the first           Business Day after
the end of each March, June, September and December,           commencing with the first
such date to occur after the Closing Date, on the           Letter of Credit Expiration
Date and thereafter on demand. If there is any           change in the Letter of Credit
Rate during any quarter, the daily maximum amount           of each Letter of Credit
shall be computed and multiplied by the Letter of           Credit Rate separately for
each period during such quarter that such Letter of           Credit Rate was in effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fronting
Fee and Documentary and Processing Charges Payable to L/C           Issuer</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall pay directly to the L/C Issuer for its own account a letter           of
credit fronting fee for each Letter of Credit equal to 0.125% per annum <U>times</U> the
daily maximum amount available to be drawn under such Letter of           Credit (whether
or not such maximum amount is then in effect under such Letter           of Credit). Such
letter of credit fronting fees shall be computed on a quarterly           basis in
arrears. Such letter of credit fronting fees shall be due and payable           on the
first Business Day after the end of each March, June, September and           December,
commencing with the first such date to occur after the Closing Date,           on the
Letter of Credit Expiration Date and thereafter on demand.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Borrower shall pay directly to the L/C Issuer for its own           account
the customary issuance, presentation, amendment and other processing           fees, and
other standard costs and charges, of the L/C Issuer relating to           letters of
credit as from time to time in effect. Such customary fees and           standard costs
and charges are due and payable on demand and are nonrefundable.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflict
with Letter of Credit Application</U>. In the event of any conflict           between the
terms hereof and the terms of any Letter of Credit Application, the           terms
hereof shall control.  </FONT></P></TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.04
Swing Line Loans.</B> </FONT></P>

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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
     Swing Line</U>.  Subject to the terms and conditions set forth herein,  the
Swing Line Lender  agrees to make loans (each such loan, a  &#147;<U>Swing  Line
Loan</U>&#148;) to the Borrower from time to time on any Business Day during the
Availability Period in an aggregate amount not to exceed at any time outstanding
the amount of the Swing Line Sublimit,  notwithstanding the fact that such Swing
Line Loans, when aggregated with the Pro Rata Share of the Outstanding Amount of
Committed  Loans and L/C  Obligations of the Lender acting as Swing Line Lender,
may exceed the amount of such Lender&#146;s Commitment; <U>provided</U>,
<U>however</U>,  that after giving effect to any Swing Line Loan,  (i) the Total
Outstandings shall not exceed the Aggregate Commitments,  and (ii) the aggregate
Outstanding  Amount  of the  Committed  Loans of any  Lender,  <U>plus</U>  such
Lender&#146;s  Pro Rata Share of the Outstanding  Amount of all L/C Obligations,
<U>plus</U> such  Lender&#146;s Pro Rata Share of the Outstanding  Amount of all
Swing Line Loans  shall not exceed  such  Lender&#146;s  Commitment.  Within the
foregoing  limits,  and subject to the other terms and  conditions  hereof,  the
Borrower  may borrow under this  <U>Section  2.04</U>,  prepay under  <U>Section
2.05</U>,  and reborrow under this  <U>Section  2.04</U>.  Immediately  upon the
making of a Swing  Line  Loan,  each  Lender  shall be  deemed  to,  and  hereby
irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a
risk  participation in such Swing Line Loan in an amount equal to the product of
such  Lender&#146;s  Pro Rata Share  <U>times</U>  the amount of such Swing Line
Loan.  No more than four Swing Line  Loans may be  outstanding  at any one time.
</FONT></P></TD>
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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Borrowing
     Procedures</U>.   Each  Swing  Line  Borrowing   shall  be  made  upon  the
Borrower&#146;s   irrevocable   notice  to  the  Swing   Line   Lender  and  the
Administrative Agent, which may be given by telephone.  Each such notice must be
received  by the Swing Line Lender and the  Administrative  Agent not later than
12:00 noon on the requested  borrowing date, and shall specify (i) the amount to
be  borrowed,  which shall be a minimum of two hundred  fifty  thousand  Dollars
($250,000) or an integral multiple of one hundred thousand Dollars ($100,000) in
excess  thereof,  unless  otherwise  agreed by the Swing Line  Lender,  (ii) the
requested borrowing date, which shall be a Business Day, (iii)&nbsp;the interest
period,  and (iv) with respect to any  requested  Swing Line Loan after the date
the  Borrower  gives  the  notice  regarding  allocation  of Loans  pursuant  to
<U>Section&nbsp;2.14</U>,  whether  the  requested  Swing  Line  Loan  shall  be
allocated to the Revolving Facility Tranche or the Capital Expenditure  Tranche.
Each such telephonic notice must be confirmed  promptly by delivery to the Swing
Line Lender and the  Administrative  Agent of a written  Swing Line Loan Notice,
appropriately  completed and signed by a  Responsible  Officer.  Promptly  after
receipt by the Swing Line Lender of any telephonic  Swing Line Loan Notice,  the
Swing Line Lender will confirm with the Administrative Agent (by telephone or in
writing)  that the  Administrative  Agent has also received such Swing Line Loan
Notice and, if not, the Swing Line Lender will notify the  Administrative  Agent
(by  telephone  or in writing) of the  contents  thereof.  Unless the Swing Line
Lender has received notice (by telephone or in writing) from the  Administrative
Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of
the proposed  Swing Line  Borrowing  (A)  directing the Swing Line Lender not to
make  such  Swing  Line  Loan as a result  of the  limitations  set forth in the
proviso to the first sentence of <U>Section 2.04(a)</U>, or (B) that one or more
of the  applicable  conditions  specified  in  <U>Article  IV</U>  is  not  then
satisfied,  then,  subject to the terms and  conditions  hereof,  the Swing Line
Lender will,  not later than 3:00 p.m. on the borrowing  date  specified in such
Swing Line Loan Notice,  make the amount of its Swing Line Loan available to the
Borrower by crediting the account of the Borrower on the books of the Swing Line
Lender in immediately available funds. </FONT></P></TD>
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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Refinancing
of Swing Line Loans</U>.  </FONT></P></TD>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
     The Swing Line Lender at any time in its sole and absolute  discretion  may
request,  on behalf of the Borrower  (which hereby  irrevocably  authorizes  the
Swing Line  Lender to so request on its  behalf),  that each  Lender make a Base
Rate Committed Loan in an amount equal to such  Lender&#146;s  Pro Rata Share of
the amount of Swing Line Loans then  outstanding.  Such request shall be made in
writing (which written request shall be deemed to be a Committed Loan Notice for
purposes hereof) and in accordance with the requirements of <U>Section 2.02</U>,
without regard to the minimum and multiples  specified therein for the principal
amount of Base Rate Committed  Loans,  but subject to the unutilized  portion of
the Aggregate  Commitments and the conditions set forth in <U>Section  4.02</U>.
The Swing Line Lender shall furnish the Borrower  with a copy of the  applicable
Committed   Loan  Notice   promptly   after   delivering   such  notice  to  the
Administrative  Agent.  Each Lender  shall make an amount  equal to its Pro Rata
Share of the amount  specified in such  Committed  Loan Notice  available to the
Administrative Agent in immediately available funds for the account of the Swing
Line Lender at the Administrative  Agent&#146;s Office not later than 12:00 noon
on the day  specified  in such  Committed  Loan  Notice,  whereupon,  subject to
<U>Section  2.04(c)(ii)</U>,  each Lender that so makes funds available shall be
deemed to have made a Base Rate  Committed  Loan to the Borrower in such amount.
The  Administrative  Agent  shall  remit the funds so received to the Swing Line
Lender. </FONT></P></TD>
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<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
     addition   to  but   without   limiting   the   foregoing   in   <U>Section
2.04(c)(i)(A)</U>,   if  any  Swing  Line  Loans  shall  remain  outstanding  at
9:00&nbsp;a.m.  on the Business Day  immediately  prior to a Swing Line Clean-Up
Day and by such time on such  Business Day the  Administrative  Agent shall have
received  neither  (1)&nbsp;a   Committed  Loan  Notice  delivered  pursuant  to
<U>Section&nbsp;2.02(a)</U>  requesting that Committed Loans be made pursuant to
<U>Section&nbsp;2.01</U>  on the Swing Line  Clean-Up  Day in an amount at least
equal  to  the  aggregate   principal  amount  of  such  Swing  Line  Loans  nor
(2)&nbsp;any  other notice indicating the  Borrower&#146;s  intent to repay such
Swing Line Loans with funds obtained from other sources, then the Administrative
Agent shall  promptly  notify the Swing Line Lender  thereafter on such Business
Day that it has not received any such notices specified in clauses (1) or (2) in
respect thereof, and promptly after receipt of such notification, the Swing Line
Lender shall be deemed to have made, and shall make, a request, on behalf of the
Borrower (which hereby irrevocably  authorizes such deemed request and the Swing
Line  Lender to so request on its  behalf),  that each  Lender  make a Base Rate
Committed  Loan in an amount equal to such  Lender&#146;s  Pro Rata Share of the
aggregate  amount of such Swing Line Loans on such Swing Line Clean-Up Day. Such
request shall be made in writing (which written  request shall be deemed to be a
Committed  Loan  Notice  for  purposes   hereof)  and  in  accordance  with  the
requirements of <U>Section 2.02</U>, without regard to the minimum and multiples
specified  therein for the principal  amount of Base Rate Committed  Loans,  but
subject  to  the  unutilized  portion  of  the  Aggregate  Commitments  and  the
conditions set forth in <U>Section 4.02</U>. The Swing Line Lender shall furnish
the Borrower with a copy of the applicable  Committed Loan Notice promptly after
delivering such notice to the  Administrative  Agent.  Each Lender shall make an
amount equal to such  Lender&#146;s  Pro Rata Share of the  aggregate  amount of
such Swing Line Loans (as specified in the Committed  Loan Notice)  available to
the Administrative  Agent in immediately  available funds for the account of the
Swing Line Lender at the Administrative Agent&#146;s Office not later than 12:00
noon  on  such  Swing  Line  Clean-Up  Day,  whereupon,  subject  to  <U>Section
2.04(c)(ii)</U>,  each Lender that so makes funds  available  shall be deemed to
have  made a Base  Rate  Committed  Loan to the  Borrower  in such  amount.  The
Administrative Agent shall remit the funds so received to the Swing Line Lender.
</FONT></P></TD>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
for any reason any Swing Line Loan cannot be refinanced by such a Committed
          Borrowing in accordance with <U>Section </U><U>2.04(c)(i)</U>, the request for
          Base Rate Committed Loans submitted by the Swing Line Lender as set forth
herein           shall be deemed to be a request by the Swing Line Lender that each of
the           Lenders fund its risk participation in the relevant Swing Line Loan and
each           Lender&#146;s payment to the Administrative Agent for the account of the
Swing           Line Lender pursuant to <U>Section </U><U>2.04(c)(i)</U> shall be deemed
          payment in respect of such participation.  </FONT></P></TD>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Lender fails to make available to the Administrative Agent for the           account
of the Swing Line Lender any amount required to be paid by such Lender           pursuant
to the foregoing provisions of this <U>Section 2.04(c)</U> by the time
          specified in <U>Section 2.04(c)(i)</U>, the Swing Line Lender shall be entitled
          to recover from such Lender (acting through the Administrative Agent), on
          demand, such amount with interest thereon for the period from the date such
          payment is required to the date on which such payment is immediately available
          to the Swing Line Lender at a rate per annum equal to the Federal Funds Rate
          from time to time in effect. A certificate of the Swing Line Lender submitted
to           any Lender (through the Administrative Agent) with respect to any amounts
owing           under this clause (iii) shall be conclusive absent manifest error.  </FONT></P></TD>
</TR>
</TABLE>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lender&#146;s obligation to make Committed Loans or to purchase and fund           risk
participations in Swing Line Loans pursuant to this <U>Section 2.04(c)</U> shall be
absolute and unconditional and shall not be affected by any           circumstance,
including (A) any set-off, counterclaim, recoupment, defense or           other right
which such Lender may have against the Swing Line Lender, the           Borrower or any
other Person for any reason whatsoever, (B) the occurrence or           continuance of a
Default, or (C) any other occurrence, event or condition,           whether or not
similar to any of the foregoing; <U>provided</U>, <U>however</U>,           that each
Lender&#146;s obligation to make Committed Loans pursuant to this <U>Section 2.04(c)</U> is
subject to the conditions set forth in <U>Section           4.02</U>. No such funding of
risk participations shall relieve or otherwise           impair the obligation of the
Borrower to repay Swing Line Loans, together with           interest as provided herein.  </FONT></P></TD>
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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repayment
of Participations</U>.  </FONT></P></TD>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after any Lender has purchased and funded a risk participation in a
          Swing Line Loan, if the Swing Line Lender receives any payment on account of
          such Swing Line Loan, the Swing Line Lender will distribute to such Lender its
          Pro Rata Share of such payment (appropriately adjusted, in the case of interest
          payments, to reflect the period of time during which such Lender&#146;s risk
          participation was funded) in the same funds as those received by the Swing Line
          Lender.  </FONT></P></TD>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any payment received by the Swing Line Lender in respect of principal or
          interest on any Swing Line Loan is required to be returned by the Swing Line
          Lender under any of the circumstances described in <U>Section 10.06</U> (including
pursuant to any settlement entered into by the Swing Line Lender in           its
discretion), each Lender shall pay to the Swing Line Lender its Pro Rata           Share
thereof on demand of the Administrative Agent, plus interest thereon from           the
date of such demand to the date such amount is returned, at a rate per annum
          equal to the Federal Funds Rate. The Administrative Agent will make such demand
          upon the request of the Swing Line Lender.  </FONT></P></TD>
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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest
for Account of Swing Line Lender</U>. The Swing Line Lender shall be
          responsible for invoicing the Borrower for interest on the Swing Line Loans.
          Until each Lender funds its Base Rate Committed Loan or risk participation
          pursuant to this <U>Section 2.04</U> to refinance such Lender&#146;s Pro Rata
          Share of any Swing Line Loan, interest in respect of such Pro Rata Share shall
          be solely for the account of the Swing Line Lender.  </FONT></P></TD>
</TR>
</TABLE>
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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
Directly to Swing Line Lender</U>. The Borrower shall make all           payments of
principal and interest in respect of the Swing Line Loans directly           to the Swing
Line Lender.  </FONT></P></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.05
Prepayments.</B> </FONT></P>

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<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voluntary
Prepayments</U>.  </FONT></P></TD>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower may, upon notice to the Administrative Agent, at any time or from           time
to time voluntarily prepay Committed Loans in whole or in part without           premium
or penalty; <U>provided</U> that (1) such notice must be received by the
          Administrative Agent not later than 9:00 a.m. (A) three Business Days prior to
          any date of prepayment of Eurodollar Rate Loans and (B) on the date of
          prepayment of Base Rate Committed Loans; (2) any prepayment of Eurodollar Rate
          Loans shall be in a principal amount of $2,000,000 or a whole multiple of
          $1,000,000 in excess thereof; (3) any prepayment of Base Rate Committed Loans
          shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000
          in excess thereof or, in each case, if less, the entire principal amount
thereof           then outstanding; and (5) such notice shall, if applicable, specify
whether such           prepayment is of a Revolving Facility Tranche Loan or a Capital
Expenditure Tranche Loan. Each such notice shall specify the date and amount of such
          prepayment and the Type(s) of Committed Loans to be prepaid. The Administrative
          Agent will promptly notify each Lender of its receipt of each such notice, and
          of the amount of such Lender&#146;s Pro Rata Share of such prepayment. If such
          notice is given by the Borrower, the Borrower shall make such prepayment and
the           payment amount specified in such notice shall be due and payable on the
date           specified therein. Any prepayment of a Eurodollar Rate Loan or a Base Rate
Loan           shall be accompanied by all accrued interest thereon, together with any
          additional amounts required pursuant to <U>Section 3.05</U>. Each such
          prepayment shall be applied to the Committed Loans of the Lenders in accordance
          with their respective Pro Rata Shares.  </FONT></P></TD>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower may, upon notice to the Swing Line Lender (with a copy to the
          Administrative Agent), at any time or from time to time, voluntarily prepay
          Swing Line Loans in whole or in part without premium or penalty; <U>provided</U> that
(1) such notice must be received by the Swing Line Lender and the
          Administrative Agent not later than 9:00 a.m. on the date of the prepayment,
and           (2) any such prepayment shall be in a minimum principal amount of $250,000<B></B>or
any multiple of $100,000 in excess thereof, or in such other amounts with           the
consent of the Swing Line Lender. Each such notice shall specify the date           and
amount of such prepayment. If such notice is given by the Borrower, the
          Borrower shall make such prepayment and the payment amount specified in such
          notice shall be due and payable on the date specified therein.  </FONT></P></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Mandatory
Prepayments</U>.  </FONT></TD>
</TR>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Total
Outstandings exceed the Aggregate Commitments</U>. If for any reason           the Total
Outstandings at any time exceed the Aggregate Commitments then in           effect, the
Borrower shall immediately prepay Loans and/or Cash Collateralize           the L/C
Obligations in an aggregate amount equal to such excess; <U>provided</U>, <U>however</U>,
that the Borrower shall not be required to Cash           Collateralize the L/C
Obligations pursuant to this <U>Section 2.05(b)(i)</U> unless after the prepayment in
full of the Committed Loans and Swing Line Loans           the Total Outstandings exceed
the Aggregate Commitments then in effect.  </FONT></P></TD>
</TR>
</TABLE>
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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset
Dispositions</U>. If the Borrower or any of its Restricted Subsidiaries           shall
at any time or from time to time make an Asset Sale permitted by <U>Section&nbsp;7.02(i)</U>,
then no less than 50% of the Net Proceeds of such           sale shall either be paid by
the Borrower as a prepayment of the Qualified Debt           in accordance with the
immediately following sentence or be reinvested in           accordance with <U>Section&nbsp;8.2(i)</U>.
Prepayments under this <U>Section           2.05(b)(ii)</U> shall be applied as follows:
<U>first</U>, to repay the           outstanding 1989 Notes such that there shall be
applied to the 1989 Notes (until           the 1989 Notes are repaid in full) an amount
equal to the total amount of the           prepayment multiplied by a fraction, the
numerator of which is the outstanding           balance of principal and interest on the
1989 Notes immediately preceding the           prepayment, and the denominator of which
is the total amount of Indebtedness of           the Borrower immediately preceding the
prepayment, and <U>second</U>, to repay           any other outstanding Qualified Debt
selected by the Borrower.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Excess
Harvesting<I></I></U><I>. </I>If the Borrower or any of its Restricted
          Subsidiaries shall at any time or from time to time harvest excess Timber
          permitted by <U>Section&nbsp;7.03</U>, then the Net Proceeds from such excess
          harvest shall either be paid by the Borrower as a prepayment of the Qualified
          Debt in accordance with the immediately following sentence or be reinvested in
          accordance with <U>Section&nbsp;7.03</U>. Prepayments under this <U>Section
          2.05(b)(iii)</U> shall be applied as follows: <U>first</U>, to repay the
          outstanding 1989 Notes such that there shall be applied to the 1989 Notes
(until           the 1989 Notes are repaid in full) an amount equal to the total amount
of the           prepayment multiplied by a fraction, the numerator of which is the
outstanding           balance of principal and interest on the 1989 Notes immediately
preceding the           prepayment, and the denominator of which is the total amount of
Indebtedness of           the Borrower immediately preceding the prepayment, and <U>second</U>,
to repay           any other outstanding Qualified Debt selected by the Borrower.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Revolving
     Facility Tranche Loans</U>.  If the Borrower has given a notice pursuant to
<U>Section&nbsp;2.14</U>  allocating all or a portion of the Committed  Loans to
     the Revolving  Facility Tranche,  the Borrower shall cause, for a period of
at least  45&nbsp;consecutive days during the 12 calendar month period after the
effective  date of such notice and during  each  successive  12  calendar  month
period prior to the Maturity Date, no L/C  Obligations to be outstanding and the
aggregate principal amount of Revolving Facility Tranche Loans to be $0.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Swing
     Line  Loans</U>.  The Borrower shall be required to prepay Swing Line Loans
as follows:  (A)&nbsp;if  following  any  reduction  of the Swing Line  Sublimit
pursuant to  <U>Section&nbsp;2.06(b)</U>  the  Outstanding  Amount of Swing Line
Loans would exceed the Swing Line Sublimit as reduced, the Borrower shall prepay
on the  reduction  date the Swing Line Loans in an amount equal to the amount of
such excess,  and  (B)&nbsp;so  that for one Business Day during each successive
two  calendar  week period the  aggregate  principal  amount of Swing Line Loans
shall be $0 (a &#147;<U>Swing Line Clean-Up  Day</U>&#148;),  the Borrower shall
prepay on the Swing Line Clean-Up Day the  outstanding  principal  amount of the
Swing Line Loans (which Swing Line Loans may not be reborrowed  until such Swing
Line Clean-Up Day has ended). </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
     <TD  WIDTH=95%><P  ALIGN=LEFT><FONT  FACE="Times New Roman,  Times,  Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
prepayments of any Loans pursuant to <U>Section 2.05(b)(ii)</U>, <U>2.05(b)(iii)</U> or
<U>2.05(b)(iv)</U> shall be applied as follows: first to           any Base Rate Loans
then outstanding; second, to repay Swing Line Loans; and           third, to prepay in
the inverse order of their stated maturity Eurodollar Rate           Loans. Subject to
the immediately preceding sentence and so long as no Default           or Event of
Default shall then exist, if applicable, any such prepayments of any           Loans
pursuant to <U>Section 2.05(b)(ii)</U>, <U>2.05(b)(iii)</U> or <U>2.05(b)(iv)</U> shall
be applied to Revolving Facility Tranche Loans and           Capital Expenditure Tranche
Loans as directed by the Borrower.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall pay, together with each prepayment under <U>Section&nbsp;2.05(b)</U>, all
accrued interest on the amount prepaid and any           additional amounts required
pursuant to <U>Section 3.05</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
prepayment under <U>Section 2.05</U> shall in any way affect the obligations           of
the Borrower or any of its Subsidiaries under any Swap Contract; unless
          otherwise provided in such Swap Contract.  </FONT></P></TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.06
Termination or Reduction of Commitments; Mandatory Commitment Reduction.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voluntary
     Termination or Reduction of Commitments</U>.  The Borrower may, upon notice
to the Administrative Agent, terminate the Aggregate  Commitments,  or from time
to time permanently reduce the Aggregate  Commitments;  <U>provided</U> that (i)
any such notice  shall be received  by the  Administrative  Agent not later than
9:00 a.m. five Business Days prior to the date of termination or reduction, (ii)
any such partial  reduction shall be in an aggregate amount of $5,000,000 or any
whole  multiple of $5,000,000 in excess  thereof,  (iii) the Borrower  shall not
terminate or reduce the Aggregate  Commitments  if, after giving effect  thereto
and to any concurrent prepayments hereunder, the Total Outstandings would exceed
the Aggregate Commitments,  and (iv) if, after giving effect to any reduction of
the  Aggregate  Commitments,  the  Letter of Credit  Sublimit  or the Swing Line
Sublimit exceeds the amount of the Aggregate Commitments, such Sublimit shall be
automatically  reduced by the amount of such excess.  The  Administrative  Agent
will promptly  notify the Lenders of any such notice of termination or reduction
of the  Aggregate  Commitments.  Any reduction or  termination  of the Aggregate
Commitments  shall be applied to the Commitment of each Lender  according to its
Pro Rata Share.  All  facility  fees  accrued  until the  effective  date of any
reduction  or  termination  of the  Aggregate  Commitments  shall be paid on the
effective date of such reduction or termination. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Commitment Reductions</U>.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
     the aggregate  amount of all Net Proceeds  received by the Borrower and its
Subsidiaries  on a  consolidated  basis from Asset Sales  (excluding (A) any Net
Proceeds  reinvested in accordance with  <U>Section  7.02(i)</U> and (B) any Net
Proceeds  received from the sale of Designated  Acres as permitted by <U>Section
7.02(f)</U>) since the Closing Date equals $1 billion, then, if any Net Proceeds
received from time to time thereafter by the Borrower or any of its Subsidiaries
from Asset Sales are applied to prepay any of the Loans  pursuant to  <U>Section
2.05(b)(ii)</U>, the Aggregate Commitments shall be reduced from time to time by
the amount of any such prepayment. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Aggregate Commitments shall be reduced from time to time by the amount of           any
prepayment of Loans undertaken by the Borrower pursuant to <U>Section
          2.05(b)(iii)</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
     reduction  of  the  Aggregate   Commitments  pursuant  to  this  <U>Section
2.06(b)</U>  shall be applied to the Commitment of each Lender  according to its
Pro Rata Share and shall be effective  upon such  prepayment.  All facility fees
accrued until the effective  date of any reduction of the Aggregate  Commitments
shall be paid on the effective date of such reduction. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
     reduction  in  the  Aggregate   Commitments  which  reduces  the  Aggregate
Commitments below the then current amount of the Letter of Credit Sublimit shall
result in an automatic  corresponding reduction of the Letter of Credit Sublimit
to the amount of the Aggregate  Commitment as so reduced,  without any action on
the part of the L/C Issuer. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
reduction of the Aggregate Commitments which reduces the Aggregate           Commitments
below the then current amount of the Swing Line Sublimit shall           result in an
automatic corresponding reduction of the Swing Line Sublimit to the           amount of
the Aggregate Commitments, as so reduced, without any action on the           part of the
Swing Line Lender.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vi) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
reduced or terminated in accordance with this <U>Section 2.06</U>, neither           the
Aggregate Commitments, the Letter of Credit Sublimit nor the Swing Line Sublimit may be
increased.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.07
Repayment of Loans.</B> </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall repay to the Lenders on the Maturity Date the aggregate
          principal amount of Committed Loans outstanding on such date.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
     Borrower  shall  repay to the Swing Line  Lender on the  Maturity  Date the
aggregate  principal  amount of all Swing Line Loans  outstanding  on such date.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.08
Interest.</B> </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Subject
     to the provisions of subsection (b) below of this <U>Section 2.08</U>,  (i)
each  Eurodollar  Rate Loan shall bear  interest  on the  outstanding  principal
amount  thereof  for  each  Interest  Period  at a rate per  annum  equal to the
Eurodollar Rate for such Interest Period  <U>plus</U> the Applicable  Rate; (ii)
each Base Rate Committed Loan shall bear interest on the  outstanding  principal
amount thereof from the  applicable  borrowing date at a rate per annum equal to
the Base Rate  <U>plus</U>  the Applicable  Rate; and (iii) each Swing Line Loan
shall  bear  interest  on the  outstanding  principal  amount  thereof  from the
applicable  borrowing  date at a rate  per  annum  equal  to (A) the  Base  Rate
<U>plus</U>  the  Applicable  Rate or (B) any other rate  agreed to between  the
Borrower and the Swing Line Lender in its sole  discretion (it being  understood
that any such other rate agreed  between the  Borrower and the Swing Line Lender
for a Swing Line Loan shall not be less than the Swing Line  Lender&#146;s  cost
of funds for such Swing Line Loan). </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          If
     any amount payable by the Borrower under any Loan Document is not paid when
due  (without  regard  to any  applicable  grace  periods),  whether  at  stated
maturity,  by  acceleration  or  otherwise,  such amount shall  thereafter  bear
interest  at a  fluctuating  interest  rate per annum at all times  equal to the
Default Rate to the fullest extent  permitted by applicable  Laws.  Furthermore,
while any Event of  Default  exists,  the  Borrower  shall pay  interest  on the
principal  amount of all  outstanding  Obligations  hereunder  at a  fluctuating
interest  rate per annum at all times equal to the  Default  Rate to the fullest
extent  permitted by applicable  Laws.  Accrued and unpaid  interest on past due
amounts (including  interest on past due interest) shall be due and payable upon
demand. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Interest
     on each Loan shall be due and payable in arrears on each  Interest  Payment
Date  applicable  thereto  and at such other times as may be  specified  herein.
Interest  hereunder shall be due and payable in accordance with the terms hereof
before  and  after  judgment,  and  before  and after  the  commencement  of any
proceeding under any Debtor Relief Law. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.09
Fees.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to certain fees described in subsections (i) and (j) of <U>Section 2.03</U>: </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Facility
     Fee</U>. The Borrower shall pay to the Administrative Agent for the account of each
Lender in  accordance  with its Pro Rata Share,  a facility fee equal to the Facility
 Fee Rate <U>times</U>  the actual  daily amount of the  Aggregate Commitments  (or,  if
 the  Aggregate   Commitments  have  terminated,   on  the Outstanding   Amount  of  all
 Committed   Loans,   Swing  Line  Loans  and  L/C Obligations),  regardless  of usage.
 The facility fee shall accrue at all times during the  Availability  Period (and
thereafter so long as any Committed Loans, Swing Line Loans or L/C Obligations remain
 outstanding),  including at any time during which one or more of the conditions in <U>Article
 IV</U> is not met, and shall be due and payable  quarterly in arrears on the last
 Business Day of each March,  June,  September  and December,  commencing  with the first
such date to occur after the Closing  Date,  and on the Maturity  Date (and,  if
 applicable, thereafter  on  demand).  The  facility  fee shall be  calculated  quarterly
 in arrears, and if there is any change in the Facility Fee Rate during any quarter, the
actual daily amount  shall be computed  and  multiplied  by the Facility Fee Rate
 separately for each period during such quarter that such Facility Fee Rate was in
effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Fees</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall pay to the Arranger and the Administrative Agent for their           own
respective accounts fees in the amounts and at the times specified in the           Fee
Letter. Such fees shall be fully earned when paid and shall not be           refundable
for any reason whatsoever.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall pay to the Lenders such fees as shall have been separately
          agreed upon in writing in the amounts and at the times so specified. Such fees
          shall be fully earned when paid and shall not be refundable for any reason
          whatsoever.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.10
Computation of Interest and Fees.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
computations of interest for Base Rate Loans when the Base Rate is determined by Bank of
America&#146;s &#147;prime rate&#148; shall be made on the basis of a year of 365 or 366
days, as the case may be, and actual days elapsed. All other computations of fees and
interest shall be made on the basis of a 360-day year and actual days elapsed (which
results in more fees or interest, as applicable, being paid than if computed on the basis
of a 365-day year). 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, <U>provided</U> that any Loan that is repaid on the same day
on which it is made shall, subject to <U>Section 2.12(a)</U>, bear interest for one day. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.11
Evidence of Debt.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
     Credit  Extensions  made by each Lender  shall be  evidenced by one or more
accounts or records maintained by such Lender and by the Administrative Agent in
the ordinary  course of  business.  The  accounts or records  maintained  by the
Administrative  Agent and each Lender shall be conclusive  absent manifest error
of the amount of the Credit  Extensions  made by the Lenders to the Borrower and
the  interest  and  payments  thereon.  Any failure to so record or any error in
doing so shall not,  however,  limit or otherwise  affect the  obligation of the
Borrower  hereunder to pay any amount owing with respect to the Obligations.  In
the event of any conflict  between the accounts  and records  maintained  by any
Lender and the  accounts and records of the  Administrative  Agent in respect of
such matters, the accounts and records of the Administrative Agent shall control
in the absence of manifest  error.  Upon the request of any Lender made  through
the Administrative  Agent, the Borrower shall execute and deliver to such Lender
(through  the   Administrative   Agent)  a  Note,   which  shall  evidence  such
Lender&#146;s  Loans in  addition to such  accounts or records.  Each Lender may
attach schedules to its Note and endorse thereon the date, Type (if applicable),
amount  and   maturity  of  its  Loans  and  payments   with  respect   thereto.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          In
     addition to the accounts and records  referred to in subsection (a) of this
<U>Section 2.11</U>,  each Lender and the Administrative Agent shall maintain in
accordance with its usual practice accounts or records  evidencing the purchases
and sales by such Lender of  participations  in Letters of Credit and Swing Line
Loans. In the event of any conflict between the accounts and records  maintained
by the  Administrative  Agent and the  accounts  and  records  of any  Lender in
respect of such matters,  the accounts and records of the  Administrative  Agent
shall control in the absence of manifest error. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.12
Payments Generally.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
     payments to be made by the  Borrower  shall be made  without  condition  or
deduction  for any  counterclaim,  defense,  recoupment  or  setoff.  Except  as
otherwise  expressly  provided  herein,  all payments by the Borrower  hereunder
shall be made to the  Administrative  Agent,  for the account of the  respective
Lenders to which such payment is owed, at the Administrative Agent&#146;s Office
in Dollars and in immediately  available  funds not later than 10:00 a.m. on the
date specified herein. The Administrative Agent will promptly distribute to each
Lender its Pro Rata Share (or other applicable share as provided herein) of such
payment in like funds as received by wire transfer to such Lender&#146;s Lending
Office. All payments received by the Administrative Agent after 10:00 a.m. shall
be  deemed  received  on the next  succeeding  Business  Day and any  applicable
interest or fee shall continue to accrue. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any payment to be made by the Borrower shall come due on a day other than a
          Business Day, payment shall be made on the next following Business Day, and
such           extension of time shall be reflected in computing interest or fees, as the
case           may be.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
     the Borrower or any Lender has notified the Administrative  Agent, prior to
the date any payment is required  to be made by it to the  Administrative  Agent
hereunder,  that the Borrower or such Lender,  as the case may be, will not make
such  payment,  the  Administrative  Agent may assume that the  Borrower or such
Lender,  as the case may be, has timely made such payment and may (but shall not
be so required to), in reliance thereon,  make available a corresponding  amount
to the Person entitled  thereto.  If and to the extent that such payment was not
in fact made to the Administrative  Agent in immediately  available funds, then:
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Borrower failed to make such payment, each Lender shall forthwith on           demand
repay to the Administrative Agent the portion of such assumed payment           that was
made available to such Lender in immediately available funds, together           with
interest thereon in respect of each day from and including the date such           amount
was made available by the Administrative Agent to such Lender to the date           such
amount is repaid to the Administrative Agent in immediately available funds           at
the Federal Funds Rate from time to time in effect; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
any Lender failed to make such payment, such Lender shall forthwith on demand
          pay to the Administrative Agent the amount thereof in immediately available
          funds, together with interest thereon for the period from the date such amount
          was made available by the Administrative Agent to the Borrower to the date such
          amount is recovered by the Administrative Agent (the <U>&#147;Compensation
          Period</U>&#148;) at a rate per annum equal to the Federal Funds Rate from time
          to time in effect. If such Lender pays such amount to the Administrative Agent,
          then such amount shall constitute such Lender&#146;s Committed Loan included in
          the applicable Borrowing. If such Lender does not pay such amount forthwith
upon           the Administrative Agent&#146;s demand therefor, the Administrative Agent
may           make a demand therefor upon the Borrower, and the Borrower shall pay such
amount           to the Administrative Agent, together with interest thereon for the
Compensation           Period at a rate per annum equal to the rate of interest
applicable to the           applicable Borrowing. Nothing herein shall be deemed to
relieve any Lender from           its obligation to fulfill its Commitment or to
prejudice any rights which the           Administrative Agent or the Borrower may have
against any Lender as a result of           any default by such Lender hereunder.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A notice of the Administrative Agent
to any Lender or the Borrower with respect to any amount owing under this subsection (c)
shall be conclusive, absent manifest error. </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          If
any Lender makes available to the Administrative Agent funds for any Loan to           be
made by such Lender as provided in the foregoing provisions of this <U>Article II</U>,
and such funds are not made available to the Borrower by the           Administrative
Agent because the conditions to the applicable Credit Extension           set forth in <U>Article
IV</U> are not satisfied or waived in accordance with           the terms hereof, the
Administrative Agent shall return such funds (in like           funds as received from
such Lender) to such Lender, without interest.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
obligations of the Lenders hereunder to make Committed Loans and to fund
          participations in Letters of Credit and Swing Line Loans are several and not
          joint. The failure of any Lender to make any Committed Loan or to fund any such
          participation on any date required hereunder shall not relieve any other Lender
          of its corresponding obligation to do so on such date, and no Lender shall be
          responsible for the failure of any other Lender to so make its Committed Loan
or           purchase its participation.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Nothing
herein 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.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.13
Sharing of Payments.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
     other than as expressly  provided elsewhere herein, any Lender shall obtain
on  account of the  Committed  Loans  made by it, or the  participations  in L/C
Obligations or in Swing Line Loans held by it, any payment  (whether  voluntary,
involuntary,  through the  exercise of any right of set-off,  or  otherwise)  in
excess of its ratable  share (or other share  contemplated  hereunder)  thereof,
such Lender shall immediately (a) notify the Administrative  Agent of such fact,
and (b) purchase  from the other  Lenders such  participations  in the Committed
Loans made by them and/or such  subparticipations  in the  participations in L/C
Obligations  or Swing Line  Loans held by them,  as the case may be, as shall be
necessary to cause such purchasing Lender to share the excess payment in respect
of such  Committed  Loans or such  participations,  as the case may be, pro rata
with each of them; <U>provided</U>,  <U>however</U>,  that if all or any portion
of such excess payment is thereafter  recovered from the purchasing Lender under
any of the circumstances  described in <U>Section  10.06</U> (including pursuant
to any settlement entered into by the purchasing Lender in its discretion), such
purchase  shall to that extent be rescinded and each other Lender shall repay to
the purchasing Lender the purchase price paid therefor,  together with an amount
equal to such paying Lender&#146;s ratable share (according to the proportion of
(i) the amount of such paying Lender&#146;s required repayment to (ii) the total
amount so recovered from the purchasing  Lender) of any interest or other amount
paid or payable  by the  purchasing  Lender in  respect  of the total  amount so
recovered, without further interest thereon. The Borrower agrees that any Lender
so purchasing a  participation  from another  Lender may, to the fullest  extent
permitted  by law,  exercise all its rights of payment  (including  the right of
set-off, but subject to <U>Section 10.09</U>) with respect to such participation
as fully as if such  Lender  were the direct  creditor  of the  Borrower  in the
amount of such participation.  The Administrative Agent will keep records (which
shall  be  conclusive  and  binding  in  the  absence  of  manifest   error)  of
participations  purchased  under this  Section  and will in each case notify the
Lenders following any such purchases or repayments. Each Lender that purchases a
participation  pursuant to this Section  shall from and after such 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.14
Loan Tranches.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower may, at any time and from time to time, upon at least five Business Days notice
to the Administrative Agent, allocate all or a portion of Borrowings constituting
Committed Loans, including with respect to Swing Line Loans and L/C Obligations, to a
revolving credit facility tranche (the &#147;<U>Revolving Facility Tranche</U>&#148;) or a
capital expenditure tranche (the &#147;<U>Capital Expenditure Tranche</U>&#148;), or both; <U>provided</U> that: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          at
no time shall the Outstanding Amount of all Loans allocated to the Revolving
          Facility Tranche <U>plus</U> the Outstanding Amount of all L/C Obligations
          exceed $50,000,000;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          at
no time shall the Outstanding Amount of all Loans allocated to the Capital
          Expenditure Tranche exceed $50,000,000;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          upon
allocation to the Revolving Facility Tranche or the Capital Expenditure Tranche, as case
may be, Loans shall remain so allocated notwithstanding any           conversion or
continuation of Loans pursuant to <U>Section&nbsp;2.02</U>;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower and each of the Lenders agree that the establishment of the           Revolving
Facility Tranche and the Capital Expenditure Tranche is intended to           assist the
Borrower in its compliance with <U>Section&nbsp;7.05</U> and the           corresponding
provisions of the applicable Senior Notes Agreements. Accordingly,           neither the
failure by the Borrower to comply in any respect with this <U>Section&nbsp;2.14 </U>nor
the failure by the Administrative Agent or any           Lender to identify or remedy
such noncompliance shall give rise to any liability           against the Administrative
Agent or any Lender or any defense to compliance by           the Borrower with <U>Section&nbsp;7.05</U>;
and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          if
the Borrower fails to so allocate the L/C Obligations, the L/C Obligations
          shall be deemed allocated to the Revolving Facility Tranche.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Such notice of allocation shall
specify (i)&nbsp;the effective date of such allocation which shall not be a date earlier
than the date of such notice, (ii)&nbsp;the aggregate principal amount of Loans
(identified by Type of Loan) and L/C Obligations to be allocated to the Revolving Facility Tranche, the Capital Expenditure Tranche, or both, as the case may be, and (iii)&nbsp;in
the case of allocations to the Capital Expenditure Tranche, the Borrower shall represent
and warrant that the proceeds of all Loans allocated thereto have been used solely to
finance capital improvements, expansions and additions to the Borrower&#146;s property
(including Timberlands), plant and equipment. The Administrative Agent will promptly
notify the Lenders of such notice of allocation of Loans and L/C Obligations. </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE III.<BR>TAXES, YIELD
PROTECTION AND ILLEGALITY </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.01
Taxes.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Any
and all payments by the Borrower to or for the account of the 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, <U>excluding</U>, in the case of the
          Administrative Agent and each Lender, taxes imposed on or measured by its
          overall 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 the 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 &#147;<U>Taxes</U>&#148;).
If           the Borrower shall be required by any Laws to deduct any Taxes from or in
          respect of any sum payable under any Loan Document to the 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), each of the Administrative Agent
and such           Lender receives an amount equal to the sum it would have received had
no such           deductions been made, (ii) the Borrower shall make such deductions,
(iii) the           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, the Borrower shall furnish to
the Administrative           Agent (which shall forward the same to such Lender) the
original or a certified           copy of a receipt evidencing payment thereof.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          In
addition, the 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 <U>&#147;Other
Taxes</U>&#148;).  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;         If
the 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 the Administrative
          Agent or any Lender, the Borrower shall also pay to the Administrative Agent or
          to such Lender, as the case may be, at the time interest is paid, such
          additional amount that the Administrative Agent or such Lender specifies is
          necessary to preserve the after-tax yield (after factoring in all taxes,
          including taxes imposed on or measured by net income) that the Administrative
          Agent or such Lender would have received if such Taxes or Other Taxes had not
          been imposed.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        The
Borrower agrees to indemnify the Administrative Agent and each Lender for           (i)
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 the Administrative Agent and such Lender, (ii) amounts payable under <U>Section
3.01(c)</U> and (iii) any liability (including additions to tax,           penalties,
interest and expenses) arising therefrom or with respect thereto, in           each case
whether or not such Taxes or Other Taxes were correctly or legally           imposed or
asserted by the relevant Governmental Authority. Payment under this           subsection
(d) shall be made within 30 days after the date the Lender or the
          Administrative Agent makes a demand therefor.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.02
Illegality.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Lender determines that any Law has made it unlawful, or that any Governmental
Authority has asserted that it is unlawful, for any Lender or its applicable Lending
Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest
rates based upon the Eurodollar Rate, then, on notice thereof by such Lender to the
Borrower through the Administrative Agent, any obligation of such Lender to make or
continue Eurodollar Rate Loans or to convert Base Rate Committed Loans to Eurodollar Rate
Loans shall be suspended until such Lender notifies the Administrative Agent and the
Borrower that the circumstances giving rise to such determination no longer exist. Upon
receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to
the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of
such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if
such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or
immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate
Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted. 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.03
Inability to Determine Rates.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
     the Required Lenders  determine that for any reason adequate and reasonable
means do not  exist  for  determining  the  Eurodollar  Rate  for any  requested
Interest  Period with respect to a proposed  Eurodollar  Rate Loan,  or that the
Eurodollar  Rate for any  requested  Interest  Period with respect to a proposed
Eurodollar  Rate Loan does not  adequately  and fairly  reflect the cost to such
Lenders of funding such Loan, the  Administrative  Agent will promptly so notify
the Borrower and each Lender.  Thereafter, the obligation of the Lenders to make
or maintain  Eurodollar Rate Loans shall be suspended  until the  Administrative
Agent (upon the instruction of the Required  Lenders) revokes such notice.  Upon
receipt of such  notice,  the  Borrower  may revoke any  pending  request  for a
Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing
that,  will be deemed  to have  converted  such  request  into a  request  for a
Committed  Borrowing  of  Base  Rate  Loans  in the  amount  specified  therein.
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.04
Increased Cost and Reduced Return; Capital Adequacy.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          If
     any Lender determines that as a result of the introduction of or any change
in or in the  interpretation  of  any  Law,  or  such  Lender&#146;s  compliance
therewith, there shall be any increase in the cost to such Lender of agreeing to
make or making, funding or maintaining Eurodollar Rate Loans or (as the case may
be) issuing or participating in Letters of Credit,  or a reduction in the amount
received or receivable  by such Lender in  connection  with any of the foregoing
(excluding  for  purposes of this  subsection  (a) any such  increased  costs or
reduction  in  amount  resulting  from (i)  Taxes or  Other  Taxes  (as to which
<U>Section  3.01</U>  shall  govern),  (ii)  changes in the basis of taxation of
overall net income or overall  gross income by the United  States or any foreign
jurisdiction  or any political  subdivision  of either thereof under the Laws of
which such Lender is  organized  or has its Lending  Office,  and (iii)  reserve
requirements  utilized in the  determination of the Eurodollar  Rate), then from
time to time  upon  demand  of such  Lender  (with a copy of such  demand to the
Administrative  Agent),  the Borrower  shall pay to such Lender such  additional
amounts as will  compensate  such Lender for such  increased  cost or reduction.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          If
     any Lender  determines that the  introduction of any Law regarding  capital
adequacy or any change therein or in the interpretation  thereof,  or compliance
by such Lender (or its Lending Office) therewith, has the effect of reducing the
rate of return on the capital of such Lender or any corporation controlling such
Lender as a consequence of such Lender&#146;s obligations hereunder (taking into
consideration   its  policies   with  respect  to  capital   adequacy  and  such
Lender&#146;s desired return on capital),  then from time to time upon demand of
such  Lender  (with a copy of such  demand  to the  Administrative  Agent),  the
Borrower  shall pay to such Lender such  additional  amounts as will  compensate
such Lender for such reduction. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.05
Funding Losses.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
demand of any Lender (with a copy to the Administrative Agent) from time to time, the
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: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          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); or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
failure by the 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 the Borrower;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. The Borrower shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For purposes of calculating amounts
payable by the Borrower to the Lenders under this <U>Section 3.05</U>, each Lender shall
be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Base Rate
used in determining the Eurodollar Rate for such Loan by a matching deposit or other
borrowing in the London interbank eurodollar market for a comparable amount and for a
comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.06
Matters Applicable to all Requests for Compensation.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate of the Administrative Agent or any Lender claiming compensation under this <U>Article III</U> 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 such Lender may use any reasonable averaging and
attribution methods. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.07
Survival.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the Borrower&#146;s obligations under this <U>Article III</U> shall survive termination
of the Aggregate Commitments and repayment of all other Obligations hereunder. </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE IV.<BR>CONDITIONS PRECEDENT
TO CREDIT EXTENSIONS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.01
Conditions of Initial Credit Extension.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of each Lender to make its initial Credit Extension hereunder is subject to
satisfaction of the following conditions precedent: </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent&#146;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 and any responsible
          officer of the other Loan Parties, each dated the Closing Date (or, in the case
          of certificates of governmental officials, a recent date before the Closing
          Date) and each in form and substance satisfactory to the Administrative Agent
          and its legal counsel:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement</U>.
Executed counterparts of this Agreement, sufficient in number           for distribution
to the Administrative Agent, each Lender and the Borrower;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Note</U>.
If so requested by a Lender by January 14, 2004, a Note executed by           the
Borrower in favor of such Lender;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resolutions;
Incumbency</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resolutions</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=20%></TD>
<TD WIDTH=80%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               Copies
of the resolutions of the board of directors of the REIT, as the sole
               member of the General Partner, as general partner of the Borrower,
approving and                authorizing the execution, delivery and performance by such
entities on behalf                of the Borrower of this Agreement and the other Loan
Documents to which the                Borrower is a party to be delivered hereunder, and
authorizing the borrowing of                the Loans, certified as of the Closing Date
by the Secretary or an Assistant                Secretary of the REIT;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=20%></TD>
<TD WIDTH=80%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               Copies
of the resolutions of the board of directors of the REIT, as the sole
               member of the General Partner, as general partner of the Borrower, as the
sole                member of Plum Creek Southern approving and authorizing the
execution, delivery                and performance by such entities on behalf of Plum
Creek Southern of the Plum                Creek Southern Timber Assumption Agreement to
be delivered hereunder, certified                as of the Closing Date by the Secretary
or Assistant Secretary of the REIT; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=20%></TD>
<TD WIDTH=80%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               Copies
of the resolutions of the board of directors of the REIT, as the sole
               member of the General Partner, as general partner of the Borrower, as the
sole                member of Plum Creek South Central approving and authorizing the
execution,                delivery and performance by such entities on behalf of Plum
Creek South Central                of the Plum Creek South Central Assumption Agreement
to be delivered hereunder,                certified as of the Closing Date by the
Secretary or Assistant Secretary of the REIT;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incumbency</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=20%></TD>
<TD WIDTH=80%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               A
certificate of the Secretary or Assistant Secretary of the REIT certifying the
               names and true signatures of the duly authorized officers of the REIT, as
the                sole member of the General Partner, as general partner of the
Borrower,                authorized to execute, deliver and perform, as applicable, this
Agreement on                behalf of the Borrower, and all other Loan Documents to be
delivered hereunder;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=20%></TD>
<TD WIDTH=80%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               A
certificate of the Secretary or Assistant Secretary of the REIT certifying the
               names and true signatures of the duly authorized officers of the REIT, as
the                sole member of the General Partner, as general partner of the
Borrower, as the                sole member of Plum Creek Southern authorized to execute,
deliver and perform                the Southern Timber Assumption Agreement to be
delivered hereunder; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=20%></TD>
<TD WIDTH=80%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               A
certificate of the Secretary or Assistant Secretary of the REIT certifying the
               names and true signatures of the duly authorized officers of the REIT, as
the                sole member of the General Partner, as general partner of the
Borrower, as the                sole member of Plum Creek South Central authorized to
execute, deliver and                perform the Plum Creek South Central Assumption
Agreement to be delivered                hereunder;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization
Documents and Good Standing</U>. Each of the following           documents:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
certificate of limited partnership of the Borrower, the certificate of
          formation of the General Partner, and the certificate of incorporation of the
REIT, in each case as in effect on the Closing Date, certified by the Secretary
          of State or similar, applicable Governmental Authority of the state of
          formation, organization or incorporation, as the case may be, of such Persons
as           of a recent date, and by the Secretary or Assistant Secretary of the REIT,
and a           certificate of the Secretary or Assistant Secretary of the REIT attaching
copies           of the Organization Documents of each of the Borrower, the General
Partner and           the REIT and certifying that such Organization Documents are true,
correct, and           complete as of the Closing Date;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
certificate of formation of Plum Creek Southern as in effect on the Closing
          Date, certified by the Secretary of State (or similar applicable Governmental
          Authority) of the state of organization of Plum Creek Southern as of a recent
          date, and by the Assistant Secretary or Secretary of the REIT, and a
certificate           of the Assistant Secretary or Secretary of the REIT attaching
copies of the           Organization Documents of Plum Creek Southern and certifying that
such           Organization Documents are true, correct and complete as of the Closing
Date;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
certificate of formation of Plum Creek South Central as in effect on the
          Closing Date, certified by the Secretary of State (or similar applicable
          Governmental Authority) of the state of organization of Plum Creek South
Central           as of a recent date, and by the Assistant Secretary or Secretary of the
REIT and           a certificate of the Assistant Secretary or Secretary of the REIT,
attaching           copies of the Organization Documents of Plum Creek South Central and
certifying           that such Organization Documents are true, correct and complete as
of the           Closing Date; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
good standing certificate for each Loan Party and each Partner Entity from the
          Secretary of State (or similar, applicable Governmental Authority) of its state
          of incorporation, formation or organization, as the case may be, as of a recent
          date;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Opinion<I></I></U><I>.</I> A favorable opinion of James A. Kraft,           Senior Vice
President, General Counsel and Secretary of the REIT and of the           General
Partner, and counsel to the Loan Parties, dated as of the Closing Date           and
addressed to the Administrative Agent and the Lenders and substantially in           the
form of <U>Exhibit&nbsp;C</U>;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate</U>.
A certificate signed by a Responsible Officer, dated as of           the Closing Date,
certifying that:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
representations and warranties contained in <U>Article&nbsp;V</U> are true           and
correct on and as of such date and as of the date hereof, as though made on           and
as of such date;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Default or Event of Default exists as of such date, or would result from the
          initial Credit Extension;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
has occurred since December 31, 2002, no event or circumstance that has
          resulted or would reasonably be expected to result in a material adverse change
          in, or a material adverse effect upon, the business, assets, liabilities
(actual           or contingent), operations, properties, condition (financial otherwise)
or           prospects of, or information regarding, the REIT, the Borrower and their
          respective Subsidiaries (taken as whole);  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
exists no action, suit, investigation, litigation or proceeding pending or
          threatened in any court or before any arbitrator or Governmental Authority that
          (1) could reasonably be expected to (a) have a material adverse effect on the
          operations, business, properties, condition (financial or otherwise) or
          prospects of the Borrower or the Borrower and its Subsidiaries, taken as a
          whole, (b)&nbsp;adversely affect the ability of any Loan Party to perform its
          obligations under the Loan Documents to which such Loan Party is a party or (c)
          adversely affect the rights and remedies of the Administrative Agent and the
          Lenders under the Loan Documents, or (2)&nbsp;adversely affects any aspect of
          the transactions contemplated hereby or any of the Loan Documents;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
governmental and third party consents, licenses and approvals necessary in
          connection with each aspect of the credit facility contemplated herein and
          required in connection with the execution, delivery and performance by each
Loan           Party and the validity against such Loan Party of the Loan Documents to
which it           is a party have been obtained and shall remain in effect; all
applicable waiting           periods shall have expired without any adverse action being
taken by any           competent authority; and no applicable law or regulation and no
judgment,           injunction, order or decree, shall, in each case, be applicable that
prohibits,           restrains, prevents, or imposes adverse conditions upon such credit
facility and           the execution, delivery and performance by each Loan Party and the
validity           against such Loan Party of the Loan Documents to which it is a party;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the conditions specified in <U>Sections 4.02(a)</U> and <U>(b)</U> have           been
satisfied;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
there has been no event or circumstance since the date of the Audited           Financial
Statements that has had or could be reasonably expected to have,           either
individually or in the aggregate, a Material Adverse Effect; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
calculation of the Pricing Leverage Ratio as of the last day of the fiscal
          quarter of the Borrower ending September 30, 2003;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Senior
Notes Agreements</U>. A certificate signed by a Responsible Officer           attaching a
true, correct, and complete copy of each of the Senior Notes           Agreements, and
certifying that such agreements are true, correct and complete           as of the
Closing Date;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repayment
of Existing Credit Agreement</U>. Evidence satisfactory to the           Administrative
Agent that all principal of and interest on the extensions of           credits
outstanding under, and all other amounts owing under, the Existing           Credit
Agreement have been (or shall be simultaneously with the Closing Date )           paid in
full, and the Borrower shall have irrevocably directed the           Administrative Agent
to apply the proceeds from the initial Credit Extension           hereunder toward such
payment in full, and that any commitments to extend credit           under the Existing
Credit Agreement have been (or shall be simultaneously with           the Closing Date)
canceled or terminated and that all guarantees in respect of,           and all Liens
securing, such Indebtedness shall have been released (or           arrangements for such
release reasonably satisfactory to the Administrative           Agent shall have been
made);  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiary
Assumption Agreements</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
     Plum Creek Southern Timber Assumption Agreement duly executed by Plum Creek
Southern,  in form and substance  satisfactory to the Administrative  Agent; and
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%></TD>
<TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
     Plum Creek South Central  Assumption  Agreement duly executed by Plum Creek
South Central, in form and substance  satisfactory to the Administrative  Agent;
and </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
     Documents  and   Materials</U>.   Such  other   assurances,   certificates,
documents,  approvals,  consents,  materials  or opinions as the  Administrative
Agent, the L/C Issuer,  the Swing Line Lender or the Required Lenders reasonably
may require. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
fees, costs and expenses required to be paid on or before the Closing Date
          shall have been paid.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
waived by the Administrative Agent, the Borrower shall have paid all           Attorney
Costs of the 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 a final settling of accounts between the Borrower and the
          Administrative Agent).  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.02
Conditions to all Credit Extensions.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of each Lender to honor any Request for Credit Extension (other than a
Committed Loan Notice requesting only a conversion of Committed Loans to the other Type,
or a continuation of Eurodollar Rate Loans) is subject to the following conditions
precedent: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. The representations and warranties of the           Borrower
contained in <U>Article V</U> or any other Loan Document, or which are
          contained in any document furnished at any time under or in connection herewith
          or therewith, shall be true and correct on and as of the date of such Credit
          Extension, except to the extent that such representations and warranties
          specifically refer to an earlier date, in which case they shall be true and
          correct as of such earlier date, and except that for purposes of this <U>Section
          4.02</U>, the representations and warranties contained in subsections (a) and
          (b) of <U>Section 5.11</U> shall be deemed to refer to the most recent
          statements furnished pursuant to subsections (a) and (b), respectively, of <U>Section
6.01</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Default</U>. No Default or Event of Default shall exist, or would result           from
such proposed Credit Extension.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Request
     for Credit Extension</U>.  The Administrative Agent and, if applicable, the
L/C Issuer or the Swing Line  Lender  shall have  received a Request  for Credit
Extension in accordance with the requirements hereof. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Request for Credit Extension submitted by the Borrower shall be deemed to be a
representation and warranty that the conditions specified in <U>Sections 4.02(a)</U> and <U>(b)</U> have been satisfied on and as of the date of the applicable Credit Extension. </FONT></P>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE V.<BR>REPRESENTATIONS AND
WARRANTIES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower represents and warrants to the Administrative Agent and the Lenders that: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.01
Existence, Qualification and Power; Compliance with Laws.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower, each of its Subsidiaries and each of the Partner Entities:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
a corporation, partnership or limited liability company duly incorporated,
          formed or organized, validly existing and in good standing under the Laws of
the           jurisdiction of its incorporation, formation or organization;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
duly qualified and is licensed 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 or license  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
in compliance with all Requirements of Law and all orders, writs, injunctions
          and decrees applicable to it or to its Properties, except in such instances in
          which the failure to comply therewith, either individually or in the aggregate,
          would not reasonably be expected to have a Material Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower, each of its Subsidiaries and each of the Partner Entities has all
          requisite power and authority and all requisite governmental licenses,
          authorizations, consents and approvals to (i) own its assets and carry on its
          business and (ii) execute, deliver, and perform its obligations under the Loan
          Documents to which it is a party.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.02
Authorization; No Contravention.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance by each Loan Party of each Loan Document to which such
Person is party, and the consummation by such Loan Party of the transactions contemplated
by each Loan Documents to which such Person is a party, in each case have been duly
authorized by all necessary corporate, limited liability company, partnership and/or other
organizational action, and do not and will not: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          contravene
the terms of the Organization Documents of any Loan Party or any of           the Partner
Entities;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          conflict
with or result in any breach or contravention of, or the creation of           any Lien
under, (i) any Contractual Obligation to which any Loan Party or any of           the
Partner Entities is a party or (ii) any order, injunction, writ or decree of
          any Governmental Authority or any arbitral award to which any Loan Party or any
          of the Partner Entities or its respective Property is subject; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          violate
any Requirement of Law.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.03
Governmental Authorization; Other Consents.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as has been obtained by the Borrower prior to the date of this Agreement, no approval,
consent, exemption, authorization, or other action by, or notice to, or filing with, any
Governmental Authority or any other Person is necessary or required in connection with the
execution, delivery or performance by, or enforcement against, any Loan Party, any of the
Partner Entities or any of their respective Subsidiaries of this Agreement or any other
Loan Document, or for the consummation of any of the transactions contemplated by any of
the Loan Documents. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.04
Binding Effect.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement has been, and each other Loan Document, when delivered hereunder, will have
been, duly executed and delivered by each Loan Party that is party thereto. This Agreement
constitutes, and each other Loan Document when so delivered will constitute, a legal,
valid and binding obligation of each Loan Party that is a party to such Loan Documents,
enforceable against each such Loan Party in accordance with their respective terms, except
as enforceability may be limited by applicable bankruptcy, insolvency or similar laws
affecting the enforcement of creditor&#146;s rights generally or by equitable principles
relating to enforceability. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.05
Litigation.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no actions, suits, proceedings, claims or disputes pending or, to the Borrower&#146;s
Knowledge and the knowledge of each of the Partner Entities, threatened or contemplated,
at law, in equity, in arbitration or before any Governmental Authority, by or against the
Borrower, any of the Partner Entities or any of their respective Subsidiaries or against
any of their respective Properties or revenues that (a) purport to affect or pertain to
this Agreement or any other Loan Document, or any of the transactions contemplated by any
of the Loan Documents, or (b) either individually or in the aggregate, have a reasonable
probability of success on the merits and which, if determined adversely to the Borrower,
any of the Partner Entities or any of their respective Subsidiaries would reasonably be
expected to have a Material Adverse Effect. No injunction, writ, temporary restraining
order or any order of any nature has been issued by any court or other Governmental
Authority purporting to enjoin or restrain the execution, delivery or performance of this
Agreement or any other Loan Document, or directing that the transactions contemplated by
any of the Loan Documents not be consummated as herein or therein provided. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.06
No Default.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          No
Default has occurred and is continuing or would result from the consummation           of
the transactions contemplated by this Agreement or any other Loan Document or
          would result from the incurring of any Obligations by the Borrower or any other
          Loan Party.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Neither
the Borrower nor any of the Partner Entities nor any of their respective
          Subsidiaries is in default under or with respect to any Contractual Obligation
          that would, either individually or in the aggregate, reasonably be expected to
          have a Material Adverse Effect or that would, if such default had occurred
after           the Closing Date, create an Event of Default under <U>Section 8.01(e)</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.07
ERISA Compliance.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;5.07</U> lists
all Plans as of the Closing Date and separately           identifies Plans intended to be
Qualified Plans and Multiemployer Plans.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Each
Plan is in compliance in all material respects with the applicable           provisions
of ERISA, the Code and other Federal or state law, including all           requirements
under the Code or ERISA for filing reports (which are true and           correct in all
material respects as of the date filed), and benefits have been           paid in
accordance with the provisions of the Plan.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as specifically disclosed in <U>Schedule&nbsp;5.07</U>, each Qualified           Plan has
been determined by the IRS to qualify under Section&nbsp;401 of the           Code, and
the trusts created thereunder have been determined to be exempt from           tax under
the provisions of Section&nbsp;501 of the Code, and to the           Borrower&#146;s
Knowledge nothing has occurred which would cause the loss of           such qualification
or tax-exempt status.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as specifically disclosed in <U>Schedule&nbsp;5.07</U>, there is no           outstanding
liability under Title IV of ERISA (other than premiums due but not           delinquent
under Section&nbsp;4007 of ERISA) with respect to any Plan maintained           or
sponsored by the Borrower or any ERISA Affiliate, nor with respect to any           Plan
to which the Borrower or any ERISA Affiliate contributes or is obligated to
          contribute, and which liability would reasonably be expected to have a Material
          Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as specifically disclosed in <U>Schedule&nbsp;5.07</U>, no Plan subject           to
Title IV of ERISA has any Unfunded Pension Liability which would reasonably           be
expected to have a Material Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as specifically disclosed in <U>Schedule&nbsp;5.07</U>, the Borrower and           its
ERISA Affiliates have not ever represented, promised or contracted (whether           in
oral or written form) to any current or former employee (either individually           or
to employees as a group) that such current or former employee(s) would be
          provided, at any cost to the Borrower or its ERISA Affiliates, with life
          insurance or employee welfare plan benefits (within the meaning of Section 3(1)
          of ERISA) following retirement or termination of employment, other than
benefits           mandated by applicable law, including but not limited to, continuation
coverage           required to be provided under Section 4980B of the Code or Title&nbsp;I,
          Subtitle&nbsp;B, Part&nbsp;6 of ERISA, and which cost would reasonably be
          expected to have a Material Adverse Effect. To the extent that the Borrower or
          its ERISA Affiliates have made any such representation, promise or contract,
          they have expressly reserved the right to amend or terminate such life
insurance           or employee welfare plan benefits with respect to claims not yet
incurred.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower and its ERISA Affiliates have complied in all material respects           with
the notice and continuation coverage requirements of Section&nbsp;4980B of           the
Code.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as specifically disclosed in <U>Schedule&nbsp;5.07</U>, no ERISA Event           has
occurred or,&nbsp;to the Borrower&#146;s Knowledge is reasonably expected to
          occur with respect to any Plan which would reasonably be expected to have a
          Material Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          There
are no pending or, to the Borrower&#146;s Knowledge, threatened claims,           actions
or lawsuits, other than routine claims for benefits in the usual and           ordinary
course, asserted or instituted against (i)&nbsp;any Plan maintained or
          sponsored by the Borrower or its assets, (ii)&nbsp;the Borrower or its ERISA
Affiliates with respect to any Qualified Plan, or (iii)&nbsp;any fiduciary with
          respect to any Plan for which the Borrower or its ERISA Affiliates may be
          directly or indirectly liable, through indemnification obligations or otherwise
          and which claim, action or lawsuit would reasonably be expected to have a
          Material Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as specifically disclosed in <U>Schedule&nbsp;5.07</U>, neither the           Borrower
nor any ERISA Affiliate has incurred nor,&nbsp;to the Borrower&#146;s
          Knowledge, reasonably expects to incur (i)&nbsp;any liability (and, to the
          Borrower&#146;s knowledge, no event has occurred which, with the giving of
          notice under Section&nbsp;4219 of ERISA, would result in such liability) under
          Section&nbsp;4201 or 4243 of ERISA with respect to a Multiemployer Plan or
          (ii)&nbsp;any liability under Title IV of ERISA (other than premiums due and
not           delinquent under Section&nbsp;4007 of ERISA) with respect to a Plan, and
which           liability would reasonably be expected to have a Material Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as specifically disclosed in <U>Schedule&nbsp;5.07</U>, neither the           Borrower
nor any ERISA Affiliate has transferred any Unfunded Pension Liability           to a
Person other than the Borrower or an ERISA Affiliate or otherwise engaged           in a
transaction that is subject to Section&nbsp;4069 or 4212(c) of ERISA.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower has not engaged, directly or indirectly, in a non-exempt prohibited
          transaction (as defined in Section&nbsp;4975 of the Code or Section&nbsp;406 of
ERISA) in connection with any Plan which would reasonably be expected to have a
          Material Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.08
Use of Proceeds.; Margin Regulations.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
proceeds of the Loans are intended to be and shall be used solely for the
          purposes set forth in and permitted by <U>Section&nbsp;6.11</U>, and are
          intended to be and shall be used in compliance with <U>Section&nbsp;7.07</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Neither
the Borrower nor any of the Partner Entities nor any of their respective
          Subsidiaries is engaged and will engage, principally or as one of its important
          activities, in the business of purchasing or carrying Margin Stock, or
extending           credit for the purpose of purchasing or carrying Margin Stock.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.09
Ownership of Property; Liens.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Borrower and each Subsidiary of the Borrower has good record and marketable title
in fee simple to, or valid leasehold interests in, all real Property necessary or used in
the ordinary conduct of their respective businesses, except for such defects in title as
would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. As of the Closing Date, none of the Properties of the Borrower or any of
its Subsidiaries is subject to any Liens, other than Permitted Liens. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.10
Taxes.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower, each of the Partner Entities and each of their respective Subsidiaries have
filed all Federal, state and other material tax returns and reports required to be filed,
and have paid all Federal, state and other material taxes, assessments, fees and other
governmental charges levied or imposed upon them or their respective Properties, income or
assets otherwise due and payable, except those which are being contested in good faith by
appropriate proceedings diligently conducted and for which adequate reserves have been
provided in accordance with GAAP. No Notice of Lien has been filed or recorded. There is
no proposed tax assessment against the Borrower, any of the Partner Entities or any of
their respective Subsidiaries that would, if made, have a Material Adverse Effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.11
Financial Statements; No Material Adverse Effect.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          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 the           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) except as disclosed in <U>Schedule 5.22</U>, show all           material
indebtedness and other liabilities, direct or contingent, of the           Borrower and
its Subsidiaries as of the date thereof, including liabilities for           taxes,
material commitments and Indebtedness.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
unaudited consolidated financial statements of the Borrower and its
          Subsidiaries dated September 30, 2003, and the related consolidated statements
          of income or operations, shareholders&#146; equity and cash flows for the
fiscal           quarter ended on that date: (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 the
          Borrower and its Subsidiaries as of the date thereof and their results of
          operations for the period covered thereby, subject, in the case of clauses (i)
          and (ii) in this subsection (b), to the absence of footnotes and to normal
          year-end audit adjustments; and (iii) except as disclosed in <U>Schedule
          5.22</U>, show all material indebtedness and other liabilities, direct or
          contingent, of the Borrower and its consolidated Subsidiaries as of the date of
          such financial statements, including liabilities for taxes, material
commitments           and Indebtedness.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Since
the date of the Audited Financial Statements, there has been no Material
          Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.12
Environmental Matters.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as specifically disclosed in <U>Schedule&nbsp;5.12</U>, the on-going           operations
of the Borrower, each of the Partner Entities, and each of their           respective
Subsidiaries comply in all respects with all Environmental Laws,           except such
non-compliance which would not (if enforced in accordance with           applicable law)
result in liability in excess of $25,000,000 in the aggregate.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as specifically disclosed in <U>Schedule&nbsp;5.12</U>, the Borrower,           each of
the Partner Entities, and each of their respective Subsidiaries have           obtained
all licenses, permits, authorizations and registrations required under           any
Environmental Law <U>(&#147;Environmental Permits</U>&#148;) and necessary           for
their respective ordinary course operations, all such Environmental Permits           are
in good standing, and the Borrower, each of the Partner Entities, and each           of
their respective Subsidiaries are in compliance with all terms and conditions
          of such Environmental Permits except where the failure to obtain, maintain in
          good standing or comply with such Environmental Permits would not reasonably be
          expected to have a Material Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
     as  specifically  disclosed  in <U>Schedule&nbsp;5.12</U>,   none  of  the Borrower,
the Partner Entities,  any of their respective  Subsidiaries or any of their respective
 present Property or operations,  is subject to any outstanding written order from or
agreement with any Governmental Authority,  nor subject to any judicial or docketed
administrative proceeding, respecting any Environmental Law,  Environmental  Claim or
Hazardous  Material  arising out of a violation or alleged violation of any Environmental
Law.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;     Except
as specifically disclosed in <U>Schedule&nbsp;5.12</U>, there are no Hazardous  Materials
or other conditions or circumstances  existing with respect to any Property,  or arising
from  operations  prior to the Closing Date, of the Borrower,  each of the Partner
Entities, or any of their respective Subsidiaries that would  reasonably be expected to
give rise to  Environmental  Claims with a potential   liability  of  the  Borrower  and
 its  Subsidiaries  in  excess  of $25,000,000 in the aggregate for any such  condition,
 circumstance or Property. In addition, except as specifically disclosed in <U>Schedule&nbsp;5.12</U>,
(i), neither the Borrower nor any of the Partner Entities nor any of their respective
Subsidiaries has any underground  storage tanks  (x)&nbsp;that  are not properly
registered or permitted under  applicable  Environmental  Laws, or (y)&nbsp;that are
leaking or disposing  of Hazardous  Materials  off-site,  and  (ii)&nbsp;the Borrower,
 the Partner Entities and their respective  Subsidiaries have notified all of their
 employees of the  existence,  if any, of any health hazard arising from  the  conditions
 of  their   employment  and  have  met  all  notification requirements  under  Title
 III of  CERCLA  and all  other  Environmental  Laws.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.13
Regulated Entities.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Borrower, any of the Partner Entities, any of their respective Subsidiaries, or any
Person Controlling the Borrower, any of the Partner Entities or any of their respective
Subsidiaries (i) is a &#147;holding company,&#148; or a &#147;subsidiary company&#148; of
a &#147;holding company,&#148; or an &#147;affiliate&#148; of a &#147;holding
company&#148; or of a &#147;subsidiary company&#148; of a &#147;holding company,&#148;
within the meaning of the Public Utility Holding Company Act of 1935, or (ii) is or is
required to be registered as an &#147;investment company&#148; under the Investment
Company Act of 1940. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.14
No Burdensome Restrictions.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Borrower, nor any of the Partner Entities nor any of their respective Subsidiaries is
a party to or bound by any Contractual Obligation, or subject to any charter or corporate
restriction, or any Requirement of Law, which would reasonably be expected to have a
Material Adverse Effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.15
Solvency.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Borrower, each of the other Loan Parties, each Partner Entity, each Facilities
Subsidiary and each Restricted Subsidiary is Solvent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.16
Labor Relations.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no strikes, lockouts or other labor disputes against the Borrower or any of its
Subsidiaries, or, to the Borrower&#146;s Knowledge, threatened against or affecting the
Borrower or any of its Subsidiaries which could reasonably be expected to, either
individually or in the aggregate, have a Material Adverse Effect. There are no unfair
labor practice complaints pending against the Borrower or any of its Subsidiaries or, to
the Borrower&#146;s Knowledge, threatened against any of them before any Governmental
Authority which have a reasonable probability of success on the merits and which, if
determined adversely to the Borrower or any of its Subsidiaries, could reasonably be
expected to, either individually or in the aggregate, have a Material Adverse Effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.17
Intellectual Property; Licenses, Etc.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower or its Subsidiaries own or are licensed or otherwise have the right to use all of
the patents, patent rights, trademarks, service marks, trade names, copyrights,
franchises, licenses and other intellectual property, contractual franchises,
authorizations and other rights that are reasonably necessary for the operation of their
respective businesses, without conflict with the rights of any other Person. To the
Borrower&#146;s Knowledge, no slogan or other advertising device, product, process,
method, substance, part or other material now employed, or now contemplated to be
employed, by the Borrower or any of its Subsidiaries infringes upon any rights held by any
other Person. No claim or litigation regarding any of the foregoing is pending or, to the
Borrower&#146;s Knowledge, threatened, and no patent, invention, device, application,
principle or any statute, law, rule, regulation, standard or code is pending or, to the
Borrower&#146;s Knowledge, proposed, which, in either case, would reasonably be expected
to have a Material Adverse Effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.18
Subsidiaries.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the Closing Date, the Borrower has no Subsidiaries other than those specifically
disclosed in Part (a) of <U>Schedule </U>5.18 and has no equity investments in any other
corporation or entity other than those specifically disclosed in Part(b) of <U>Schedule
5.18</U>. Except as disclosed in Part (a) of <U>Schedule&nbsp;5.18</U>, the Borrower owns
100% of the ownership interests of its Subsidiaries. The Facilities Subsidiary has issued
no rights, warrants or options to acquire or instruments convertible into or exchangeable
for any equity interest in the Facilities Subsidiary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.19
Partnership Interest.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
only general partner of the Borrower is the General Partner, which as of the Closing Date
will own a 1% general partnership interest in the Borrower. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.20
Insurance.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Properties of the Borrower and its Subsidiaries are insured with financially sound and
reputable insurance companies not Affiliates of the 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 the Borrower or the
applicable Subsidiary operates. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.21
Full Disclosure.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the representations or warranties made by the Borrower, any of the Partner Entities or
any of their respective Subsidiaries in the Loan Documents as of the date such
representations and warranties are made or deemed made, and none of the statements
contained in each exhibit, report, written statement or certificate furnished by or on
behalf of the Borrower, any of the Partner Entities or any of their respective
Subsidiaries in connection with the Loan Documents, contains any untrue statement of a
material fact or omits any material fact required to be stated therein or necessary to
make the statements made therein, in light of the circumstances under which they are made,
not misleading as of the time when made or delivered. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.22
Changes, Etc.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
December 31, 2002 to the Closing Date, except as disclosed in <U>Schedule&nbsp;5.22</U>,
(a) the Borrower and its Subsidiaries have not incurred any material liabilities or
obligations, direct or contingent, or entered into any material transactions not in the
ordinary course of business, and (b) there has not been any Restricted Payment of any kind
declared, paid or made by the Borrower, other than regular quarterly declarations and
payments to the REIT in accordance with <U>Section 7.13</U> for distribution to the REIT&#146;s shareholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.23
Tax Matters Agreement; Tax Opinion Insurance Policy.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
     as  permitted  by  <U>Section  7.20</U>,  the  Borrower has not directly or
indirectly  assumed the obligations of the REIT under the Tax Matters  Agreement
or  otherwise  agreed  to  reimburse  or  indemnify  the  REIT  for  any  of its
obligations thereunder. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
     Tax Opinion Insurance Policy is in full force and effect and is not subject
to cancellation for failure to pay the applicable premium. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.24
Tax Shelter Regulations.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower does not intend to<B></B>treat the Loans and/or Letters of Credit           and
related transactions as being a &#147;reportable transaction&#148; (within           the
meaning of Treasury Regulation section 1.6011-4). If the Borrower determines           to
take any action inconsistent with such intention, it will promptly notify the
          Administrative Agent thereof.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower acknowledges that the Administrative Agent and/or one or more of           the
Lenders may treat the Loans and/or Letters of Credit as part of a           transaction
that is subject to Treasury Regulation section 1.6011-4 or section           301.6112-1,
and the Administrative Agent and such Lender or Lenders, as           applicable, may
file such IRS forms or maintain such lists and other records as           they may
determine is required by such Treasury Regulations.  </FONT></P></TD>
</TR>
</TABLE>
<BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VI.<BR>AFFIRMATIVE COVENANTS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
     Borrower  covenants  and agrees that,  so long as any Lender shall have any
Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid
or unsatisfied, or any Letter of Credit shall remain outstanding: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.01
Financial Statements.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall deliver to the Administrative Agent and each Lender in form and detail
satisfactory to the Administrative Agent and the Required Lenders: </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          as
soon as available, but not later than 90 days after the end of each fiscal
          year, a copy of the audited consolidated balance sheet of the Borrower as at
the           end of such year and the related consolidated statements of income and
          statements of cash flows for such fiscal year, setting forth in each case in
          comparative form the figures for the previous fiscal year, and accompanied by
          the opinion of Ernst &amp; Young LLP, or another nationally-recognized
          independent public accounting firm (&#147;<U>Independent Auditor</U>&#148;)
          which report shall state that such consolidated financial statements present
          fairly the financial position for the periods indicated in conformity with GAAP
applied on a basis consistent with prior years. Such opinion shall not be
          qualified or limited because of a restricted or limited examination by
          Independent Auditor of any material portion of the Borrower&#146;s or any
          Subsidiary&#146;s records and shall be delivered to the Administrative Agent
          pursuant to a reliance agreement in favor of the Administrative Agent and
          Lenders by such Independent Auditor in form and substance satisfactory to the
          Administrative Agent and the Required Lenders;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          as
soon as available, but not later than 120 days after the end of each fiscal
          year, a copy of an audited consolidating balance sheet of the Borrower and each
          of its Subsidiaries as at the end of such fiscal year and the related
          consolidating statements of income and statement of cash flows for such fiscal
          year, all in reasonable detail certified by an appropriate Responsible Officer
          as having been used in connection with the preparation of the financial
          statements referred to in subsection&nbsp;(a) of this <U>Section&nbsp;6.01</U>;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          as
soon as available, but not later than 60 days after the end of each of the
          first three fiscal quarters of each year, a copy of the unaudited consolidated
          balance sheet of the Borrower and its consolidated Subsidiaries as of the end
of           such quarter and the related consolidated statements of income and statement
of           cash flows for the period commencing on the first day and ending on the last
day           of such quarter, and certified by an appropriate Responsible Officer as
being           complete and correct and fairly presenting, in accordance with GAAP, the
          financial position and the results of operations of the Borrower and the
          Subsidiaries;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          as
soon as available, but not later than 60 days after the end of each of the
          first three fiscal quarters of each year, a copy of the unaudited consolidating
          balance sheets of the Borrower and each of its Subsidiaries, and the related
          consolidating statements of income and statement of cash flows for such
quarter,           all certified by an appropriate Responsible Officer as having been
used in           connection with the preparation of the financial statements referred to
in           subsection&nbsp;(c) of this <U>Section&nbsp;6.01</U>;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          as
soon as available, but not later than November&nbsp;30 of each year, a           business
plan which shall include consolidated five year pro-forma projections           of the
Borrower&#146;s balance sheet, income statement and statement of cash           flows,
accompanied by appropriate assumptions on which such projections are           based; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          to
the extent not delivered pursuant to any other clause of this <U>Section&nbsp;6.01</U>,
promptly upon transmission thereof, copies of all such           financial statements,
proxy statements, notices and reports as the Borrower or           the REIT sends to its
public security holders and copies of all registration           statements (without
exhibits) and all reports which either the Borrower or the REIT files with the SEC.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.02
Certificates; Other Information.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall deliver to the Administrative Agent and each Lender in form and detail
satisfactory to the Administrative Agent: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          concurrently
with the delivery of the financial statements referred to in <U>Section&nbsp;6.01(a)</U> above,
a certificate of the Independent Auditor           stating that in making the examination
necessary therefor no knowledge was           obtained of any Default or Event of
Default, except as specified in such           certificate;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          concurrently
with the delivery of the financial statements referred to in <U>Sections 6.01(a)</U> through
<U>(d)</U> above, a certificate of a Responsible           Officer substantially in the
form of <U>Exhibit&nbsp;D</U> (i)&nbsp;stating           that, to the best of such officer&#146;s
knowledge, each of the Borrower and           each of the other Loan Parties, during such
period, has observed and performed           all of its covenants and other agreements,
and satisfied every term and           condition contained in this Agreement and the
other Loan Documents to be           observed, performed or satisfied by it, and that
such officer has obtained no           knowledge of any Default or Event of Default
except as specified (by applicable           subsection&nbsp;reference) in such
certificate, (ii)&nbsp;stating the Applicable           Rate, the Letter of Credit Rate
and the Facility Fee Rate to be in effect for           the immediately following fiscal
quarter, and (iii)&nbsp;showing in detail the           calculations supporting such
statement in respect of <U>Section&nbsp;7.02(h)</U>, <U>Section&nbsp;7.03</U>, <U>Section&nbsp;7.04(i)</U>,
<U>Section&nbsp;7.05</U>, <U>Section&nbsp;7.13</U>, <U>Section 7.17</U>, <U>Section 7.18</U> and
<U>Section 7.19</U>, and supporting           the computation of the Pricing Leverage
Ratio;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          promptly
after the same are sent, copies of all financial statements and reports           which
the Borrower sends to its limited partners (excluding the Form K-1s); and
          promptly after the same are filed, copies of all financial statements and
          regular, periodical or special reports which the REIT or the Borrower may make
          to, or file with, the SEC or any successor or similar Governmental Authority;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          promptly
after the Borrower has notified the Administrative Agent of any           intention by
the Borrower to treat the Loans and/or Letters of Credit and           related
transactions as being a &#147;reportable transaction&#148; (within the           meaning
of Treasury Regulation section 1.6011-4), a duly completed copy of IRS           Form
8886 or any successor form;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          if
any registration statements, financial statements, reports, statements or
          notices which either the Borrower or the REIT files with the SEC indicates that
          there were any material changes in the accounting policies or financial
          reporting practices of the Borrower or any of its Subsidiaries, promptly after
          such filing, a certificate of a Responsible Officer stating where such changes
          are described or otherwise discussed in such filings; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          promptly,
     such additional information regarding the business,  financial or corporate
affairs of the Borrower or any  Subsidiary or other  information,  or compliance
with the terms of the Loan Documents,  as the Administrative Agent or any Lender
may from time to time reasonably request. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <U>Sections 6.01</U> and <U>6.02</U> to the contrary, documents or reports required to be
delivered pursuant to <U>Sections 6.01</U> or <U>Sections 6.02</U> may be delivered
electronically and if so delivered, shall be deemed to have been delivered to the
Administrative Agent and the Lenders on the date (i) on which the Borrower posts such
documents or reports, or provides a link thereto on the Borrower&#146;s website on the
Internet at the website address listed on <U>Schedule 10.02</U> or (ii) on which such
documents or reports are posted on the Borrower&#146;s behalf on IntraLinks/IntraAgency or
another relevant website, if any, to which each Lender and the Administrative Agent have
access (whether a commercial, third-party website or whether sponsored by the
Administrative Agent); <U>provided</U> that: (A)&nbsp;the Borrower shall deliver paper
copies of such documents and reports to the Administrative Agent and each Lender,
(B)&nbsp;the Borrower shall notify (which may be by facsimile or electronic mail) the
Administrative Agent and each Lender of the posting of any such documents or reports and
provide to the Administrative Agent by electronic mail electronic versions (<U>i.e.</U>,
soft copies) of such documents or reports, and (C)&nbsp;in every instance the Borrower
shall provide paper copies of the Compliance Certificate required by <U>Section
6.02(b)</U> to the Administrative Agent and each of the Lenders. Except for such
Compliance Certificates, the Administrative Agent shall have no obligation to request the
delivery or to maintain copies of the documents or reports referred to above, and in any
event shall have no responsibility to monitor compliance by the Borrower with any such
request for delivery, and each Lender shall be solely responsible for requesting delivery
to it or maintaining its copies of such documents or reports. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.03
Notices.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall promptly upon becoming aware thereof notify the Administrative Agent and
each Lender: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
of the occurrence of any Default or Event of Default, (ii)&nbsp;of the
          occurrence or existence of any event or circumstance that foreseeably will
          become a Default or Event of Default, and (iii)&nbsp;of the occurrence or
          existence of any event or circumstance that would cause the condition to Credit
          Extension set forth in <U>Section&nbsp;4.02(a)</U> not to be satisfied if a
          Credit Extension were requested on or after the date of such event or
          circumstance;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
(i)&nbsp;any breach or non-performance of, or any default under, any
          Contractual Obligation of the Borrower, any of the Partner Entities, or any of
          their respective Subsidiaries which could result in a Material Adverse Effect;
          and (ii)&nbsp;any dispute, litigation, investigation, proceeding or suspension
          which may exist at any time between the Borrower, any of the Partner Entities,
          or any of their respective Subsidiaries and any Governmental Authority which
          could reasonably be expected to result in a Material Adverse Effect;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the commencement of, or any material development in, any litigation or
          proceeding affecting the Borrower, any of the Partner Entities or any of their
          respective Subsidiaries (i)&nbsp;which could reasonably be expected to have a
          Material Adverse Effect, or (ii)&nbsp;in which the relief sought is an
          injunction or other stay of the performance of this Agreement or any Loan
          Document;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon,
but in no event later than 10&nbsp;days after, becoming aware of           (i)&nbsp;any
and all enforcement, cleanup, removal or other governmental or           regulatory
actions instituted, completed or threatened against the Borrower, any           of the
Partner Entities or any of their respective Subsidiaries or any of their
          respective Properties pursuant to any applicable Environmental Laws where, if
          adversely determined, the potential liability or expense relating thereto could
          exceed $25,000,000 or the potential remedy with respect thereto would otherwise
          reasonably be expected to have a Material Adverse Effect, (ii)&nbsp;all other
          Environmental Claims which allege liability in excess of $25,000,000 or have
the           possibility of remedies that would, if adversely determined, otherwise
          reasonably be expected to constitute a Material Adverse Effect, and
          (iii)&nbsp;any environmental or similar condition on any real property
adjoining           or in the vicinity of the property of the Borrower, any of the
Partner Entities           or any of their respective Subsidiaries that would reasonably
be anticipated to           cause such property or any part thereof to be subject to any
restrictions on the           ownership, occupancy, transferability or use of such
property under any           Environmental Laws where the net book value of such property
exceeds           $25,000,000;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
any other litigation or proceeding affecting the Borrower, any of the Partner
          Entities or any of their respective Subsidiaries which the REIT or the Borrower
          would be required to report to the SEC pursuant to the Exchange Act, within
four           days after reporting the same to the SEC;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
any of the following ERISA Events affecting the Borrower or any ERISA Affiliate (but in
no event more than 20 days after such event or, in the case of           an event
relating to a Multiemployer Plan, no more than 30 days after the           Borrower
obtains knowledge of the occurrence of such an event), together with           (except in
the case of a Multiemployer Plan) a copy of any notice with respect           to such
event that may be required to be filed with a Governmental Authority and           any
notice delivered by a Governmental Authority to the Borrower or any ERISA Affiliate with
respect to such event:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
ERISA Event which would reasonably be expected to have a Material Adverse
          Effect;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
adoption of any new Qualified Plan that is subject to Title IV of ERISA or
          Section 412 of the Code that would reasonably be expected to generate annual
          liabilities in excess of $10,000,000 by the Borrower or an ERISA Affiliate;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
adoption of any amendment to a Qualified Plan that is subject to Title IV of ERISA or
Section 412 of the Code that would reasonably be expected to generate           annual
liabilities in excess of $10,000,000, if such amendment results in a           material
increase in benefits or unfunded liabilities; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
commencement of contributions by the Borrower or an ERISA Affiliate to any           Plan
that is subject to Title IV of ERISA or Section 412 of the Code that would
          reasonably be expected to generate annual liabilities in excess of $10,000,000;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Material Adverse Effect subsequent to the date of the most recent audited
          financial statements of the Borrower delivered to the Lenders pursuant to <U>Section&nbsp;6.01(a)</U>;
and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
any material labor controversy resulting in or threatening to result in any
          strike, work stoppage, boycott, shutdown or other labor disruption against or
          involving the Borrower or any of its Subsidiaries.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
notice pursuant to this Section shall be accompanied by a written statement by a
Responsible Officer setting forth details of the occurrence referred to therein and
stating what action the Borrower has taken and/or proposes to take with respect thereto
and at what time. Each notice under <U>Section 6.03(a)</U> shall describe with
particularity any and all clauses or provisions of this Agreement or other Loan Document
that have been breached or violated. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.04
Preservation of Existence, Etc.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall, except as permitted by <U>Section&nbsp;7.02</U>, and shall cause each of
its Restricted Subsidiaries to: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          preserve
and maintain in full force and effect its partnership, limited           liability
company, or corporate existence and good standing under the Laws of           its state
or jurisdiction of formation, organization or incorporation;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          preserve
and maintain in full force and effect all rights, privileges,           qualifications,
permits, licenses and franchises necessary in the normal conduct           of its
business;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          use
its reasonable efforts, in the Ordinary Course of Business, to preserve its
          business organization and preserve the goodwill and business of the customers,
          suppliers and others having material business relations with it; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          preserve
or renew all of its registered trademarks, trade names and service           marks, and
other intellectual property, the non-preservation of which would           reasonably be
expected to have a Material Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.05
Maintenance of Properties.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall maintain, and shall cause each of its Subsidiaries to maintain, and
preserve all its Property which is used or useful in its business in good working order
and condition, ordinary wear and tear excepted. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.06
Maintenance of Insurance.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall maintain, and shall cause each of its Subsidiaries to maintain, with
financially sound and reputable independent insurers, insurance with respect to its
Properties and business against loss or damage of the kinds customarily insured against by
Persons engaged in the same or similar business, of such types and in such amounts as are
customarily carried under similar circumstances by such other Persons. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.07
Payment of Obligations.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall, and shall cause its Subsidiaries to, pay and discharge as the same shall
become due and payable, all their respective obligations and liabilities, including: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          all
tax liabilities, assessments and governmental charges or levies upon it or           its
Properties or assets, unless the same are being contested in good faith by
          appropriate proceedings diligently conducted and adequate reserves in
accordance           with GAAP are being maintained by the Borrower or such Subsidiary;
and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          all
Indebtedness, as and when due and payable, but subject to any subordination
          provisions contained in any instrument or agreement evidencing such
          Indebtedness.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.08
Compliance with Laws.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall comply, and shall cause each of its Subsidiaries to comply with all
Requirements of Law of any Governmental Authority having jurisdiction over it or its
business or Property (including the Federal Fair Labor Standards Act) the non-compliance
with which would reasonably be expected to have a Material Adverse Effect, except such as
may be contested in good faith by appropriate proceedings diligently conducted or as to
which a bona fide dispute may exist. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.09
Books and Records and Inspection Rights.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower shall maintain and shall cause each of its Subsidiaries to maintain
          proper books of record and account, in which full, true and correct entries in
          conformity with GAAP consistently applied shall be made of all financial
          transactions and matters involving the assets and business of the Borrower and
          such Subsidiaries.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
     Borrower shall permit,  and shall cause each of its Subsidiaries to permit,
representatives and independent  contractors of the Administrative  Agent or any
Lender to visit and inspect any of their respective Properties, to examine their
respective  corporate,  financial and operating records, and make copies thereof
or abstracts  therefrom,  and to discuss their respective affairs,  finances and
accounts with their  respective  directors,  officers,  and  independent  public
accountants,  all at the expense of the  Borrower and at such  reasonable  times
during normal  business  hours and as often as may be reasonably  desired,  upon
reasonable advance notice to the Borrower; <U>provided</U>, <U>however</U>, that
when an Event of Default exists, the Administrative  Agent or any Lender (or any
of their respective  representatives  or independent  contractors) may do any of
the foregoing at the expense of the Borrower at any time during normal  business
hours and without advance notice. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.10
Environmental Laws.</B> </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower shall, and shall cause each of its Subsidiaries to, conduct its
          operations and keep and maintain its Property in compliance with all
          Environmental Laws, the non-compliance with which would reasonably be expected
          to have a Material Adverse Effect.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Upon
the written request of the Administrative Agent or any Lender, the Borrower
          shall submit and cause each of its Subsidiaries to submit, to the
Administrative           Agent and with sufficient copies for each Lender, at the Borrower&#146;s
sole           cost and expense, at reasonable intervals, a report providing an update of
the           status of any environmental, health or safety compliance, hazard or
liability           issue identified in any notice or report required pursuant to <U>Section&nbsp;6.03(d)</U>,
that could, individually or in the aggregate,           result in liability in excess of
$25,000,000.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.11
Use of Proceeds.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall use the proceeds of the Loans to finance working capital, capital
expenditures, and other lawful general partnership purposes not in contravention of any
Requirement of Law or of any Loan Document. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.12
Solvency.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall at all times be, and shall cause each of its Restricted Subsidiaries to be,
Solvent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.13
Notices and Information Relating to Specified Tax Liabilities and Tax Claims.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower shall promptly upon becoming aware thereof or promptly after           receipt
by the REIT or any of its Subsidiaries thereof, notify the           Administrative Agent
and each Lender if (i) the REIT receives any notice from           Georgia-Pacific
pursuant to Section 6(a) of the Tax Matters Agreement of a Tax           Claim against
Georgia-Pacific or any Member with respect to Specified Taxes, or           (ii) any Tax
Claim is made by any Tax Authority against the REIT with respect to           Specified
Taxes.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          If
     the  Administrative  Agent and the Lenders  receive  notification  from the
Borrower pursuant to <U>Section 6.13(a)</U>, the Borrower shall, and shall cause
the REIT to,  provide  the  Administrative  Agent  and each  Lender on a monthly
basis<B></B>after  such  notification  has been made,  or as the  Administrative
Agent  may  request  from  time  to  time,  a  report,  in  form  and  substance
satisfactory  to the  Administrative  Agent,  setting  forth in  detail  (i) the
progress and current status of any Tax Claim described in subsection  7.13(a) in
a manner  consistent  with the  requirements of Sections 6(b) and (c) of the Tax
Matters  Agreement,  (ii) what actions  Georgia-Pacific,  the REIT, the Borrower
and/or any of their respective Subsidiaries propose to take with respect to such
Tax Claim,  and (iii) such other  information  as the  Administrative  Agent may
request in connection therewith. </FONT></P></TD>
</TR>
</TABLE>
<BR>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VII.<BR>NEGATIVE COVENANTS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower hereby covenants and agrees that, so long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or
any Letter of Credit shall remain outstanding: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.01
Liens.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Restricted Subsidiaries to,
directly or indirectly, make, create, incur, assume or suffer to exist any Lien upon or
with respect to any part of its Property, whether now owned or hereafter acquired, other
than the following (&#147;<U>Permitted Liens</U>&#148;): </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Liens
for taxes, fees, assessments or other governmental charges which are not
          delinquent or remain payable without penalty, or to the extent that non-payment
          thereof is permitted by <U>Section&nbsp;6.07</U>;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          carriers&#146;,
warehousemen&#146;s, mechanics&#146;, landlords&#146;, materialmen&#146;s, repairmen&#146;s
or other similar Liens arising in the           Ordinary Course of Business which are not
delinquent or remain payable without           penalty or unless such lien is being
contested in good faith by appropriate           proceedings promptly instituted and
diligently conducted and if such accrual or           other appropriate provision, if
any, as shall be required by GAAP shall have           been made therefor;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Liens
(other than any Lien imposed by ERISA) incurred or deposits made           incidental to
the conduct of its business or the ownership of its Property           including (i)&nbsp;pledges
or deposits in connection with worker&#146;s           compensation, unemployment
insurance and other social security legislation,           (ii)&nbsp;deposits to secure
insurance, the performance of bids, tenders,           contracts, leases, licenses,
franchises and statutory obligations, each in the           Ordinary Course of Business,
and (iii)&nbsp;other obligations which were not           incurred or made in connection
with the borrowing of money, the obtaining of           advances or credit or the payment
of the deferred purchase price of property and           which do not in the aggregate
materially detract from the value of its Property           or materially impair the use
of such Property in the operation of its business;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
attachment or judgment Lien, unless the judgment it secures shall not,           within
45 days after the entry thereof, have been discharged or execution           thereof
stayed pending appeal, or shall not have been discharged within 45 days           after
expiration of any such stay;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          easements,
rights-of-way, restrictions, leases, sub-leases and other similar           charges or
encumbrances incurred in the Ordinary Course of Business which, in           each case,
and in the aggregate, do not materially interfere with the ordinary           conduct of
the business of the Borrower or any Restricted Subsidiary;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Liens
on Property of any Restricted Subsidiary securing obligations of such
          Restricted Subsidiary owing to the Borrower or another Restricted Subsidiary;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
Lien existing prior to the time of acquisition upon any Property acquired by
          the Borrower or any Restricted Subsidiary after the Closing Date through
          purchase, merger or consolidation or otherwise, whether or not assumed by the
          Borrower or such Subsidiary, or placed upon Property at (or within 30 days
          after) the later of the time of acquisition or the completion of construction
by           the Borrower or any Restricted Subsidiary to secure all or a portion of (or
to           secure Indebtedness incurred to pay all or a portion of) the purchase price
          thereof, <U>provided</U> that (i)&nbsp;any such Lien does not encumber any
other           property of the Borrower or such Restricted Subsidiary, (ii)&nbsp;the
          Indebtedness secured by such Lien is not prohibited by the provisions of <U>Section&nbsp;7.05</U>,
(iii)&nbsp;the aggregate principal amount (without           duplication) of the
Indebtedness secured by such Lien at no time exceeds 80% of           the cost to the
Borrower and its Restricted Subsidiaries of the Property subject           to such Lien,
and (iv)&nbsp;the aggregate outstanding principal amount of the           Indebtedness
secured by all purchase money Liens permitted by this <U>Section           7.01(g)</U> does
not exceed five percent (5%) of the aggregate book value of the           Tangible Assets
of the Borrower and its Restricted Subsidiaries as of the end of           the most
recently ended fiscal quarter of the Borrower;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Liens
on the accounts, rights to payment for goods sold or services rendered           that are
evidenced by chattel paper or instruments, and rights against persons           who
guarantee payment or collection of the foregoing, and on the Borrower&#146;s
          inventory and on the proceeds (as defined in the UCC in any applicable
          jurisdiction) thereof securing the obligations of the Borrower permitted by <U>Section&nbsp;7.05(d)</U> and
any extension, renewal, refunding or refinancing           thereof;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          from
and after the time the Facilities Subsidiary becomes a Restricted           Subsidiary,
Liens on (x) the accounts, rights to payment for goods sold or           services
rendered that are evidenced by chattel paper or instruments (and rights           against
persons who guarantee payment or collection of the foregoing) of Plum           Creek
Manufacturing, L.P. and its Subsidiaries which are Restricted           Subsidiaries, (y)
the inventory of Plum Creek Manufacturing, L.P. and its           Subsidiaries which are
Restricted Subsidiaries and (z) the proceeds (as defined           in the UCC in any
applicable jurisdiction) thereof, in each case securing the           obligations of Plum
Creek Manufacturing, L.P. and such Restricted Subsidiaries           under the Facility
Subsidiary&#146;s Revolving Credit Facility (and any           extension, renewal,
refunding or refinancing thereof);  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
Lien renewing, extending, refunding or refinancing any Lien permitted by <U>Section&nbsp;7.01(i)</U>,
<U>provided</U> that the principal amount secured           is not increased and the Lien
is not extended to other Property and <U>further</U><U>provided</U> that the maturity of
the Lien is not extended           beyond the maturity date of the Indebtedness which, at
the time the Lien was           initially placed upon the Property secured thereby,
Responsible Representatives           declare would have been the maturity date of
Indebtedness customary for the type           of Property being financed;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Liens,
other than those set forth above, that secure amounts that in the           aggregate do
not exceed $1,000,000;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          with
respect to the Spinco Assets transferred to the Borrower, Plum Creek           Southern
or Plum Creek South Central pursuant to, and in accordance with, the           applicable
REIT Contribution Agreement, Liens on such Spinco Assets existing at           the time
of the consummation of the Merger that do not materially impair the           value of
all the Spinco Assets and do not materially interfere with the ordinary           conduct
of the business of the Borrower or any Restricted Subsidiary;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Liens
existing as of the Closing Date as described on <U>Schedule 7.01</U>; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Liens
created pursuant to the Loan Documents.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.02
Merger; Disposition of Assets.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Restricted Subsidiaries to,
merge or consolidate with any Person or, directly or indirectly, sell, lease or transfer
or otherwise dispose of (whether in one or a series of transactions) any Property
(including accounts and notes receivable, with or without recourse) or enter into any
agreement to do any of the foregoing, except that: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
Restricted Subsidiary of the Borrower may merge with the Borrower           (<U>provided</U> that
the Borrower shall be the continuing or surviving           corporation) or with any one
or more other Restricted Subsidiaries;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
Restricted Subsidiary may sell, lease, transfer or otherwise dispose of any           of
its assets to the Borrower; and any Restricted Subsidiary other than Plum           Creek
Southern and Plum Creek South Central may sell, lease, transfer or           otherwise
dispose of its assets to another Restricted Subsidiary;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
Restricted Subsidiary may merge or consolidate with any other entity, <U>provided</U> that,
immediately after giving effect to such merger or           consolidation (i)&nbsp;the
continuing or surviving entity of such merger or           consolidation shall constitute
a Restricted Subsidiary, (ii)&nbsp;no Event of           Default or Material Default
shall exist, and (iii)&nbsp;the continuing or           surviving entity is not engaged
in any business other than a Permitted Business           or a Permitted Ancillary
Business and, after giving effect on a pro forma basis           to such merger or
consolidation, the gross revenue contribution of pulp and           paper manufacturing
activities of the Borrower and its Subsidiaries on a           consolidated basis for the
12 months preceding such merger or consolidation does           not exceed 33% of the
total revenues of the Borrower and its Subsidiaries on a           consolidated basis;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower may merge or consolidate with any other entity, <U>provided</U> that (i)&nbsp;the
Borrower shall be the continuing or surviving entity and (ii)           immediately after
such merger or consolidation, (A) no Event of Default or           Material Event of
Default shall exist, (B) the Borrower could incur at least $1           of additional
Funded Debt pursuant to <U>Section 7.05(i)</U>, and (C) the           Borrower is not
engaged in any business other than a Permitted Business or a           Permitted
Ancillary Business and, after giving effect on a pro forma basis to           such merger
or consolidation, the gross revenue contribution of pulp and paper
          manufacturing activities of the merged or consolidated entity and its
          Subsidiaries on a consolidated basis for the 12 months preceding such merger or
          consolidation does not exceed 33% of total revenues of such merged or
          consolidated entity and its Subsidiaries on a consolidated basis;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower or any Restricted Subsidiary may make dispositions of inventory in           the
Ordinary Course of Business;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower or any Restricted Subsidiary may sell Designated Acres (or notes
          receivable arising from the sale of Designated Acres) for the fair value
thereof           as reasonably determined in good faith by the Responsible
Representatives;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower and its Restricted Subsidiaries may exchange Timberlands with other
          Persons in the Ordinary Course of Business, <U>provided</U> that (i)&nbsp;the
          fair value of the Timberlands plus any Net Proceeds received in such exchange
          is, in the good faith judgment of the Responsible Representatives, not less
than           the fair value of Timberlands exchanged plus any other consideration paid,
          (ii)&nbsp;such exchange would not materially and adversely affect the business,
          Property, condition or results of operations of the Borrower and its Restricted
          Subsidiaries on a consolidated basis or of the Facilities Subsidiary or impair
          the ability of the Borrower to perform its obligations hereunder and under any
          other Indebtedness, and (iii)&nbsp;any Properties shall be deemed sold to the
          extent of Net Proceeds received and such sales shall be allowed only to the
          extent otherwise permitted by this <U>Section&nbsp;7.02</U>;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower and its Restricted Subsidiaries may sell Properties for cash for           not
less than the fair value thereof as determined in good faith by the           Responsible
Representatives, <U>provided</U> that the aggregate Net Proceeds of           such sales
in any calendar year do not exceed $40,000,000;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower and its Restricted Subsidiaries may otherwise sell Properties for           cash
in an amount not less than the fair value thereof as determined in good           faith
by the Responsible Representatives, if and only if: (A)&nbsp;immediately           after
giving effect to such proposed sale, no condition or event shall exist           which
constitutes an Event of Default or Material Default, (B)&nbsp;not less           than 50%
of the Net Proceeds of any such sale (x)&nbsp;are applied, within one           year
after such sale to repayment of Qualified Debt in accordance with <U>Section 2.05(b)(ii)</U>,
or (y)&nbsp;are applied, within one year after such           sale, to the purchase of
productive assets in the same line of business to be           owned by the Borrower (or,
if the sale is by a Restricted Subsidiary, by such           Restricted Subsidiary or the
Borrower), <U>provided</U> that, if any such sale           constitutes a sale of more
than 15% of the Borrower&#146;s Tangible Assets, all           the unapplied Net Proceeds
of such sale <U>less</U> the amount, if any, of such           Net Proceeds to be
included in clause (i)(g) of the definition of Available Cash           in the
calculation thereof for the calendar quarter of the Borrower in which the           sale
occurs shall be placed immediately in escrow or cash collateral account or
          accounts, pursuant to an agreement or agreements in form and substance
          reasonably satisfactory to the holders of greater than 50% of the outstanding
          principal amount of Qualified Debt (which escrow agreement or agreements shall
          provide for a release from escrow of an amount equal to any additions to
          Available Cash pursuant to clause (i)(g) of the definition of Available Cash
          with respect to such sale in calendar quarters of the Borrower subsequent to
the           calendar quarter in which such sale occurs), for the purpose of application
in           accordance with clause (x) or (y) of this clause (B), and (C)&nbsp;immediately
          after giving effect to such sale (giving effect on a pro forma basis to any
          proposed retirement of Qualified Debt out of proceeds thereof), the Borrower
          could incur $1 of additional Funded Debt pursuant to <U>Section&nbsp;7.05(i)</U>;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower may transfer or make contributions of Designated Acres to any           Facility
Subsidiary to the extent permitted pursuant to <U>Section 7.04(a)</U>;           and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower and its Restricted Subsidiaries may make contributions of Property           to
the capital of Persons in which the Borrower directly or indirectly holds an
          equity or other ownership interest to the extent that such contributions
          constitute Investments that are permitted by the provisions of <U>Section
          7.04(i)</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.03
Harvesting Restrictions.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Restricted Subsidiaries to,
in the calendar year 2003 or any calendar year thereafter, harvest Timber (the term
&#147;harvest&#148; and correlative terms shall include, without duplication, both the
harvesting activities to be conducted by the Borrower and sales of Timber to other Persons
for current harvesting activities being conducted by such Persons) on the Timberlands then
owned directly or indirectly by the Borrower in excess of the amount set forth for such
calendar year in the following table: </FONT></P>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=CENTER><FONT SIZE="2">PERIOD</FONT></TD>
     <TD><FONT SIZE="2"></FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2">MAXIMUM MCCF TO BE<BR>HARVESTED</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="45%">&nbsp;</TD>
     <TD WIDTH="10%">&nbsp;</TD>
     <TD WIDTH="45%">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">calendar year 2003 and each calendar year thereafter
</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8% of Standing Inventory as of January 1 of the applicable related calendar year
</FONT></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>plus, commencing with the calendar
year 2003 and in each calendar year thereafter, the lesser of (i) the amount, if any, by
which (a) the sum of (x) the Harvesting Carryover Amount, (y) the cumulative amount set
forth in the table above for the years preceding such year of determination and (z) 2,000 MCCF exceeds (b) the cumulative amount actually harvested in such years preceding such
year of determination or (ii) 8% of Standing Inventory as of January 1 of such calendar
year; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>unless the Net Proceeds from such
excess harvest are either (A)&nbsp;applied, within 180 days after any such excess harvest
to repayment of Qualified Debt in accordance with <U>Section 2.05(b)(iii)</U>, or
(B)&nbsp;applied, within 180 days after any such excess harvest, to purchase Timber
(including Timber on Timberlands purchased) having a fair value (in the good faith
judgment of the Responsible Representatives) not less than the fair value of the Timber
subject to such excess harvest, <U>provided </U>that, if such excess harvest in any
calendar year exceeds 15% of Standing Inventory as of January 1 of such calendar year (and
such proceeds are not immediately applied in accordance with clause (A) or (B) above), all
the Net Proceeds of such excess harvest shall be placed immediately in an escrow or cash
collateral account or accounts, pursuant to an agreement or agreements in form and
substance reasonably satisfactory to the holders of more than 50% of the outstanding
principal amount of Qualified Debt, for the purpose of application in accordance with
clause (A) or (B) above. Cunits shall be based on the applicable conversion rate used by
the Borrower. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Harvesting
Carryover Amount</U>&#148; means 1,493 MCCF , which amount represents the difference
between the maximum harvest and actual harvest for the fourth quarter of calendar year
2001 and for the calendar year 2002. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Standing
Inventory</U>&#148; means an amount of Timber (stated in Cunits) equal to the volume of
merchantable Timber as of January 1 of each calendar year of the Borrower and its
Restricted Subsidiaries, as set forth in the REIT&#146;s Annual Report on Form 10-K as
filed with the SEC for the fiscal year ending on the preceding December&nbsp;31 (which
amount contains adjustments for growth, harvesting and changes in land base through
acquisitions and divestitures up to such date). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.04
Loans and Investments.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Restricted Subsidiaries to,
make or commit to make or permit to remain outstanding any loan or advance to, or
guarantee, endorse or otherwise be or become contingently liable, directly or indirectly,
in connection with the obligations, stock or dividends of, or own, purchase or acquire (or
commit to own, purchase or acquire) any stock, obligations or securities of, or any other
interest in (including, without limitation, the acquisition of all or substantially all of
the assets of a Person, or of any business or division of a Person), or make or commit to
make any capital contribution to, any Person (all of the foregoing being referred to
herein as &#147;<U>Investments</U>&#148;), except that the Borrower or any Restricted
Subsidiary may: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          make
Investments in the form of cash or cash equivalents or contributions of
          Designated Acres, in either case in the Facilities Subsidiary, <U>provided</U> that
the Borrower will not make or permit any Restricted Subsidiary to make any           such
Investment (including any guaranty of obligations of the Facilities           Subsidiary
otherwise permitted by this <U>Section&nbsp;7.04</U>) unless (i)           immediately
prior to and after giving effect to such Investment, no Event of           Default or
Default shall exist, and (ii)&nbsp;immediately after giving effect to           such
Investment, the ratio of Pro Forma Free Cash Flow to Maximum Pro Forma           Annual
Interest Charges is not less than 2.5 to 1.0;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          own,
purchase or acquire real or personal property to be used in the Ordinary           Course
of Business;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          own,
purchase or acquire investments of the type specified in, and in accordance
          with the requirements and limitations of, the Investment Policy;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          continue
to own Investments owned on the Closing Date as set forth on <U>Schedule&nbsp;7.04</U>;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          endorse
negotiable instruments for collection in the Ordinary Course of           Business;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          become
and be obligated under the Mortgage Note Guarantee and under the           guarantees
permitted by <U>Sections 7.05(f)</U> and (g), and acquire and own           subordinated
subrogation rights upon performance of such guarantees;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          make
advances in the Ordinary Course of Business of the Borrower or any           Restricted
Subsidiary, including deposits permitted under <U>Section&nbsp;7.01(c)</U>, advances to
employees for travel, relocation and           other employment related expenses,
advances to contractors performing services           for the Borrower or such Restricted
Subsidiary, advances to owners of timber or           timber properties to acquire rights
to harvest timber and other similar           advances;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          make
Investments in the form of cash or cash equivalents in Restricted           Subsidiaries,
or any entity which immediately after such Investment will be a           Restricted
Subsidiary;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          make
Investments not otherwise permitted by this Section 7.04 in entities           engaged
solely in a Permitted Business or Permitted Ancillary Business, provided           that
(x)&nbsp;the aggregate cumulative amount of such Investments, to the extent
          that such Investments are attributable to pulp and paper manufacturing (as
          proportionately attributed by multiplying the amount of an Investment by the
          percentage of revenues of the Person in whom such Investment is made during the
          12&nbsp;months preceding such Investment that are contributed by pulp and paper
          manufacturing), does not exceed the sum of $50,000,000 (without giving effect
to           any write-down of such Investments), and (y) the cumulative aggregate amount
of           all such Investments including those subject to clause (x) at original cost
          (which shall include the fair market value of Property (other than cash
invested           as of the date of the Investment) as reasonably determined in good
faith by the           Responsible Representatives at the time such Investment was made,
and which           shall include the principal amount of any obligations guaranteed to
the extent           such guarantees are not otherwise permitted by this <U>Section 7.04</U>)
          outstanding from time to time made pursuant to this subsection (i) between the
          closing date of the 1989 Senior Note Agreement and any date thereafter shall
not           exceed the greater of $300,000,000 or 60% of the average annual Pro Forma
Free           Cash Flow for the two fiscal years preceding such date; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          make
Investments in Swap Contracts to the extent permitted pursuant to <U>Section 7.05(l)</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.05
Limitation on Indebtedness.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Restricted Subsidiaries to,
create, incur, assume, suffer to exist, or otherwise become or remain directly or
indirectly liable with respect to, any Indebtedness, except: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Indebtedness
of the Borrower represented by the Senior Notes and any refinancing           thereof so
long as such refinancing does not increase the principal amount           thereof and is
on terms no less favorable to the Borrower, and to the rights of           the
Administrative Agent and the Lenders hereunder, than those contained on the
          Closing Date in the Senior Notes and the documentation relating thereto;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Funded
Debt which is unsecured and is incurred by the Borrower to finance the           making
of capital improvements, expansions and additions to the Borrower&#146;s
          property (including Timberlands), plant and equipment, <U>provided</U> that the
          aggregate outstanding principal amount of such Funded Debt shall at no time
          exceed $50,000,000;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Indebtedness
of any Restricted Subsidiary owing to the Borrower or to a           Restricted
Subsidiary;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Indebtedness
incurred by the Borrower pursuant to a bank credit facility which           is unsecured
or is secured by Liens permitted by <U>Section&nbsp;7.01(h)</U>,           not in excess
of an aggregate principal amount of $50,000,000 at any time           outstanding, <U>provided</U> that
the Borrower shall not suffer to exist any           Indebtedness permitted by this
subsection&nbsp;(d)&nbsp;on any day unless there           shall have been a period of at
least 45 consecutive days within the 12 months           immediately preceding such day
during which the Borrower shall have been free           from all Indebtedness permitted
by this subsection&nbsp;(d);  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Indebtedness
represented by the Mortgage Note Guarantee in an amount not greater           than
$76,425,000 at any time, and any refinancing thereof so long as such
          refinancing does not increase the principal amount thereof and is on terms no
          less favorable to the Borrower, and to the rights of the Administrative Agent
          and the Lenders hereunder, than those contained on the Closing Date in the
          Mortgage Note Guarantee and the documentation relating thereto;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower&#146;s guarantee of obligations incurred by the Facilities           Subsidiary
pursuant to the Facilities Subsidiary&#146;s Revolving Credit           Facility (and any
extension, renewal, refunding or refinancing thereof permitted           by clause&nbsp;(iv)
of paragraph&nbsp;6B(2) of the Mortgage Note Agreement), <U>provided</U> that the
aggregate outstanding principal amount of such           Indebtedness shall at no time
exceed $20,000,000, and <U>provided</U><U>further</U> that such guarantee shall be
subordinated to the 1989 Notes by           subordination provisions substantially the
same as those contained in           paragraph&nbsp;7I of the Mortgage Note Agreement;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
Borrower&#146;s guarantee of Funded Debt (and related obligations not
          constituting Indebtedness) incurred by the Facilities Subsidiary to finance the
          making of capital improvements, expansions and additions to the Facilities
          Subsidiaries&#146; Properties pursuant to the Facilities Subsidiary&#146;s
          Facility, <U>provided</U> that such guarantee shall be subordinated to the 1989
          Notes by subordination provisions substantially the same as those contained in
          paragraph&nbsp;7I of the Mortgage Note Agreement, and <U>provided</U>, <U>further</U>,
that the aggregate outstanding principal amount of such Funded           Debt shall at no
time exceed $20,000,000;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Funded
Debt of the Borrower or any Restricted Subsidiary secured by a Lien           permitted
by <U>Section&nbsp;7.01(g)</U>, <U>provided</U> that immediately after           the
acquisition of the Property subject to such Lien or upon which such Lien is
          placed (or, if later, the incurrence of the Indebtedness secured by such Lien),
          the Borrower could incur at least $1 of additional Funded Debt pursuant to
          subsection&nbsp;(i) of this <U>Section 7.05</U>;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Funded
Debt of the Borrower (other than Funded Debt owing to a Restricted           Subsidiary)
in addition to that otherwise permitted by the foregoing subsections           of this <U>Section
7.05</U>, including guarantees of Indebtedness to the extent           permitted by <U>Section
7.04</U> and not otherwise permitted by the foregoing           subsections of this <U>Section
7.05</U>, <U>provided</U> that, on the date the           Borrower becomes liable with
respect to any such additional Funded Debt and           immediately after giving effect
thereto and to the concurrent retirement of any           other Funded Debt, the ratio of
Pro Forma Free Cash Flow to Maximum Pro Forma           Annual Interest Charges is not
less than 2.25 to 1.00;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          from
and after the time that the Facilities Subsidiary becomes a Restricted
          Subsidiary, Indebtedness incurred by the Facilities Subsidiary pursuant to the
          Facilities Subsidiary&#146;s Revolving Credit Facility (and any extension,
          renewal, refunding or refinancing thereof, including any refunding or
          refinancing in an amount in excess of the principal amount then outstanding
          under the Facilities Subsidiary&#146;s Revolving Credit Facility) or any other
          Indebtedness incurred by the Facilities Subsidiary pursuant to a bank credit
          facility which is unsecured or is secured by Liens permitted by <U>Section&nbsp;7.01(i)</U>,
not in excess of an aggregate principal amount of           $20,000,000 at any time
outstanding, <U>provided</U> that to the extent that the           Facilities Subsidiary
is a Restricted Subsidiary, the Facilities Subsidiary           shall not suffer to exist
any Indebtedness permitted by this subsection&nbsp;(j)           on any day unless there
shall have been a period of at least 45 consecutive days           within the 12 months
immediately preceding such day during which the Facilities           Subsidiary shall
have been free from all Indebtedness permitted by this           subsection&nbsp;(j);  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          from
and after the time that the Facilities Subsidiary or any Designated           Immaterial
Subsidiary becomes a Restricted Subsidiary, Indebtedness of the           Facilities
Subsidiary or any such Designated Immaterial Subsidiary outstanding           at the time
the Facilities Subsidiary or such Designated Immaterial Subsidiary           becomes a
Restricted Subsidiary, <U>provided</U> that (i)&nbsp;immediately after           the
Facilities Subsidiary or any such Designated Immaterial Subsidiary becomes a
          Restricted Subsidiary, the Borrower could incur at least $1 of additional
Funded           Debt pursuant to subsection&nbsp;(i) of this <U>Section 7.05</U> (the
Facilities           Subsidiary or any such Designated Immaterial Subsidiary shall be
deemed to be a           Restricted Subsidiary for the four consecutive fiscal quarters
immediately prior           to its becoming a Restricted Subsidiary for purposes of
determining Pro Forma           Free Cash Flow), and (ii)&nbsp;the aggregate amount
(without duplication) of           such Indebtedness and all other Indebtedness, in each
case, secured by Liens           permitted by <U>Section 7.01(g)</U> does not violate
clause (iv) to the proviso           to such <U>Section 7.01(g)</U>;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Indebtedness
of the Borrower representing the Swap Termination Value of Swap           Contracts
entered into in the ordinary course of business as bona fide hedging
          transactions;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Indebtedness
of Plum Creek Southern evidenced by the Plum Creek Southern Timber           Assumption
Agreement;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Indebtedness
of Plum Creek South Central evidenced by the Plum Creek South           Central
Assumption Agreement; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Indebtedness
of any Restricted Subsidiary evidenced by an assumption or           guarantee of
Indebtedness of the Borrower or another Restricted Subsidiary that           is otherwise
permitted pursuant to this <U>Section 7.05</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.06
Transactions with Affiliates.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Restricted Subsidiaries to,
directly or indirectly engage in any transaction (including, without limitation, the
purchase, sale or exchange of assets or the rendering of any service), with any Affiliate
of the Borrower or of any such Restricted Subsidiary, except&nbsp;in the Ordinary Course
of Business and pursuant to the reasonable requirements of the business of the Borrower or
such Restricted Subsidiary and upon fair and reasonable terms that are no less favorable
to the Borrower or such Restricted Subsidiary, as the case may be, than those which might
be obtained in an arm&#146;s-length transaction at the time from Persons not an Affiliate
of the Borrower or such Restricted Subsidiary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.07
Use of Proceeds.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower shall not, and shall not suffer or permit any of its Subsidiaries           to,
use any portion of the proceeds of the Loans or other Credit Extension,
          directly or indirectly, (i)&nbsp;to purchase or carry Margin Stock, (ii)&nbsp;to
          repay or otherwise refinance indebtedness of the Borrower or others incurred to
          purchase or carry Margin Stock, (iii)&nbsp;to extend credit for the purpose of
          purchasing or carrying any Margin Stock, or (iv)&nbsp;to acquire any security
in           any transaction that is subject to Section&nbsp;13 or 14 of the Exchange
Act.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower shall not, and shall not suffer or permit any of its Subsidiaries           to,
use any portion of the proceed of the Loans or other Credit Extension,           directly
or indirectly, (i)&nbsp;knowingly to purchase Ineligible Securities           from a
Section&nbsp;20 Subsidiary during any period in which such           Section&nbsp;20
Subsidiary makes a market in such Ineligible Securities,           (ii)&nbsp;knowingly to
purchase during the underwriting or placement period           Ineligible Securities
being underwritten or privately placed by a           Section&nbsp;20 Subsidiary, or (iii)&nbsp;to
make payments of principal or           interest on Ineligible Securities underwritten or
privately placed by a           Section&nbsp;20 Subsidiary and issued by or for the
benefit of the Borrower or           any Affiliate of the Borrower. As used in this <U>Section
7.07</U>,           &#147;<U>Section 20 Subsidiary</U>&#148; means the Subsidiary of the
bank           holding company controlling any Lender, which Subsidiary has been granted
          authority by the FRB to underwrite and deal in certain Ineligible Securities;
          and &#147;<U>Ineligible Securities</U>&#148; means securities which may not be
          underwritten or dealt in by member banks of the Federal Reserve System under
          Section&nbsp;16 of the Banking Act of 1933 (as U.S.C. &sect;&nbsp;24, Seventh),
          as amended.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          After
the date the Borrower has notified the Administrative Agent that the           Borrower
intends to allocate Loans to the Capital Expenditure Tranche and to           qualify
such Capital Expenditure Tranche Loans as Indebtedness permitted under <U>Section&nbsp;7.05(b)</U>,
the Borrower shall not, and shall not suffer or           permit any of its Subsidiaries
to, use the proceeds of Capital Expenditure Tranche Loans for purposes other than to
finance capital improvements,           expansions and additions to the Borrower&#146;s
property (including           Timberlands), plant and equipment.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.08
Sale of Stock and Indebtedness of Subsidiaries.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Restricted Subsidiaries to,
sell or otherwise dispose of, or part with control of, any shares of stock or Indebtedness
of any Subsidiary, except to the Borrower or a Restricted Subsidiary, and except that all
shares of stock and Indebtedness of any Subsidiary (other than the Facilities Subsidiary)
at the time owned by or owed to the Borrower and its Restricted Subsidiaries may be sold
as an entirety for a cash consideration which represents the fair value (as determined in
good faith by a Responsible Officer) at the time of sale of the shares of stock and
Indebtedness so sold,<U> provided</U> that the assets of such Subsidiary do not include
any assets which could not be disposed of pursuant to the provisions of <U>Section&nbsp;7.02</U> unless the conditions to the sale of such assets set forth in <U>Section&nbsp;7.02</U> are complied with, and <U>further</U> <U>provided</U> that, at
the time of such sale, such Subsidiary shall not own, directly or indirectly, any shares
of stock or Indebtedness of any other Subsidiary (unless all of the shares of stock and
Indebtedness of such other Subsidiary owned, directly or indirectly, by the Borrower and
its Subsidiaries are simultaneously being sold as permitted by this <U>Section&nbsp;7.08</U>). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.09
Certain Contracts.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Restricted Subsidiaries to,
enter into or be a party to: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
contract providing for the making of loans, advances or capital           contributions
to any Person, or for the purchase of any Property from any           Person, in each
case in order primarily to enable such Person to maintain           working capital, net
worth or any other balance sheet condition or to pay debts,           dividends or
expenses; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
contract for the purchase of materials, supplies or other property or           services
if such contract (or any related document) requires that payment for           such
materials, supplies or other property or services shall be made regardless           of
whether or not delivery of such materials, supplies or other property or
          services is ever made or tendered, <U>provided</U> that nothing in this
          subsection&nbsp;(b) shall prevent the Borrower from (i)&nbsp;entering into
          take-or-pay contracts in the Ordinary Course of Business with the United States
          Forest Service, the Bureau of Land Management, the Bureau of Indian Affairs,
the           Washington Department of Natural Resources or similar state or federal
          governmental agencies, or (ii)&nbsp;making payments in satisfaction of
contracts           with such Persons which contracts are deemed by the Responsible
Representatives           to be disadvantageous to perform; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
contract to rent or lease (as lessee) any real or personal property if such
          contract (or any related document) provides that the obligation to make
payments thereunder is absolute and unconditional under conditions not customarily found
          in commercial leases then in general use or requires that the lessee purchase
or           otherwise acquire securities or obligations of the lessor; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
contract for the sale or use of materials, supplies or other property, or           the
rendering of services, if such contract (or any related document) requires           that
payment for such materials, supplies or other property, or the use thereof,           or
payment for such services, shall be subordinated to any indebtedness (of the
          purchaser or user of such materials, supplies or other property or the Person
          entitled to the benefit of such services) owed or to be owed to any Person; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
other contract which in economic effect, is substantially equivalent to a
          guarantee,  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>except as permitted by the provisions
of <U>Section&nbsp;7.04(a)</U>, <U>(e)</U>, <U>(f)</U>, <U>(g)</U>, (h), <U>(i)</U> or <U>(j)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.10
Joint Ventures.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Restricted Subsidiaries to,
enter into any Joint Venture, other than in Permitted Businesses and in Permitted
Ancillary Businesses and, in each case, so long as any such Joint Venture is not entered
into for the purposes of evading any covenant or restriction in any Loan Documents. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.11
Compliance with ERISA.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Subsidiaries to, without the
consent of the Required Lenders, (a)&nbsp;terminate any Plan subject to Title IV of ERISA so as to result in any material (in the opinion of the Required Lenders) liability to the
Borrower or any ERISA Affiliate, (b)&nbsp;permit to exist any ERISA Event with respect to
any Plan other than a Multiemployer Plan, which presents the risk of a material (in the
opinion of the Required Lenders) liability to the Borrower, (c)&nbsp;make a complete or
partial withdrawal (within the meaning of Section&nbsp;4201 of ERISA) from any
Multiemployer Plan so as to result in any material (in the opinion of the Required
Lenders) liability to the Borrower or any ERISA Affiliate, (d)&nbsp;enter into any new
Plan or modify any existing Plan so as to increase its obligations thereunder which could
result in any material (in the opinion of the Required Lenders) increase in its liability
with respect to such Plan, or (e)&nbsp;permit the present value of all nonforfeitable accrued benefits under any Qualified Plan (determined using the actuarial assumptions
utilized by the Plan&#146;s actuaries for funding the Plan pursuant to Section&nbsp;412 of
the Code) materially (in the opinion of the Required Lenders) to exceed the fair market
value of Plan assets allocable to such benefits, all determined as of the most recent
valuation date for each such Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.12
Sale and Leaseback.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Restricted Subsidiaries to,
enter into any arrangement with any lender or investor or to which such lender or investor
is a party providing for the leasing by the Borrower or any Restricted Subsidiary of real
or personal property which has been or is to be sold or transferred by the Borrower or any
Restricted Subsidiary to such lender or investor or to any Person to whom funds have been
or are to be advanced by such lender or investor on the security of such property or
rental obligations of the Borrower or any Restricted Subsidiary, <U>provided</U> that this <U>Section&nbsp;7.12 </U>shall not apply to any property sold pursuant to <U>Section&nbsp;7.02(h)</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.13
Restricted Payments.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not permit or suffer any Subsidiary to, directly or
indirectly pay, declare, order, make or set apart any sum for any Restricted Payment,
except that the Borrower may make, pay or set apart during each calendar quarter one or
more Restricted Payments if: </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          such
Restricted Payments are in an aggregate amount not exceeding the amount by
          which Available Cash with respect to the immediately preceding calendar quarter
          exceeds any amount contributed to Available Cash with respect to such
          immediately preceding calendar quarter by any Subsidiary if and to the extent
          that the payment of such amount as a dividend or distribution to the Borrower
          has not been made and is not at the time permitted by the terms of such
          Subsidiary&#146;s charter or any agreement, instrument, judgment, decree,
order,           statute, rule or governmental regulation applicable to such Subsidiary,
<U>provided</U> that in determining Available Cash with respect to such
          immediately preceding calendar quarter, the Borrower will include in the amount
          of reserves established during such quarter pursuant to clause&nbsp;(ii)(d) of
          the definition of Available Cash an amount not less than (i)&nbsp;50% of the
          aggregate amount of all interest in respect of the Other Senior Notes to be
paid           on the interest payment date immediately following such immediately
preceding           calendar quarter, (ii)&nbsp;100% of the aggregate amount of all
interest in           respect of the Loans to be paid on the respective Interest Payment
Dates for           such Loans, and (iii)&nbsp;25% of the aggregate amount of all
principal in           respect of the 1989 Notes and the Series D Notes scheduled to be
paid           (determined in accordance with the Principal Repayment Proviso) during the
12           calendar months immediately following such immediately preceding calendar
          quarter, and the Borrower will not reduce the amount of the reserves so
          included, in determining Available Cash for any calendar quarter subsequent to
          such immediately preceding calendar quarter pursuant to clause&nbsp;(i)(c) of
          the definition of Available Cash, unless and until the amount of interest or
          principal in respect of which such amount has been reserved has in fact been
          paid; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          immediately
after giving effect to any such proposed action no condition or           event shall
exist which constitutes an Event of Default or Material Default.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Borrower will not, in any event,
directly or indirectly declare, order, pay or make any Restricted Payment except in cash. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.14
Change in Business.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any Subsidiary to, engage in any
business other than Permitted Businesses and Permitted Ancillary Businesses. In addition,
the Borrower will not, and will not permit any Restricted Subsidiary to, (i) sell,
transfer or otherwise dispose of any of its Timberlands or Timber (collectively,
&#147;<U>Timber Properties</U>&#148;) to Holding or any Subsidiary of Holding (whether or
not at the time they are Restricted Subsidiaries, and herein collectively called the
&#147;<U>Manufacturing Entities</U>&#148;) unless such transaction is a transaction
permitted under <U>Section 7.02(f)</U> or <U>Section 7.02(h)</U>, or (ii) invest in or
otherwise transfer to any of the Manufacturing Entities the proceeds (&#147;<U>Timber
Proceeds</U>&#148;) of the sale or disposition of any such Timber Properties (unless such
proceeds are derived from a transaction permitted under <U>Section 7.02(f)</U> or <U>Section 7.02(h)</U>). Any Timber Proceeds being used to &#147;purchase productive
assets in the same line of business&#148; under the provisions of <U>Section 7.02(i)</U> shall not be used for any purpose except for the acquisition of Timber Properties to be
owned directly by the Borrower or a Restricted Subsidiary which is not one of the
Manufacturing Entities. Notwithstanding the foregoing, the Borrower and its Restricted
Subsidiaries may sell Timber to the Manufacturing Entities in connection with, and in
transactions which constitute part of, harvesting activities conducted in accordance with
the requirements of <U>Section 7.03</U>. All acquisitions of Timber Properties by the
Borrower and its Restricted Subsidiaries shall be made only by the Borrower directly or
indirectly through Restricted Subsidiaries which are not Manufacturing Entities. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.15
Issuance of Stock by Subsidiaries.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not permit any Subsidiary to (either directly, or indirectly by the
issuance of rights or options for, or securities convertible into, such shares) issue,
sell or otherwise dispose of any shares of any class of its stock or partnership or other
ownership interests (other than directors&#146; qualifying shares) except to the Borrower
or a Restricted Subsidiary, and except to the extent that holders of minority interests
may be entitled to purchase stock by reason of preemptive rights. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.16
Amendments.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not, and shall not suffer or permit any of its Subsidiaries to, amend,
modify, supplement or waive any provision of any agreement evidencing Funded Debt in
excess of $35,000,000 which amendment, modification, supplement or waiver would reasonably
be expected to impair the Administrative Agent&#146;s or the Lenders&#146; rights
hereunder or the ability of the Borrower to perform its obligations under any Loan
Document. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.17
Available Cash.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not at any time permit Available Cash to be less than zero. For purposes of
this <U>Section&nbsp;7.17</U>, in determining Available Cash with respect to the
immediately preceding calendar quarter, the Borrower will include in the amount of
reserves established during such quarter pursuant to clause&nbsp;(ii)(d)(1) (with respect
to principal on Indebtedness) and clause (ii)(d)(4) of the definition of &#147;Available
Cash&#148; an amount not less than (a)&nbsp;50% of the aggregate amount of all interest in
respect of the Other Senior Notes to be paid on the interest payment date immediately
following such immediately preceding calendar quarter, (b)&nbsp;100% of the aggregate
amount of all interest in respect of the Loans to be paid on the respective Interest
Payment Dates for such Loans, and (c)&nbsp;25% of the aggregate amount of all principal in
respect of the 1989 Notes and the Series D Notes scheduled to be paid (determined in
accordance with the Principal Repayment Proviso) during the 12&nbsp;calendar months
immediately following such immediately preceding calendar quarter, and the Borrower will
not reduce the amount of the reserves so included in determining Available Cash for any
calendar quarter subsequent to such immediately preceding calendar quarter pursuant to
clause (i)(c) of the definition of Available Cash, unless and until the amount of interest
or principal in respect of which such amount has been reserved has in fact been paid. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.18
Interest Coverage Ratio.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not permit its Interest Coverage Ratio as of the end of any fiscal quarter
of the Borrower to be less than 2.75 to 1.00. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.19
Maximum Leverage Ratio.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not permit the Maximum Leverage Ratio as of the end of any fiscal quarter
of the Borrower to exceed sixty percent (60%). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Maximum
Leverage Ratio</U>&#148;<I> </I>means, at any date of determination, a quotient, expressed
as a percentage, the numerator of which shall be the total Funded Debt of the Borrower and
its Subsidiaries on a consolidated basis as of such date and the denominator of which
shall be the net worth of the Borrower and its Subsidiaries on a consolidated basis plus
the total Funded Debt of the Borrower and its Subsidiaries on a consolidated basis as of
such date. The Maximum Leverage Ratio shall be computed without giving effect to any
write-up or write-down of the Funded Debt, or corresponding adjustments to interest
expense in connection with such write-up or write-down, required under GAAP by virtue of
the Merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.20
Tax Matters Agreement.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall not directly or indirectly assume the obligations of the REIT under the Tax
Matters Agreement or agree to reimburse or indemnify the REIT for any of its obligations thereunder, excepting only an assumption of a specified amount of liability that is paid
by the Borrower simultaneously with such assumption at a time when (a) no Default or Event
of Default exists and (b) no Event of Default would exist under <U>Section&nbsp;7.17</U>, <U>7.18</U>, or <U>7.19</U> giving pro forma effect, as the last day of the most recent
fiscal quarter for which financial statements have been delivered pursuant to <U>Section&nbsp;6.01</U>, to the payment of the amount so assumed and to all Funded Debt
incurred by the Borrower or any of its Subsidiaries since such date pursuant to <U>Section&nbsp;7.05(i)</U> that is not used for the concurrent retirement of other Funded
Debt. For purposes of this determination of pro forma compliance with <U>Section </U>7.18
(Interest Coverage Ratio), such Funded Debt incurred since the end of the period covered
by those most recent financial statements shall be treated as though it had been
outstanding for the four fiscal quarters then ending at the interest rate in effect at the
date of determination and EBITDA shall be computed (pursuant to the procedures set forth
in clause (e) of the definition thereof) giving effect to any Timber acquired since the
end of that period. </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VIII.<BR>EVENTS OF DEFAULT AND
REMEDIES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.01
Events of Default.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of the following shall constitute an Event of Default: </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Payment</U>.
The Borrower or any other Loan Party fails to pay (i) when           and as required to
be paid herein, any amount of principal of any Loan or any           L/C Obligation, or
(ii) within five (5) days after the same becomes due, any           interest, fee or any
other amount payable hereunder or under any other Loan           Document; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. Any representation or warranty by the           Borrower or any other
Loan Party made or deemed made herein, in any Loan           Document, or which is
contained in any certificate, document or financial or           other statement by the
Borrower, any of the Responsible Representatives, any of           the Responsible
Officers, any other Loan Parties, or any of the Loan           Parties&#146; respective
responsible officers and/or responsible           representatives, furnished at any time
under this Agreement, or in or under any           Loan Document, shall prove to have
been incorrect in any material respect on or           as of the date made or deemed
made; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific
Covenants</U>. The Borrower fails to perform or observe any term,           covenant or
agreement contained in <U>Section&nbsp;6.03</U> or <U>Section           6.09</U> or <U>Article
VII</U>; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Defaults</U>. The Borrower or any other Loan Party fails to perform or           observe
any other term, covenant or agreement (not specified in subsection (a)           or (c)
above) contained in any Loan Document to which such Loan Party is a party           on
its part to be performed or observed and such failure continues unremedied for a period
of 20 days after the earlier of (i)&nbsp;the date upon which a           Responsible
Officer or Responsible Representative knew or should have known of           such failure
or (ii)&nbsp;the date upon which written notice thereof is given to           the
Borrower by the Administrative Agent or any Lender; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cross-Default</U>.
(i) the Borrower or any of its Subsidiaries (A)&nbsp;fails           to make any payment
in respect of any Indebtedness (other than in respect of           Swap Contracts) having
an aggregate principal amount (including undrawn committed or available amounts and
including amounts owing to all creditors           under any combined or syndicated
credit arrangement) of more than $5,000,000           when due (whether by scheduled
maturity, required prepayment, acceleration,           demand, or otherwise) beyond any
period of grace provided with respect thereto;           or (B)&nbsp;fails to perform or
observe any other condition or covenant, or any           other event shall occur or
condition exist, under any agreement or instrument           relating to any such
Indebtedness, if the effect of such failure, event or           condition is to cause, or
to permit the holder or holders of such Indebtedness           or beneficiary or
beneficiaries of such Indebtedness (or a trustee or agent on           behalf of such
holder or holders or beneficiary or beneficiaries) to cause such           Indebtedness
to be declared to be due and payable prior to its stated maturity,           or with
respect to any contingent obligations, to become payable or cash           collateral in
respect thereof to be demanded; or (ii) there occurs under any           Swap Contract an
Early Termination Date (as defined in such Swap Contract)           resulting from (1)&nbsp;any
event of default under such Swap Contract as to           which the Borrower or any
Subsidiary is the Defaulting Party (as defined in such           Swap Contract) or (2)&nbsp;any
Termination Event (as so defined) as to which the           Borrower or any Subsidiary is
an Affected Party (as so defined), and, in either           event, the Swap Termination
Value owed by the Borrower or such Subsidiary as a           result thereof is greater
than $5,000,000, or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insolvency;
Voluntary Proceedings<I></I></U><I>.</I> The Borrower, any of its           Subsidiaries,
or any Partner Entity (i)&nbsp;ceases or fails to be Solvent, or           generally
fails to pay, or admits in writing its inability to pay, its debts as           they
become due, subject to applicable grace periods, if any, whether at stated
          maturity or otherwise; (ii)&nbsp;voluntarily ceases to conduct its business in
          the ordinary course; (iii)&nbsp;commences, institutes or consents to the
          institution or commencement of any Insolvency Proceeding with respect to
itself;           or (iv)&nbsp;takes any action to effectuate or authorize any of the
foregoing;           or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Involuntary
Proceedings<I></I></U><I>.</I> (i)&nbsp;Any involuntary           Insolvency Proceeding
is commenced or filed against the Borrower, any other Loan           Party, the
Facilities Subsidiary, any Restricted Subsidiary of the Borrower, or           any
Partner Entity, or any writ, judgment, warrant of attachment, execution or
          similar process, is issued or levied against a substantial part of the
          Borrower&#146;s, any other Loan Party&#146;s, any of its Restricted
          Subsidiaries&#146;, any Partner Entities&#146; or the Facilities
          Subsidiaries&#146; Properties, and any such proceeding or petition shall not be
          dismissed, or such writ, judgment, warrant of attachment, execution or similar
          process shall not be released, vacated or fully bonded within 60 days after
          commencement, filing or levy; (ii)&nbsp;the Borrower, any other Loan Party, any
          Partner Entity, the Facilities Subsidiary, or any of the Borrower&#146;s
          Restricted Subsidiaries admits the material allegations of a petition against
it           in any Insolvency Proceeding, or an order for relief (or similar order under
          non-U.S. law) is ordered in any Insolvency Proceeding; (iii)&nbsp;the Borrower,
          any other Loan Party, any Partner Entity, any of the Borrower&#146;s Restricted
          Subsidiaries, or the Facilities Subsidiary applies for, consents to, or
          acquiesces in the appointment of any receiver, trustee, custodian, conservator,
          liquidator, rehabilitator, mortgagee in possession (or agent therefor), or
other           similar Person for itself or a substantial portion of its Property or
business;           or (iv) any receiver, trustee, custodian, conservator, liquidator,
          rehabilitator, mortgagee in possession (or agent therefor), or other similar
          Person is appointed for the Borrower, any other Loan Party, any Partner Entity,
          any of the Borrower&#146;s Restricted Subsidiaries, or the Facilities
Subsidiary           or a substantial portion of the Property or business of the
Borrower, any other           Loan Party, any Partner Entity, any of the Borrower&#146;s
Restricted           Subsidiaries, or the Facilities Subsidiary, in each case without the
application           or consent of any of the Borrower, any other Loan Party, any
Partner Entity, any           of the Borrower&#146;s Restricted Subsidiaries, or the
Facilities Subsidiary and           the appointment continues undischarged or unstayed
for 60 days; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ERISA</U>.
(i)&nbsp;The Borrower or an ERISA Affiliate shall fail to pay when           due, after
the expiration of any applicable grace period, any installment           payment with
respect to its withdrawal liability under a Multiemployer Plan;           (ii)&nbsp;any
member of the Controlled Group shall fail to satisfy its           contribution
requirements under Section&nbsp;412(c)(11) of the Code, whether or           not it has
sought a waiver under Section&nbsp;412(d) of the Code; (iii)&nbsp;in           the case
of an ERISA Event involving the withdrawal from a Plan of a           &#147;substantial
employer&#148; (as defined in Section&nbsp;4001(a)(2) or           Section&nbsp;4062(e)
of ERISA), the withdrawing employer&#146;s proportionate           share of that Plan&#146;s
Unfunded Pension Liabilities is more than $10,000,000;           (iv)&nbsp;in the case of
an ERISA Event involving the complete or partial           withdrawal from a
Multiemployer Plan, the withdrawing employer has incurred a           withdrawal
liability in an aggregate amount exceeding $10,000,000; (v)&nbsp;in           the case of
an ERISA Event not described in clause&nbsp;(iii) or (iv), the           Unfunded Pension
Liabilities of the relevant Plan or Plans exceed $10,000,000;           (vi)&nbsp;a Plan
that is intended to be qualified under Section&nbsp;401(a) of           the Code shall
lose its qualification, and the loss can reasonably be expected           to impose on
the Borrower or its ERISA Affiliates liability (for additional           taxes, to Plan
participants, or otherwise) in the aggregate amount of           $10,000,000 or more;
(vii)&nbsp;the commencement or increase of contributions           to, or the adoption of
or the amendment of a Plan by, the Borrower or an ERISA Affiliate which commencement,
increase or amendment shall result in a net           increase in unfunded liabilities to
the Borrower and the ERISA Affiliates in           excess of $10,000,000; (viii)&nbsp;the
Borrower or an ERISA Affiliate engages in           or otherwise becomes liable for a
non-exempt prohibited transaction and the           initial tax or additional tax under
Section 4975 of the Code relating thereto           might reasonably be expected to
exceed $10,000,000; (ix)&nbsp;a violation of           Section 404 or 405 of ERISA or the
exclusive benefit rule under Section 401(a)           of the Code if such violation might
reasonably be expected to expose Borrower or           its ERISA Affiliates to monetary
liability in excess of $10,000,000;           (x)&nbsp;any member of the Controlled Group
is assessed a tax under Section           4980B of the Code in excess of $10,000,000; or
(xi) the occurrence of any           combination of events listed in clauses&nbsp;(iii)
through (x) that would           reasonably be expected to result in a net increase to
the Borrower and its ERISA Affiliates in aggregate Unfunded Pension Liabilities, unfunded
liabilities, or           any combination thereof, in excess of $10,000,000; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Monetary
Judgments<I></I></U><I>.</I> One or more non-interlocutory           judgments, orders or
decrees shall be entered against the Borrower or any of its           Subsidiaries
involving in the aggregate a liability (not fully covered by           independent
third-party insurance) as to any single or related series of           transactions,
incidents or conditions, of $25,000,000 or more, and the same           shall remain
unsatisfied, unvacated and unstayed pending appeal for a period of           30 days
after the entry thereof; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Monetary
Judgments</U>. Any non-monetary judgment, order or decree shall           be rendered
against the Borrower or any of its Subsidiaries which does or would           reasonably
be expected to have a Material Adverse Effect, and there shall be any           period of
10 consecutive days during which a stay of enforcement of such           judgment or
order, by reason of a pending appeal or otherwise, shall not be in           effect; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Auditors</U>.
The Administrative Agent or any Lender shall receive notice           from the
Independent Auditor that the Administrative Agent and the Lenders           should no
longer use or rely upon any audit report or other financial data           provided by
the Independent Auditor; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adverse
Change<I></I></U><I>.</I> One of the following has occurred and the
          Administrative Agent, at the direction of the Required Lenders, shall so notify
          the Borrower: (i)&nbsp;a material adverse change in, or a material adverse
          effect upon, any of the operations, business, properties, or condition
          (financial or otherwise) of the Borrower or the Borrower and its Subsidiaries
          taken as a whole or as to any Restricted Subsidiary which materially impairs
the           ability of the Borrower to perform under any Loan Document and avoid any
Event           of Default, or (ii)&nbsp;a material adverse effect upon the legality,
validity,           binding effect or enforceability of any Loan Document; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
of Control</U>. One of the following has occurred (i)&nbsp;a Change of           Control
of the REIT; (ii) the REIT ceases for any reason to be the sole member           of Plum
Creek Timber I; (iii) the REIT ceases for any reason to own directly 99%           of the
limited partnership interests in the Borrower; or (iv) Plum Creek Timber           I
ceases for any reason to be the sole general partner of the Borrower; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Impairment
of Certain Documents</U>. Except as otherwise expressly permitted           in any Loan
Document, any of the Loan Documents shall terminate, cease to be in           full force
and effect, or cease in whole or in part to be the legally valid,           binding, and
enforceable obligation of the relevant Loan Party, or any Loan           Party or any
Person acting for or on behalf of any Loan Party contests in any           manner the
validity, binding effect or enforceability or any of the Loan           Documents, or any
Loan Party denies that it has any or further liability or           obligation under any
Loan Document, or any Loan Party purports to revoke,           terminate or rescind any
Loan Document.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.02
Remedies Upon Event of Default.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the
following actions: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          declare
the commitment of each Lender to make Loans and any obligation of the           L/C
Issuer to make L/C Credit Extensions to be terminated, whereupon such
          commitments and obligation shall be terminated;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          declare
the unpaid principal amount of all outstanding Loans, all interest           accrued and
unpaid thereon, and all other amounts owing or payable hereunder or           under any
other Loan Document to be immediately due and payable, without           presentment,
demand, protest or other notice of any kind, all of which are           hereby expressly
waived by the Borrower;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          require
that the Borrower Cash Collateralize the L/C Obligations (in an amount           equal to
the then Outstanding Amount thereof); and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          exercise
on behalf of itself and the Lenders all rights and remedies available           to it and
the Lenders under the Loan Documents or applicable law;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>provided</U>, <U>however</U>, that
upon the occurrence of any event specified in <U>Section 8.01(f)</U> or <U>Section
8.01(g)</U> (in the case of clauses (i) and (ii) of <U>Section 8.01(g)</U> upon the
expiration of the 60-day period mentioned therein), the obligation of each Lender to make
Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall
automatically terminate, the unpaid principal amount of all outstanding Loans and all
interest and other amounts as aforesaid shall automatically become due and payable, and
the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid
shall automatically become effective, in each case without further act of the
Administrative Agent or any Lender. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.03
Application of Funds.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the exercise of remedies provided for in <U>Section 8.02</U> (or after the Loans have
automatically become immediately due and payable and the L/C Obligations have
automatically been required to be Cash Collateralized as set forth in the proviso to <U>Section 8.02</U>), any amounts received on account of the Obligations shall be applied
by the Administrative Agent in the following order: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>First</U>,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and
other amounts (including Attorney Costs and amounts payable under <U>Article III</U>)
payable to the Administrative Agent in its capacity as such; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Second</U>,
to payment of that portion of the Obligations constituting fees, indemnities and other
amounts (other than principal and interest) payable to the Lenders (including Attorney
Costs and amounts payable under <U>Article III</U>), ratably among them in proportion to
the amounts described in this clause <U>Second</U> payable to them; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third</U>,
to payment of that portion of the Obligations constituting accrued and unpaid interest on
the Loans and L/C Borrowings, ratably among the Lenders in proportion to the respective
amounts described in this clause <U>Third</U> payable to them; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fourth</U>,
to payment of that portion of the Obligations constituting unpaid principal of the Loans
and L/C Borrowings, ratably among the Lenders in proportion to the respective amounts
described in this clause <U>Fourth</U> held by them; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fifth</U>,
to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that
portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sixth</U>,
to payment of that portion of the Obligations constituting unpaid principal of the Swap
Contracts between the Borrower and any Lender or Affiliate of any Lender, ratably among
the Lenders in proportion to the amounts described in this clause <U>Sixth</U> payable to
them; and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Last</U>,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to
the Borrower or as otherwise required by Law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subject to <U>Section 2.03(c)</U>,
amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to clause <U>Fifth</U> above shall be applied to satisfy drawings under such
Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after
all Letters of Credit have either been fully drawn or expired, such remaining amount shall
be applied to the other Obligations, if any, in the order set forth above. </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE IX.<BR>ADMINISTRATIVE AGENT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.01
Appointment and Authorization of Administrative Agent.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Each
Lender hereby irrevocably appoints, designates and authorizes the
          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 herein or in any other Loan Document, the Administrative
          Agent shall not have any duties or responsibilities, except those expressly set
          forth herein, nor shall the 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 the           Administrative Agent. Without limiting the generality of the
foregoing sentence,           the use of the term &#147;agent&#148; herein and in the
other Loan Documents           with reference to the 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.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
L/C Issuer shall act on behalf of the Lenders with respect to any Letters of
          Credit issued by it and the documents associated therewith, and the L/C Issuer
          shall have all of the benefits and immunities (i)&nbsp;provided to the
          Administrative Agent in this <U>Article IX</U> with respect to any acts taken
or           omissions suffered by the L/C Issuer in connection with Letters of Credit
issued           by it or proposed to be issued by it and the applications and agreements
for           letters of credit pertaining to such Letters of Credit as fully as if the
term           &#147;Administrative Agent&#148; as used in this <U>Article IX</U> and in
the           definition of &#147;Agent-Related Person&#148; included the L/C Issuer with
          respect to such acts or omissions, and (ii)&nbsp;as additionally provided
herein           with respect to the L/C Issuer.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.02
Delegation of Duties.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
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 and other consultants or experts concerning all matters pertaining to
such duties. The 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.03
Liability of Administrative Agent.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Agent-Related Person shall (a) 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 (b) be
responsible in any manner to any Lender or participant for any recital, statement,
representation or warranty made by any Loan Party or any officer thereof, contained herein
or in any other Loan Document, or in any certificate, report, statement or other document
referred to or provided for in, or received by the Administrative Agent 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 Loan Party or any other party to any Loan
Document to perform its obligations hereunder or thereunder. No 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 Loan Party or any Affiliate thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.04
Reliance by Administrative Agent.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
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, electronic mail 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 Loan Party),
          independent accountants and other experts selected by the Administrative Agent.
          The 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 the Required Lenders as it deems appropriate and, if
it so           requests, it shall first be indemnified to its satisfaction by the
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. The 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 the Required Lenders (or such greater number of Lenders
as may be           expressly required hereby in any instance) and such request and any
action taken           or failure to act pursuant thereto shall be binding upon all the
Lenders.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of determining compliance with the conditions specified in <U>Section 4.01</U>,
each Lender that has signed this Agreement shall be deemed           to have consented
to, approved or accepted or to be satisfied with, each           document or other matter
required thereunder to be consented to or approved by           or acceptable or
satisfactory to a Lender unless the Administrative Agent shall           have received
notice from such Lender prior to the proposed Closing Date           specifying its
objection thereto.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.05
Notice of Default.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default, except with respect to defaults in the payment of principal, interest and
fees required to be paid to the Administrative Agent for the account of the Lenders,
unless the Administrative Agent shall have received written notice from a Lender or the
Borrower referring to this Agreement, describing such Default and stating that such notice
is a &#147;notice of default.&#148; The Administrative Agent will notify the Lenders of
its receipt of any such notice. The Administrative Agent shall take such action with
respect to such Default as may be directed by the Required Lenders in accordance with <U>Article VIII</U>; <U>provided</U>, <U>however</U>, that unless and until the
Administrative Agent has received any such direction, the Administrative Agent may (but
shall not be obligated to) take such action, or refrain from taking such action, with
respect to such Default as it shall deem advisable or in the best interest of the Lenders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.06
Credit Decision; Disclosure of Information by Administrative Agent.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lender acknowledges that no Agent-Related Person has made any representation or warranty
to it, and that no act by the Administrative Agent hereafter taken, including any consent
to and acceptance of any assignment or review of the affairs of any Loan Party or any
Affiliate thereof, shall be deemed to constitute any representation or warranty by any
Agent-Related Person to any Lender as to any matter, including whether Agent-Related
Persons have disclosed material information in their possession. Each Lender represents to
the Administrative Agent that it has, independently and without reliance upon any
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 the Loan
Parties and their respective Subsidiaries, and all applicable bank or other regulatory
Laws relating to the transactions contemplated hereby, and made its own decision to enter
into this Agreement and to extend credit to the Borrower hereunder. Each Lender also
represents that it will, independently and without reliance upon any 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 the Borrower and the other
Loan Parties. Except for notices, reports and other documents expressly required to be
furnished to the Lenders by the Administrative Agent herein, the Administrative Agent
shall not have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, prospects, operations, property, financial and other
condition or creditworthiness of any of the Loan Parties or any of their respective
Affiliates which may come into the possession of any Agent-Related Person. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.07
Indemnification of Administrative Agent.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not the transactions contemplated hereby are consummated, the Lenders shall indemnify
upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of any
Loan Party and without limiting the obligation of any Loan Party to do so), pro rata, and
hold harmless each Agent-Related Person from and against any and all Indemnified
Liabilities incurred by it; <U>provided</U>, <U>however</U>, that no Lender shall be
liable for the payment to any Agent-Related Person of any portion of such Indemnified
Liabilities to the extent determined in a final, nonappealable judgment by a court of
competent jurisdiction to have resulted from such Agent-Related Person&#146;s own gross
negligence or willful misconduct; <U>provided</U>, <U>however</U>, that no action taken in
accordance with the directions of the Required 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 the Administrative Agent upon demand for its
ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred
by the 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, to the extent that the Administrative Agent is not
reimbursed for such expenses by or on behalf of the Borrower. The undertaking in this
Section shall survive termination of the Aggregate Commitments, the payment of all other
Obligations and the resignation of the Administrative Agent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.08
Administrative Agent in its Individual Capacity.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 each of the Loan
Parties and their respective Affiliates as though Bank of America were not the
Administrative Agent or the L/C Issuer hereunder and without notice to or consent of the
Lenders. The Lenders acknowledge that, pursuant to such activities, Bank of America or its
Affiliates may receive information regarding any Loan Party or its Affiliates (including
information that may be subject to confidentiality obligations in favor of such Loan Party
or such Affiliate) and acknowledge that the 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 such rights and powers as though it were not the Administrative Agent or the L/C
Issuer, and the terms &#147;Lender&#148; and &#147;Lenders&#148; include Bank of America
in its individual capacity. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.09
Successor Administrative Agent.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent may resign as Administrative Agent upon 30 days&#146; notice to the
Lenders. If the Administrative Agent resigns under this Agreement, the Required Lenders
shall appoint from among the Lenders a successor administrative agent for the Lenders,
which successor administrative agent shall be subject to the approval of the Borrower at
all times other than during the existence of an Event of Default (which approval of the
Borrower shall not be unreasonably withheld or delayed). If no successor administrative
agent is appointed prior to the effective date of the resignation of the Administrative
Agent, the Administrative Agent may appoint, after consulting with the Lenders and the
Borrower, a successor administrative agent from among the Lenders. Upon the acceptance of
its appointment as successor administrative agent hereunder, the Person acting as such
successor administrative agent shall succeed to all the rights, powers and duties of the
retiring Administrative Agent and the term &#147;Administrative Agent&#148; shall mean
such successor administrative agent, and the retiring Administrative Agent&#146;s
appointment, powers and duties as Administrative Agent shall be terminated. After any
retiring Administrative Agent&#146;s resignation hereunder as Administrative Agent, the
provisions of this <U>Article IX</U> and <U>Sections&nbsp;10.04</U> and <U>10.05</U> 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 by the date which is 30 days following a
retiring Administrative Agent&#146;s notice of resignation, the retiring Administrative
Agent&#146;s resignation shall nevertheless thereupon become effective and the Lenders
shall perform all of the duties of the Administrative Agent hereunder until such time, if
any, as the Required Lenders appoint a successor agent as provided for above. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.10
Administrative Agent May File Proofs of Claim.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to any Loan Party, the Administrative Agent (irrespective of whether the principal of any
Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration
or otherwise and irrespective of whether the Administrative Agent shall have made any
demand on the Borrower) shall be entitled and empowered, by intervention in such
proceeding or otherwise </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          to
file and prove a claim for the whole amount of the principal and interest           owing
and unpaid in respect of the Loans, L/C Obligations and all other           Obligations
that are owing and unpaid and to file such other documents as may be           necessary
or advisable in order to have the claims of the Lenders and the           Administrative
Agent (including any claim for the reasonable compensation,           expenses,
disbursements and advances of the Lenders and the Administrative Agent           and
their respective agents and counsel and all other amounts due the Lenders           and
the Administrative Agent under <U>Sections 2.03(i)</U> and <U>(j)</U>, <U>2.09</U> and <U>10.04</U>)
allowed in such judicial proceeding; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          to
collect and receive any monies or other property payable or deliverable on           any
such claims and to distribute the same;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Lender to make such payments to the Administrative
Agent and, in the event that the Administrative Agent shall consent to the making of such
payments directly to the Lenders, to pay to the Administrative Agent any amount due for
the reasonable compensation, expenses, disbursements and advances of the Administrative
Agent and its agents and counsel, and any other amounts due the Administrative Agent under <U>Sections 2.09</U> and <U>10.04</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any
Lender or to authorize the Administrative Agent to vote in respect of the claim of any
Lender in any such proceeding. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.11
Other Agents; Arrangers and Managers.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Lenders or other Persons identified on the facing page or signature pages of this
Agreement as a &#147;syndication agent,&#148; &#147;documentation agent,&#148;
&#147;co-agent,&#148; &#147;book manager,&#148; &#147;lead manager,&#148;
&#147;arranger,&#148; &#147;lead arranger&#148; or &#147;co-arranger&#148; shall have any
right, power, obligation, liability, responsibility or duty under this Agreement other
than, in the case of such Lenders, those applicable to all Lenders as such. Without
limiting the foregoing, none of the Lenders or other Persons so identified 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 the Lenders or other Persons so
identified in deciding to enter into this Agreement or in taking or not taking action
hereunder. </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE X.<BR>MISCELLANEOUS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.01
Amendments, Etc.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
amendment or waiver of any provision of this Agreement or any other Loan Document, and no
consent to any departure by the Borrower or any other Loan Party therefrom, shall be
effective unless in writing signed by the Required Lenders and the Borrower or the
applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent,
and each such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given; <U>provided</U>, <U>however</U>, that no such
amendment, waiver or consent shall: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          waive
any condition set forth in <U>Section 4.01(a)</U> without the written           consent
of each Lender;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          extend
or increase the Commitment of any Lender (or reinstate any Commitment
          terminated pursuant to <U>Section 8.02</U>) without the written consent of such
          Lender;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          postpone
or delay any date fixed by this Agreement or any other Loan Document           for any
payment or mandatory prepayment of principal, interest, fees or other           amounts
due to the Lenders (or any of them) hereunder or under any other Loan           Document
without the written consent of each Lender directly affected thereby;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          reduce
the principal of, or the rate of interest specified herein on, any Loan           or L/C
Borrowing, or (subject to clause (iv) of the second proviso to this <U>Section 10.01</U>)
any fees or other amounts payable hereunder or under any           other Loan Document,
or change the manner of computation of any financial ratio           (including any
change in any applicable defined term) used in determining the           Applicable Rate,
the Letter of Credit Rate or the Facility Fee Rate that would           result in a
reduction of any interest rate on any Loan or any fee payable           hereunder without
the written consent of each Lender directly affected thereby; <U>provided</U>, <U>however</U>,
that only the consent of the Required Lenders           shall be necessary to amend the
definition of &#147;Default Rate&#148; or to           waive any obligation of the
Borrower to pay interest at the Default Rate.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          change
<U>Section 2.13</U> or <U>Section 8.03</U> in a manner that would alter           the pro
rata sharing of payments required thereby without the written consent of           each
Lender;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          change
any provision of this <U>Section 10.01</U> or the definition of           &#147;Required
Lenders&#148; or any other provision hereof specifying the number           or percentage
of Lenders required to amend, waive or otherwise modify any rights           hereunder or
make any determination or grant any consent hereunder, without the           written
consent of each Lender;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          change
any provision of <U>Section 2.05(b)</U> or <U>Section 2.06(b)</U>, or any           other
provision providing for a mandatory commitment reduction;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and, <U>provided</U> <U>further</U>,
that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C
Issuer in addition to the Lenders required above, affect the rights or duties of the L/C
Issuer under this Agreement or any Letter of Credit Application relating to any Letter of
Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in
writing and signed by the Swing Line Lender in addition to the Lenders required above,
affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no
amendment, waiver or consent shall, unless in writing and signed by the Administrative
Agent in addition to the Lenders required above, affect the rights or duties of the
Administrative Agent under this Agreement or any other Loan Document; and (iv) the Fee
Letter may be amended, or rights or privileges thereunder waived, in a writing executed
only by the parties thereto. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or
consent hereunder, except that the Commitment of such Lender may not be increased or
extended without the consent of such Lender. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.02
Notices and Other Communications; Facsimile Copies.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General.
Unless otherwise expressly provided herein, all notices and other
          communications provided for hereunder shall be in writing (including by
          facsimile transmission). All such written notices shall be mailed, faxed or
          delivered to the applicable address, facsimile number or (subject to subsection
          (c) below of this Section 10.02) electronic mail address, and all notices and
          other communications expressly permitted hereunder to be given by telephone
          shall be made to the applicable telephone number, as follows:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
     to the Borrower, the Administrative Agent, the L/C Issuer or the Swing Line
Lender, to the address,  facsimile number,  electronic mail address or telephone
number  specified  for such  Person on  <U>Schedule  10.02</U>  or to such other
address,  facsimile number, electronic mail address or telephone number as shall
be   designated  by  such  party  in  a  notice  to  the  other   parties;   and
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
     to any other Lender,  to the address,  facsimile  number,  electronic  mail
address or telephone number specified in its Administrative  Questionnaire or to
such other  address,  facsimile  number,  electronic  mail  address or telephone
number as shall be  designated  by such party in a notice to the  Borrower,  the
Administrative Agent, the L/C Issuer and the Swing Line Lender. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All such notices and other
communications shall be deemed to be given or made upon the earlier to occur of (i) actual
receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when
signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four
Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile,
when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic
mail (which form of delivery is subject to the provisions of subsection (c) below <U>Section 10.02</U>), when delivered; <U>provided</U>, <U>however</U>, that notices and
other communications to the Administrative Agent, the L/C Issuer and the Swing Line Lender
pursuant to <U>Article II</U> shall not be effective until actually received by such
Person. In no event shall a voicemail message be effective as a notice, communication or
confirmation hereunder. </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effectiveness
of Facsimile Documents and Signatures</U>. 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
manually-signed originals and shall be binding on all Loan           Parties, the
Administrative Agent and the Lenders. The Administrative Agent may           also require
that any such documents and signatures be confirmed by a           manually-signed
original thereof; <U>provided</U>, <U>however</U>, that the           failure to request
or deliver the same shall not limit the effectiveness of any           facsimile document
or signature.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limited
Use of Electronic Mail</U>.<B></B>Electronic mail and Internet and           intranet
websites may be used only to distribute routine communications, such as
          financial statements and other information as provided in <U>Section 6.02</U>,
          and to distribute Loan Documents for execution by the parties thereto, and may
          not be used for any other purpose.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Reliance
     by  Administrative  Agent and  Lenders.  The  Administrative  Agent and the
Lenders shall be entitled to rely and act upon any notices (including telephonic
Committed Loan Notices and Swing Line Loan Notices)  purportedly  given by or on
behalf  of the  Borrower  even if (i)  such  notices  were  not made in a manner
specified herein,  were incomplete or were not preceded or followed by any other
form of notice specified herein, or (ii) the terms thereof, as understood by the
recipient,  varied from any confirmation  thereof.  The Borrower shall indemnify
each Agent-Related Person and each Lender from all losses,  costs,  expenses and
liabilities   resulting  from  the  reliance  by  such  Person  on  each  notice
purportedly given by or on behalf of the Borrower. All telephonic notices to and
other  communications  with the  Administrative  Agent  may be  recorded  by the
Administrative  Agent,  and each of the parties  hereto hereby  consents to such
recording. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.03
No Waiver; Cumulative Remedies.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
failure by any Lender or the Administrative Agent to exercise, and no delay by any such
Person 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 hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and privileges
herein provided are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.04
Attorney Costs, Expenses and Taxes.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower agrees (a) to pay or reimburse the Administrative Agent for all costs and
expenses incurred by Bank of America (including in its capacity as Administrative Agent)
in connection with the development, preparation, negotiation and execution of this
Agreement and the other Loan Documents and any amendment, waiver, consent or other
modification of the provisions hereof and thereof (whether or not the transactions
contemplated hereby or thereby are consummated), and the consummation and administration
of the transactions contemplated hereby and thereby, including all Attorney Costs, and (b)
to pay or reimburse the Administrative Agent and each Lender for all costs and expenses
incurred in connection with the enforcement, attempted enforcement, or preservation of any
rights or remedies under this Agreement or the other Loan Documents (including all such
costs and expenses incurred during any &#147;workout&#148; or restructuring in respect of
the Obligations and during any legal proceeding, including any proceeding under any Debtor
Relief Law), including all 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 the Administrative Agent and
the cost of independent public accountants and other outside experts retained by the
Administrative Agent or any Lender. All amounts due under this <U>Section 10.04</U> shall
be payable within ten Business Days after demand therefor. The agreements in this Section
shall survive the termination of the Aggregate Commitments and repayment of all other
Obligations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.05
Indemnification by the Borrower.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not the transactions contemplated hereby are consummated, the Borrower shall indemnify
and hold harmless each Agent-Related Person, each Lender and their respective Affiliates,
directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the
&#147;<U>Indemnitees</U>&#148;) from and against any and all liabilities, obligations,
losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses
and disbursements (including Attorney Costs) of any kind or nature whatsoever which may at
any time be imposed on, incurred by or asserted against any such Indemnitee in any way
relating to or arising out of or in connection with (a) the execution, delivery,
enforcement, performance or administration of any Loan Document or any other agreement,
letter or instrument delivered in connection with the transactions contemplated thereby or
the consummation of the transactions contemplated thereby, (b) any Commitment, Loan or
Letter of Credit or the use or proposed use of the proceeds therefrom (including any
refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with the terms
of such Letter of Credit), or (c) any actual or alleged presence or release of Hazardous
Materials on or from any property currently or formerly owned or operated by the Borrower,
any Subsidiary of the Borrower, or any other Loan Party, or any Environmental Liability
related in any way to the Borrower, any Subsidiary of the Borrower, or any other Loan
Party, or (d) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory
(including any investigation of, preparation for, or defense of any pending or threatened
claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the &#147;<U>Indemnified
Liabilities</U>&#148;); <U>provided</U> that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or
disbursements are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of
such Indemnitee. No Indemnitee shall be liable for any damages arising from the use by
others of any information or other materials obtained through IntraLinks or other similar
information transmission systems in connection with this Agreement, nor shall any Indemnitee have any liability for any indirect or consequential damages relating to this
Agreement or any other Loan Document or arising out of its activities in connection
herewith or therewith (whether before or after the Closing Date). All amounts due under
this <U>Section 10.05</U> shall be payable within ten Business Days after demand therefor.
The agreements in this Section shall survive the resignation of the Administrative Agent,
the replacement of any Lender, the termination of the Aggregate Commitments and the
repayment, satisfaction or discharge of all the other Obligations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.06
Marshalling; Payments Set Aside.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Administrative Agent nor the Lenders shall be under any obligation to marshal any
assets in favor of the Borrower or any other Person or against or in payment of any or all
of the Obligations. To the extent that any payment by or on behalf of the Borrower is made
to the Administrative Agent or any Lender, or the Administrative Agent or any Lender
exercises its right of set-off, and such payment or the proceeds of such set-off or any
part thereof is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required (including pursuant to any settlement entered into by the Administrative
Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other
party, in connection with any proceeding under any Debtor Relief Law or otherwise, then
(a) to the extent of such recovery, the obligation or part thereof originally intended to
be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such set-off had not occurred, and (b) each Lender severally agrees
to pay to the Administrative Agent upon demand its applicable share of any amount so
recovered from or repaid by the Administrative Agent, plus interest thereon from the date
of such demand to the date such payment is made at a rate per annum equal to the Federal
Funds Rate from time to time in effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.07
Successors and Assigns.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
     provisions of this Agreement shall be binding upon and inure to the benefit
of the parties  hereto and their  respective  successors  and assigns  permitted
hereby, except that the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of each Lender
and no Lender may assign or otherwise  transfer any of its rights or obligations
hereunder  except (i) to an Eligible  Assignee in accordance with the provisions
of subsection (b) of this Section,  (ii) by way of  participation  in accordance
with the provisions of subsection (d) of this Section, or (iii) by way of pledge
or assignment of a security  interest  subject to the restrictions of subsection
(f) of this Section (and any other attempted assignment or transfer by any party
hereto shall be null and void). Nothing in this Agreement, expressed or implied,
shall be  construed  to confer upon any Person  (other than the parties  hereto,
their respective  successors and assigns permitted  hereby,  Participants to the
extent  provided in subsection (d) of this Section and, to the extent  expressly
contemplated  hereby,  the Indemnitees) any legal or equitable right,  remedy or
claim under or by reason of this Agreement. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Any
     Lender may at any time assign to one or more  Eligible  Assignees  all or a
portion of its rights and obligations  under this Agreement  (including all or a
portion  of its  Commitment  and  the  Loans  (including  for  purposes  of this
subsection  (b),  participations  in L/C Obligations and in Swing Line Loans) at
the  time  owing  to it);  <U>provided</U>  that  (i)  except  in the case of an
assignment  of  the  entire  remaining  amount  of the  assigning  Lender&#146;s
Commitment and the Loans at the time owing to it or in the case of an assignment
to a Lender or an  Affiliate  of a Lender or an  Approved  Fund (as  defined  in
subsection (g) of this Section) with respect to a Lender,  the aggregate  amount
of the Commitment (which for this purpose includes Loans outstanding thereunder)
subject to each such  assignment,  determined as of the date the  Assignment and
Assumption  Agreement  with  respect  to such  assignment  is  delivered  to the
Administrative  Agent  or,  if  &#147;Trade  Date&#148;   is  specified  in  the
Assignment and  Assumption  Agreement,  as of the Trade Date,  shall not be less
than $5,000,000 unless each of the Administrative Agent and, so long as no Event
of Default has occurred and is continuing, the Borrower otherwise consents (each
such  consent not to be  unreasonably  withheld or  delayed);  (ii) each partial
assignment  shall be made as an  assignment of a  proportionate  part of all the
assigning Lender&#146;s rights and obligations under this Agreement with respect
to the Loans or the Commitment assigned,  except that this clause (ii) shall not
apply to rights in  respect  of Swing  Line  Loans;  (iii) any  assignment  of a
Commitment must be approved by the Administrative  Agent, the L/C Issuer and the
Swing Line  Lender  (each  such  approval  not to be  unreasonably  withheld  or
delayed)  unless the Person  that is the  proposed  assignee  is itself a Lender
(whether or not the proposed  assignee  would  otherwise  qualify as an Eligible
Assignee);  and (iv) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Assumption Agreement, together with a
processing and  recordation  fee of $3,500.  Subject to acceptance and recording
thereof by the Administrative  Agent pursuant to subsection (c) of this Section,
from and after the effective  date  specified in each  Assignment and Assumption
Agreement,  the Eligible Assignee  thereunder shall be a party to this Agreement
and, to the extent of the interest  assigned by such  Assignment  and Assumption
Agreement, have the rights and obligations of a Lender under this Agreement, and
the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption Agreement, be released from its obligations under
this  Agreement  (and, in the case of an  Assignment  and  Assumption  Agreement
covering all of the assigning  Lender&#146;s  rights and obligations  under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be
entitled  to  the  benefits  of   <U>Sections   3.01</U>,   <U>3.04</U>,   3.05,
<U>10.04</U> and <U>10.05</U> with respect to facts and circumstances  occurring
prior to the effective date of such assignment).  Upon request, the Borrower (at
its  expense)  shall  execute and  deliver a Note to the  assignee  Lender.  Any
assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this subsection  shall be treated for purposes of this
Agreement  as a sale by such  Lender  of a  participation  in  such  rights  and
obligations in accordance with subsection (d) of this Section. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
     Administrative  Agent,  acting  solely for this  purpose as an agent of the
Borrower,  shall maintain at the  Administrative  Agent&#146;s  Office a copy of
each Assignment and Assumption  Agreement delivered to it and a register for the
recordation of the names and addresses of the Lenders,  and the  Commitments of,
and  principal  amounts of the Loans and L/C  Obligations  owing to, each Lender
pursuant     to    the    terms     hereof    from    time    to    time    (the
&#147;<U>Register</U>&#148;).  The entries in the Register  shall be conclusive,
and the Borrower, the Administrative Agent and the Lenders may treat each Person
whose name is recorded in the Register  pursuant to the terms hereof as a Lender
hereunder  for all  purposes of this  Agreement,  notwithstanding  notice to the
contrary. The Register shall be available for inspection by the Borrower and any
Lender,  at any  reasonable  time and from  time to time upon  reasonable  prior
notice. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Any
     Lender may at any time,  without the consent of, or notice to, the Borrower
or the  Administrative  Agent,  sell  participations to any Person (other than a
natural  person or the  Borrower  or any of the  Borrower&#146;s  Affiliates  or
Subsidiaries)  (each, a  &#147;<U>Participant</U>&#148;)  in all or a portion of
such Lender&#146;s rights and/or obligations under this Agreement (including all
or a portion of its Commitment  and/or the Loans  (including such  Lender&#146;s
participations  in L/C  Obligations  and/or  Swing  Line  Loans)  owing  to it);
<U>provided</U>   that  (i)&nbsp;such   Lender&#146;s   obligations  under  this
Agreement  shall remain  unchanged,  (ii)&nbsp;such  Lender shall remain  solely
responsible to the other parties hereto for the performance of such  obligations
and  (iii)&nbsp;the  Borrower,  the  Administrative  Agent and the other Lenders
shall  continue to deal solely and directly with such Lender in connection  with
such Lender&#146;s rights and obligations under this Agreement. Any agreement or
instrument  pursuant to which a Lender sells such a participation  shall provide
that such Lender shall retain the sole right to enforce  this  Agreement  and to
approve  any  amendment,  modification  or  waiver  of  any  provision  of  this
Agreement;  <U>provided</U>  that such  agreement or instrument may provide that
such Lender  will not,  without  the  consent of the  Participant,  agree to any
amendment,  waiver  or other  modification  described  in the first  proviso  to
<U>Section  10.01</U>  that  directly  affects  such  Participant.   Subject  to
subsection (e) of this Section,  the Borrower agrees that each Participant shall
be  entitled  to  the  benefits  of  <U>Sections   3.01</U>,   <U>3.04</U>   and
<U>3.05<I></I></U><I></I>to  the  same  extent  as if it were a  Lender  and had
acquired its interest by assignment  pursuant to subsection (b) of this Section.
To the extent  permitted by law, each  Participant also shall be entitled to the
benefits of  <U>Section&nbsp;10.09<I></I></U><I></I>as  though it were a Lender,
<U>provided</U>  such Participant agrees to be subject to <U>Section 2.13</U> as
though it were a Lender. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          A
Participant shall not be entitled to receive any greater payment under <U>Section 3.01</U> or
<U>3.04<I></I></U><I></I>than the applicable Lender           would have been entitled to
     receive with respect to the participation sold to such Participant,  unless
the  sale  of  the   participation   to  such   Participant  is  made  with  the
Borrower&#146;s  prior written  consent.  A Participant  that would be a Foreign
Lender  if  it  were  a  Lender  shall  not  be  entitled  to  the  benefits  of
<U>Section&nbsp;3.01</U>  unless the  Borrower is notified of the  participation
sold to such  Participant and such  Participant  agrees,  for the benefit of the
Borrower,  to  comply  with  <U>Section  10.15</U>  as  though it were a Lender.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Any
     Lender may at any time  pledge or assign a security  interest in all or any
portion of its rights under this Agreement (including under its Note, if any) to
secure obligations of such Lender,  including any pledge or assignment to secure
obligations to a Federal Reserve Bank or Farm Credit Bank;  <U>provided</U> that
no  such  pledge  or  assignment  shall  release  such  Lender  from  any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender
as a party hereto. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          As
used herein, the following terms have the following meanings:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eligible
     Assignee</U>&#148; means (a) a Lender; (b) an Affiliate of a Lender; (c) an
Approved Fund; and (d) any other Person (other than a natural  person)  approved
by (i) the  Administrative  Agent, the L/C Issuer and the Swing Line Lender, and
(ii) unless an Event of Default has  occurred  and is  continuing,  the Borrower
(each such approval not to be unreasonably withheld or delayed); <U>provided</U>
that  notwithstanding  the foregoing,  &#147;Eligible  Assignee&#148;  shall not
include the Borrower or any of the  Borrower&#146;s  Affiliates or Subsidiaries.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fund</U>&#148;&nbsp;means
     any Person  (other than a natural  person)  that is (or will be) engaged in
making,  purchasing,  holding or  otherwise  investing in  commercial  loans and
similar   extensions  of  credit  in  the  ordinary   course  of  its  business.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Approved
     Fund</U>&#148;  means any Fund that is  administered  or  managed  by (a) a
Lender,  (b) an  Affiliate  of a Lender or (c) an entity or an  Affiliate  of an
entity that administers or manages a Lender. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Notwithstanding
     anything to the contrary  contained  herein, if at any time Bank of America
assigns all of its Commitment and Loans pursuant to subsection (b) above of this
<U>Section 10.07</U>, Bank of America may, (i) upon 30 days&#146;  notice to the
Borrower and the Lenders,  resign as L/C Issuer  and/or (ii) upon 30  days&#146;
notice to the  Borrower,  resign as Swing Line Lender.  In the event of any such
resignation  as L/C Issuer or Swing Line Lender,  the Borrower shall be entitled
to appoint  from among the Lenders a  successor  L/C Issuer or Swing Line Lender
hereunder;  <U>provided</U>,  <U>however</U>, that no failure by the Borrower to
appoint any such  successor  shall affect the  resignation of Bank of America as
L/C Issuer or Swing Line Lender,  as the case may be. If Bank of America resigns
as L/C Issuer,  it shall retain all the rights and obligations of the L/C Issuer
hereunder with respect to all Letters of Credit  outstanding as of the effective
date of its  resignation  as L/C Issuer  and all L/C  Obligations  with  respect
thereto  (including the right to require the Lenders to make Base Rate Committed
Loans or fund risk participations in Unreimbursed Amounts pursuant to <U>Section
2.03(c)</U>).  If Bank of America resigns as Swing Line Lender,  it shall retain
all the rights of the Swing Line Lender  provided for hereunder  with respect to
Swing Line Loans made by it and  outstanding  as of the  effective  date of such
resignation,  including  the  right to  require  the  Lenders  to make Base Rate
Committed  Loans or fund risk  participations  in  outstanding  Swing Line Loans
pursuant to <U>Section 2.04(c)</U>. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.08
Confidentiality.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Each
of the Administrative Agent and the Lenders agrees to take normal and
          reasonable precautions and exercise due care to maintain the confidentiality of
          all Information (as defined below), except that Information or any part thereof
          may be disclosed (i) to its and its Affiliates&#146; directors, officers,
          employees and agents, including accountants, legal counsel and other advisors,
          (ii) to the extent requested by any Governmental Authority or any other
          regulatory authority (including any self-regulatory authority, such as the
          National Association of Insurance Commissioners) or in connection with an
          examination of such Lender by any such Governmental Authority or other
          regulatory authority, (iii) pursuant to subpoena or other court or legal
          process; (iv)&nbsp;when required to do so in accordance with any applicable
          Laws, (v) to any other party to this Agreement, (vi) to the extent reasonably
          required in connection with any litigation or proceeding to which the
          Administrative Agent, any Lender or their respective Affiliates may be party,
          (vii) to the extent reasonably required in connection with the exercise of any
          remedy hereunder or under any other Loan Document or any suit, action or
          proceeding relating to this Agreement or any other Loan Document or the
          enforcement of rights hereunder or thereunder, (viii) subject to an agreement
          containing provisions substantially the same as those of this Section, to any
          direct or indirect contractual counterparty or prospective counterparty (or
such           contractual counterparty&#146;s or prospective counterparty&#146;s
professional           advisor) to any credit derivative transaction relating to
obligations of the           Borrower or any other the Loan Party, (ix) to any Person
with the consent of the           Borrower, or (x) to the extent such Information (1)
becomes publicly available           other than as a result of a breach of this Section
or (2) becomes available to           the Administrative Agent or any Lender on a
nonconfidential basis. Any Person           required to maintain the confidentiality of
Information as provided in this           Section shall be considered to have complied
with its obligation to do so if           such Person has exercised the same degree of
care to maintain the           confidentiality of such Information as such Person would
accord to its own           confidential information. Notwithstanding the foregoing, the
Borrower authorizes           each Lender to disclose to any Participant or assignee
Lender (each, a           &#147;<U>Transferee</U>&#148;) and to any prospective
Transferee, such financial           and other information in such Lender&#146;s
possession concerning the Borrower           or its Subsidiaries which has been delivered
to the Administrative Agent or the           Lenders pursuant to this Agreement or which
has been delivered to the           Administrative Agent or the Lenders by the Borrower
in connection with the           Lenders&#146; credit evaluation of the Borrower prior to
entering into this           Agreement; <U>provided</U> that, unless otherwise agreed by
the Borrower, such           Transferee agrees in writing to such Lender to keep such
information           confidential to the same extent required of the Lenders hereunder.
In addition,           the Administrative Agent and the Lenders may disclose the
existence of this           Agreement and information about this Agreement to market data
collectors,           similar service providers to the lending industry, and service
providers to the           Administrative Agent and the Lenders in connection with the
administration and           management of this Agreement, the other Loan Documents, the
Commitments, and the           Credit Extensions.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this <U>Section 10.08</U>, &#147;<U>Information</U>&#148; means           all
information identified as &#147;confidential&#148; by the Borrower and           provided
to the Administrative Agent or any Lender by the Borrower or any           Subsidiary of
the Borrower, or by the Administrative Agent on the           Borrower&#146;s or such
Subsidiary&#146;s behalf, in connection with this           Agreement or any Loan
Documents, other than any such information that is           available to the
Administrative Agent or any Lender on a nonconfidential basis           prior to
disclosure by the Borrower or any Subsidiary of the Borrower.           Notwithstanding
anything herein to the contrary, &#147;Information&#148; shall           not include, and
the Borrower, the other Loan Parties, the Administrative Agent,           each Lender and
the respective Affiliates of each of the foregoing (and the           respective
partners, directors, officers, employees, agents, advisors and other
          representatives of each of the foregoing and their Affiliates) may disclose to
          any and all Persons, without limitation of any kind (i) any information with
          respect to the U.S. federal and state income tax treatment of the transactions
          contemplated hereby and any facts that may be relevant to understanding such
tax           treatment, which facts shall not include for this purpose the names of the
          parties or any other Person named herein, or information that would permit
          identification of the parties or such other Persons, or any pricing terms or
          other nonpublic business or financial information that is unrelated to such tax
          treatment or facts, and (ii) all materials of any kind (including opinions or
          other tax analyses) relating to such tax treatment or facts that are provided
to           any of the Persons referred to above.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.09
Set-off.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to any rights and remedies of the Lenders provided by law, upon the occurrence
and during the continuance of any Event of Default, each Lender is authorized at any time
and from time to time, without prior notice to the Borrower or any other Loan Party, any
such notice being waived by the Borrower (on its own behalf and on behalf of each Loan
Party) to the fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held by, and other
indebtedness at any time owing by, such Lender to or for the credit or the account of the
respective Loan Parties against any and all Obligations owing to such Lender hereunder or
under any other Loan Document, now or hereafter existing, irrespective of whether or not
the Administrative Agent or such Lender shall have made demand under this Agreement or any
other Loan Document and although such Obligations may be contingent or unmatured or
denominated in a currency different from that of the applicable deposit or indebtedness.
Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any
such set-off and application made by such Lender; <U>provided</U>, <U>however</U>, that
the failure to give such notice shall not affect the validity of such set-off and
application. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.10
Interest Rate Limitation.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#147;<U>Maximum Rate</U>&#148;). If the Administrative
Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the
excess interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the Borrower. In determining whether the interest contracted
for, charged, or received by the 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 hereunder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.11
Counterparts.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.12
Integration.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement, together with the other Loan Documents, comprises the complete and integrated
agreement of the parties on the subject matter hereof and thereof and supersedes all prior
agreements, written or oral, on such subject matter. 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; <U>provided</U> that the inclusion of supplemental rights or
remedies in favor of the Administrative Agent or the 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.13
Survival of Representations and Warranties.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall
survive the execution and delivery hereof and thereof. Such representations and warranties
have been or will be relied upon by the Administrative Agent and each Lender, regardless
of any investigation made by the Administrative Agent or any Lender or on their behalf and
notwithstanding that the Administrative Agent or any Lender may have had notice or
knowledge of any Default at the time of any Credit Extension, and shall continue in full
force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid
or unsatisfied or any Letter of Credit shall remain outstanding. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.14
Severability.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of this Agreement or the other Loan Documents is held to be illegal, invalid
or unenforceable, (a) the legality, validity and enforceability of the remaining
provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace
the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.15
Tax Forms.</B> </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          (i)
Each Lender that is not a &#147;United States person&#148; within the           meaning
of Section 7701(a)(30) of the Code (a &#147;<U>Foreign Lender</U>&#148;)           shall
deliver to the Administrative Agent, prior to receipt of any payment           subject to
withholding under the Code (or upon 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 Foreign Lender and entitling it to an
          exemption from, or reduction of, withholding tax on all payments to be made to
          such Foreign Lender by the Borrower pursuant to this Agreement) or IRS Form
          W-8ECI or any successor thereto (relating to all payments to be made to such
          Foreign Lender by the Borrower pursuant to this Agreement) or such other
          evidence satisfactory to the Borrower and the Administrative Agent that such
          Foreign Lender is entitled to an exemption from, or reduction of, U.S.
          withholding tax, including any exemption pursuant to Section 881(c) of the
Code.           Thereafter and from time to time, each such Foreign Lender shall (A)
promptly           submit to the 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 the Borrower and the Administrative Agent
of           any available exemption from or reduction of, United States withholding
taxes in           respect of all payments to be made to such Foreign Lender by the
Borrower           pursuant to this Agreement, (B) promptly notify the Administrative
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 the Borrower make any
deduction or           withholding for taxes from amounts payable to such Foreign Lender.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               Each
     Foreign Lender,  to the extent it does not act or ceases to act for its own
account  with  respect to any portion of any sums paid or payable to such Lender
under  any of  the  Loan  Documents  (for  example,  in the  case  of a  typical
participation by such Lender),  shall deliver to the Administrative Agent on the
date when such Foreign  Lender ceases to act for its own account with respect to
any portion of any such sums paid or payable,  and at such other times as may be
necessary in the  determination of the  Administrative  Agent (in the reasonable
exercise of its  discretion),  (A) two duly signed completed copies of the forms
or  statements  required to be provided  by such Lender as set forth  above,  to
establish  the  portion of any such sums paid or payable  with  respect to which
such  Lender acts for its own  account  that is not subject to U.S.  withholding
tax,  and (B) two  duly  signed  completed  copies  of IRS Form  W-8IMY  (or any
successor  thereto),  together  with any  information  such  Lender  chooses  to
transmit  with such form,  and any other  certificate  or statement of exemption
required under the Code, to establish that such Lender is not acting for its own
account  with  respect  to a portion of any such sums  payable  to such  Lender.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               The
     Borrower shall not be required to pay any additional  amount to any Foreign
Lender under  <U>Section  3.01 </U>(A) with respect to any Taxes  required to be
deducted or withheld on the basis of the information, certificates or statements
of  exemption  such Lender  transmits  with an IRS Form W-8IMY  pursuant to this
<U>Section  10.15(a)</U>  or (B) if such Lender shall have failed to satisfy the
foregoing  provisions of this <U>Section  10.15(a)</U>;  <U>provided</U> that if
such Lender shall have satisfied the requirement of this <U>Section 10.15(a)</U>
on the date such  Lender  became a Lender  or ceased to act for its own  account
with  respect to any payment  under any of the Loan  Documents,  nothing in this
<U>Section  10.15(a)</U> shall relieve the Borrower of its obligation to pay any
amounts  pursuant to  <U>Section  3.01</U> in the event that, as a result of any
change in any applicable law, treaty or governmental rule,  regulation or order,
or any change in the interpretation, administration or application thereof, such
Lender is no longer  properly  entitled to deliver forms,  certificates or other
evidence at a subsequent  date  establishing  the fact that such Lender or other
Person for the account of which such Lender  receives any sums payable under any
of the Loan Documents is not subject to withholding or is subject to withholding
at a reduced rate. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               The
     Administrative Agent may, without reduction, withhold any Taxes required to
be deducted and withheld from any payment under any of the Loan  Documents  with
respect to which the Borrower is not required to pay  additional  amounts  under
this <U>Section 10.15(a)</U>. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Upon
the request of the Administrative Agent, each Lender that is a &#147;United
          States person&#148; within the meaning of Section 7701(a)(30) of the Code shall
          deliver to the Administrative Agent two duly signed completed copies of IRS
Form           W-9. If such Lender fails to deliver such forms, then the Administrative
Agent           may withhold from any interest payment to such Lender an amount
equivalent to           the applicable back-up withholding tax imposed by the Code,
without reduction.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          If
any Governmental Authority asserts that the Administrative Agent did not
          properly withhold or backup withhold, as the case may be, any tax or other
          amount from payments made to or for the account of any Lender, such Lender
shall           indemnify the Administrative Agent therefor, including all penalties and
          interest, any taxes imposed by any jurisdiction on the amounts payable to the
          Administrative Agent under this Section, and costs and expenses (including
          Attorney Costs) of the Administrative Agent. The obligation of the Lenders
under           this Section shall survive the termination of the Aggregate Commitments,
          repayment of all other Obligations hereunder and the resignation of the
          Administrative Agent.  </FONT></P></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.16
Governing Law; Service of Process.</B> </FONT></P>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          THIS
     AGREEMENT  SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE  WITH, THE LAW
OF THE  STATE OF NEW YORK  APPLICABLE  TO  AGREEMENTS  MADE AND TO BE  PERFORMED
ENTIRELY WITHIN SUCH  STATE<B>;</B><U>PROVIDED</U> THAT THE ADMINISTRATIVE AGENT
AND  EACH  LENDER  SHALL   RETAIN  ALL  RIGHTS   ARISING   UNDER   FEDERAL  LAW.
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          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 NEW YORK  SITTING IN THE
BOROUGH OF  MANHATTAN  IN THE CITY OF NEW YORK OR OF THE  UNITED  STATES FOR THE
SOUTHERN  DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT,
THE BORROWER,  THE ADMINISTRATIVE AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND
IN RESPECT OF ITS PROPERTY,  TO THE NON-EXCLUSIVE  JURISDICTION OF THOSE COURTS.
THE BORROWER,  THE  ADMINISTRATIVE  AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY
OBJECTION,  INCLUDING  ANY  OBJECTION  TO THE  LAYING  OF  VENUE OR BASED ON THE
GROUNDS OF <I>FORUM NON  CONVENIENS</I>,  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. NOTHING HEREIN SHALL AFFECT THE
RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO COMMENCE PROCEEDINGS OR BRING
ANY ACTION OR OTHERWISE  PROCEED  AGAINST THE BORROWER IN ANY COURT OF ANY OTHER
JURISDICTION. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower agrees that service of all process in any action or proceeding
          referred to in this <U>Section 10.16</U> may be made by the mailing by
          registered or certified mail, postage prepaid, to the Borrower at its address
          provided in accordance with <U>Section </U>10.02. Nothing herein shall affect
          the right of the Administrative Agent or any Lender to serve process in any
          other manner permitted by law. The Borrower, the 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.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.17</B> <B>Waiver of Right to
Trial by Jury.</B>&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.18
USA Patriot Act Notice.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III
of Pub. L. 107-56 (signed into law October 26, 2001)) (the &#147;<U>Patriot </U>Act&#148;), it is required to obtain, verify and record information that identifies
the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Lender or the Administrative Agent, as applicable, to
identify the Borrower in accordance with the Patriot Act. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.19
Automatic Debits of Fees.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any facility fee or other fee, or any other cost or expense (including Attorney
Costs) due and payable to the Administrative Agent or Bank of America under the Loan
Documents, the Borrower hereby irrevocably authorizes Bank of America to debit any deposit
account of the Borrower with Bank of America in an amount such that the aggregate amount
debited from all such deposit accounts does not exceed such fee or other cost or expense.
If there are insufficient funds in such deposit accounts to cover the amount of the fee or
other cost or expense then due, such debits will be reversed (in whole or in part, in Bank
of America&#146;s sole discretion) and such amount not debited shall be deemed to be
unpaid. No such debit under this <U>Section&nbsp;10.19</U> shall be deemed a setoff. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. </FONT></P>





<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PLUM CREEK TIMBERLANDS, L.P.</B>
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp; Plum Creek Timber I, L.L.C.,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its General Partner
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:      Plum Creek Timber Company, Inc.,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Managing Member
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: ___________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
</FONT></TD></TR>
</TABLE>

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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BANK OF AMERICA, N.A.,</B> as<BR>Administrative Agent
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ___________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BANK OF AMERICA, N.A.,</B> as a Lender,<BR>L/C Issuer and Swing Line Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>AGSTAR FINANCIAL SERVICES,<BR>PCA,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>

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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>AMERICAN AGCREDIT, PCA,</B> as a<BR>Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>THE BANK OF NEW YORK,</B> as a<BR>Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>

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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0"><TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>THE BANK OF NOVA SCOTIA,</B> as a<BR>Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>THE BANK OF TOKYO-<BR>MITSUBISHI, LTD., SEATTLE<BR>BRANCH,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BNP PARIBAS,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>COOPERATIEVE CENTRALE<BR>RAIFFEISEN-BOERENLEENBANK,<BR>B.A.
"RABOBANK INTERNATIONAL,"<BR>NEW YORK BRANCH,</B> as a Lender<BR>

</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>FARM CREDIT BANK OF TEXAS,</B> as a<BR>Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>FARM CREDIT SERVICES OF<BR>AMERICA, PCA,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name?<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>FARM CREDIT SERVICES OF MID-<BR>AMERICA, PCA,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>FARM CREDIT SERVICES OF<BR>MINNESOTA VALLEY, PCA DBA<BR>FCS COMMERCIAL FINANCE<BR>GROUP,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>FARM CREDIT OF SOUTHWEST<BR>FLORIDA, ACA,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>GREENSTONE FARM CREDIT<BR>SERVICES, ACA/FLCA,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>KBC BANK, N.V.,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>MIZUHO CORPORATE BANK, LTD.,</B><BR>as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NORTHWEST FARM CREDIT<BR>SERVICES, PCA,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SCOTIABANC, INC.,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SOVEREIGN BANK,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SUMITOMO MITSUI BANKING<BR>CORPORATION,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SUNTRUST BANK,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>U.S. Bank National<BR>Association,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>WASHINGTON MUTUAL BANK,</B> as a<BR> Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>WELLS FARGO BANK, N.A.,</B> as a Lender
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: ____________________________<BR>Name:<BR>Title:
</FONT></TD></TR>
</TABLE>

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<A NAME=A001></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT A</B> </FONT></P>

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<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM OF COMMITTED LOAN
NOTICE </FONT></H1>

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<A NAME=A003></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: ___________, _____ </FONT></P>

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<A NAME=A004></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To: Bank of America,
N.A., as Administrative Agent </FONT></P>

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<A NAME=A005></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference
is made to that certain Credit Agreement, dated as of January 15, 2004 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
&#147;<U>Credit</U> <U>Agreement</U>;&#148; the terms defined therein being used herein as
therein defined), among Plum Creek Timberlands, L.P., a Delaware limited partnership (the
&#147;<U>Borrower</U>&#148;), the Lenders from time to time party thereto, and Bank of
America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby requests (select one): </FONT></P>







<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="35%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[ &nbsp; ]  A Borrowing of Committed Loans
</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[ &nbsp; ]  A conversion or continuation of Loans
</FONT></TD></TR>
</TABLE>
<br>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;On
<U></U> (a Business Day).  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;In
the amount of $<U></U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;Comprised
of __________________. [Type of Committed Loan requested]  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;For
Eurodollar Rate Loans: with an Interest Period of [one week] [__ months].  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;[If
applicable] The Borrowing shall be allocated to the [Revolving Facility
               Tranche] [Capital Expenditure Tranche].  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
     undersigned  hereby  certifies  that the following  statements are true and correct
on the date  hereof,  and will be true and correct on and as of the date of the proposed
[Borrowing] [conversion] [continuation], before and after giving effect thereto and to
the application of the proceeds therefrom:</FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        the
     representations    and   warranties   of   the   Borrower    contained   in <U>Article&nbsp;V</U>  of
the Credit Agreement or in any other Loan Document, or which are contained in any
document furnished at any time under or in connection therewith, are true and correct as
though made on and as of such date, except to the extent that such  representations  and
warranties  specifically  refer to an earlier  date,  in which case they are true and
correct as of such earlier date, and except that the  representations  and  warranties
 contained in <U>Sections 5.11(a)</U> and <U>5.11(b)</U> of the Credit Agreement shall be
deemed to refer to the most recent statements furnished pursuant to <U>Sections  6.01(a)</U> and
<U>6.01(b)</U> of the Credit Agreement;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        no
     Default or Event of Default exists; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        the
     Committed  Borrowing requested herein will not cause the Total Outstandings to
exceed the Aggregate Commitments.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower has caused this Committed Loan Notice to be executed and delivered, and the
certifications, representations and warranties contained herein to be made, by its duly
authorized officer on this ____ day of ______ 20__. </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PLUM CREEK TIMBERLANDS, L.P.</B>
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp; Plum Creek Timber I, L.L.C.,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its General Partner
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:      Plum Creek Timber Company, Inc.,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Managing Member
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: ___________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
</FONT></TD></TR>
</TABLE>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT B</B> </FONT></P>

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<A NAME=A007></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM OF SWING LINE
LOAN NOTICE</FONT></H1>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: ___________, _____ </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To:  </FONT></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank
of America, N.A., as Swing Line Lender<BR>Bank of America, N.A., as Administrative Agent </FONT></P></TD>
</TR>
</TABLE>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen:  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference
is made to that certain Credit Agreement, dated as of January 15, 2004 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
&#147;<U>Credit Agreement</U>;&#148; the terms defined therein being used herein as
therein defined), among Plum Creek Timberlands, L.P., a Delaware limited partnership (the
&#147;<U>Borrower</U>&#148;), the Lenders from time to time party thereto, and Bank of
America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby requests a Swing Line Loan: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          On
_________________ (a Business Day).  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        In
the amount of $________________.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          For
an interest period of ______ days.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;         [If
applicable] The Swing Line Borrowing shall be allocated to the [Revolving
          Facility Tranche] [Capital Expenditure Tranche].  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby certifies that the following statements are true and correct on the
date hereof, and will be true and correct on and as of the date of the proposed Swing Line
Borrowing, before and after giving effect thereto and to the application of the proceeds
therefrom: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;       the
     representations    and   warranties   of   the   Borrower    contained   in
<U>Article&nbsp;V</U>  of the Credit Agreement or in any other Loan Document, or
which are contained in any document furnished at any time under or in connection
therewith, are true and correct as though made on and as of such date, except to
the extent that such  representations  and warranties  specifically  refer to an
earlier  date,  in which case they are true and correct as of such earlier date,
and except that the  representations  and  warranties  contained in  <U>Sections
5.11(a)</U> and  <U>5.11(b)</U> of the Credit Agreement shall be deemed to refer
to the most recent statements furnished pursuant to <U>Sections  6.01(a)</U> and
<U>6.01(b)</U> of the Credit Agreement; </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      no
     Default or Event of Default exists; and </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;     the
     Swing Line Borrowing requested herein will not cause the Total Outstandings
to exceed the Aggregate Commitments and will not cause the Total Outstandings of
all Swing Line Loans to exceed the Swing Line Sublimit. </FONT></P></TD>
</TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower has caused this Swing Line Loan Notice to be executed and delivered, and the
certifications, representations and warranties contained herein to be made, by its duly
authorized officer on this ____ day of ______ 20__. </FONT></P>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PLUM CREEK TIMBERLANDS, L.P.</B>
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp; Plum Creek Timber I, L.L.C.,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its General Partner
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:      Plum Creek Timber Company, Inc.,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Managing Member
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: ___________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
</FONT></TD></TR>
</TABLE>


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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT C </B> </FONT></P>

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<A NAME=A012></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM OF LEGAL OPINION
OF COUNSEL FOR THE BORROWER </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise defined herein, capitalized terms used in this Exhibit&nbsp;C have the meanings
assigned to them in the Agreement except that the following terms have the following
meanings: &#147;<U>Loan Parties</U>&#148; means, collectively, the Borrower, the General
Partner, Plum Creek Southern and Plum Creek South Central; and each, a &#147;<U>Loan
Party</U>&#148;. </FONT></P>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Borrower is a limited partnership duly formed under the laws of the State of
               Delaware, with a stated term beyond the term of the Loan Documents (in those
               cases where the Loan Documents have a fixed term), and is duly qualified and in
               good standing in each state in which the failure to so qualify would have a
               Material Adverse Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The General Partner is a limited liability company duly organized, validly
               existing and in good standing under the laws of the State of Delaware, with a
               stated maturity beyond the term of the Loan Documents (in those cases where the
               Loan Documents have a fixed term), and is duly qualified and in good standing in
               each state in which the failure to so qualify would have a Material Adverse
               Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Plum Creek Southern is a limited liability company duly organized, validly
               existing and in good standing under the laws of the State of Delaware, with a
               stated maturity beyond the term of the Loan Documents (in those cases where the
               Loan Documents have a fixed term), and is duly qualified and in good standing in
               each state in which the failure to so qualify would have a Material Adverse
               Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Plum Creek South Central is a limited liability company duly organized, validly
               existing and in good standing under the laws of the State of Delaware, with a
               stated maturity beyond the term of the Loan Documents (in those cases where the
               Loan Documents have a fixed term) and is duly qualified and in good standing in
               each state in which the failure to so qualify would have a Material Adverse
               Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Each Loan Party has the power and authority to execute and deliver, and to
               perform and observe the provisions of, each of the Loan Documents to which it is
               a party. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The execution, delivery and performance by each Loan Party of each of the Loan
               Documents to which it is a party have been duly authorized by all necessary
               corporate, limited liability company and/or partnership action, as the case may
               be. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Each Loan Document has been duly executed and delivered to the Administrative
               Agent and the Lenders by each Loan Party that is a party thereto. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Each Loan Document constitutes the valid and binding obligation of each Loan
               Party that is a party thereto enforceable against such Loan Party in accordance
               with its terms, except to the extent that enforcement thereof may be limited by
               (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now
               or hereafter in effect relating to creditors&#146; rights generally and (ii)
               general principles of equity (regardless of whether enforcement is considered in
               a proceeding at law or in equity). </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Each Loan Party and each of its Subsidiaries has the power and authority and all
               governmental licenses, authorizations, consents and approvals to (i) own its
               assets and carry on its business and (ii) execute, deliver and perform its
               respective obligations under the Loan Documents to which such Person is a party,
               except, in the case of clauses (i) and (ii) above, for such governmental
               licenses, authorizations, consents and approvals, the lack thereof would not
               have a Material Adverse Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(j) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               No registration or filing with, consent or approval of, notice to, or other
               action by, any Governmental Authority is required on the part of any Loan Party
               or any of its Subsidiaries for the execution, delivery or performance by each
               Loan Party of the Loan Documents to which such Loan Party is a party, or if
               required, such registration or filing has been made, such consent or approval
               has been obtained, such notice has been given, or such other appropriate action
               has been taken. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(k) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The execution, delivery and performance by each Loan Party of the Loan Documents
               to which such Loan Party is a party are not in violation of the Organization
               Documents of such Loan Party. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(l) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The execution, delivery and performance by each Loan Party of the Loan Documents
               to which such Loan Party is a party will not violate or result in a breach of
               any of the terms of or constitute a default under or result in a creation of any
               Lien on any property or assets of any Loan Party, pursuant to the terms of any
               indenture, mortgage, deed of trust or other agreement to which such Person is a
               party or any order, injunction, writ or decree of any Governmental Authority to
               which such Person or its property is subject. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(m) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The execution, delivery and performance by each Loan Party of the Loan Documents
               to which such Loan Party is a party will not conflict with or contravene any of
               Regulations&nbsp;T, U and X promulgated by the FRB. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(n) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               None of the Loan Parties nor or any Person controlling any Loan Party or any
               Subsidiary of any Loan Party is an &#147;investment company&#148; within the
               meaning of the Investment Company Act of 1940, as amended, or subject to
               regulation under the Public Utility Holding Company Act of 1935, as amended. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(o) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               There are no actions, suits, proceedings, claims or disputes pending or, to the
               best of my knowledge, threatened against any Loan Party or any of its
               Subsidiaries or any of its respective properties or revenues before any court,
               regulatory body, administrative agency, at law, in equity, in arbitration or
               before any Governmental Authority which (i)&nbsp;purport to affect or pertain to
               any of the Loan Documents, or any of the transactions contemplated thereby, or
               (ii)&nbsp;have a reasonable probability of success on the merits and which, if
               determined adversely to any Loan Party or its Subsidiaries would reasonably be
               expected to have a Material Adverse Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>


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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT D</B> </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLUM CREEK TIMBERLANDS,
L.P. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COMPLIANCE CERTIFICATE </FONT></H1>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DATE:
_____________________ </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference
is made to that certain Credit Agreement, dated as of January 15, 2004 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
&#147;<U>Credit Agreement</U>;&#148; the terms defined therein being used herein as
therein defined), among Plum Creek Timberlands, L.P., a Delaware limited partnership (the
&#147;<U>Borrower</U>&#148;), the Lenders from time to time party thereto, and Bank of
America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender. Unless otherwise
defined herein, capitalized terms used herein have the respective meanings assigned to
them in the Credit Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
Responsible Officer hereby certifies as of the date hereof that he/she is the _______________________________ of the Borrower, and that, as such, he/she is
authorized to execute and deliver this Compliance Certificate to the Lenders and the
Administrative Agent on behalf of the Borrower and its Subsidiaries and not as an
individual, and that: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Use the following paragraph if this
Compliance Certificate is delivered in connection with the financial statements required
by <U>Section&nbsp;6.01(a)</U> of the Credit Agreement.] </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attached
     as  <U>Schedule&nbsp;1</U>  hereto are (a)&nbsp;a  true and correct copy of
the  audited  consolidated  balance  sheet of the  Borrower as at the end of the
fiscal year ended  December&nbsp;31,  ____ and (b)&nbsp;the related consolidated
statements of income and  statement of cash flows for such fiscal year,  setting
forth in each case in comparative form the figures for the previous fiscal year,
and   accompanied   by  the  opinion  of  Ernst  &amp;   Young  LLP  or  another
nationally-recognized certified independent public accounting firm. Such opinion
is not qualified or limited  because of a restricted or limited  examination  by
such  accountant of any material  portion of the  Borrower&#146;s  or any of its
Subsidiary&#146;s  records and is delivered to the Administrative Agent pursuant
to a reliance  agreement between the  Administrative  Agent and Lenders and such
accounting firm which you have advised us is in form and substance  satisfactory
to the Administrative Agent and the Required Lenders; </FONT></P></TD>
</TR>
</TABLE>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>or</FONT></H1>

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     <P><FONT  FACE="Times New Roman,  Times,  Serif"  SIZE=2>[Use the following
paragraph if this  Compliance  Certificate  is delivered in connection  with the
financial  statements  required  by  <U>Section&nbsp;6.01(b)</U>  of the  Credit
Agreement.] </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     Attached as  <U>Schedule&nbsp;1</U>  hereto are (a)&nbsp;a true and correct
copy of the audited consolidating balance sheets of the Borrower and each of its
Subsidiaries as at the end of the fiscal year ended  December&nbsp;31,  ____ and
(b)&nbsp;the  related  consolidating  statements of income and statement of cash
flows for such fiscal year,  which financial  statements were used in connection
with the preparation of the audited  consolidated  balance sheet of the Borrower
as of the end of such  fiscal year and the related  consolidated  statements  of
income and statement of cash flows for such fiscal year.</FONT></TD>
</TR>
</TABLE>
<BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>or </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Use the following paragraph if this
     Compliance  Certificate  is  delivered  in  connection  with the  financial
statements  required by  <U>Sections&nbsp;6.01(c)</U>  and <U>6.01(d)</U> of the
Credit Agreement.] </FONT></P>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached  as Schedule&nbsp;1A
hereto is (i) a true and  correct  copy of the  unaudited  consolidated  balance
sheet of the Borrower  and its  consolidated  Subsidiaries  as of the end of the
fiscal  quarter ended  ______________,&nbsp;____ and (ii) the  related  consolidated
statements  of  income  and  statement  of cash  flows of the  Borrower  and its
consolidated  Subsidiaries for the period commencing on the first day and ending
on the last day of such quarter,  setting forth in each case in comparative form
the  figures  for  the  previous   year  (subject  to  normal   year-end   audit
adjustments). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     (b)  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attach  as Schedule&nbsp;1B
hereto is (i) a true and correct  copy of the  unaudited  consolidating  balance
sheets of the Borrower and each of its  Subsidiaries as of the end of the fiscal
quarter ended ______________, ____ and (ii) the related consolidating statements
of  income  and  statement  of cash  flows  for such  quarter,  which  financial
statements  were  used in  connection  with  the  preparation  of the  financial
statements  referred to in paragraph 1(a) above of this Compliance  Certificate.
</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
     undersigned  has  reviewed  and is  familiar  with the terms of the  Credit
Agreement and has made, or has caused to be made under  his/her  supervision,  a
detailed review of the transactions  and conditions  (financial or otherwise) of
the Borrower  during the  accounting  period  covered by the attached  financial
statements. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
     attached  financial  statements  are complete  and  correct,  and have been
prepared  in  accordance  with GAAP on a basis  consistent  with  prior  periods
(except as approved  by such  accountants  or  officer,  as the case may be, and
disclosed therein). </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
     attached  financial  statements are certified by a Responsible  Officer and
fairly state the  financial  position and results of  operations of the Borrower
and its consolidated Subsidiaries. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
     the best of the  undersigned&#146;s  knowledge,  the Borrower,  during such
period,  has  observed,  performed or satisfied  all of its  covenants and other
agreements,  and  satisfied  every  condition  in  the  Credit  Agreement  to be
observed,  performed or satisfied by the Borrower,  and the  undersigned  has no
knowledge of any Default or Event of Default. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
     financial    covenant    analyses    and    information    set   forth   on
<U>Schedule&nbsp;2</U>  attached  hereto are true and  accurate on and as of the
date of this Compliance Certificate. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective
     five Business Days immediately after delivery to the  Administrative  Agent
of  this  Compliance  Certificate  in  accordance  with  the  Credit  Agreement:
</FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   the  Applicable   Rate  is:
</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;__________% in the case of Eurodollar Rate Loans, and<BR>                            (ii)
____% in the case of Base Rate Loans; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Facility Fee Rate is
__________%; and  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(c)
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Letter of Credit Rate is
__________%.  </FONT></TD>
</TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of
_________________, 20__. </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PLUM CREEK TIMBERLANDS, L.P.</B>
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp; Plum Creek Timber I, L.L.C.,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its General Partner
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:      Plum Creek Timber Company, Inc.,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Managing Member
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: ___________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
</FONT></TD></TR>
</TABLE>


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<A NAME=A019></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE 1 </FONT></P>

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<A NAME=A020></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TO THE COMPLIANCE
CERTIFICATE </FONT></P>

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<A NAME=A021></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[FINANCIALS] </FONT></P>


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<HR SIZE=5 COLOR=GRAY NOSHADE>





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<A NAME=A022></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE 2 </FONT></P>

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<A NAME=A023></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TO THE COMPLIANCE CERTIFICATE </FONT></P>

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<A NAME=A024></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($ IN 000&#145;S) </FONT></P>

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<A NAME=A025></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plum
Creek Timberlands, L.P.</FONT></P>

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<A NAME=A026></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule
2</FONT></P>

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<A NAME=A027></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
Certificate Computation Statement</FONT></P>

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<A NAME=A028></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
($
in Thousands) </FONT></TD>
</TR>
</TABLE>
<BR>

<br>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><FONT SIZE="2"><B>1.       <U>INTEREST COVERAGE RATIO</U></B>
</FONT></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I.       <U>EBITDA</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp; Net Income or Loss
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp; DD&#38;A
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp; Interest Expense
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; D.&nbsp;&nbsp;&nbsp;
     Cost Basis for Designated Acres disposed of to the extent such&nbsp;&nbsp;aggregate cost basis, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; when&nbsp;&nbsp;added to the net income for such period arising&nbsp;&nbsp;from the sale of Designated Acres, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; does not exceed $200,000,000
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; E.&nbsp;&nbsp;&nbsp; Accrued Income Taxes
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; F.&nbsp;&nbsp;&nbsp;
     Adjustments to A through E based upon Timber acquisition &nbsp;(detailed certificate attached)
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; G.&nbsp;&nbsp;&nbsp; Sum of A through F
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II.      <U>Interest Expense</U>
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;       4 Quarters Combined Interest Expense
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp; Additions to A based upon Indebtedness incurred to acquire Timber
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp; Sum of A and B
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <U>Interest Coverage Ratio</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp; Required ratio not to be less than 2.75 to 1.00
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp; I.G divided by II.C
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___ to 1.00</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><font size="2"><b>2.       <U>PRICING LEVERAGE RATIO</U></b>
     </font></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I.       <U>Funded
     Debt</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;
     Funded Debt as of ________________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;
     All Cash balances and cash equivalents as of ________________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp;
     Amount, if any, by which B exceeds $75,000
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; D.&nbsp;&nbsp;
     A <u>minus</u> C
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II.      <U>EBITDA</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;
     EBITDA as set forth in 1.I.G. (under Interest Coverage Ratio)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <u>
     Pricing Leverage Ratio</u>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; I.D
     divided by II.A
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

</TABLE>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><FONT SIZE="2"><B>3.       <U>MAXIMUM LEVERAGE RATIO</U></B>
</FONT></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I.       <U>Funded
     Debt</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;
     Funded Debt as of _______________
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II.      <U>Net
     Worth</U>
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;
     Net Worth as of ________________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;
     Funded Debt as of _______________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp; Sum of A and B
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <U>
     Maximum Leverage Ratio</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp; Required:
     not to exceed 60%
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;
     Expressed as a percentage, I.A divided by II.C
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;____%</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>

</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><FONT SIZE="2"><B>4. <u>ASSET SALES SINCE CLOSING DATE
     (Section 2.06(b)(i))</u></B> </FONT></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;&nbsp;
     Aggregate amount of Net Proceeds from Asset Sales since Closing Date</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;&nbsp;
     Aggregate amount of Net Proceeds from sales of Designated Acres as
     permitted by<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 7.02(f)</u> since Closing Date</FONT></TD>
     <TD>&nbsp;</TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp;
     Aggregate amount of Net Proceeds received from Asset Sales and reinvested
     in accordance<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with <u>Section 7.02(i)</u> since Closing Date </FONT></TD>
     <TD>&nbsp;</TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; D.&nbsp;&nbsp;&nbsp;
     Sum of B and C </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; E.&nbsp;&nbsp;&nbsp;
     A <u>minus</u> D </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>

</TABLE>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT ><font size="2"><b>5. <u>NEGATIVE COVENANTS</u></b></font></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I. <u>Section
     7.02(f):&nbsp; Sale of Designated Acres</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;
     Designated Acres </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;
     Aggregate Sales as of ______________</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II. <u>Section
     7.02(h):&nbsp; Asset Sales</u></FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;
     Maximum Allowed </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$40,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;
     Sales as of _______________ </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <u>
     Section 7.03:&nbsp; Harvesting Restrictions (MCCF):</u> </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;
     <u>Standing Inventory</u> </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1.&nbsp; Standing Inventory as of January 1, 20__ </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp; 8%
     of the amount of A.1</font></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Prior Years</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1.&nbsp; Cumulative amount set forth in table (Section 7.03) for years
     preceding year <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of determination</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN=BOTTOM align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     2.&nbsp; Harvesting Carryover Amount</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;1,493 MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     3.&nbsp; 2000 MCCF</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;2,000 MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     4.&nbsp; Sum of B.1, B.2 and B.3</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     5.&nbsp; Cumulative amount actually harvested in such years preceding year<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of determination</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     6.&nbsp; Amount, if any, by which B.4 exceeds B.5</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C.&nbsp; <u>Maximum Allowable Harvest</u>:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1.&nbsp; Lessor of B.6 or A.2</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     2.&nbsp; Sum of A.2 and C.1</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     3.&nbsp; Actual Timber harested for calendar year ____(which is the year of
     determination)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;IV.&nbsp;
     <u>Section 7.04(i): Investments Not Otherwise Permitted</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Pulp and Paper Investments&nbsp;</FONT> </TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$50,000</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Actual Cumulative Pulp and Paper Investments through ________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C. Actual Cumulative Investments in Permitted Businesses through
     _________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     D. Actual Cumulative Investments in Permitted Ancillary Business
     through _______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     E. 60% of the average annual Pro Forma Free Cash Flow for
     preceding two fiscal years</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     F. Greater of $300 million or IV.E</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     G. Outstanding Section 7.04(i) Investments</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1. Cumulative Investments through _____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     2. Repayment of Principal of such Investments through _____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     3. IV.G.1 minus IV.G.2</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;V.&nbsp;
     <u>Section 7.05(b): Funded Debt Incurred to Finance Capital Improvements</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$50,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B.&nbsp; Outstanding at ___________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;VI.
     <u>Section 7.05(d): Indebtedness Pursuant to a Bank Credit Facility</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$50,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Outstanding at ____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;VII.
     <u>Section 7.05(f): Guarantee of Facilities Subsidiary Revolving Credit
     Facility</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$20,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Outstanding at ____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;VIII.
     <u>Section 7.05(g): Guarantee of Facility Subsidiary Capital Improvement
     Funded Debt</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$20,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Outstanding at ___________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;IX.<u>
     Section 7.05(h): Aggregate Principal Amount of Indebtedness Secured by
     Purchase</u><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Money Liens</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Book value of Tangible Assets of Borrower and its Restricted
     Subsidiaries as of ______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. 5% of amount of A</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C. Outstanding as of _________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     D. Greater of B or C (Required: not to exceed the amount in B)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;X.&nbsp;
     <u>Section 7.05(i): Additional Funded Debt</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Pro Forma Free Cash Flow</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Maximum Pro Forma Annual Interest Charges</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C. Ratio of A. to B: (Required: not to be less than 2.25 to 1:00)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;IX.
     <u>Section 7.13(a): Restricted Payments</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Available Cash</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (i)(a) Net Income or Loss</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a) Excluding Gain on sale of any Capital Assets</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <u>PLUS</u>:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp; DD&amp;A_______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp; Other non-cash charges</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c)&nbsp; Reduction in reserves of the types referred to in clause (ii)(d)
     below,</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Interest______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Principal______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d)&nbsp; Proceeds received from the sale of Designated Acres</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e)&nbsp; Cash from Capital Transactions used to refinance or refund
     Indebtedness</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (f)&nbsp; (A) other Cash from Capital Transactions received by the Borrower
     during such <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; quarter up to an aggregate amount equal to
     $157,000,000 for all calendar quarters,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; commencing with the calendar quarter that ended December  31, 2003</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$____</FONT></TD>
     <TD VALIGN=BOTTOM height="45"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
     &nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD></TD>
     <TD></TD>
     <TD VALIGN=BOTTOM>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD valign=bottom><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (B) the aggregate amounts of such $157,000,000 utilized in the calculation
     of <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available Cash for previous calendar quarters</FONT></TD>
     <TD valign=bottom>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$____</FONT></TD>
     <TD VALIGN=BOTTOM height="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
     &nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Subtotal: (f)(A) <u>minus</u> (f)(B)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (g) An amount equal to that portion of the Net Proceeds received from an
     Asset Sale that<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; was applied to the repayment of Qualified Debt in
     accordance with Section 2.05(b)(ii)<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or Section 7.02(i) but not
     to exceed an amount equal to 50% of the Net Proceeds <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; received from such Asset Sale,<SUP>1</SUP></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD valign=bottom align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <u>LESS</u> (ii) the sum of:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a) All payments of principal on Indebtedness</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b) Capital expenditures</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c) Capital expenditures made in prior quarter, anticipated to be financed,
     but have <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not been refinanced</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD valign=bottom align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future principal payments (per Section 7.13)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future capital expenditures</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for additional working capital</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future distributions</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future interest payments (per Section 7.13)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e) Other noncash credits</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (f) The amount of any Investments in the form of cash or cash equivalents</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (g) Any Investments made in prior quarter anticipated to be financed, but
     have <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not been refinanced</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD valign=bottom align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;AVAILABLE
     CASH:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;TOTAL
     DISTRIBUTION:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

</TABLE>






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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE 1 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TO THE COMPLIANCE
CERTIFICATE </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[FINANCIALS] </FONT></P>


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<HR SIZE=5 COLOR=GRAY NOSHADE>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE 2 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TO THE COMPLIANCE CERTIFICATE </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($ IN 000&#145;S) </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plum
Creek Timberlands, L.P.</FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule
2</FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
Certificate Computation Statement</FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
($
in Thousands) </FONT></TD>
</TR>
</TABLE>
<BR>

<br>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><FONT SIZE="2"><B>1.       <U>INTEREST COVERAGE RATIO</U></B>
</FONT></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I.       <U>EBITDA</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp; Net Income or Loss
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp; DD&#38;A
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp; Interest Expense
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; D.&nbsp;&nbsp;&nbsp;
     Cost Basis for Designated Acres disposed of to the extent such&nbsp;&nbsp;aggregate cost basis, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; when&nbsp;&nbsp;added to the net income for such period arising&nbsp;&nbsp;from the sale of Designated Acres, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; does not exceed $200,000,000
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; E.&nbsp;&nbsp;&nbsp; Accrued Income Taxes
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; F.&nbsp;&nbsp;&nbsp;
     Adjustments to A through E based upon Timber acquisition &nbsp;(detailed certificate attached)
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; G.&nbsp;&nbsp;&nbsp; Sum of A through F
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II.      <U>Interest Expense</U>
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;       4 Quarters Combined Interest Expense
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp; Additions to A based upon Indebtedness incurred to acquire Timber
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp; Sum of A and B
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <U>Interest Coverage Ratio</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp; Required ratio not to be less than 2.75 to 1.00
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp; I.G divided by II.C
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___ to 1.00</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><font size="2"><b>2.       <U>PRICING LEVERAGE RATIO</U></b>
     </font></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I.       <U>Funded
     Debt</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;
     Funded Debt as of ________________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;
     All Cash balances and cash equivalents as of ________________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp;
     Amount, if any, by which B exceeds $75,000
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; D.&nbsp;&nbsp;
     A <u>minus</u> C
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II.      <U>EBITDA</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;
     EBITDA as set forth in 1.I.G. (under Interest Coverage Ratio)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <u>
     Pricing Leverage Ratio</u>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; I.D
     divided by II.A
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

</TABLE>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><FONT SIZE="2"><B>3.       <U>MAXIMUM LEVERAGE RATIO</U></B>
</FONT></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I.       <U>Funded
     Debt</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;
     Funded Debt as of _______________
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II.      <U>Net
     Worth</U>
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;
     Net Worth as of ________________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;
     Funded Debt as of _______________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp; Sum of A and B
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <U>
     Maximum Leverage Ratio</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp; Required:
     not to exceed 60%
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;
     Expressed as a percentage, I.A divided by II.C
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;____%</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>

</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><FONT SIZE="2"><B>4. <u>ASSET SALES SINCE CLOSING DATE
     (Section 2.06(b)(i))</u></B> </FONT></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;&nbsp;
     Aggregate amount of Net Proceeds from Asset Sales since Closing Date</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;&nbsp;
     Aggregate amount of Net Proceeds from sales of Designated Acres as
     permitted by<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 7.02(f)</u> since Closing Date</FONT></TD>
     <TD>&nbsp;</TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp;
     Aggregate amount of Net Proceeds received from Asset Sales and reinvested
     in accordance<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with <u>Section 7.02(i)</u> since Closing Date </FONT></TD>
     <TD>&nbsp;</TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; D.&nbsp;&nbsp;&nbsp;
     Sum of B and C </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; E.&nbsp;&nbsp;&nbsp;
     A <u>minus</u> D </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>

</TABLE>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT ><font size="2"><b>5. <u>NEGATIVE COVENANTS</u></b></font></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
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     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I. <u>Section
     7.02(f):&nbsp; Sale of Designated Acres</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;
     Designated Acres </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;
     Aggregate Sales as of ______________</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II. <u>Section
     7.02(h):&nbsp; Asset Sales</u></FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;
     Maximum Allowed </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$40,000</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;
     Sales as of _______________ </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <u>
     Section 7.03:&nbsp; Harvesting Restrictions (MCCF):</u> </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     sA.&nbsp;
     <u>Standing Inventory</u> </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1.&nbsp; Standing Inventory as of January 1, 20__ </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp; 8%
     of the amount of A.1</font></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Prior Years</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1.&nbsp; Cumulative amount set forth in table (Section 7.03) for years
     preceding year <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of determination</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN=BOTTOM align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     2.&nbsp; Harvesting Carryover Amount</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;1,493 MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     3.&nbsp; 2000 MCCF</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;2,000 MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     4.&nbsp; Sum of B.1, B.2 and B.3</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     5.&nbsp; Cumulative amount actually harvested in such years preceding year<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of determination</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     6.&nbsp; Amount, if any, by which B.4 exceeds B.5</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C.&nbsp; <u>Maximum Allowable Harvest</u>:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1.&nbsp; Lessor of B.6 or A.2</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     2.&nbsp; Sum of A.2 and C.1</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     3.&nbsp; Actual Timber harested for calendar year ____(which is the year of
     determination)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;IV.&nbsp;
     <u>Section 7.04(i): Investments Not Otherwise Permitted</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Pulp and Paper Investments&nbsp;</FONT> </TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$50,000</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Actual Cumulative Pulp and Paper Investments through ________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C. Actual Cumulative Investments in Permitted Businesses through
     _________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     D. Actual Cumulative Investments in Permitted Ancillary Business
     through _______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     E. 60% of the average annual Pro Forma Free Cash Flow for
     preceding two fiscal years</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     F. Greater of $300 million or IV.E</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     G. Outstanding Section 7.04(i) Investments</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1. Cumulative Investments through _____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     2. Repayment of Principal of such Investments through _____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     3. IV.G.1 minus IV.G.2</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;V.&nbsp;
     <u>Section 7.05(b): Funded Debt Incurred to Finance Capital Improvements</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$50,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B.&nbsp; Outstanding at ___________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;VI.
     <u>Section 7.05(d): Indebtedness Pursuant to a Bank Credit Facility</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$50,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Outstanding at ____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;VII.
     <u>Section 7.05(f): Guarantee of Facilities Subsidiary Revolving Credit
     Facility</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$20,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Outstanding at ____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;VIII.
     <u>Section 7.05(g): Guarantee of Facility Subsidiary Capital Improvement
     Funded Debt</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$20,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Outstanding at ___________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;IX.<u>
     Section 7.05(h): Aggregate Principal Amount of Indebtedness Secured by
     Purchase</u><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Money Liens</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Book value of Tangible Assets of Borrower and its Restricted
     Subsidiaries as of ______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. 5% of amount of A</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C. Outstanding as of _________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     D. Greater of B or C (Required: not to exceed the amount in B)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;X.&nbsp;
     <u>Section 7.05(i): Additional Funded Debt</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Pro Forma Free Cash Flow</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Maximum Pro Forma Annual Interest Charges</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C. Ratio of A. to B: (Required: not to be less than 2.25 to 1:00)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;IX.
     <u>Section 7.13(a): Restricted Payments</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Available Cash</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (i)(a) Net Income or Loss</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a) Excluding Gain on sale of any Capital Assets</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <u>PLUS</u>:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp; DD&amp;A_______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp; Other non-cash charges</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c)&nbsp; Reduction in reserves of the types referred to in clause (ii)(d)
     below,</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Interest______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Principal______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d)&nbsp; Proceeds received from the sale of Designated Acres</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e)&nbsp; Cash from Capital Transactions used to refinance or refund
     Indebtedness</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (f)&nbsp; (A) other Cash from Capital Transactions received by the Borrower
     during such <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; quarter up to an aggregate amount equal to
     $157,000,000 for all calendar quarters,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; commencing with the calendar quarter that ended December  31, 2003</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$____</FONT></TD>
     <TD VALIGN=BOTTOM height="45"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
     &nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD></TD>
     <TD></TD>
     <TD VALIGN=BOTTOM>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD valign=bottom><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (B) the aggregate amounts of such $157,000,000 utilized in the calculation
     of <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available Cash for previous calendar quarters</FONT></TD>
     <TD valign=bottom>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$____</FONT></TD>
     <TD VALIGN=BOTTOM height="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
     &nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Subtotal: (f)(A) <u>minus</u> (f)(B)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (g) An amount equal to that portion of the Net Proceeds received from an
     Asset Sale that<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; was applied to the repayment of Qualified Debt in
     accordance with Section 2.05(b)(ii)<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or Section 7.02(i) but not
     to exceed an amount equal to 50% of the Net Proceeds <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; received from such Asset Sale,<SUP>1</SUP></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD valign=bottom align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <u>LESS</u> (ii) the sum of:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a) All payments of principal on Indebtedness</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b) Capital expenditures</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c) Capital expenditures made in prior quarter, anticipated to be financed,
     but have <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not been refinanced</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD valign=bottom align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future principal payments (per Section 7.13)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future capital expenditures</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for additional working capital</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future distributions</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future interest payments (per Section 7.13)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e) Other noncash credits</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (f) The amount of any Investments in the form of cash or cash equivalents</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (g) Any Investments made in prior quarter anticipated to be financed, but
     have <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not been refinanced</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD valign=bottom align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;AVAILABLE
     CASH:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;TOTAL
     DISTRIBUTION:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

</TABLE>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE 1 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TO THE COMPLIANCE
CERTIFICATE </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[FINANCIALS] </FONT></P>


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<HR SIZE=5 COLOR=GRAY NOSHADE>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE 2 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TO THE COMPLIANCE CERTIFICATE </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($ IN 000&#145;S) </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plum
Creek Timberlands, L.P.</FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule
2</FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
Certificate Computation Statement</FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
($
in Thousands) </FONT></TD>
</TR>
</TABLE>
<BR>

<br>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><FONT SIZE="2"><B>1.       <U>INTEREST COVERAGE RATIO</U></B>
</FONT></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I.       <U>EBITDA</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp; Net Income or Loss
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp; DD&#38;A
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp; Interest Expense
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; D.&nbsp;&nbsp;&nbsp;
     Cost Basis for Designated Acres disposed of to the extent such&nbsp;&nbsp;aggregate cost basis, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; when&nbsp;&nbsp;added to the net income for such period arising&nbsp;&nbsp;from the sale of Designated Acres, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; does not exceed $200,000,000
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; E.&nbsp;&nbsp;&nbsp; Accrued Income Taxes
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; F.&nbsp;&nbsp;&nbsp;
     Adjustments to A through E based upon Timber acquisition &nbsp;(detailed certificate attached)
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; G.&nbsp;&nbsp;&nbsp; Sum of A through F
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II.      <U>Interest Expense</U>
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;       4 Quarters Combined Interest Expense
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp; Additions to A based upon Indebtedness incurred to acquire Timber
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp; Sum of A and B
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <U>Interest Coverage Ratio</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp; Required ratio not to be less than 2.75 to 1.00
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp; I.G divided by II.C
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___ to 1.00</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><font size="2"><b>2.       <U>PRICING LEVERAGE RATIO</U></b>
     </font></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I.       <U>Funded
     Debt</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;
     Funded Debt as of ________________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;
     All Cash balances and cash equivalents as of ________________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp;
     Amount, if any, by which B exceeds $75,000
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; D.&nbsp;&nbsp;
     A <u>minus</u> C
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II.      <U>EBITDA</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;
     EBITDA as set forth in 1.I.G. (under Interest Coverage Ratio)
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
<TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <u>
     Pricing Leverage Ratio</u>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; I.D
     divided by II.A
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

</TABLE>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><FONT SIZE="2"><B>3.       <U>MAXIMUM LEVERAGE RATIO</U></B>
</FONT></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I.       <U>Funded
     Debt</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;
     Funded Debt as of _______________
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II.      <U>Net
     Worth</U>
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;
     Net Worth as of ________________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;
     Funded Debt as of _______________
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp; Sum of A and B
</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <U>
     Maximum Leverage Ratio</U>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp; Required:
     not to exceed 60%
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;
     Expressed as a percentage, I.A divided by II.C
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;____%</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>

</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT><FONT SIZE="2"><B>4. <u>ASSET SALES SINCE CLOSING DATE
     (Section 2.06(b)(i))</u></B> </FONT></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;&nbsp;
     Aggregate amount of Net Proceeds from Asset Sales since Closing Date</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;&nbsp;
     Aggregate amount of Net Proceeds from sales of Designated Acres as
     permitted by<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 7.02(f)</u> since Closing Date</FONT></TD>
     <TD>&nbsp;</TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp;
     Aggregate amount of Net Proceeds received from Asset Sales and reinvested
     in accordance<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with <u>Section 7.02(i)</u> since Closing Date </FONT></TD>
     <TD>&nbsp;</TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; D.&nbsp;&nbsp;&nbsp;
     Sum of B and C </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; E.&nbsp;&nbsp;&nbsp;
     A <u>minus</u> D </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>

</TABLE>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=LEFT ><font size="2"><b>5. <u>NEGATIVE COVENANTS</u></b></font></TD>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I. <u>Section
     7.02(f):&nbsp; Sale of Designated Acres</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;
     Designated Acres </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;
     Aggregate Sales as of ______________</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II. <u>Section
     7.02(h):&nbsp; Asset Sales</u></FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;&nbsp;
     Maximum Allowed </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$40,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; B.&nbsp;&nbsp;
     Sales as of _______________ </FONT></TD>
     <TD>&nbsp;</TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">III.&nbsp; <u>
     Section 7.03:&nbsp; Harvesting Restrictions (MCCF):</u> </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; A.&nbsp;
     <u>Standing Inventory</u> </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1.&nbsp; Standing Inventory as of January 1, 20__ </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp; 8%
     of the amount of A.1</font></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Prior Years</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1.&nbsp; Cumulative amount set forth in table (Section 7.03) for years
     preceding year <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of determination</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN=BOTTOM align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     2.&nbsp; Harvesting Carryover Amount</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;1,493 MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     3.&nbsp; 2000 MCCF</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;2,000 MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     4.&nbsp; Sum of B.1, B.2 and B.3</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     5.&nbsp; Cumulative amount actually harvested in such years preceding year<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of determination</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN=BOTTOM align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     6.&nbsp; Amount, if any, by which B.4 exceeds B.5</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C.&nbsp; <u>Maximum Allowable Harvest</u>:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1.&nbsp; Lessor of B.6 or A.2</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     2.&nbsp; Sum of A.2 and C.1</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     3.&nbsp; Actual Timber harested for calendar year ____(which is the year of
     determination)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;___MCCF</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;IV.&nbsp;
     <u>Section 7.04(i): Investments Not Otherwise Permitted</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Pulp and Paper Investments&nbsp;</FONT> </TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$50,000</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Actual Cumulative Pulp and Paper Investments through ________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C. Actual Cumulative Investments in Permitted Businesses through
     _________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     D. Actual Cumulative Investments in Permitted Ancillary Business
     through _______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     E. 60% of the average annual Pro Forma Free Cash Flow for
     preceding two fiscal years</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     F. Greater of $300 million or IV.E</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     G. Outstanding Section 7.04(i) Investments</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1. Cumulative Investments through _____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     2. Repayment of Principal of such Investments through _____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     3. IV.G.1 minus IV.G.2</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;V.&nbsp;
     <u>Section 7.05(b): Funded Debt Incurred to Finance Capital Improvements</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$50,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B.&nbsp; Outstanding at ___________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;VI.
     <u>Section 7.05(d): Indebtedness Pursuant to a Bank Credit Facility</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$50,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Outstanding at ____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;VII.
     <u>Section 7.05(f): Guarantee of Facilities Subsidiary Revolving Credit
     Facility</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$20,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Outstanding at ____________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;VIII.
     <u>Section 7.05(g): Guarantee of Facility Subsidiary Capital Improvement
     Funded Debt</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Maximum Allowed</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$20,000</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Outstanding at ___________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;IX.<u>
     Section 7.05(h): Aggregate Principal Amount of Indebtedness Secured by
     Purchase</u><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Money Liens</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Book value of Tangible Assets of Borrower and its Restricted
     Subsidiaries as of ______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. 5% of amount of A</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C. Outstanding as of _________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     D. Greater of B or C (Required: not to exceed the amount in B)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;X.&nbsp;
     <u>Section 7.05(i): Additional Funded Debt</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     A. Pro Forma Free Cash Flow</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     B. Maximum Pro Forma Annual Interest Charges</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;
     C. Ratio of A. to B: (Required: not to be less than 2.25 to 1:00)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;IX.
     <u>Section 7.13(a): Restricted Payments</u></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Available Cash</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (i)(a) Net Income or Loss</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a) Excluding Gain on sale of any Capital Assets</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <u>PLUS</u>:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp; DD&amp;A_______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp; Other non-cash charges</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c)&nbsp; Reduction in reserves of the types referred to in clause (ii)(d)
     below,</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Interest______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Principal______</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d)&nbsp; Proceeds received from the sale of Designated Acres</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e)&nbsp; Cash from Capital Transactions used to refinance or refund
     Indebtedness</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (f)&nbsp; (A) other Cash from Capital Transactions received by the Borrower
     during such <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; quarter up to an aggregate amount equal to
     $157,000,000 for all calendar quarters,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; commencing with the calendar quarter that ended December  31, 2003</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$____</FONT></TD>
     <TD VALIGN=BOTTOM height="45"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
     &nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD></TD>
     <TD></TD>
     <TD VALIGN=BOTTOM>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD valign=bottom><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (B) the aggregate amounts of such $157,000,000 utilized in the calculation
     of <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available Cash for previous calendar quarters</FONT></TD>
     <TD valign=bottom>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;$____</FONT></TD>
     <TD VALIGN=BOTTOM height="30"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
     &nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Subtotal: (f)(A) <u>minus</u> (f)(B)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (g) An amount equal to that portion of the Net Proceeds received from an
     Asset Sale that<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; was applied to the repayment of Qualified Debt in
     accordance with Section 2.05(b)(ii)<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or Section 7.02(i) but not
     to exceed an amount equal to 50% of the Net Proceeds <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; received from such Asset Sale,<SUP>1</SUP></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD valign=bottom align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <u>LESS</u> (ii) the sum of:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a) All payments of principal on Indebtedness</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b) Capital expenditures</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c) Capital expenditures made in prior quarter, anticipated to be financed,
     but have <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not been refinanced</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD valign=bottom align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future principal payments (per Section 7.13)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future capital expenditures</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for additional working capital</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future distributions</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d) Reserve for future interest payments (per Section 7.13)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e) Other noncash credits</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (f) The amount of any Investments in the form of cash or cash equivalents</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (g) Any Investments made in prior quarter anticipated to be financed, but
     have <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not been refinanced</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD valign=bottom align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD align="right" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;AVAILABLE
     CASH:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;TOTAL
     DISTRIBUTION:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD>
     <p align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;_____</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

</TABLE>

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<P>_________________ </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>1</SUP> Included such amount only if the
Pricing Leverage Ratio as the last day of such calendar quarter is less than 5.0 to 1.0.
 See clause (i)(g) in the definition of Available Cash for limitation as to the amount
that may be included in the calculation thereof. </FONT></P>


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<A NAME=A049></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT E </B></FONT></P>

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<A NAME=A050></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSIGNMENT AND
ASSUMPTION AGREEMENT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Assignment and Assumption Agreement (this &#147;<U>Assignment and Assumption
Agreement</U>&#148;) is dated as of the Effective Date set forth below and is entered into
by and between [<I>Insert name of Assignor</I>] (the &#147;<U>Assignor</U>&#148;) and
[<I>Insert name of Assignee</I>] (the &#147;<U>Assignee</U>&#148;). Capitalized terms used
but not defined herein shall have the meanings given to them in the Credit Agreement
identified below (as amended, the &#147;<U>Credit Agreement</U>&#148;), receipt of a copy
of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set
forth in <U>Annex 1</U> attached hereto are hereby agreed to and incorporated herein by
reference and made a part of this Assignment and Assumption Agreement as if set forth
herein in full. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
     an agreed consideration,  the Assignor hereby irrevocably sells and assigns
to the Assignee,  and the Assignee hereby irrevocably purchases and assumes from
the  Assignor,  subject  to  and in  accordance  with  the  Standard  Terms  and
Conditions  and the Credit  Agreement,  as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of the Assignor&#146;s rights
and  obligations as a Lender under the Credit  Agreement and any other documents
or instruments  delivered  pursuant  thereto to the extent related to the amount
and percentage  interest  identified below of all of such outstanding rights and
obligations  of the Assignor under the respective  facilities  identified  below
(including,  without limitation, Letters of Credit and Swing Line Loans included
in such  facilities)  and (ii) to the  extent  permitted  to be  assigned  under
applicable law, all claims,  suits,  causes of action and any other right of the
Assignor  (in its  capacity as a Lender)  against any Person,  whether  known or
unknown,  arising under or in connection  with the Credit  Agreement,  any other
documents or instruments  delivered  pursuant  thereto or the loan  transactions
governed  thereby  or in any way based on or  related  to any of the  foregoing,
including, but not limited to, contract claims, tort claims, malpractice claims,
statutory  claims and all other claims at law or in equity related to the rights
and obligations  sold and assigned  pursuant to clause (i) above (the rights and
obligations  sold and  assigned  pursuant  to clauses  (i) and (ii) above  being
referred to herein collectively as, the  &#147;<U>Assigned  Interest</U>&#148;).
Such sale and  assignment  is without  recourse to the Assignor  and,  except as
expressly  provided  in  this  Assignment  and  Assumption  Agreement,   without
representation or warranty by the Assignor. </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assignor:
        ______________________________
</FONT></P></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2.  </FONT></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assignee:
        ______________________________ [and is an Affiliate/Approved Fund of [identify
Lender]<SUP>2</SUP>]  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Borrower:
        ______________________________ </FONT></P></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Administrative Agent:
     ____________________,   as  the  Administrative   Agent  under  the  Credit
Agreement referred to below </FONT></P></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credit
     Agreement:  Credit  Agreement,  dated as of January 15,  2004 (as  amended,
restated,  extended,  supplemented or otherwise modified in writing from time to
time,   the   &#147;<U>Credit</U><U>Agreement</U>&#148;),   among   Plum   Creek
Timberlands,      L.P.,     a     Delaware     limited      partnership     (the
&#147;<U>Borrower</U>&#148;),  the Lenders from time to time party thereto,  and
Bank of  America,  N.A.,  as  Administrative  Agent,  L/C  Issuer and Swing Line
Lender. </FONT></P></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assigned
Interest:  </FONT></P></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN=CENTER><FONT SIZE="2"><U>Facility Assigned</U></FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2">Aggregate Amount of<BR>Commitment/Loans<BR><U>for all Lenders*</U></FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2">Amount of <BR>Commitment/Loans<BR><U>Assigned*</U></FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2">Percentage Assigned of<BR><U>Commitment/Loans</U><SUP>3</SUP></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="25%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________</FONT></TD>
     <TD WIDTH="25%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$_________</FONT></TD>
     <TD WIDTH="25%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$_________</FONT></TD>
     <TD WIDTH="25%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$_________</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$_________</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$_________</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$_________</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________%</FONT></TD></TR>
</TABLE>
<BR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[7.  </FONT></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trade
Date:       __________________]<SUP>4</SUP> </FONT></P></TD>
</TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective Date: __________________,
20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms set forth in this Assignment and Assumption Agreement are hereby agreed to: </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ASSIGNOR
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[NAME OF ASSIGNOR]
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:_______________________
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:
</FONT></TD></TR>

</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ASSIGNEE
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[NAME OF ASSIGNEE]
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:_______________________
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:
</FONT></TD></TR>

</TABLE>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[Consented to and]<SUP>5</SUP> Accepted:</FONT></TD>
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BANK OF AMERICA, N.A., as Administrative Agent</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: _________________________________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[Consented to:]<SUP>6</SUP>
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: _________________________________
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>

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<P>_________________ </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>Select
as applicable.</FONT></P>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP>Set
forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders
thereunder. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>4</SUP>To
be completed if the Assignor and the Assignee intend that the minimum assignment amount
is to be determined as of the Trade Date. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>5</SUP>To
be added only if the consent of the Administrative Agent is required by the terms of the
Credit Agreement. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>6</SUP>To
be added only if the consent of the Borrower is required by the terms of the Credit
Agreement. </FONT></P>


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<A NAME=A052></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ANNEX 1 TO ASSIGNMENT
AND ASSUMPTION AGREEMENT </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credit Agreement, dated as of January
15, 2004 (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the &#147;<U>Credit</U> <U>Agreement</U>;&#148; the terms defined
therein being used herein as therein defined), among Plum Creek Timberlands, L.P., a
Delaware limited partnership (the &#147;<U>Borrower</U>&#148;), the Lenders from time to
time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and
Swing Line Lender. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<A NAME=A055></A>
     <P ALIGN=CENTER><FONT  FACE="Times New Roman, Times, Serif" SIZE=2>STANDARD
TERMS AND CONDITIONS<BR>FOR<BR>ASSIGNMENT AND ASSUMPTION AGREEMENT </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignor</U>.
     The  Assignor  (a)  represents  and  warrants  that (i) it is the legal and
beneficial owner of the Assigned  Interest,  (ii) the Assigned  Interest is free
and clear of any lien,  encumbrance or other adverse claim and (iii) it has full
power and authority,  and has taken all action necessary, to execute and deliver
this  Assignment  and Assumption  Agreement and to consummate  the  transactions
contemplated  hereby; and (b) assumes no responsibility  with respect to (i) any
statements,  warranties or  representations  made in or in  connection  with the
Credit  Agreement  or any other Loan  Document,  (ii) the  execution,  legality,
validity,  enforceability,   genuineness,  sufficiency  or  value  of  the  Loan
Documents or any  collateral  thereunder,  (iii) the financial  condition of the
Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect  of any Loan  Document  or (iv) the  performance  or  observance  by the
Borrower,  any of its  Subsidiaries  or Affiliates or any other Person of any of
their respective obligations under any Loan Document. </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignee</U>.
     The Assignee  (a)  represents  and warrants  that (i) it has full power and
authority,  and has taken all action  necessary,  to execute  and  deliver  this
Assignment  and  Assumption   Agreement  and  to  consummate  the   transactions
contemplated  hereby and to become a Lender under the Credit Agreement,  (ii) it
meets all  requirements  of an  Eligible  Assignee  under the  Credit  Agreement
(subject  to  receipt  of such  consents  as may be  required  under the  Credit
Agreement),  (iii) from and after the  Effective  Date, it shall be bound by the
provisions of the Credit Agreement as a Lender  thereunder and, to the extent of
the Assigned Interest,  shall have the obligations of a Lender thereunder,  (iv)
it has received a copy of the Credit Agreement, together with copies of the most
recent  financial  statements  delivered  pursuant  to  Section __  thereof,  as
applicable,   and  such  other  documents  and  information  as  it  has  deemed
appropriate  to make its own credit  analysis  and  decision  to enter into this
Assignment and Assumption Agreement and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision  independently and without
reliance on the  Administrative  Agent or any other  Lender,  and (v) if it is a
Foreign Lender, attached hereto is any documentation required to be delivered by
it pursuant to the terms of the Credit Agreement, duly completed and executed by
the  Assignee;  and (b)  agrees  that (i) it  will,  independently  and  without
reliance on the  Administrative  Agent,  the Assignor or any other  Lender,  and
based on such  documents and  information  as it shall deem  appropriate  at the
time,  continue to make its own credit  decisions in taking or not taking action
under the Loan  Documents,  and (ii) it will  perform in  accordance  with their
terms  all of the  obligations  which by the  terms of the  Loan  Documents  are
required to be performed by it as a Lender. </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignee&#146;s
     Address for Notices,  etc.</U>  Attached hereto as<U> Schedule 1</U> is all
contact  information,  address,  account  and other  administrative  information
relating to the Assignee. </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments</U>.
     From and after the Effective Date, the Administrative  Agent shall make all
payments in respect of the Assigned Interest  (including  payments of principal,
interest,  fees and other  amounts) to the  Assignee  whether  such amounts have
accrued  prior  to or on or after  the  Effective  Date.  The  Assignor  and the
Assignee   shall  make  all   appropriate   adjustments   in   payments  by  the
Administrative  Agent for periods prior to the Effective Date or with respect to
the making of this assignment directly between themselves. </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
     Provisions</U>.  This Assignment and Assumption  Agreement shall be binding
upon,  and inure to the  benefit  of, the  parties  hereto and their  respective
successors and assigns. This Assignment and Assumption Agreement may be executed
in any number of  counterparts,  which together shall constitute one instrument.
Delivery of an executed  counterpart of a signature page of this  Assignment and
Assumption  Agreement by telecopy or facsimile shall be effective as delivery of
a manually  executed  counterpart of this  Assignment and Assumption  Agreement.
This Assignment and Assumption  Agreement shall be governed by, and construed in
accordance with, the law of the State of New York. </FONT></P></TD>
</TR>
</TABLE>
<BR>


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<A NAME=A056></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE 1<BR> TO<BR>ASSIGNMENT AND ASSUMPTION AGREEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A058></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>ADMINISTRATIVE DETAILS</u> </FONT></H1>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(Assignee
to list names of credit contacts, addresses, phone and facsimile numbers, electronic mail
addresses and account and payment information) </FONT></TD>
</TR>
</TABLE>
<BR>


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<A NAME=A059></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT F</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<A NAME=A060></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM OF NOTE </FONT></H1>

[$____________]
<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, New York<BR>[__________ __], 20__ ] </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, the undersigned, <B>PLUM CREEK TIMBERLANDS, L.P.</B> (the
&#147;<U>Borrower</U>&#148;), hereby unconditionally promises to pay to ______________ or
registered assigns (the &#147;<U>Lender</U>&#148;) in lawful money of the United States of
America and in immediately available funds, the principal sum of [_________________]
Dollars ($________) or, if less, the aggregate unpaid principal amount of the Committed
Loans made to the Borrower by the Lender pursuant to <U>Section 2.01</U> of the Credit
Agreement, at such times as are specified in, and in accordance with, the provisions of
the Credit Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower also promises to pay interest on the unpaid principal amount hereof from time to
time outstanding from the date hereof until maturity (whether by acceleration or
otherwise) and, after maturity, until paid, at the rates per annum and on the dates
specified in the Credit Agreement. All payments of principal and interest hereunder shall
be made to the Administrative Agent for the account of the Lender in Dollars in
immediately available funds at the Administrative Agent&#146;s Office. If any amount is
not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid
upon demand, from the due date thereof until the date of actual payment (and before as
well as after judgment) computed at the per annum rate set forth in the Credit Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note is one of the Notes referred to in, and was executed and delivered pursuant to, the
Credit Agreement, dated as of January 15, 2004 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the &#147;<U>Credit
Agreement</U>&#148;), among the Borrower, the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.
Capitalized terms used but not otherwise defined herein are used in this Note as defined
in the Credit Agreement. This Note is entitled to the benefits of the Credit Agreement.
The Credit Agreement, among other things, (i)&nbsp;provides the terms and conditions under
which the loan evidenced hereby is made, on which the Borrower is permitted and required
to make prepayments and repayments of principal of each Committed Loan outstanding and on
which the Committed Loans may be declared to be or shall automatically become immediately
due and payable and (ii)&nbsp;provides for a statement of the Lender&#146;s remedies upon
the occurrence of an Event of Default. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committed
Loans owing to the Lender by the Borrower, and all payments made on account of principal
thereof, shall be evidenced by one or more loan accounts or records maintained by the
Lender in the ordinary course of business. The Lender may also attach schedules to this
Note and endorse thereon the date, amount and maturity of its Committed Loans and payments
with respect thereto. Any failure of the Lender to so record any such information or any
error in so recording any such information shall not, however, limit or otherwise affect
the obligations of the Borrower hereunder or under any other Loan Document. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note may only be assigned as provided in the Credit Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower promises to pay all costs of collection, including reasonable attorneys&#146;
fees, incurred in the collection of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.</B> </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PLUM CREEK TIMBERLANDS, L.P.</B>
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp; Plum Creek Timber I, L.L.C.,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its General Partner
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:      Plum Creek Timber Company, Inc.,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Managing Member
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: ___________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
</FONT></TD></TR>
</TABLE>


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<A NAME=A062></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COMMITTED LOANS AND
PAYMENTS WITH RESPECT THERETO </FONT></H1>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT SIZE="2">Date</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT SIZE="2">Type of<BR>Loan Made</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT SIZE="2">Amount of<BR>Loan Made</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT SIZE="2">End of<BR>Interest<BR>Period</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT SIZE="2">Amount of<BR>Principal or<BR>Interest<BR>Paid This<BR>Date</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT SIZE="2">Outstanding<BR>Principal<BR>Balance<BR>This Date</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT SIZE="2">Notation<BR>Made By</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
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     <TD WIDTH="14%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">________</FONT></TD>
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