SCP POOL CORP
THIRD AMENDMENT TO CREDIT AGREEMENT
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<FILENAME>exhibit10_15.htm
<DESCRIPTION>THIRD AMENDMENT TO CREDIT AGREEMENT
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<TITLE>EXHBIT 10.15</TITLE>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" size=3>EXHIBIT 10.15 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=3><U>THIRD AMENDMENT TO
CREDIT AGREEMENT</U> </FONT></P>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
THIRD AMENDMENT TO CREDIT AGREEMENT (this "<U>Amendment</U>") is entered into as of October&nbsp;18,&nbsp;2002,
between SCP POOL CORPORATION, a Delaware corporation (the "<U>Borrower</U>"), BANK
ONE, NA, as administrative agent (in such capacity, the "<U>Administrative Agent</U>") and
the Required Lenders signatory hereto party to the Credit Agreement referred to
below. </FONT>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=3><U>BACKGROUND</U> </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>A.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3>The
Borrower, the Administrative Agent and the Lenders are parties to that certain
Credit Agreement dated as of November&nbsp;27,&nbsp;2001, as amended by that certain First
Amendment to Credit Agreement dated as of January&nbsp;10,&nbsp;2002, and that certain Second
Amendment to Credit Agreement dated as of September&nbsp;5,&nbsp;2002 (as the same has been and
may be amended, modified, supplemented, or restated from time to time, the "<U>Credit
Agreement</U>"; terms defined in the Credit Agreement and not otherwise defined herein
shall be used herein as defined in the Credit Agreement). </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>B.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3>The
Borrower has requested certain amendments to the Credit Agreement,  and the
 Administrative  Agent and the Required Lenders have agreed to such amendments, subject
to the terms and conditions contained herein. </FONT></TD>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
 THEREFORE,  in  consideration of the covenants,  conditions and agreements  hereafter
set forth, and for other good and  valuable  consideration,  the receipt and  adequacy of
which are all hereby  acknowledged,  the parties hereto covenant and agree as follows: </FONT>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>1.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3><U>AMENDMENTS
TO THE CREDIT AGREEMENT</U>. The Credit Agreement is hereby amended as follows: </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Addition
to Article&nbsp;I of the Credit Agreement</U>. Effective as of the date hereof, Article&nbsp;I of
the Credit Agreement is amended by adding the following definition in
alphabetical order: </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3> &nbsp;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" size=3>"<U>Collateral Subsidiary</U>"
means any Subsidiary which at any time has either (i)&nbsp;total assets
with a book value (determined in accordance with Agreement Accounting Principles)
equal to or greater than five percent (5%) of the Borrower's
Consolidated Net Worth, (ii)&nbsp;annual revenue (determined in
accordance with Agreement Accounting Principles) equal to or greater
than five percent (5%) of the annual revenue of the Borrower
and its Subsidiaries on a consolidated basis (determined in
accordance with Agreement Accounting Principles) or (iii)&nbsp;delivered
the documents described in <U>Section&nbsp;6.21</U>. </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Amendment
to Section 6.2</U>. Effective as of the date hereof, the last sentence of Section 6.2
of the Credit Agreement is amended and restated to read in its entirety as
follows: </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;                    </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" size=3>The Borrower
 will not,  nor will it permit any  Subsidiary  to, use any of the  proceeds of the
                  Advances  to purchase or carry any "margin  stock" (as defined in
 Regulation  U),  except as may                   otherwise  be  permitted  under
 Section  6.10 so long as the  Borrower  shall have  executed and
                  delivered with the applicable  Borrowing Notice or Swing Line Borrowing
 Notice,  as the case may                   be, a completed Federal Reserve Form U-1
dated as of the applicable Credit Extension Date. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Amendment
to Section&nbsp;6.10 of the Credit Agreement</U>. Effective as of the date hereof, Section&nbsp;6.10
of the Credit Agreement is amended and restated in its entirety to read as
follows: </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>                           6.10  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Dividends</U>.
The Borrower will not, nor will it permit any Subsidiary to,
declare or pay any dividends or make any distributions on its
capital stock (other than dividends payable in its own capital
stock) or redeem, repurchase or otherwise acquire or retire any of
its capital stock at any time outstanding, except that (i)&nbsp;any Subsidiary may
declare and pay dividends or make distributions to the Borrower or to
a Wholly-Owned Subsidiary which is a Collateral Subsidiary
(either directly or indirectly through one or more
Subsidiaries), and (ii)&nbsp;the Borrower may repurchase its capital stock
so long as at the time of such repurchase and after giving effect
thereto (a)&nbsp;no Default or Unmatured Default shall have occurred and
be continuing, (b)&nbsp;the Leverage Ratio shall not be greater than 2.0 to 1.0,
(c)&nbsp;the ratio of Consolidated Indebtedness to Consolidated Total
Capitalization shall not be greater than 0.5 to 1.0, and (d)&nbsp;neither
(A) the Available Aggregate Commitment nor (B) the amount equal to
the Borrowing Base minus the Aggregate Outstanding Credit Exposure shall be
less than $10,000,000. </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Amendment
to Section 6.11(vi)</U>. Effective as of the date hereof, Section 6.11(vi) of Credit
Agreement is amended and restated in its entirety to read as follows: </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>                           (vi)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" size=3>(a)&nbsp;Intercompany
 Indebtedness between or among the Borrower and its Collateral
                  Subsidiaries  organized  under the laws of the United  States of
 America,  and (b) so long as no                   Default  or  Unmatured  Default  has
 occurred  and  is  continuing  or  will  result  therefrom,
                  intercompany  Indebtedness  between or among the Borrower and its
 Subsidiaries  organized  under                   the laws of a  jurisdiction  located
 outside  the United  States of America or its  Subsidiaries                   which are
not Collateral  Subsidiaries  which,  together with the  transactions  permitted  under
                  Section&nbsp;6.14(iv),  does  not  exceed  $10,000,000  in the  aggregate
 during  the  term  of  this                   Agreement. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(e)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Amendment
to Section 6.15(ix)</U>. Effective as of the date hereof, Section 6.15(ix) of the
Credit Agreement is amended by deleting therefrom the reference to
"Subsidiary" and by inserting the reference to "Collateral Subsidiary" in lieu
thereof. </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(f)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Amendment
to Section&nbsp;6.18.2</U>. Effective as of the date hereof, Section&nbsp;6.18.2 of the Credit
Agreement is amended and restated in its entirety to read as follows: </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>                           6.18.2  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Leverage
Ratio</U>. The Borrower will not permit the Leverage Ratio, determined
as of the end of each of its fiscal quarters, to be greater than (a)&nbsp;2.0
to 1.0 for each fiscal quarter beginning with the fiscal quarter
ending December 31, 2002 through and including the fiscal quarter
ending June&nbsp;30, 2003, and (b)&nbsp;2.5 to 1.0 for each fiscal quarter thereafter. </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(g)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Amendment
to Section&nbsp;6.18.3</U>. Effective as of the date hereof, Section&nbsp;6.18.3 of the Credit
Agreement is amended and restated in its entirety to read as follows: </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>                           6.18.3  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Minimum
Net Worth</U>. The Borrower will at all times maintain Consolidated Net
Worth of not less than (a) during the period beginning the fiscal
quarter ending September 30, 2002 through and including the fiscal
quarter ending June 30, 2003, the sum of $116,401,600, plus 75% of
the net proceeds of any equity issuances by the Borrower received in each fiscal
quarter beginning with the quarter ending September 30, 2002 and
(b) thereafter, the sum of (i)&nbsp;the greater of (x) $116,401,600 or
(y) 80% of the Consolidated Net Worth of the Borrower for the fiscal
quarter ending June 30, 2003, plus (ii)&nbsp;50% of Consolidated Net Income earned in
each fiscal quarter beginning with the quarter ending September 30,
2003 (without deduction for losses), plus (iii)&nbsp;75% of the net
proceeds of any equity issuances by the Borrower received in each
fiscal quarter beginning with the quarter ending September 30, 2003. </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(h)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Amendment
to Section&nbsp;6.21 of the Credit Agreement</U>. Effective as of the date hereof, Section&nbsp;6.21
of the Credit Agreement is amended by (a) deleting therefrom all references
to "Subsidiary" and by inserting references to "Collateral Subsidiary" in
lieu thereof and (b) adding to the end of Section 6.21 of the Credit Agreement
the following: </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>  &nbsp;                  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" size=3>Collateral Subsidiaries
 shall in any event at all times be  comprised  of  Subsidiaries  which,
                  when  aggregated  with the total assets of the Borrower,  in the
aggregate have total assets with                   book value  (determined in accordance
with Agreement  Accounting  Principles) equal to or greater                   than
 ninety-five  percent  (95%)  of the  total  consolidated  assets  of the  Borrower  and
the                   Subsidiaries. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>2.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3><U>NO
WAIVER</U>. Nothing contained herein shall be construed as a waiver by the Administrative
Agent and the Lenders of any covenant or provision of the Credit Agreement, the other
Loan Documents, this Amendment, or of any other contract or instrument among the
Borrower, the Administrative Agent and the Lenders, and the failure of the
Administrative Agent or any Lender at any time or times hereafter to require strict
compliance by the Borrower of any provision thereof shall not waive, affect or
diminish any right of the Administrative Agent and the Lenders to thereafter demand
strict compliance therewith. The Administrative Agent and the Lenders hereby reserve
all rights granted under the Credit Agreement, the other Loan Documents, this
Amendment and any other contract or instrument among the Borrower, the Administrative
Agent and the Lenders. </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>3.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3><U>REPRESENTATIONS
AND WARRANTIES TRUE; NO DEFAULT</U>. By its execution and delivery hereof, the
Borrower represents and warrants to the Administrative Agent that, as of the date hereof: </FONT> </TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3>after
 giving  effect to this  Amendment,  the  representations  and  warranties  contained  in
the Credit          Agreement  and the other Loan  Documents  are true and correct in all
 material  respects on and as of the          date hereof as made on and as of such date,
 except for any  representations  and warranties  made as of a          specific  date,
 which shall be true and correct or shall have been true, as  applicable,  in all
material          respects as of such specific date; and </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3>after
giving  effect to this  Amendment,  no event has  occurred and is  continuing  which
 constitutes  a          Default or an Unmatured Default. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>4.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3><U>CONDITIONS
OF EFFECTIVENESS</U>. This Amendment shall not be effective until each of the
following conditions precedent shall have been satisfied: </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3>The
 Administrative  Agent  shall  have  received  all of the  following,  each  dated
 (unless  otherwise          indicated)  the  date  of  this  Amendment,   in  form  and
 substance  reasonably   satisfactory  to  the          Administrative Agent: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(i)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" size=3>This
 Amendment  executed  by the  Borrower,  the  Administrative  Agent  and  the  Required
 Lenders  and                   acknowledged by the Guarantors. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(ii)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" size=3>Such
other documents as the Administrative Agent may reasonably request. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3><U>No
Default</U>. No Default shall have occurred and be continuing. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" size=3><U>Representations
and Warranties</U>. All of the representations and warranties contained in Article V of
the Credit Agreement, as amended hereby and in the other Loan Documents shall
be true and correct on and as of the date of this Amendment with the same
force and effect as if such representations and warranties had been made on
and as of such date, except to the extent such representations and warranties speak to
a specific date. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>5.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3><U>REFERENCE
TO CREDIT AGREEMENT</U>. Upon the effectiveness of this Amendment, each reference in the
Credit Agreement to "this Agreement," "hereunder," or words of like import shall mean
and be a reference to the Credit Agreement, as affected and amended by this Amendment. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>6.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3><U>COUNTERPARTS;
EXECUTION VIA FACSIMILE</U>. This Amendment 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. This Amendment may be validly executed and
delivered by facsimile or other electronic transmission. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>7.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3><U>GOVERNING
LAW; BINDING EFFECT</U>. This Amendment shall be governed by and construed in accordance
with the laws of the State of Texas and shall be binding upon the Borrower, the
Administrative Agent, the Required Lenders and their respective successors and assigns. </FONT> </TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>4 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>8.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3><U>HEADINGS</U>.
Section headings in this Amendment are included herein for convenience of reference
only and shall not constitute a part of this Amendment for any other purpose. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>9.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3><U>LOAN
DOCUMENT</U>. This Amendment is a Loan Document and is subject to all provisions of
the Credit Agreement applicable to Loan Documents, all of which are incorporated in
this Amendment by reference the same as if set forth in this Amendment verbatim. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>10.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3><U><B>NO
ORAL AGREEMENTS</B></U><B>. THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE
FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=3>[Balance of page
intentionally left blank.] </FONT></P>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3> 5</FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF,  the Borrower,  the Required Lenders and the  Administrative  Agent have
executed this Amendment as of the date first above written. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>BORROWER</B>: </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP
POOL CORPORATION </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ MANUEL J. PEREZ DE LA MESA</U><BR>
Manuel J. Perez de la Mesa<BR>
President and Chief Executive Officer </FONT>
</TD>
</TR>
</TABLE>
<BR>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Signature Page </FONT></P>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=3><B>ADMINISTRATIVE AGENT
AND LENDER</B>: </FONT> </H1>





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<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK
ONE, NA, </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
Administrative Agent and as a Lender </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ JOHN A. HORST </U><BR>
John A. Horst<BR> Director </FONT>
</TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Signature Page </FONT></P>
<!-- *************************************************************************** -->
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<HR SIZE=5 COLOR=GRAY NOSHADE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>OTHER
LENDERS</B>: </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIBERNIA
NATIONAL BANK, </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
Documentation Agent and as a Lender </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ KATHARINE GONZALEZ</U><BR>
Katharine Gonzalez<BR>
Vice President </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Signature Page </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FLEET
CAPITAL CORPORATION, </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
Syndication Agent and as a Lender </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ DAN HUGHES</U><BR>Dan Hughes<BR> Vice President </FONT>
</TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Signature Page </FONT></P>
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<HR SIZE=5 COLOR=GRAY NOSHADE>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP
PARIBAS, </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
a Lender </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ CRAIG PIERCE </U><BR> Craig Pierce<BR> Associate </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ MIKE SHRYOCK </U><BR> Mike Shryock <BR> Vice President </FONT>
</TD>
</TR>
</TABLE>
<BR>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3> Signature Page</FONT></P>
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<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGIONS
BANK, </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
a Lender </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ JORGE E. GORIS</U><BR>Jorge E. Goris<BR> Senior Vice President </FONT>
</TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Signature Page </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
FIFTH THIRD BANK, </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
a Lender </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ MARIE MAGNIN </U><BR>Marie Magnin<BR>Corporate Banking
Officer </FONT>
</TD>
</TR>
</TABLE>
<BR>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Signature Page </FONT></P>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantors
 hereby  consent and agree to this  Amendment  and agree that,  subsequent  to the
execution of this  Amendment,  the Guaranty shall remain in full force and effect and
shall continue to be the legal,  valid and binding  obligation of  Guarantors
 enforceable  against  Guarantors  in  accordance  with its terms.  In addition,
Guarantors  hereby agree that the Security  Agreement and other Loan Documents they are
parties to, shall remain in full force and effect and shall continue to (i)&nbsp;secure  the
Secured  Obligations  and (ii)&nbsp;be the legal,  valid and binding obligations of Guarantors
and enforceable against Guarantors in accordance with their respective terms. </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>GUARANTORS</B>: </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP
DISTRIBUTORS LLC  <BR>                                                    ALLIANCE PACKAGING,<BR>
INC.                                                      SCP INTERNATIONAL, INC.<BR>
                                                     FORT WAYNE POOLS, INC. </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ CRAIG K. HUBBARD</U><BR>Craig&nbsp;K. Hubbard<BR>Chief Financial Officer,<BR>Secretary<BR> and Treasurer of
each of the above entities </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP
PROPERTY CO. <BR>                                                     SCP NORTHPARK LLC </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ LEONARD MAFFEI</U><BR>Leonard Maffei<BR>Secretary of each of the
above entities </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUPERIOR
POOL PRODUCTS LLC </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ CRAIG K. HUBBARD</U><BR>
Craig&nbsp;K. Hubbard<BR>
Secretary and Treasurer </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP
ACQUISITION CO. LLC </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
    SCP Distributors LLC,<BR>
                                                              as its sole member </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ CRAIG K. HUBBARD</U><BR>
Craig&nbsp;K. Hubbard<BR>
Chief Financial Officer, Secretary and<BR>
Treasurer </FONT>
</TD>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP
SERVICES LP </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
    SCP Distributors LLC,  <BR>                                                            as
its general partner </FONT>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
<U>/S/ CRAIG K. HUBBARD</U><BR>
Craig&nbsp;K. Hubbard <BR>
Chief Financial Officer, Secretary and<BR>
Treasurer </FONT>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3> Signature Page</FONT></P>

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