EVEREST RE GROUP LTD
CREDIT AGREEMENT
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<DESCRIPTION>CREDIT AGREEMENT
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CREDIT AGREEMENT </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>between </FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      EVEREST REINSURANCE HOLDINGS, INC., </FONT></P>



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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE LENDERS NAMED HEREIN, </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and </FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>              WACHOVIA BANK, NATIONAL ASSOCIATION,<br>as Administrative Agent </FONT></P>


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

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$150,000,000 Senior
Revolving Credit Facility </FONT></P>

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<A NAME=A007></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lead Arranger and Sole
Book-Runner: <BR>WACHOVIA CAPITAL MARKETS, LLC </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated as of October 10, 2003 </FONT></P>




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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>TABLE OF CONTENTS </FONT></H1>

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


<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&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;RECITALS&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;&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;PAGE</b></font>
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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>ARTICLE I</b>  </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>DEFINITIONS </FONT></H1>


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<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=8% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1</FONT></TD>
        <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=69% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Defined Terms</FONT></TD>
     <TD WIDTH=8% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2</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>Accounting Terms</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3</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>Other Terms; Construction</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</FONT></TD></TR>
</TABLE>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE II </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>AMOUNT AND TERMS OF
THE LOANS </FONT></H1>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD WIDTH=82% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commitments</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Borrowings</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Disbursements; Funding Reliance; Domicile of Loans</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notes</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Termination and Reduction of Commitments</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mandatory and Voluntary Payments and Prepayments</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest Periods</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conversions and Continuations</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Method of Payments; Computations</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recovery of Payments</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.13</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Use of Proceeds</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.14</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pro Rata Treatment</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.15</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Increased Costs; Change in Circumstances; Illegality; etc</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.16</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Taxes</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.17</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compensation</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.18</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Replacemen Lenders</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31</FONT></TD></TR>
</TABLE>



<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE III </FONT></H1>

<A NAME=A008></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>CONDITIONS OF BORROWING </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=73% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conditions of Initial Borrowing</FONT></TD>
     <TD WIDTH=7% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=4% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2</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>Conditions of All Borrowings</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35</FONT></TD></TR>
</TABLE>

<A NAME=A009></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE IV </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>REPRESENTATIONS AND WARRANTIES </FONT></H1>



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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD WIDTH=83% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Organization and Power</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Authorization; Enforceability</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Violation</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Governmental Authorization; Permits</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Litigation</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Taxes</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsidiaries</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Full Disclosure</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Margin Regulations</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Material Adverse Change</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Matters</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ERISA</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.13</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Environmental Matters</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.14</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compliance With Laws</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.15</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Regulated Industries</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.16</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insurance</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.17</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Material Contracts</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.18</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reinsurance Agreements</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.19</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Foreign Assets Control Regulations and Anti-Money Laundering</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.20</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pari Passu Debt</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42</FONT></TD></TR>
</TABLE>


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<A NAME=A011></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE V </FONT></H1>

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<A NAME=A012></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>AFFIRMATIVE COVENANTS </FONT></H1>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
     <TD WIDTH=82% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GAAP Financial Statements</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Statutory Financial Statements</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other Business and Financial Information</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Existence; Franchises; Maintenance of Properties</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compliance with Laws</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of Obligations</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insurance</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maintenance of Books and Records; Inspection</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividends</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>USA Patriot Act Compliance</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Further Assurances</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48</FONT></TD></TR>
</TABLE>


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<A NAME=A013></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE VI </FONT></H1>

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<A NAME=A014></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FINANCIAL COVENANTS </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD WIDTH=83% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maximum Consolidated Indebtedness to Total Capitalization</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minimum Statutory Surplus</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minimum Interest Coverage Ratio</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49</FONT></TD></TR>
</TABLE>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE VII </FONT></H1>

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<A NAME=A016></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>NEGATIVE COVENANTS </FONT></H1>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=9% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1</FONT></TD>
        <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Fundamental Changes</FONT></TD>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=6% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=4% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Indebtedness</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Liens</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>&nbsp;</TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Disposition of Assets</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>&nbsp;</TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Transactions with Affiliates</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>&nbsp;</TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Restricted Payments</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Lines of Business</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>&nbsp;</TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Fiscal Year</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>&nbsp;</TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Ratings</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>&nbsp;</TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.10</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Accounting Changes</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>&nbsp;</TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.11</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Limitation on Certain Restrictions</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>&nbsp;</TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.12</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Investments</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54</FONT></TD></TR>
</TABLE>


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<A NAME=A017></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE VIII </FONT></H1>

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<A NAME=A018></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>EVENTS OF DEFAULT </FONT></H1>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=4% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD WIDTH=83% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Events of Default</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Remedies; Termination of Commitments, Acceleration, Etc</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Remedies; Set-Off</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57</FONT></TD></TR>
</TABLE>


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<A NAME=A019></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE IX </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>THE ADMINISTRATIVE
AGENT </FONT></H1>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=4% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD WIDTH=83% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Appointment</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nature of Duties</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exculpatory Provisions</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reliance by Administrative Agent</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-Reliance on Administrative Agent and Other Lenders</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notice of Default</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indemnification</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Administrative Agent in its Individual Capacity</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Successor Agent</FONT></TD><TD ALIGN=LEFT><FONT 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>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60</FONT></TD></TR>
</TABLE>


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<A NAME=A021></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE X </FONT></H1>

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<A NAME=A022></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>MISCELLANEOUS </FONT></H1>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=7% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1</FONT></TD>
     <TD WIDTH=74% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees and Expenses</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indemnification</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.3</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Governing Law; Consent to Jurisdiction</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Waiver of Trial by Jury</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notices</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amendments Waivers, Etc</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assignments, Participations</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Waiver</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Successors and Assigns</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.10</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Survival</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.11</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Severability</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.12</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Construction</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Confidentiality</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Counterparts;Effectiveness</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Disclosure of Information</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.16</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nonreliance</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.17</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Entire Agreement</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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69</FONT></TD></TR>
</TABLE>



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<A NAME=A023></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>EXHIBITS </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=19% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit A</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=74% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Note</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit B-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>Form of Notice of Borrowing</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit B-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>Form of Notice of Conversion/Continuation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit C-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>Form of GAAP Compliance Certificate</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit C-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>Form of SAP Compliance Certificate</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit D</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>Form of Assignment and Acceptance</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


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<A NAME=A024></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>SCHEDULES </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=19% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 1.1(a)</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=74% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commitments and Notice Addresses</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 4.4</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>Licenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 4.7</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>Subsidiaries</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 4.17</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>Material Contracts</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 7.3</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>Liens</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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;<B>THIS
CREDIT AGREEMENT</B>, dated as of the 10th day of October 2003, is made among <B>EVEREST
REINSURANCE HOLDINGS, INC.</B>, a Delaware corporation with its principal offices in
Liberty Corner, New Jersey (the &#147;<U>Borrower</U>&#148;), the banks and financial
institutions listed on the signature pages hereto or that become parties hereto after the
date hereof (collectively, the &#147;<U>Lenders</U>&#148;), and <B>WACHOVIA BANK, NATIONAL
ASSOCIATION </B>(&#147;<U>Wachovia</U>&#148;), as administrative agent for the Lenders. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>RECITALS </FONT></H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;
          The Borrower has requested that the Lenders make available to the Borrower a
          revolving credit facility in the aggregate principal amount of $150,000,000. The
          Borrower will use the proceeds of this facility (i) to refinance certain
          existing indebtedness, (ii) to pay certain transaction fees and expenses in
          connection herewith and therewith, and (iii) for working capital and general
          corporate purposes, all as more fully described herein. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;
          The Lenders are willing to make available to the Borrower the revolving credit
          facility described above subject to and on the terms and conditions set forth in
          this Agreement. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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;<B>NOW,
THEREFORE</B>, in consideration of the mutual provisions, covenants and agreements herein
contained, the parties hereto hereby agree as follows: </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE I</FONT></H1>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Defined Terms</U>. For
purposes of this Agreement, in addition to the terms defined elsewhere herein, the
following terms shall have the meanings set forth below (such meanings to be equally
applicable to the singular and plural forms 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>Account
Designation Letter</U>&#148; shall mean a letter from the Borrower to the Administrative
Agent, duly completed and signed by an Authorized Officer and in form and substance
satisfactory to the Administrative Agent, listing any one or more accounts to which the
Borrower may from time to time request the Administrative Agent to forward the proceeds of
any Loans made 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>Adjusted
LIBOR Rate</U>&#148; shall mean, at any time with respect to any LIBOR Loan, a rate per
annum equal to the LIBOR Rate as in effect at such time plus the Applicable Margin
Percentage for LIBOR Loans as in effect at such time. </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; shall mean Wachovia, in its capacity as Administrative Agent appointed
under <B>ARTICLE IX</B>, and its successors and permitted assigns in such 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;&#147;<U>Affiliate</U>&#148;
shall mean, as to any Person, each other Person that directly, or indirectly through one
or more intermediaries, owns or controls, is controlled by or under common control with,
such Person or is a director or officer of such Person. For purposes of this definition,
with respect to any Person &#147;control&#148; shall mean (i)&nbsp;the possession, direct
or indirect, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting securities, by contract or
otherwise, or (ii)&nbsp;the beneficial ownership of securities or other ownership
interests of such Person having 10% or more of the combined voting power of the then
outstanding securities or other ownership interests of such Person ordinarily (and apart
from rights accruing under special circumstances) having the right to vote in the election
of directors or other governing body of 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>Agreement</U>&#148;
shall mean this Credit Agreement, as amended, restated, modified or supplemented from time
to time. </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>Annual
Statement</U>&#148; shall mean, with respect to any Insurance Subsidiary for any fiscal
year, the annual financial statements of such Insurance Subsidiary as required to be filed
with the Insurance Regulatory Authority of its jurisdiction of domicile and in accordance
with the laws of such jurisdiction, together with all exhibits, schedules, certificates
and actuarial opinions required to be filed or delivered therewith. </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
Margin Percentage</U>&#148; shall mean, at any time from and after the Closing Date, the
applicable percentage (a)&nbsp;to be added to the LIBOR Rate pursuant to
<B>Section&nbsp;2.7</B> for purposes of determining the Adjusted LIBOR Rate, (b)&nbsp;to
be used in calculating the commitment fee payable pursuant to <B>Section&nbsp;2.8(b)</B>,
and (c) to be used in calculating the utilization fee payable pursuant to <B>Section
2.8(d)</B>, in each case as determined under the following matrix with reference to the
Borrower&#146;s senior unsecured debt rating by Moody&#146;s or Standard &amp; Poor&#146;s
(in each case based upon the higher of the two ratings), when available, or, if not
available, then with reference to three rating levels below the higher of the financial
strength ratings (individual company or pool rating, if applicable) assigned to Everest Re
by Standard &amp; Poor&#146;s and Moody&#146;s (the &#147;<U>Financial Strength
Rating</U>&#148;): </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=21% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Standard </FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=20% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Applicable Margin</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD 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;</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>Poor's/Moody's </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage for</FONT></TD>
      <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Utilization</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Level</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>Rating</FONT></TD><TD ALIGN=LEFT><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>Commitment fees</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>LIBOR Loans</FONT></TD>
        <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Usage > 50%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;I</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>A+/A1 or above</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>0.080%</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>&nbsp;</FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.350%</FONT></TD>
     <TD colspan=2  ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.100%</FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;II</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>A/A2</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>0.100%</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>0.425%</FONT></TD>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.100%</FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;III</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>A-/A3</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>0.125%</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></FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.500%</FONT></TD>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.100%</FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;IV</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>BBB+/Baa1</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>0.150%</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>0.650%</FONT></TD>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.150%</FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;V</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>BBB/Baa2 or below</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>0.200%</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>0.825%</FONT></TD>
     <TD colspan=2  ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.250%</FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding anything set forth
herein to the contrary, if at any time the difference between the senior unsecured debt
ratings by Moody&#146;s and Standard &amp; Poor&#146;s is more than one rating grade, then
for purposes of determining the applicable level set forth above, the rating one level
above the lower rating will apply. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On each Adjustment Date (as
hereinafter defined), the Applicable Margin Percentage for all Loans and the commitment
fee and utilization fee payable pursuant to <B>Section&nbsp;2.8(b) </B>and<B> (d)
</B>respectively<B> </B>shall be adjusted effective as of such date in accordance with the
above matrix; <U>provided</U>, <U>however</U>, that, notwithstanding the foregoing or
anything else herein to the contrary, if at any time an Event of Default described in
<B>Section&nbsp;8.1(a) </B>shall have occurred and be continuing, at all times from and
including the date on which such Event of Default occurred to the date on which such Event
of Default shall have been cured or waived, each Applicable Margin Percentage shall be
determined in accordance with Level V of the above matrix (notwithstanding the actual
level). For purposes of this definition, &#147;Adjustment Date&#148; shall mean the tenth
(10<SUP>th</SUP>) Business Day after the announcement by either Moody&#146;s or Standard
&amp; Poor&#146;s of any change in its rating with respect to the Borrower&#146;s senior
unsecured debt or the Financial Strength Rating if the Borrower does not have a senior
unsecured debt rating. Until the first Adjustment Date, each Applicable Margin Percentage
shall be determined in accordance with Level III of the above matrix. </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>Arranger</U>&#148;
shall mean Wachovia Capital Markets, LLC. </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>Assignee</U>&#148; shall
have the meaning given to such term in <B>Section 10.7(a)</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;&#147;<U>Assignment
and Acceptance</U>&#148; shall mean an Assignment and Acceptance entered into between a
Lender and an Assignee and accepted by the Administrative Agent and the Borrower, in
substantially the form of <B>Exhibit&nbsp;D</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;&#147;<U>Authorized
Officer</U>&#148; shall mean, with respect to any action specified herein, any officer of
the Borrower duly authorized by resolution of the board of directors of the Borrower to
take such action on its behalf, and whose signature and incumbency shall have been
certified to the Administrative Agent by the secretary or an assistant secretary 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>Available
Dividend Amount</U>&#148; shall mean, with respect to Everest Re for any period of four
consecutive fiscal quarters, the aggregate maximum amount of dividends that is or, if such
period were a fiscal year, would be permitted by the Insurance Regulatory Authority of its
jurisdiction of domicile, under all applicable Requirements of Law (without the necessity
of any consent, approval or other action of such Insurance Regulatory Authority involving
the granting of permission or the exercise of discretion by such Insurance Regulatory
Authority), to be paid by Everest Re to the Borrower in respect of such four-quarter
period as if such period were a fiscal year (whether or not any such dividends are
actually 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;&#147;<U>Bankruptcy
Code</U>&#148; shall mean 11 U.S.C. &sect;&sect;101 et seq., as amended from time to time,
and any successor statute. </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</U>&#148; shall mean the higher of (i)&nbsp;the per annum interest rate publicly
announced from time to time by Wachovia in Charlotte, North Carolina, to be its prime rate
(which may not necessarily be its best lending rate), as adjusted to conform to changes as
of the opening of business on the date of any such change in such prime rate, and
(ii)&nbsp;the Federal Funds Rate plus 0.5% per annum, as adjusted to conform to changes as
of the opening of business on the date of any such change in the Federal Funds 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>Base
Rate Loan</U>&#148; shall mean, at any time, any Loan that bears interest at such time at
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>Borrowing</U>&#148;
shall mean the incurrence by the Borrower (including as a result of conversions and
continuations of outstanding Loans pursuant to <B>Section&nbsp;2.10</B>) on a single date
of a group of Loans of a single Type and, in the case of LIBOR Loans, as to which a single
Interest Period is 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;&#147;<U>Borrowing
Date</U>&#148; shall mean, with respect to any Borrowing, the date upon which such
Borrowing is made. </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; shall mean (i)&nbsp;any day other than a Saturday or Sunday, a legal holiday
or a day on which commercial banks in Charlotte, North Carolina or New York, New York are
authorized by law or proclamation to be closed and (ii)&nbsp;in respect of any
determination relevant to a LIBOR Loan, any such day that is also a day on which tradings
are conducted 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
Stock</U>&#148; shall mean (i)&nbsp;with respect to any Person that is a corporation, any
and all shares, interests or equivalents in capital stock (whether voting or nonvoting,
and whether common or preferred) of such corporation, and (ii)&nbsp;with respect to any
Person that is not a corporation, any and all partnership, membership, limited liability
company or other equity interests of such Person; and in each case, any and all warrants,
rights or options to purchase 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>Cash
Equivalents</U>&#148; shall mean (i)&nbsp;securities issued or unconditionally guaranteed
by the United States of America or any agency or instrumentality thereof, backed by the
full faith and credit of the United States of America and maturing within ninety (90) days
from the date of acquisition, (ii)&nbsp;commercial paper issued by any Person organized
under the laws of the United States of America, maturing within ninety (90) days from the
date of acquisition and, at the time of acquisition, having a rating of at least A-1 or
the equivalent thereof by Standard &amp; Poor&#146;s or at least P-1 or the equivalent
thereof by Moody&#146;s, (iii)&nbsp;time deposits and certificates of deposit maturing
within ninety (90) days from the date of issuance and issued by a bank or trust company
organized under the laws of the United States of America or any state thereof that has
combined capital and surplus of at least $500,000,000 and that has (or is a subsidiary of
a bank holding company that has) a long-term unsecured debt rating of at least A or the
equivalent thereof by Standard &amp; Poor&#146;s or at least A2 or the equivalent thereof
by Moody&#146;s, (iv)&nbsp;repurchase obligations with a term not exceeding seven (7) days
with respect to underlying securities of the types described in clause&nbsp;(i) above
entered into with any bank or trust company meeting the qualifications specified in
clause&nbsp;(iii) above, and (v)&nbsp;money market funds at least 95% of the assets of
which are continuously invested in securities of the type described in clauses&nbsp;(i)
through (iv) 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;&#147;<U>Closing
Date</U>&#148; shall mean the date upon which the initial extension of credit is made
pursuant to 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>Combined
Net Cash Flow</U>&#148; shall mean, with respect to the Borrower&#146;s non-Insurance
Subsidiaries (other than Subsidiaries of an Insurance Subsidiary) and without duplication,
for any period, the <U>sum</U> of (i)&nbsp;the aggregate Net Income for such period and
(ii)&nbsp;the sum of depreciation expense, amortization of intangible assets, any increase
during such period in deferred taxes and other non-cash expenses, losses and charges
reducing income, in each case to the extent taken into account in the calculation of such
Net Income for such period, <U>minus</U>&nbsp;the sum of capital expenditures and all
non-cash gains and other non-cash items taken into account in determining such Net Income
for such period and any decrease during such period in deferred taxes. </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;
shall mean, with respect to any Lender at any time, the commitment of such Lender to make
Loans in an aggregate principal amount at any time outstanding up to the amount set forth
opposite such Lender&#146;s name on <B>Schedule&nbsp;1.1(a)</B> under the caption
&#147;Commitment&#148; or, if such Lender has entered into one or more Assignment and
Acceptances, the amount set forth for such Lender at such time in the Register maintained
by the Administrative Agent pursuant to <B>Section&nbsp;10.7(b)</B> as such Lender&#146;s
&#147;Commitment,&#148; as such amount may be reduced at or prior to such time pursuant to
the terms hereof. </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;&#147;<U>Compliance
Certificate</U>&#148; shall mean a fully completed and duly executed certificate in the
form of <B>Exhibit&nbsp;C-1</B> or Exhibit&nbsp;C-2, each together with a Covenant
Compliance Worksheet. </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>Consolidated
Indebtedness</U>&#148; shall mean, as of the last day of any fiscal quarter, the aggregate
(without duplication) of all Indebtedness (whether or not reflected on the Borrower&#146;s
or any Subsidiary&#146;s balance sheet) of the Borrower and its Subsidiaries, determined
on a consolidated basis in accordance with GAAP, excluding (i) reimbursement obligations
in respect of letters of credit issued for the benefit of any Insurance Subsidiary or the
Borrower in the ordinary course of its business to support the payment of obligations
arising under insurance and reinsurance contracts and weather and similar swap agreements,
but only in each case to the extent such letters of credit (A)&nbsp;are not drawn upon and
(B)&nbsp;are collateralized by cash or Cash Equivalents and (ii) the aggregate redemption
value of all Trust Preferred Securities to the extent such aggregate redemption value is
equal to or less than fifteen percent (15%) of Total Capitalization. </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>Consolidated
Interest Expense</U>&#148; shall mean, for any period, the sum (without duplication) of
(i)&nbsp;total interest expense of Borrower and its Subsidiaries for such period in
respect of Consolidated Indebtedness of Borrower and its Subsidiaries (including, without
limitation, all such interest expense accrued or capitalized during such period, whether
or not actually paid during such period), determined on a consolidated basis in accordance
with GAAP, (ii)&nbsp;all net amounts payable under or in respect of Hedge Agreements, to
the extent paid or accrued by the Borrower and its Subsidiaries during such period, and
(iii)&nbsp;all commitment fees and other ongoing fees in respect of Consolidated
Indebtedness (including the fees provided for under <B>Sections&nbsp;2.8(b) </B>and
<B>(d)</B>) paid, accrued or capitalized by the Borrower and its Subsidiaries during such
period. </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;&#147;<U>Consolidated
Net Income</U>&#148; shall mean, for any period, net income (or loss) for the Borrower and
its Subsidiaries for such period, determined on a consolidated basis in accordance with
GAAP. </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;&#147;<U>Consolidated
Net Worth</U>&#148; shall mean, as of any date of determination, the net worth of the
Borrower and its Subsidiaries as of such date, determined on a consolidated basis in
accordance with GAAP, but excluding any Disqualified Capital Stock. </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>Contingent
Obligation</U>&#148; shall mean, with respect to any Person, any direct or indirect
liability of such Person with respect to any Indebtedness, liability or other obligation
(the &#147;primary obligation&#148;) of another Person (the &#147;primary obligor&#148;),
whether or not contingent, (a)&nbsp;to purchase, repurchase or otherwise acquire such
primary obligation or any property constituting direct or indirect security therefor,
(b)&nbsp;to advance or provide funds (i)&nbsp;for the payment or discharge of any such
primary obligation or (ii)&nbsp;to maintain working capital or equity capital of the
primary obligor or otherwise to maintain the net worth or solvency or any balance sheet
item, level of income or financial condition of the primary obligor, (c)&nbsp;to purchase
property, securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor in respect thereof to make
payment of such primary obligation or (d)&nbsp;otherwise to assure or hold harmless the
owner of any such primary obligation against loss or failure or inability to perform in
respect thereof; <U>provided</U>, <U>however</U>, that, with respect to the Borrower and
its Subsidiaries, the term Contingent Obligation shall not include (y)&nbsp;endorsements
for collection or deposit in the ordinary course of business or (z)&nbsp;obligations
entered into by an Insurance Subsidiary in the ordinary course of its insurance or
reinsurance business under insurance policies, surety bonds or contracts issued by it or
to which it is a party, including reinsurance agreements (and security posted by any such
Insurance Subsidiary in the ordinary course of its business to secure obligations
thereunder). </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>Covenant
Compliance Worksheet</U>&#148; shall mean a fully completed worksheet in the form of
Attachment A to <B>Exhibit&nbsp;C-1</B> or <B>Exhibit&nbsp;C-2</B>. </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;&#147;<U>Credit
Documents</U>&#148; shall mean this Agreement, the Notes, the Fee Letter and all other
agreements, instruments, documents and certificates now or hereafter executed and
delivered to the Administrative Agent or any Lender by or on behalf of the Borrower or any
of its Subsidiaries with respect to this Agreement and the transactions contemplated
hereby, in each case as amended, restated, modified or supplemented from time to time. </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;
shall mean any event or condition that, with the passage of time or giving of notice, or
both, would constitute 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>Disqualified
Capital Stock</U>&#148; shall mean, with respect to any Person, any Capital Stock of such
Person that, by its terms (or by the terms of any security into which it is convertible or
for which it is exchangeable), or upon the happening of any event or otherwise,
(i)&nbsp;matures or is mandatorily redeemable or subject to any mandatory repurchase
requirement, pursuant to a sinking fund obligation or otherwise, (ii)&nbsp;is redeemable
or subject to any mandatory repurchase requirement at the sole option of the holder
thereof, or (iii)&nbsp;is convertible into or exchangeable for (whether at the option of
the issuer or the holder thereof) (a)&nbsp;debt securities or (b)&nbsp;any Capital Stock
referred to in (i) or (ii) above, in each case under (i), (ii) or (iii) above at any time
on or prior to the first anniversary of the Maturity Date; <U>provided</U>,
<U>however</U>, that only the portion of Capital Stock that so matures or is mandatorily
redeemable, is so redeemable at the option of the holder thereof, or is so convertible or
exchangeable on or prior to such date shall be deemed to be Disqualified Capital Stock. </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>Dollars</U>&#148;
or &#147;<U>$</U>&#148; shall mean dollars of 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>Eligible
Assignee</U>&#148; shall mean (i)&nbsp;a commercial bank organized under the laws of the
United States or any state thereof and having total assets in excess of $1,000,000,000,
(ii)&nbsp;a commercial bank organized under the laws of any other country that is a member
of the Organization for Economic Cooperation and Development or any successor thereto (the
&#147;OECD&#148;) or a political subdivision of any such country and having total assets
in excess of $1,000,000,000; <U>provided</U> that such bank or other financial institution
is acting through a branch or agency located in the United States, in the country under
the laws of which it is organized or in another country that is also a member of the OECD,
(iii)&nbsp;the central bank of any country that is a member of the OECD, (iv)&nbsp;a
finance company, insurance company or other financial institution or fund that is engaged
in making, purchasing or otherwise investing in loans in the ordinary course of its
business and having total assets in excess of $500,000,000, (v)&nbsp;any Affiliate of an
existing Lender or (vi)&nbsp;any other Person approved by the Required Lenders, which
approval shall not be unreasonably withheld. </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; shall mean any and all administrative, regulatory or judicial actions,
suits, demands, demand letters, claims, liens, notices of noncompliance or violation,
investigations (other than internal reports prepared by any Person in the ordinary course
of its business and not in response to any third party action or request of any kind) or
proceedings relating in any way to any Environmental Law or relating to any permit issued,
or any approval given, under any such Environmental Law (collectively,
&#147;<U>Claims</U>&#148;), including, without limitation,&nbsp;(i)&nbsp;any and all
Claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial
or other actions or damages pursuant to any applicable Environmental Law and (ii)&nbsp;any
and all Claims by any third party seeking damages, contribution, indemnification, cost
recovery, compensation or injunctive relief resulting from Hazardous Substances or arising
from alleged injury or threat of injury to human health or the environment. </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; shall mean any and all federal, state and local laws, statutes, ordinances,
rules, regulations, permits, licenses, approvals, interpretations, rules of common law and
orders of courts or Governmental Authorities, relating to the protection of human health
or occupational safety or the environment, now or hereafter in effect and in each case as
amended from time to time, including, without limitation, requirements pertaining to the
manufacture, processing, distribution, use, treatment, storage, disposal, transportation,
handling, reporting, licensing, permitting, investigation or remediation of Hazardous
Substances. </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;
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any successor statute, and all rules and regulations from time to time
promulgated thereunder. </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; shall mean any Person (including any trade or business, whether or not
incorporated) that would be deemed to be under &#147;common control&#148; with, or a
member of the same &#147;controlled group&#148; as, the Borrower or any of its
Subsidiaries, within the meaning of Sections 414(b), (c), (m) or (o) of the Internal
Revenue Code or Section 4001 of ERISA. </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;&#147;<U>ERISA
Event</U>&#148; shall mean any of the following with respect to a Plan or Multiemployer
Plan, as applicable: (i)&nbsp;a Reportable Event with respect to a Plan or a Multiemployer
Plan, (ii)&nbsp;a complete or partial withdrawal by the Borrower or any ERISA Affiliate
from a Multiemployer Plan that results in liability under Section 4201 or 4204 of ERISA,
or the receipt by the Borrower or any ERISA Affiliate of notice from a Multiemployer Plan
that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or
that it intends to terminate or has terminated under Section 4041A of ERISA,
(iii)&nbsp;the distribution by the Borrower or any ERISA Affiliate under Section 4041 or
4041A of ERISA of a notice of intent to terminate any Plan or the taking of any action to
terminate any Plan, (iv)&nbsp;the commencement of proceedings by the PBGC under Section
4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Plan, or the receipt by the Borrower or any ERISA Affiliate of a notice from any
Multiemployer Plan that such action has been taken by the PBGC with respect to such
Multiemployer Plan, (v)&nbsp;the institution of a proceeding by any fiduciary of any
Multiemployer Plan against the Borrower or any ERISA Affiliate to enforce Section 515 of
ERISA, which is not dismissed within thirty (30) days, (vi)&nbsp;the imposition upon the
Borrower or any ERISA Affiliate of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, or the imposition or
threatened imposition of any Lien upon any assets of the Borrower or any ERISA Affiliate
as a result of any alleged failure to comply with the Internal Revenue Code or ERISA in
respect of any Plan, (vii)&nbsp;the engaging in or otherwise becoming liable for a
nonexempt Prohibited Transaction by the Borrower or any ERISA Affiliate, (viii)&nbsp;a
violation of the applicable requirements of Section 404 or 405 of ERISA or the exclusive
benefit rule under Section 401(a) of the Internal Revenue Code by any fiduciary of any
Plan for which the Borrower or any of its ERISA Affiliates may be directly or indirectly
liable or (ix)&nbsp;the adoption of an amendment to any Plan that, pursuant to Section
401(a)(29) of the Internal Revenue Code or Section 307 of ERISA, would result in the loss
of tax-exempt status of the trust of which such Plan is a part if the Borrower or an ERISA
Affiliate fails to timely provide security to such Plan in accordance with the provisions
of such sections. </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; shall have the meaning given to such term in <B>Section 8.1</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;&#147;<U>Everest
Indemnity</U>&#148; shall mean Everest Indemnity Insurance Company, a Delaware corporation
and subsidiary of Everest Re. </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>Everest
National</U>&#148; shall mean Everest National Insurance Company, an Arizona insurance
corporation and subsidiary of Everest Re. </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;&#147;<U>Everest
Re</U>&#148; shall mean Everest Reinsurance Company, a Delaware insurance corporation and
the Borrower&#146;s primary insurance 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>Everest
Security</U>&#148; shall mean Everest Security Insurance Company, a Georgia insurance
corporation and subsidiary of Everest Re. </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; shall mean the Securities Exchange Act of 1934, as amended from time to
time, and any successor statute, and all rules and regulations from time to time
promulgated thereunder. </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; shall mean the Credit Agreement, dated December 21, 1999, as
amended, between the Borrower, the lenders party thereto and Wachovia (formerly known as
First Union National Bank) as administrative agent for such 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>Federal
Funds Rate</U>&#148; shall mean, for any period, a fluctuating per annum interest rate
(rounded upwards, if necessary, to the nearest 1/100 of one percentage point) equal for
each day during such period to the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System arranged by federal funds
brokers, as published for such day (or, if such day is not a Business Day, for the next
preceding Business Day) by the Federal Reserve Bank of New York, or if such rate is not so
published for any day that is a Business Day, the average of the quotations for such day
on such transactions received by the Administrative Agent from three federal funds brokers
of recognized standing selected 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>Federal
Reserve Board</U>&#148; shall mean the Board of Governors of the Federal Reserve System or
any successor 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>Fee
Letter</U>&#148; shall mean the letter from Wachovia and the Arranger to the Borrower,
dated September 3, 2003, relating to certain fees payable by the Borrower in respect of
the transactions contemplated by this Agreement, as amended, modified or supplemented from
time to time. </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>Financial
Officer</U>&#148; shall mean, with respect to the Borrower, the chief financial officer,
vice president &#150; finance, principal accounting officer or treasurer 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>GAAP</U>&#148;
shall mean generally accepted accounting principles, as set forth in the statements,
opinions and pronouncements of the Accounting Principles Board, the American Institute of
Certified Public Accountants and the Financial Accounting Standards Board, consistently
applied and maintained, as in effect from time to time (subject to the provisions of
<B>Section&nbsp;1.2</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;&#147;<U>Governmental
Authority</U>&#148; shall mean any nation or government, any state or other political
subdivision thereof and any central bank thereof, any municipal, local, city or county
government, and any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government, and any corporation or other
entity owned or controlled, through stock or capital ownership or otherwise, by 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>Group</U>&#148;
shall mean Everest Re Group, Ltd., a corporation organized under the laws of Bermuda. </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
Substances</U>&#148; shall mean any substances or materials (i)&nbsp;that are or become
defined as hazardous wastes, hazardous substances, pollutants, contaminants or toxic
substances under any Environmental Law, (ii)&nbsp;that are defined by any Environmental
Law as toxic, explosive, corrosive, ignitable, infectious, radioactive, mutagenic or
otherwise hazardous, (iii)&nbsp;the presence of which require investigation or response
under any Environmental Law, (iv)&nbsp;that constitute a nuisance, trespass or health or
safety hazard to Persons or neighboring properties, (v)&nbsp;that consist of underground
or aboveground storage tanks, whether empty, filled or partially filled with any substance
or (vi)&nbsp;that contain, without limitation, asbestos, polychlorinated biphenyls, urea
formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or
wastes, crude oil, nuclear fuel, natural gas or synthetic gas. </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>Hedge
Agreement</U>&#148; shall mean any interest or foreign currency rate swap, cap, collar,
option, hedge, forward rate or other similar agreement or arrangement designed to protect
against fluctuations in interest rates or currency exchange rates, including any swap
agreement (as defined in 11 U.S.C. &sect; 101). </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>Historical
Statutory Statements</U>&#148; shall have the meaning given to such term in
<B>Section&nbsp;4.11(c)</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;&#147;<U>Holding
Company Expenses</U>&#148; shall mean, for any period, the aggregate of all operating
costs and expenses incurred or paid by the Borrower during such period, including without
limitation rent, utilities, professional fees, taxes (without duplication for taxes
included in the determination of Net Tax Sharing Payments) and payroll expenses. </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;
shall mean, with respect to any Person (without duplication), (i)&nbsp;all indebtedness of
such Person for borrowed money or in respect of loans or advances, (ii)&nbsp;all
obligations of such Person evidenced by notes, bonds, debentures or similar instruments,
(iii)&nbsp;all reimbursement obligations of such Person with respect to surety bonds,
letters of credit and bankers&#146; acceptances (in each case, whether or not drawn or
matured and in the stated amount thereof), (iv)&nbsp;all obligations of such Person to pay
the deferred purchase price of property or services, (v)&nbsp;all indebtedness created or
arising under any conditional sale or other title retention agreement with respect to
property acquired by such Person, (vi)&nbsp;all obligations of such Person as lessee under
leases that are or are required to be, in accordance with GAAP, recorded as capital
leases, to the extent such obligations are required to be so recorded, (vii)&nbsp;all
obligations and liabilities of such Person incurred in connection with any transaction or
series of transactions providing for the financing of assets through one or more
securitizations or in connection with, or pursuant to, any synthetic lease or similar
off-balance sheet financing, (viii)&nbsp;all Disqualified Capital Stock issued by such
Person, with the amount of Indebtedness represented by such Disqualified Capital Stock
being equal to the greater of its voluntary or involuntary liquidation preference and its
maximum fixed repurchase price, but excluding accrued dividends, if any (for purposes
hereof, the &#147;maximum fixed repurchase price&#148; of any Disqualified Capital Stock
that does not have a fixed repurchase price shall be calculated in accordance with the
terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were
purchased on any date on which Indebtedness shall be required to be determined pursuant to
this Agreement, and if such price is based upon, or measured by, the fair market value of
such Disqualified Capital Stock, such fair market value shall be determined reasonably and
in good faith by the board of directors or other governing body of the issuer of such
Disqualified Capital Stock), (ix)&nbsp;the net termination obligations of such Person
under any Hedge Agreements, calculated as of any date as if such agreement or arrangement
were terminated as of such date, (x)&nbsp;all Contingent Obligations of such Person and
(xi)&nbsp;all indebtedness referred to in clauses&nbsp;(i) through (x) above secured by
any Lien on any property or asset owned or held by such Person regardless of whether the
indebtedness secured thereby shall have been assumed by such Person or is nonrecourse to
the credit of 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>Insurance
Code</U>&#148; shall mean, with respect to any Insurance Subsidiary, the insurance code of
any state where such Insurance Subsidiary is domiciled or conducting business, as amended
from time to time, and any successor statute, together with all rules and regulations from
time to time promulgated thereunder. </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>Insurance
Regulatory Authority</U>&#148; shall mean, with respect to any Insurance Subsidiary, the
insurance department or similar Governmental Authority charged with regulating insurance
companies or insurance holding companies, in its jurisdiction of domicile and, to the
extent that it has regulatory authority over such Insurance Subsidiary, in each other
jurisdiction in which such Insurance Subsidiary conducts business or is licensed to
conduct 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>Insurance
Subsidiary</U>&#148; shall mean Everest Re, Everest National, Everest Indemnity, Everest
Security and any other Subsidiary of the Borrower the ability of which to pay dividends is
regulated by an Insurance Regulatory Authority or that is otherwise required to be
regulated thereby in accordance with the applicable Requirements of Law of its
jurisdiction of domicile. </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; shall mean, as of the last day of any period of four consecutive
fiscal quarters (the &#147;<U>Measurement Period</U>&#148;), the ratio of: </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;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the sum (without duplication) of (A)&nbsp;the Available Dividend Amount for the
               Measurement Period for Everest Re, (B)&nbsp;the Net Tax Sharing Payments with
               respect to the Measurement Period, (C)&nbsp;the Combined Net Cash Flow (whether
               positive or negative) for the Measurement Period, (D) refunds received by the
               Borrower during such Measurement Period relating to tax payments made by
               Borrower in respect of taxable income and (E) the net cash proceeds received
               during the Measurement Period from Investments made by the Borrower (but not a
               Subsidiary of the Borrower) permitted hereunder, <U>minus </U> Holding Company
               Expenses accrued during such Measurement Period, to </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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the sum (without duplication) of (A)&nbsp;Consolidated Interest Expense and
               (B)&nbsp;dividends to be paid on Trust Preferred Securities, each as projected
               for the four consecutive fiscal quarters immediately following the date of
               determination. </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
Period</U>&#148; shall have the meaning given to such term in <B>Section 2.9</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;&#147;<U>Internal Revenue
Code</U>&#148; shall mean the Internal Revenue Code of 1986, as amended from time to time,
and any successor statute, and all rules and regulations from time to time promulgated
thereunder. </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; shall mean, with respect to any Lender, the office of such Lender
designated as its &#147;Lending Office&#148; on its signature page hereto or in an
Assignment and Acceptance, or such other office as may be otherwise designated in writing
from time to time by such Lender to the Borrower and the Administrative Agent. A Lender
may designate separate Lending Offices as provided in the foregoing sentence for the
purposes of making or maintaining different Types of Loans, and, with respect to LIBOR
Loans, such office may be a domestic or foreign branch or Affiliate 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;&#147;<U>LIBOR
Loan</U>&#148; shall mean, at any time, any Loan that bears interest at such time at the
Adjusted LIBOR 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>LIBOR
Rate</U>&#148; shall mean, with respect to each LIBOR Loan comprising part of the same
Borrowing for any Interest Period, an interest rate per annum obtained by dividing
(i)(y)&nbsp;the rate of interest (rounded upward, if necessary, to the nearest 1/16 of one
percentage point) appearing on Telerate Page 3750 (or any successor page) or (z)&nbsp;if
no such rate is available, the rate of interest determined by the Administrative Agent to
be the rate or the arithmetic mean of rates (rounded upward, if necessary, to the nearest
1/16 of one percentage point) at which Dollar deposits in immediately available funds are
offered by Wachovia to first-tier banks in the London interbank Eurodollar market, in each
case under (y) and (z) above at approximately 11:00 a.m., London time, two (2) Business
Days prior to the first day of such Interest Period for a period substantially equal to
such Interest Period and in an amount substantially equal to the amount of Wachovia&#146;s
LIBOR Loan comprising part of such Borrowing, by (ii)&nbsp;the amount equal to 1.00 minus
the Reserve Requirement (expressed as a decimal) for such Interest Period. </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>Licenses</U>&#148;
shall have the meaning given to such term in <B>Section 4.4(c)</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;&#147;<U>Lien</U>&#148;
shall mean any mortgage, pledge, hypothecation, assignment, security interest, lien
(statutory or otherwise), preference, priority, charge or other encumbrance of any nature,
whether voluntary or involuntary, including, without limitation, the interest of any
vendor or lessor under any conditional sale agreement, title retention agreement, capital
lease or any other lease or arrangement having substantially the same effect as 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>Loans</U>&#148;
shall have the meaning given to such term in <B>Section 2.1</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;&#147;<U>Margin
Stock</U>&#148; shall have the meaning given to such term in Regulation 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>Material
Adverse Change</U>&#148; shall mean a material adverse change in the financial condition,
operations, business, properties or assets of the Borrower and its Subsidiaries, taken as
a whole. </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; shall mean a material adverse effect upon (i)&nbsp;the financial
condition, operations, business, properties or assets of the Borrower and its
Subsidiaries, taken as a whole, (ii)&nbsp;the ability of the Borrower to perform its
payment or other material obligations under this Agreement or any of the other Credit
Documents or (iii)&nbsp;the legality, validity or enforceability of this Agreement or any
of the other Credit Documents or the rights and remedies of the Administrative Agent and
the Lenders hereunder and thereunder. </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
Insurance Subsidiary</U>&#148; shall mean any Insurance Subsidiary that is a Material
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>Material
Subsidiary</U>&#148; shall mean each of (i)&nbsp;Everest Re and (ii)&nbsp;at the relevant
time of determination, any Subsidiary having (after the elimination of intercompany
accounts) (y)&nbsp;in the case of a non-Insurance Subsidiary, (A)&nbsp;assets constituting
at least ten percent (10%) of the total assets of Borrower and its Subsidiaries on a
consolidated basis, (B)&nbsp;revenues for the four quarters most recently ended
constituting at least ten percent (10%) of the total revenues of Borrower and its
Subsidiaries on a consolidated basis, or (C)&nbsp;Net Income for the four quarters most
recently ended constituting at least ten percent (10%) of the Consolidated Net Income of
Borrower and its Subsidiaries, in each case determined in accordance with GAAP as of the
date of the GAAP financial statements of Borrower and its Subsidiaries most recently
delivered under <B>Section&nbsp;5.1</B> prior to such time (or, with regard to
determinations at any time prior to the initial delivery of financial statements under
<B>Section&nbsp;5.1</B>, as of the date of the most recent financial statements referred
to in <B>Section&nbsp;4.11(a)</B>), or (z)&nbsp;in the case of an Insurance Subsidiary,
(A)&nbsp;assets constituting at least ten percent (10%) of the aggregate assets of all the
Borrower&#146;s Insurance Subsidiaries, or (B)&nbsp;Gross Written Premiums for the four
quarters most recently ended constituting at least ten percent (10%) of the aggregate
Gross Written Premiums (without duplication) of all the Borrower&#146;s Insurance
Subsidiaries, in each case determined in accordance with SAP as of the date of the
statutory financial statements most recently delivered under <B>Section 5.2</B> prior to
such time (or, with regard to determinations at any time prior to the initial delivery of
financial statements under <B>Section&nbsp;5.2</B>, as of the date of the most recent
financial statements referred to in <B>Section&nbsp;4.11(a)</B>) and (iii)&nbsp;any
Subsidiary that has one of the foregoing as a 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>Maturity
Date</U>&#148; shall mean the third anniversary of 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>Moody&#146;s</U>&#148;
shall mean Moody&#146;s Investors Service, Inc., and its successors and assigns. </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; shall mean any &#147;multiemployer plan&#148; within the meaning of Section
4001(a)(3) of ERISA to which the Borrower or any ERISA Affiliate makes, is making or is
obligated to make contributions or 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>NAIC</U>&#148;
shall mean the National Association of Insurance Commissioners and any successor 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>Net
Income</U>&#148; shall mean, with respect to any Person for any period, the net income (or
loss), after extraordinary items, taxes and all other items of expense and income of such
Person for such period, determined in accordance with 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>Net
Tax Sharing Payments</U>&#148; shall mean, for any period, (i)&nbsp;the aggregate (without
duplication) of all payments made or to be made to the Borrower by its Subsidiaries
pursuant to tax sharing or tax allocation agreements or arrangements or otherwise in
respect of taxable income realized during such period, <U>minus</U> (ii)&nbsp;the
aggregate (without duplication) of all foreign, federal, state or local income, franchise
and other tax payments made or to be made by the Borrower in respect of taxable income
realized during such period and any payments made or to be made by the Borrower during
such period pursuant to such tax sharing or tax allocation agreement or arrangement. For
purposes of the Interest Coverage Ratio, if the amount in clause (ii) exceeds the amount
in clause (i) hereof, the result shall be expressed as a negative amount. </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>Notes</U>&#148;
shall mean the promissory notes of the Borrower in substantially the form of <B>Exhibit
A</B>, together with any amendments, modifications and supplements thereto, substitutions
therefor and restatements 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>Notice
of Borrowing</U>&#148; shall have the meaning given to such term in <B>Section 2.2(b)</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;&#147;<U>Notice of
Conversion/Continuation</U>&#148; shall have the meaning given to such term in <B>Section
2.10(b)</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;&#147;<U>Obligations</U>&#148;
shall mean all principal of and interest (including, to the greatest extent permitted by
law, post-petition interest) on the Loans and all fees, expenses, indemnities and other
obligations owing, due or payable at any time by the Borrower to the Administrative Agent,
any Lender or any other Person entitled thereto, under this Agreement or any of the other
Credit 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;&#147;<U>Participant</U>&#148;
shall have the meaning given to such term in <B>Section 10.7(d)</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;&#147;<U>PBGC</U>&#148;
shall mean the Pension Benefit Guaranty Corporation and any successor 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>Permitted
Liens</U>&#148; shall have the meaning given to such term in <B>Section 7.3</B>. </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;&#147;<U>Person</U>&#148;
shall mean any corporation, association, joint venture, partnership, limited liability
company, organization, business, individual, trust, government or agency or political
subdivision thereof or any other legal 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;
shall mean any &#147;employee pension benefit plan&#148; within the meaning of
Section&nbsp;3(2) of ERISA that is subject to the provisions of Title IV of ERISA (other
than a Multiemployer Plan) and to which the Borrower or any ERISA Affiliate may have any
liability. </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>Prohibited
Transaction</U>&#148; shall mean any transaction described in (i)&nbsp;Section 406 of
ERISA that is not exempt by reason of Section 408 of ERISA or by reason of a Department of
Labor prohibited transaction individual or class exemption or (ii)&nbsp;Section 4975(c) of
the Internal Revenue Code that is not exempt by reason of Section 4975 (c)(2) or 4975(d)
of the Internal Revenue 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>Projections</U>&#148;
shall have the meaning given to such term in <B>Section&nbsp;4.11(b)</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;&#147;<U>Quarterly
Statement</U>&#148; shall mean, with respect to any Insurance Subsidiary for any fiscal
quarter, the quarterly financial statements of such Insurance Subsidiary as required to be
filed with the Insurance Regulatory Authority of its jurisdiction of domicile, together
with all exhibits, schedules, certificates and actuarial opinions required to be filed or
delivered therewith. </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;
shall have the meaning given to such term in <B>Section&nbsp;10.7(b)</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;&#147;<U>Regulations
D, T, U and X</U>&#148; shall mean Regulations D, T, U and X, respectively, of the Federal
Reserve Board, and any successor regulations. </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>Reinsurance
Agreement</U>&#148; shall mean any agreement, contract, treaty, certificate or other
arrangement whereby any Insurance Subsidiary agrees to transfer, cede or retrocede to
another insurer or reinsurer all or part of the liability assumed or assets held by such
Insurance Subsidiary under a policy or policies of insurance issued by such Insurance
Subsidiary or under a reinsurance agreement assumed by such Insurance 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>Reportable
Event</U>&#148; shall mean (i)&nbsp;any &#147;reportable event&#148; within the meaning of
Section&nbsp;4043(c) of ERISA for which the 30-day notice under Section 4043(a) of ERISA
has not been waived by the PBGC (including any failure to meet the minimum funding
standard of, or timely make any required installment under, Section 412 of the Internal
Revenue Code or Section 302 of ERISA, regardless of the issuance of any waivers in
accordance with Section 412(d) of the Internal Revenue Code), (ii)&nbsp;any such
&#147;reportable event&#148; subject to advance notice to the PBGC under Section
4043(b)(3) of ERISA, (iii)&nbsp;any application for a funding waiver or an extension of
any amortization period pursuant to Section 412 of the Internal Revenue Code, and
(iv)&nbsp;a cessation of operations described in Section 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>Required
Lenders</U>&#148; shall mean the Lenders holding outstanding Loans and Unutilized
Commitments (or, after the termination of the Commitments, outstanding Loans) representing
more than fifty percent (50%)<B> </B>of the aggregate at such time of all outstanding
Loans and Unutilized Commitments (or, after the termination of the Commitments, the
aggregate at such time of all outstanding Loans). </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; shall mean, with respect to any Person, the charter, articles or
certificate of organization or incorporation and bylaws or other organizational or
governing documents of such Person, and any statute, law, treaty, rule, regulation, order,
decree, writ, injunction or determination of any arbitrator or court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its property
or to which such Person or any of its property is subject or otherwise pertaining to any
or all of the transactions contemplated by this Agreement and the other Credit 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;&#147;<U>Reserve
Requirement</U>&#148; shall mean, with respect to any Interest Period, the reserve
percentage (expressed as a decimal) in effect from time to time during such Interest
Period, as provided by the Federal Reserve Board, applied for determining the maximum
reserve requirements (including, without limitation, basic, supplemental, marginal and
emergency reserves) applicable to Wachovia under Regulation D with respect to
&#147;Eurocurrency liabilities&#148; within the meaning of Regulation D, or under any
similar or successor regulation with respect to Eurocurrency liabilities or Eurocurrency
funding. </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; shall mean, with respect to the Borrower, the president, the chief
executive officer, the chief financial officer, any executive officer or any other
Financial Officer of the Borrower, and any other officer or similar official thereof
responsible for the administration of the obligations of the Borrower in respect of 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>SAP</U>&#148;
shall mean, with respect to any Insurance Subsidiary, the statutory accounting practices
prescribed or permitted by the relevant Insurance Regulatory Authority of its jurisdiction
of domicile, consistently applied and maintained and in conformity with those used in the
preparation of the most recent Historical Statutory Statements. </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>Standard
&amp; Poor&#146;s</U>&#148; shall mean Standard &amp; Poor&#146;s Ratings Services, a
division of The McGraw Hill Companies, Inc. and its successors and assigns. </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>Statutory
Surplus</U>&#148; shall mean, as to Everest Re, at any time, the amount shown on its most
recent Quarterly Statement or Annual Statement. </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;
shall mean, with respect to any Person, any corporation or other Person of which more than
fifty percent (50%) of the outstanding Capital Stock having ordinary voting power to elect
a majority of the board of directors, board of managers or other governing body of such
Person, is at the time, directly or indirectly, owned or controlled by such Person and one
or more of its other Subsidiaries or a combination thereof (irrespective of whether, at
the time, securities of any other class or classes of any such corporation or other Person
shall or might have voting power by reason of the happening of any contingency). When used
without reference to a parent entity, the term &#147;Subsidiary&#148; shall be deemed to
refer to a 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>Terminating
Senior Indebtedness</U>&#148; shall mean all Indebtedness of the Borrower under the
Existing 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>Termination
Date</U>&#148; shall mean the Maturity Date or such earlier date of termination of the
Commitments pursuant to <B>Section 2.5</B> or <B>Section 8.2</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;&#147;<U>Total
Capitalization</U>&#148; shall mean, as of any date of determination, the sum of (i)
Consolidated Net Worth as of such date, (ii) Consolidated Indebtedness as of such date
(excluding, to the extent otherwise included, the Trust Preferred Securities) and (iii)
the aggregate redemption value of all Trust Preferred Securities. </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>Trust
Preferred Securities</U>&#148; shall mean the 7.85% Trust Preferred Securities issued by
Everest Re Capital Trust and any other preferred securities offered by a special purpose
business trust of which the Borrower or any of its respective Subsidiaries is the grantor,
the proceeds of which are or have been used principally to purchase subordinated
debentures issued by the Borrower or 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>Type</U>&#148;
shall have the meaning given to such term in <B>Section 2.2(a)</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;&#147;<U>Unfunded
Pension Liability</U>&#148; shall mean, with respect to any Plan or Multiemployer Plan,
the excess of its benefit liabilities under Section 4001(a)(16) of ERISA over the current
value of its assets, determined in accordance with the applicable assumptions used for
funding under Section 412 of the Internal Revenue 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>Unutilized
Commitment</U>&#148; shall mean, with respect to any Lender at any time, such
Lender&#146;s Commitment at such time <U>less</U> the aggregate principal amount of all
Loans made by such Lender that are outstanding at such time. </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</U>&#148; shall mean, with respect to any Subsidiary of any Person, that 100% of the
outstanding Capital Stock of such Subsidiary is owned, directly or indirectly, by 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;1.2
<U>Accounting Terms</U>. Except as specifically provided otherwise in this Agreement, all
accounting terms used herein that are not specifically defined shall have the meanings
customarily given them, and all financial computations hereunder shall be made, in
accordance with GAAP (or, to the extent that such terms apply solely to any Insurance
Subsidiary or if otherwise expressly required, SAP). Notwithstanding the foregoing, in
the event that any changes in GAAP or SAP after the date hereof are required to be
applied to the transactions described herein and would affect the computation of the
financial covenants contained in <B>ARTICLE VI </B>as applicable, such changes shall be
followed only from and after the date this Agreement shall have been amended to take into
account any such changes.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3
<U>Other Terms; Construction</U>. Unless otherwise specified or unless the context
otherwise requires, all references herein to sections, annexes, schedules and exhibits
are references to sections, annexes, schedules and exhibits in and to this Agreement, and
all terms defined in this Agreement shall have the defined meanings when used in any
other Credit Document or any certificate or other document made or delivered pursuant
hereto.  </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE II</FONT></H1>

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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>AMOUNT
AND TERMS OF THE 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;2.1
<U>Commitments</U>. Each Lender severally agrees, subject to and on the terms and
conditions of this Agreement, to make loans (each, a &#147;<U>Loan</U>,&#148; and
collectively, the &#147;<U>Loans</U>&#148;) to the Borrower, from time to time on any
Business Day during the period from and including the Closing Date to but not including
the Termination Date, in an aggregate principal amount at any time outstanding not
greater than its Commitment at such time; <U>provided</U> that no Borrowing of Loans
shall be made if, immediately after giving effect thereto, the aggregate principal amount
of Loans outstanding at such time would exceed the aggregate Commitments at such time.
Subject to and on the terms and conditions of this Agreement, the Borrower may borrow,
repay and reborrow Loans.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2
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;(a)
          The Loans shall, at the option of the Borrower and subject to the terms and
          conditions of this Agreement, be either Base Rate Loans or LIBOR Loans (each, a
          &#147;<U>Type</U>&#148; of Loan). <B>[Discuss LIBOR Borrowings at Closing]</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;(b)
          In order to make a Borrowing (other than Borrowings involving continuations or
          conversions of outstanding Loans, which shall be made pursuant to <B>Section
          2.10</B>), the Borrower will give the Administrative Agent written notice not
          later than 11:00 a.m., Charlotte time, three (3) Business Days prior to each
          Borrowing to be comprised of LIBOR Loans and not later than 10:00 a.m.,
          Charlotte time, on the same Business Day prior to each Borrowing of Base Rate
          Loans; <U>provided</U>, <U>however</U>, that requests for the Borrowing of any
          Loans to be made on the Closing Date may, at the discretion of the
          Administrative Agent, be given later than the times specified hereinabove. Each
          such notice (each, a &#147;<U>Notice of Borrowing</U>&#148;) shall be
          irrevocable, shall be given in the form of <B>Exhibit B-1</B> and shall specify
          (1)&nbsp;the aggregate principal amount and initial Type of the Loans to be
made           pursuant to such Borrowing, (2)&nbsp;in the case of a Borrowing of LIBOR
Loans,           the initial Interest Period to be applicable thereto, and (3)&nbsp;the
requested           Borrowing Date, which shall be a Business Day. Upon its receipt of a
Notice of           Borrowing, the Administrative Agent will promptly notify each Lender
of the           proposed Borrowing. Notwithstanding anything to the contrary contained
herein:  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
          the aggregate principal amount of each Borrowing shall not be less than
          $3,000,000 or, if greater, an integral multiple of $1,000,000<B></B>in excess
          thereof (or, if less, in the amount of the aggregate Unutilized Commitments);  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
          if the Borrower shall have failed to designate the Type of Loans comprising a
          Borrowing, the Borrower shall be deemed to have requested a Borrowing comprised
          of Base Rate Loans; and  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
          if the Borrower shall have failed to select the duration of the Interest Period
          to be applicable to any Borrowing of LIBOR Loans, then the Borrower shall be
          deemed to have selected an Interest Period with a duration of one month.  </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;(c)
          Not later than 1:00 p.m., Charlotte time, on the requested Borrowing Date, each
          Lender will make available to the Administrative Agent at its office referred
to           in <B>Section&nbsp;10.5</B> (or at such other location as the Administrative
          Agent may designate) an amount, in Dollars and in immediately available funds,
          equal to the amount of the Loan to be made by such Lender. To the extent the
          Lenders have made such amounts available to the Administrative Agent as
provided           hereinabove, the Administrative Agent will make the aggregate of such
amounts           available to the Borrower in accordance with <B>Section&nbsp;2.3(a)</B> and
in           like funds as received 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;2.3
Disbursements; Funding Reliance; Domicile of Loans.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower hereby authorizes the Administrative Agent to disburse the proceeds           of
each Borrowing in accordance with the terms of any written instructions from
          any of the Authorized Officers; <U>provided</U> that the Administrative Agent
          shall not be obligated under any circumstances to forward amounts to any
account           not listed in an Account Designation 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Unless
the Administrative Agent has received, prior to 1:00 p.m., Charlotte           time, on
the relevant Borrowing Date, written notice from a Lender that such           Lender will
not make available to the Administrative Agent such Lender&#146;s           ratable
portion of the relevant Borrowing, the Administrative Agent may assume           that
such Lender has made such portion available to the Administrative Agent in
          immediately available funds on such Borrowing Date in accordance with the
          applicable provisions of <B>Section&nbsp;2.2</B>, and the Administrative Agent
          may, in reliance upon such assumption, but shall not be obligated to, make a
          corresponding amount available to the Borrower on such Borrowing Date. If and
to           the extent that such Lender shall not have made such portion available to
the           Administrative Agent, and the Administrative Agent shall have made such
          corresponding amount available to the Borrower, such Lender, on the one hand,
          and the Borrower, on the other, severally agree to pay to the Administrative
          Agent forthwith on demand such corresponding amount, together with interest
          thereon for each day from the date such amount is made available to the
Borrower           until the date such amount is repaid to the Administrative Agent, (i)&nbsp;in
          the case of such Lender, at the Federal Funds Rate, and (ii)&nbsp;in the case
of           the Borrower, at the rate of interest applicable at such time to the Type of
          Loans comprising such Borrowing, as determined under the provisions of <B>Section&nbsp;2.7</B>.
If such Lender shall repay to the Administrative Agent           such corresponding
amount, such amount shall constitute such Lender&#146;s Loan           as part of such
Borrowing for purposes of this Agreement. The failure of any           Lender to make any
Loan required to be made by it as part of any Borrowing shall           not relieve any
other Lender of its obligation, if any, hereunder to make its           Loan as part of
such Borrowing, but no Lender shall be responsible for the           failure of any other
Lender to make the Loan to be made by such other Lender as           part of any
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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Each
Lender may, at its option, make and maintain any Loan at, to or for the           account
of any of its Lending Offices; <U>provided </U>that any exercise of such           option
shall not affect the obligation of the Borrower to repay such Loan to or           for
the account of such Lender in accordance with the terms of 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower may at any time deliver to the Administrative Agent an Account
          Designation Letter listing any additional accounts or deleting any accounts
          listed in a previous Account Designation 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;2.4
     Notes. (a)&nbsp;&nbsp;&nbsp;&nbsp;          The Loans made by each Lender shall be
evidenced by a Note appropriately           completed in substantially the form of <B>Exhibit&nbsp;A</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Each
Note issued to a Lender shall (i)&nbsp;be executed by the Borrower,           (ii)&nbsp;be
payable to the order of such Lender, (iii)&nbsp;be dated as of the           Closing Date
(or, in the case of a Note issued after the Closing Date, dated the           effective
date of the applicable Assignment and Acceptance), (iv)&nbsp;be in a           stated
principal amount equal to such Lender&#146;s Commitment, (v)&nbsp;bear           interest
in accordance with the provisions of <B>Section&nbsp;2.7</B>, as the           same may
be applicable from time to time to the Loans made by such Lender, and           (vi)&nbsp;be
entitled to all of the benefits of this Agreement and the other           Credit
Documents and subject to the provisions hereof and 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Each
Lender will record on its internal records the amount and Type of each Loan
          made by it and each payment received by it in respect thereof and will, in the
          event of any transfer of its Note, either endorse on the reverse side thereof
or           on a schedule attached thereto (or any continuation thereof) the outstanding
          principal amount and Type of the Loans evidenced thereby as of the date of
          transfer or provide such information on a schedule to the Assignment and
          Acceptance relating to such transfer; <U>provided</U>, <U>however</U>, that the
          failure of any Lender to make any such recordation or provide any such
          information, or any error therein, shall not affect the Borrower&#146;s
          obligations under this Agreement or the 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;2.5
Termination and Reduction of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Commitments shall be automatically and permanently terminated on the
          Termination 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)&nbsp;&nbsp;&nbsp;&nbsp;          At
any time and from time to time after the date hereof, upon not less than five
          (5) Business Days&#146; prior written notice to the Administrative Agent, the
          Borrower may terminate in whole or reduce in part the aggregate Unutilized
          Commitments; <U>provided</U> that any such partial reduction shall be in an
          aggregate amount of not less than $5,000,000 or, if greater, an integral
          multiple thereof. The amount of any termination or reduction made under this
          subsection (b) may not thereafter be reinstated.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Each
reduction of the Commitments pursuant to this <B>Section 2.5 </B>shall be
          applied ratably among the Lenders according to their respective 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;2.6
Mandatory and Voluntary Payments and Prepayments.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          Except
to the extent due or paid sooner pursuant to the provisions of this           Agreement,
the aggregate outstanding principal of&nbsp;the Loans shall be due           and payable
in full on 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;          In
the event that, at any time, the aggregate principal amount of Loans
          outstanding at such time shall exceed the aggregate Commitments at such time
          (after giving effect to any concurrent termination or reduction thereof), the
          Borrower will immediately prepay the outstanding principal amount of the Loans
          in the amount of such excess.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          At
any time and from time to time, the Borrower shall have the right to prepay           the
Loans, in whole or in part, together with accrued interest to the date of
          prepayment, without premium or penalty (except as provided in clause
          (iii)&nbsp;below), upon written notice given to the Administrative Agent not
          later than 11:00 a.m., Charlotte time, three (3) Business Days prior to each
          intended prepayment of LIBOR Loans and one (1) Business Day prior to each
          intended prepayment of Base Rate Loans; <U>provided</U> that (i)&nbsp;each
          partial prepayment shall be in an aggregate principal amount of not less than
          $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof,
          (ii)&nbsp;no partial prepayment of LIBOR Loans made pursuant to any single
          Borrowing shall reduce the aggregate outstanding principal amount of the
          remaining LIBOR Loans under such Borrowing to less than $3,000,000 or to any
          greater amount not an integral multiple of $1,000,000 in excess thereof, and
          (iii)&nbsp;unless made together with all amounts required under <B>Section 2.17
</B>to be paid as a consequence of such prepayment, a prepayment of a LIBOR Loan
          may be made only on the last day of the Interest Period applicable thereto.
Each           such notice shall specify the proposed date of such prepayment and the
aggregate           principal amount and Type of the Loans to be prepaid (and, in the
case of LIBOR           Loans, the Interest Period of the Borrowing pursuant to which
made), and shall           be irrevocable and shall bind the Borrower to make such
prepayment on the terms           specified therein. Amounts prepaid pursuant to this
subsection<B></B>(c) may be           reborrowed, subject to the terms and conditions of
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;(d)&nbsp;&nbsp;&nbsp;&nbsp;          Each
payment or prepayment of LIBOR Loans made pursuant to the provisions of           this <B>Section
2.6</B> on a day other than the last day of the Interest Period           applicable
thereto shall be made together with all amounts required under <B>Section&nbsp;2.17</B> to
be paid as a consequence 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;          Each
prepayment of the Loans made pursuant to this <B>Section 2.6</B> shall be
          applied ratably among the Lenders holding the Loans being prepaid, in
proportion           to the principal amount held by each.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7
     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;(a)
          The Borrower will pay interest in respect of the unpaid principal amount of
each           Loan, from the date of Borrowing thereof until such principal amount shall
be           paid in full, (i)&nbsp;at the Base Rate, as in effect from time to time
during           such periods as such Loan is a Base Rate Loan, and (ii)&nbsp;at the
Adjusted           LIBOR Rate, as in effect from time to time during such periods as such
Loan is a           LIBOR 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;(b)
          Notwithstanding the foregoing, if any principal of or interest on any Loan or
          any fee or other amount payable by the Borrower hereunder is not paid when due,
          whether at maturity, pursuant to acceleration or otherwise, all outstanding
          principal amounts of the Loans and, to the greatest extent permitted by law,
all           interest accrued on the Loans, shall bear interest, after as well as before
          judgment, at a rate per annum equal to the interest rate applicable from time
to           time thereafter to such Loans (whether the Base Rate or the Adjusted LIBOR
Rate)           plus 2% (or, in the case of fees and other amounts, at the Base Rate plus
2%),           and, in each case, such default interest shall be payable on demand. To
the           greatest extent permitted by law, interest shall continue to accrue after
the           filing by or against the Borrower of any petition seeking any relief in
          bankruptcy or under any law pertaining to insolvency or debtor relief.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
          Accrued (and theretofore unpaid) interest shall be payable as follows:  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
          in respect of each Base Rate Loan (including any Base Rate Loan or portion
          thereof paid or prepaid pursuant to the provisions of <B>Section 2.6</B> except
          as provided hereinbelow) in arrears on the last Business Day of each calendar
          quarter, beginning with the first such day to occur after the Closing Date; <U>provided</U>,
that in the event the Loans are repaid or prepaid in full and           the Commitments
have been terminated, then accrued interest in respect of all           Base Rate Loans
shall be payable together with such repayment or prepayment on           the date
thereof;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
          in respect of each LIBOR Loan (including any LIBOR Loan or portion thereof paid
          or prepaid pursuant to the provisions of <B>Section&nbsp;2.6</B>, except as
          provided hereinbelow), in arrears (y)&nbsp;on the last Business Day of the
          Interest Period applicable thereto (subject to the provisions of
          clause&nbsp;(iv) in <B>Section&nbsp;2.9</B>) and (z)&nbsp;in addition, in the
          case of a LIBOR Loan with an Interest Period having a duration of six months or
          longer, on each date on which interest would have been payable under
          clause&nbsp;(y) above had successive Interest Periods of three months&#146;          duration
been applicable to such LIBOR Loan; <U>provided</U>, that in the event           all
LIBOR Loans made pursuant to a single Borrowing are repaid or prepaid in           full,
then accrued interest in respect of such LIBOR Loans shall be payable           together
with such repayment or prepayment on the date thereof; and  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
          in respect of any Loan, at maturity (whether pursuant to acceleration or
          otherwise) and, after maturity, on demand.  </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;(d)
          Nothing contained in this Agreement or in any other Credit Document shall be
          deemed to establish or require the payment of interest to any Lender at a rate
          in excess of the maximum rate permitted by applicable law. If the amount of
          interest payable for the account of any Lender on any interest payment date
          would exceed the maximum amount permitted by applicable law to be charged by
          such Lender, the amount of interest payable for its account on such interest
          payment date shall be automatically reduced to such maximum permissible amount.
          In the event of any such reduction affecting any Lender, if from time to time
          thereafter the amount of interest payable for the account of such Lender on any
          interest payment date would be less than the maximum amount permitted by
          applicable law to be charged by such Lender, then the amount of interest
payable           for its account on such subsequent interest payment date shall be
automatically           increased to such maximum permissible amount; <U>provided</U> that
at no time           shall the aggregate amount by which interest paid for the account of
any Lender           has been increased pursuant to this sentence exceed the aggregate
amount by           which interest paid for its account has theretofore been reduced
pursuant to the           previous sentence.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
          The Agent shall promptly notify the Borrower and the Lenders upon determining
          the interest rate for each Borrowing of LIBOR Loans after its receipt of the
          relevant Notice of Borrowing or Notice of Conversion/Continuation, and upon
each           change in the Base Rate; <U>provided</U>, <U>however</U>, that the failure
of           the Agent to provide the Borrower or the Lenders with any such notice shall
          neither affect any obligations of the Borrower or the Lenders hereunder nor
          result in any liability on the part of the Agent to the Borrower or any Lender.
          Each such determination (including each determination of the Reserve
          Requirement) shall, absent demonstrable error, be conclusive and binding on all
          parties 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;2.8
     Fees.  The Borrower agrees to pay: </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)&nbsp;&nbsp;&nbsp;&nbsp;          To
the Arranger, for its own account, on the date of execution of this           Agreement,
the fees described in paragraphs&nbsp;(1) and (2) of the Fee Letter,           in the
amounts set forth therein as due and payable on such date and to the           extent not
theretofore paid to it;  </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)&nbsp;&nbsp;&nbsp;&nbsp;          To
the Administrative Agent, for the account of each Lender, a commitment fee           for
each calendar quarter (or portion thereof) for the period from the date of           this
Agreement to the Termination Date, at a per annum rate equal to the           Applicable
Margin Percentage in effect for such fee from time to time during           such quarter,
on such Lender&#146;s ratable share (based on the proportion that           its
Commitment bears to the aggregate Commitments) of the average daily           aggregate
Unutilized Commitments, payable in arrears (i)&nbsp;on the last           Business Day of
each calendar quarter, beginning with the first such day to           occur after the
Closing Date, and (ii)&nbsp;on the Termination 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          To
the Administrative Agent, for its own account, the annual administrative fee
          described in paragraph&nbsp;(3) of the Fee Letter, on the terms, in the amount
          and at the times set forth therein; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;          To
the Administrative Agent, for the account of each Lender, a utilization fee           in
respect of the unpaid principal amount of each Loan, at a per annum rate           equal
to the Applicable Margin Percentage in effect for such fee from time to           time
payable in accordance with <B>Section</B><B>2.7(c) </B>at any time when           the
aggregate principal amount of Loans outstanding exceeds 50% of 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;2.9
<U>Interest Periods</U>. Concurrently with the giving of a Notice of Borrowing in the
case of a Borrowing of LIBOR Loans or a Notice of Conversion/Continuation in respect of
any Borrowing comprised of Base Rate Loans to be converted into, or LIBOR Loans to be
continued as, LIBOR Loans, the Borrower shall have the right to elect, pursuant to such
notice, the interest period (each, an <U>&#147;Interest Period</U>&#148;) to be
applicable to such LIBOR Loans, which Interest Period shall, at the option of the
Borrower, be a one, two, three or six-month period; <U>provided</U>, <U>however</U>,
that:  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
          all LIBOR Loans comprising a single Borrowing shall at all times have the same
          Interest Period;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
          the initial Interest Period for any LIBOR Loan shall commence on the date of
the           Borrowing of such LIBOR Loan (including the date of any continuation of, or
          conversion into, such LIBOR Loan), and each successive Interest Period
          applicable to such LIBOR Loan shall commence on the day on which the next
          preceding Interest Period applicable thereto expires;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
          LIBOR Loans may not be outstanding under more than seven (7) separate Interest
          Periods at any one time (for which purpose Interest Periods shall be deemed to
          be separate even if they are coterminous);  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
          if any Interest Period otherwise would expire on a day that is not a Business
          Day, such Interest Period shall expire on the next succeeding Business Day
          unless such next succeeding Business Day falls in another calendar month, in
          which case such Interest Period shall expire on the next preceding Business
Day;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
          the Borrower may not select any Interest Period that expires after the Maturity
          Date; and  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
          if any Interest Period begins on a day for which there is no numerically
          corresponding day in the calendar month during which such Interest Period would
          otherwise expire, such Interest Period shall expire on the last Business Day of
          such calendar month.  </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;2.10
Conversions and Continuations.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower shall have the right, on any Business Day, to elect (i)&nbsp;to
          convert all or a portion of the outstanding principal amount of any Base Rate
          Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for
          which end on the same day into Base Rate Loans, or (ii)&nbsp;upon the
expiration           of any Interest Period, to continue all or a portion of the
outstanding           principal amount of any LIBOR Loans the Interest Periods for which
end on the           same day for an additional Interest Period; <U>provided </U>that (x)&nbsp;any
          such conversion of LIBOR Loans into Base Rate Loans shall involve an aggregate
          principal amount of not less than $1,000,000 or, if greater, an integral
          multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans
          of the same Borrowing into, or continuation of LIBOR Loans shall involve an
          aggregate principal amount of not less than $3,000,000 or, if greater, an
          integral multiple of $1,000,000 in excess thereof; and no partial conversion of
          LIBOR Loans of the same Borrowing shall reduce the outstanding principal amount
          of such LIBOR Loans to less than $3,000,000 or to any greater amount not an
          integral multiple of $1,000,000 in excess thereof, (y)&nbsp;except as otherwise
          provided in <B>Section 2.15(d)</B>, LIBOR Loans may be converted into Base Rate
          Loans only on the last day of the Interest Period applicable thereto (and, in
          any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other
          than the last day of the Interest Period applicable thereto, the Borrower will
          pay, upon such conversion, all amounts required under <B>Section 2.17 </B>to be
          paid as a consequence thereof) and (z)&nbsp;no conversion of Base Rate Loans
          into LIBOR Loans or continuation of LIBOR Loans shall be permitted during the
          continuance of a Default or 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower shall make each such election by giving the Administrative Agent
          written notice not later than 11:00 a.m., Charlotte time, three (3) Business
          Days prior to the intended effective date of any conversion of Base Rate Loans
          into, or continuation of, LIBOR Loans and one (1) Business Day prior to the
          intended effective date of any conversion of LIBOR Loans into Base Rate Loans.
          Each such notice (each, a &#147;<U>Notice of Conversion/Continuation</U>&#148;)
          shall be irrevocable, shall be given in the form of <B>Exhibit B-2</B> and
shall           specify (x)&nbsp;the date of such conversion or continuation (which shall
be a           Business Day), (y)&nbsp;in the case of a conversion into, or a
continuation of,           LIBOR Loans, the Interest Period to be applicable thereto, and
(z)&nbsp;the           aggregate amount and Type of the Loans being converted or
continued. Upon the           receipt of a Notice of Conversion/Continuation, the
Administrative Agent will           promptly notify each Lender of the proposed
conversion or continuation. In the           event that the Borrower shall fail to
deliver a Notice of           Conversion/Continuation as provided herein with respect to
any outstanding LIBOR           Loans, such LIBOR Loans shall automatically be converted
to a LIBOR Loan having           an Interest Period of one (1) month; <U>provided</U> that
if Borrower is not           otherwise entitled to convert into or continue a LIBOR Loan,
then such LIBOR           Loan shall automatically be converted to a Base Rate Loan, in
each case upon the           expiration of the then current Interest Period applicable
thereto (unless repaid           pursuant to the terms hereof).  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11
Method of Payments; Computations.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          All
payments by the Borrower hereunder shall be made without setoff,           counterclaim
or other defense, in Dollars and in immediately available funds to           the
Administrative Agent, for the account of the Lenders entitled to such           payment
(except as otherwise expressly provided herein as to payments required           to be
made directly to the Lenders) at its office referred to in <B>Section&nbsp;10.5</B>,
prior to 12:00 noon, Charlotte time, on the date           payment is due. Any payment
made as required hereinabove, but after 12:00 noon,           Charlotte time, shall be
deemed to have been made on the next succeeding           Business Day. If any payment
falls due on a day that is not a Business Day, then           such due date shall be
extended to the next succeeding Business Day (except that           in the case of LIBOR
Loans to which the provisions of clause&nbsp;(iii) in <B>Section&nbsp;2.9</B> are
applicable, such due date shall be the next           preceding Business Day), and such
extension of time shall then be included in           the computation of payment of
interest, fees or other applicable amounts.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          The
Administrative Agent will distribute to the Lenders like amounts relating to
          payments made to the Administrative Agent for the account of the Lenders as
          follows: (i)&nbsp;if the payment is received by 12:00 noon, Charlotte time, in
          immediately available funds, the Administrative Agent will make available to
          each relevant Lender on the same date, by wire transfer of immediately
available           funds, such Lender&#146;s ratable share of such payment (based on the
percentage           that the amount of the relevant payment owing to such Lender bears
to the total           amount of such payment owing to all of the relevant Lenders), and
(ii)&nbsp;if           such payment is received after 12:00 noon, Charlotte time, or in
other than           immediately available funds, the Administrative Agent will make
available to           each such Lender its ratable share of such payment by wire
transfer of           immediately available funds on the next succeeding Business Day (or
in the case           of uncollected funds, as soon as practicable after collected). If
the           Administrative Agent shall not have made a required distribution to the
          appropriate Lenders as required hereinabove after receiving a payment for the
          account of such Lenders, the Administrative Agent will pay to each such Lender,
          on demand, its ratable share of such payment with interest thereon at the
          Federal Funds Rate for each day from the date such amount was required to be
          disbursed by the Administrative Agent until the date repaid 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Unless
the Administrative Agent shall have received written notice from the           Borrower
prior to the date on which any payment is due to any Lender hereunder           that such
payment will not be made in full, the Administrative Agent may assume           that the
Borrower has made such payment in full to the Administrative Agent on           such
date, and the Administrative Agent may, in reliance on such assumption, but
          shall not be obligated to, cause to be distributed to such Lender on such due
          date an amount equal to the amount then due to such Lender. If and to the
extent           the Borrower shall not have so made such payment in full to the
Administrative           Agent, and without limiting the obligation of the Borrower to
make such payment           in accordance with the terms hereof, such Lender shall repay
to the           Administrative Agent forthwith on demand such amount so distributed to
such           Lender, together with interest thereon for each day from the date such
amount is           so distributed to such Lender until the date repaid to the
Administrative Agent,           at the Federal Funds 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;          With
respect to each payment hereunder, except as specifically provided           otherwise
herein or in any of the other Credit Documents, the Borrower may           designate by
written notice to the Administrative Agent prior to or concurrently           with such
payment the specific Loans or other Obligations that are to be paid,           repaid or
prepaid; <U>provided</U> that unless made together with all amounts           required
under <B>Section 2.17 </B>to be paid as a consequence thereof, a           prepayment of
a LIBOR Loan may be made only on the last day of the Interest           Period applicable
thereto. In the absence of any such designation by the           Borrower, or if an Event
of Default has occurred and is continuing, the           Administrative Agent shall make
such designation in its sole discretion subject           to the foregoing and to the
other provisions of 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;          All
computations of interest and fees hereunder (including computations of the
          Reserve Requirement), excluding the computation of interest with respect to
Base           Rate Loans, shall be made on the basis of a year consisting of 360 days
and the           actual number of days (including the first day, but excluding the last
day)           elapsed. Interest on Base Rate Loans shall be computed on the basis of a
year of           365 or 366 days, as the case may be, and the actual number of days
(including           the first day, but excluding the last day) elapsed.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12
Recovery of Payments.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower agrees that to the extent the Borrower makes a payment or payments           to
or for the account of the Administrative Agent or any Lender, which payment           or
payments or any part thereof are subsequently invalidated, declared to be
          fraudulent or preferential, set aside or required to be repaid to a trustee,
          receiver or any other party under any bankruptcy, insolvency or similar state
or           federal law, common law or equitable cause, then, to the extent of such
payment           or repayment, the Obligation intended to be satisfied shall be revived
and           continued in full force and effect as if such payment had not been
received.  </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 amounts distributed by the Administrative Agent to any Lender are subsequently
returned or repaid by the Administrative Agent to the Borrower or its representative or
successor in interest, whether by court order or by settlement approved by the Lender in
question, such Lender will, promptly upon receipt of notice thereof from the
Administrative Agent, pay the Administrative Agent such amount. If any such amounts are
recovered by the Administrative Agent from the Borrower or its representative or successor
in interest, the Administrative Agent will redistribute such amounts to the Lenders on the
same basis as such amounts were originally distributed. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13
<U>Use of Proceeds</U>. The proceeds of the Loans shall be used (i)&nbsp;to repay the
Terminating Senior Indebtedness in full, (ii) to pay or reimburse reasonable transaction
fees and expenses in connection with the closing of the transactions contemplated hereby,
and (iii)&nbsp;to provide for the working capital, liquidity needs and general corporate
requirements of the Borrower and its 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;2.14
Pro Rata 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;          All
fundings, continuations and conversions of Loans shall be made by the           Lenders
pro rata on the basis of their respective Commitments (in the case of           the
initial funding of Loans pursuant to <B>Section&nbsp;2.2</B>) or on the           basis
of their respective outstanding Loans (in the case of continuations and
          conversions of Loans pursuant to <B>Section&nbsp;2.10</B>, and additionally in
          all cases in the event the Commitments have expired or have been terminated),
as           the case may be from time to time. All payments on account of principal of
or           interest on any Loans, fees or any other Obligations owing to or for the
account           of any one or more Lenders shall be apportioned ratably among such
Lenders in           proportion to the amounts of such principal, interest, fees or other
Obligations           owed to them respectively.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          Each
Lender agrees that if it shall receive any amount hereunder (whether by
          voluntary payment, realization upon security, exercise of the right of setoff
or           banker&#146;s lien, counterclaim or cross action, or otherwise, other than
          pursuant to <B>Section&nbsp;2.15, 2.16, 2.17 </B>or <B>10.7</B>) applicable to
          the payment of any of the Obligations that exceeds its ratable share (according
          to the proportion of (i)&nbsp;the amount of such Obligations due and payable to
          such Lender at such time to (ii)&nbsp;the aggregate amount of such Obligations
          due and payable to all Lenders at such time) of payments on account of such
          Obligations then or therewith obtained by all the Lenders to which such
payments           are required to have been made, such Lender shall forthwith purchase
from the           other Lenders such participations in such Obligations as shall be
necessary to           cause such purchasing Lender to share the excess payment or other
recovery           ratably with each of them; <U>provided</U>, <U>however</U>, that if
all or any           portion of such excess payment is thereafter recovered from such
purchasing           Lender, such purchase from each such other Lender shall be rescinded
and each           such other Lender shall repay to the purchasing Lender the purchase
price to the           extent of such recovery, together with an amount equal to such
other           Lender&#146;s ratable share (according to the proportion of (i)&nbsp;the
amount           of such other Lender&#146;s required repayment to (ii)&nbsp;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.           The Borrower agrees that any Lender so purchasing a participation
from another           Lender pursuant to the provisions of this subsection (b) may, to
the fullest           extent permitted by law, exercise any and all rights of payment
(including,           without limitation, setoff, banker&#146;s lien or counterclaim)
with respect to           such participation as fully as if such participant were a
direct creditor of the           Borrower in the amount of such participation. If under
any applicable           bankruptcy, insolvency or similar law, any Lender receives a
secured claim in           lieu of a setoff to which this subsection (b) applies, such
Lender shall, to the           extent practicable, exercise its rights in respect of such
secured claim in a           manner consistent with the rights of the Lenders entitled
under this subsection           (b) to share in the benefits of any recovery on such
secured claim.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15
    Increased Costs; Change in Circumstances; Illegality; etc. </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)&nbsp;&nbsp;&nbsp;&nbsp;          If
the introduction of or any change in any applicable law, rule or regulation           or
in the interpretation or administration thereof by any Governmental Authority
          charged with the interpretation or administration thereof, in each case after
          the date hereof, or compliance by any Lender with any guideline or request from
          any such Governmental Authority (whether or not having the force of law) given
          or made after the date hereof, shall (i)&nbsp;subject such Lender to any tax or
          other charge, or change the basis of taxation of payments to such Lender, in
          respect of any of its LIBOR Loans or any other amounts payable hereunder or its
          obligation to make, fund or maintain any LIBOR Loans (other than any change in
          the rate or basis of tax on the overall net income of such Lender or its
          applicable Lending Office), (ii)&nbsp;impose, modify or deem applicable any
          reserve, special deposit or similar requirement (but excluding any reserves to
          the extent actually included within the Reserve Requirement in the calculation
          of the LIBOR Rate) against assets of, deposits with or for the account of, or
          credit extended by, such Lender or its applicable Lending Office, or
          (iii)&nbsp;impose on such Lender or its applicable Lending Office any other
          condition, and the result of any of the foregoing shall be to increase the cost
          to such Lender of making or maintaining any LIBOR Loans or to reduce the amount
          of any sum received or receivable by such Lender hereunder, the Borrower will,
          promptly upon demand therefor by such Lender, pay to such Lender such
additional           amounts as shall compensate such Lender for such increase in costs
or reduction           in return; <U>provided</U> that the Borrower shall not be
obligated to pay any           such amount or amounts (i)&nbsp;unless such Lender shall
have first notified the           Borrower in writing that it intends to seek
compensation pursuant to this <B>Section 2.15(a)</B> and (ii)&nbsp;which are attributable
to any period of           time occurring more than 90 days prior to the date of receipt
by the Borrower of           the notice provided for in the preceding clause&nbsp;(i); <U>provided</U><U>further</U> that
if the event or circumstance requiring such compensation is           retroactive, then
the 90-day period referred to above shall be extended to           include the period of
retroactive effect 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)&nbsp;&nbsp;&nbsp;&nbsp;          If
any Lender shall have reasonably determined that the introduction of or any
          change in any applicable law, rule or regulation regarding capital adequacy or
          in the interpretation or administration thereof by any Governmental Authority
          charged with the interpretation or administration thereof, in each case after
          the date hereof, or compliance by such Lender with any guideline or request
from           any such Governmental Authority (whether or not having the force of law)
given           or made after the date hereof, has or would have the effect, as a
consequence of           such Lender&#146;s Commitment or Loans hereunder, of reducing
the rate of return           on the capital of such Lender or any Person controlling such
Lender to a level           below that which such Lender or controlling Person could have
achieved but for           such introduction, change or compliance (taking into account
such Lender&#146;s           or controlling Person&#146;s policies with respect to
capital adequacy), the           Borrower will, promptly upon demand therefor by such
Lender therefor, pay to           such Lender such additional amounts as will compensate
such Lender or           controlling Person for such reduction in return; <U>provided</U> that
the           Borrower shall not be obligated to pay any such amount or amounts
          (i)&nbsp;unless such Lender shall have first notified the Borrower in writing
          that it intends to seek compensation pursuant to this <B>Section 2.15(b)</B> and
          (ii)&nbsp;which are attributable to any period of time occurring more than 90
          days prior to the date of receipt by the Borrower of the notice provided for in
          the preceding clause&nbsp;(i); <U>provided further</U> that if the event or
          circumstance requiring such compensation is retroactive, then the 90-day period
          referred to above shall be extended to include the period of retroactive effect
          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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          If,
on or prior to the first day of any Interest Period, (y)&nbsp;the
          Administrative Agent shall have determined that adequate and reasonable means
do           not exist for ascertaining the applicable LIBOR Rate for such Interest
Period or           (z)&nbsp;the Administrative Agent shall have received written notice
from the           Required Lenders of their determination that the rate of interest
referred to in           the definition of &#147;LIBOR Rate&#148; upon the basis of which
the Adjusted           LIBOR Rate for LIBOR Loans for such Interest Period is to be
determined will not           adequately and fairly reflect the cost to such Lenders of
making or maintaining           LIBOR Loans during such Interest Period, the
Administrative Agent will forthwith           so notify the Borrower and the Lenders.
Upon such notice, (i)&nbsp;all then           outstanding LIBOR Loans shall
automatically, on the expiration date of the           respective Interest Periods
applicable thereto (unless then repaid in full), be           converted into Base Rate
Loans, (ii)&nbsp;the obligation of the Lenders to make,           to convert Base Rate
Loans into, or to continue, LIBOR Loans shall be suspended           (including pursuant
to the Borrowing to which such Interest Period applies), and           (iii)&nbsp;any
Notice of Borrowing or Notice of Conversion/Continuation given at           any time
thereafter with respect to LIBOR Loans shall be deemed to be a request           for Base
Rate Loans, in each case until the Administrative Agent or the Required
          Lenders, as the case may be, shall have determined that the circumstances
giving           rise to such suspension no longer exist (and the Required Lenders, if
making           such determination, shall have so notified the Administrative Agent),
and the           Administrative Agent shall have so notified 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;          Notwithstanding
any other provision in this Agreement, if, at any time after the           date hereof
and from time to time, any Lender shall have determined in good           faith that the
introduction of or any change in any applicable law, rule or           regulation or in
the interpretation or administration thereof by any           Governmental Authority
charged with the interpretation or administration           thereof, or compliance with
any guideline or request from any such Governmental           Authority (whether or not
having the force of law), has or would have the effect           of making it unlawful
for such Lender to make or to continue to make or maintain           LIBOR Loans, such
Lender will forthwith so notify the Administrative Agent and           the Borrower. Upon
such notice, (i)&nbsp;each of such Lender&#146;s then           outstanding LIBOR Loans
shall automatically, on the expiration date of the           respective Interest Period
applicable thereto (or, to the extent any such LIBOR           Loan may not lawfully be
maintained as a LIBOR Loan until such expiration date,           upon such notice), be
converted into a Base Rate Loan, (ii)&nbsp;the obligation           of such Lender to
make, to convert Base Rate Loans into, or to continue, LIBOR           Loans shall be
suspended (including pursuant to any Borrowing for which the           Administrative
Agent has received a Notice of Borrowing but for which the           Borrowing Date has
not arrived), and (iii)&nbsp;any Notice of Borrowing or           Notice of
Conversion/Continuation given at any time thereafter with respect to           LIBOR
Loans shall, as to such Lender, be deemed to be a request for a Base Rate           Loan,
in each case until such Lender shall have determined that the           circumstances
giving rise to such suspension no longer exist and shall have so           notified the
Administrative Agent, and the Administrative Agent shall have so           notified 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;Determinations
by the Administrative Agent or any Lender for purposes of this <B>Section 2.15</B> of any
increased costs, reduction in return, market contingencies, illegality or any other matter
shall, absent demonstrable error, be conclusive; <U>provided</U> that such determinations
are made in good faith. No failure by the Administrative Agent or any Lender at any time
to demand payment of any amounts payable under this <B>Section 2.15</B> shall constitute a
waiver of its right to demand payment of any additional amounts arising at any subsequent
time. Nothing in this <B>Section 2.15 </B>shall require or be construed to require the
Borrower to pay any interest, fees, costs or other amounts in excess of that permitted by
applicable 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;2.16
    Taxes. </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)&nbsp;&nbsp;&nbsp;&nbsp;          Subject
to subsection (e), any and all payments by the Borrower hereunder or           under any
Note shall be made, in accordance with the terms hereof and thereof,           free and
clear of and without deduction for any and all present or future taxes,           levies,
imposts, deductions, charges or withholdings, and all liabilities with           respect
thereto, excluding taxes imposed on, or measured by, the overall net           income (or
franchise taxes imposed in lieu thereof) of the Administrative Agent           or any
Lender by reason of any present or former connection between the           Administrative
Agent or such Lender and the jurisdiction of the Governmental           Authority
imposing such tax or any political subdivision thereof, other than           such a
connection arising solely from the Administrative Agent or such Lender           having
executed, delivered or performed its obligations or received a payment           under,
or enforced, this Agreement or the Notes (all such nonexcluded taxes,           levies,
imposts, deductions, charges, withholdings and liabilities being           hereinafter
referred to as &#147;Taxes&#148;). If the Borrower shall be required           by law to
deduct any Taxes from or in respect of any sum payable hereunder or           under any
Note to the Administrative Agent or any Lender, (i)&nbsp;the sum           payable shall
be increased as may be necessary so that after making all required           deductions
(including deductions applicable to additional sums payable under           this <B>Section
2.16</B>), the Administrative Agent or such Lender, as the case           may be,
receives an amount equal to the sum it would have received had no such
          deductions been made, (ii)&nbsp;the Borrower will make such deductions,
          (iii)&nbsp;the Borrower will pay the full amount deducted to the relevant
          taxation authority or other authority in accordance with applicable law and
          (iv)&nbsp;the Borrower will deliver to the Administrative Agent or such Lender,
          as the case may be, evidence of such payment.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          Subject
to subsection (e), the Borrower will indemnify the Administrative Agent           and
each Lender for the full amount of Taxes (including, without limitation, any
          Taxes imposed by any jurisdiction on amounts payable under this <B>Section
          2.16</B>) paid by the Administrative Agent or such Lender, as the case may be,
          and any liability (including penalties, interest and expenses) arising
therefrom           or with respect thereto, whether or not such Taxes were correctly or
legally           asserted. This indemnification shall be made within 30 days from the
date the           Administrative Agent or such Lender, as the case may be, makes written
demand           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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Each
of the Administrative Agent and the Lenders agrees that if it subsequently
          recovers, or receives a permanent net tax benefit with respect to, any amount
of           Taxes (i)&nbsp;previously paid by it and as to which it has been indemnified
by           or on behalf of the Borrower or (ii)&nbsp;previously deducted by the
Borrower           (including, without limitation, any Taxes deducted from any additional
sums           payable under clause (i) of subsection (a) above), the Administrative
Agent or           such Lender, as the case may be, shall reimburse the Borrower to the
extent of           the amount of any such recovery or permanent net tax benefit (but
only to the           extent of indemnity payments made, or additional amounts paid, by
or on behalf           of the Borrower under this <B>Section 2.16</B> with respect to the
Taxes giving           rise to such recovery or tax benefit); <U>provided</U>, <U>however</U>,
that the           Borrower, upon the request of the Administrative Agent or such Lender,
agrees to           repay to the Administrative Agent or such Lender, as the case may be,
the amount           paid over to the Borrower (together with any penalties, interest or
other           charges), in the event the Administrative Agent or such Lender is
required to           repay such amount to the relevant taxing authority or other
Governmental           Authority. The determination by the Administrative Agent or any
Lender of the           amount of any such recovery or permanent net tax benefit shall,
in the absence           of demonstrable error, be conclusive and binding.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          If
any Lender is incorporated or organized under the laws of a jurisdiction           other
than the United States of America or any state thereof (a           &#147;<U>Non-U.S.
Lender</U>&#148;) and is entitled to an exemption from or a           reduction of United
States withholding tax pursuant to the Internal Revenue           Code, such Non-U.S.
Lender will deliver to each of the Administrative Agent and           the Borrower, on or
prior to the Closing Date (or, in the case of a Non-U.S.           Lender that becomes a
party to this Agreement as a result of an assignment after           the Closing Date, on
the effective date of such assignment), (i)&nbsp;in the           case of a Non-U.S.
Lender that is a &#147;bank&#148; for purposes of Section           881(c)(3)(A) of the
Internal Revenue Code, a properly completed Internal Revenue           Service Form
W-8BEN, W-8ECI or W-8 EXP, as applicable (or successor forms),           certifying that
such Non-U.S. Lender is entitled to an exemption from or a           reduction of
withholding or deduction for or on account of United States federal           income
taxes in connection with payments under this Agreement or any of the           Notes,
together with a properly completed Internal Revenue Service Form W-8BEN           or W-9,
as applicable (or successor forms), and (ii)&nbsp;in the case of a           Non-U.S.
Lender that is not a &#147;bank&#148; for purposes of Section           881(c)(3)(A) of
the Internal Revenue Code, a certificate in form and substance           reasonably
satisfactory to the Administrative Agent and the Borrower and to the           effect
that (x)&nbsp;such Non-U.S. Lender is not a &#147;bank&#148; for purposes           of
Section 881(c)(3)(A) of the Internal Revenue Code, is not subject to           regulatory
or other legal requirements as a bank in any jurisdiction, and has           not been
treated as a bank for purposes of any tax, securities law or other           filing or
submission made to any governmental authority, any application made to           a rating
agency or qualification for any exemption from any tax, securities law           or other
legal requirements, (y)&nbsp;is not a 10-percent shareholder for           purposes of
Section 881(c)(3)(B) of the Internal Revenue Code and (z)&nbsp;is           not a
controlled foreign corporation receiving interest from a related person           for
purposes of Section 881(c)(3)(C) of the Internal Revenue Code, together with           a
properly completed Internal Revenue Service Form W-8BEN or W-9, as applicable
          (or successor forms). Each such Non-U.S. Lender further agrees to deliver to
          each of the Administrative Agent and the Borrower an additional copy of each
          such relevant form on or before the date that such form expires or becomes
          obsolete or after the occurrence of any event (including a change in its
          applicable Lending Office) requiring a change in the most recent forms so
          delivered by it, in each case certifying that such Non-U.S. Lender is entitled
          to an exemption from or a reduction of withholding or deduction for or on
          account of United States federal income taxes in connection with payments under
          this Agreement or any of the Notes, unless an event (including, without
          limitation, any change in treaty, law or regulation) has occurred prior to the
          date on which any such delivery would otherwise be required, which event
renders           all such forms inapplicable or the exemption to which such forms relate
          unavailable and such Non-U.S. Lender notifies the Administrative Agent and the
          Borrower that it is not entitled to receive payments without deduction or
          withholding of United States federal income taxes. Each such Non-U.S. Lender
          will promptly notify the Administrative Agent and the Borrower of any changes
in           circumstances that would modify or render invalid any claimed exemption or
          reduction.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower shall not be required to indemnify any Non-U.S. Lender, or to pay           any
additional amounts to any Non-U.S. Lender, in respect of United States           federal
withholding tax to the extent that (i)&nbsp;the obligation to withhold           amounts
with respect to United States federal withholding tax existed on the           date such
Non-U.S. Lender became a party to this Agreement; <U>provided</U>, <U>however</U>, that
this clause&nbsp;(i) shall not apply to the extent that           (y)&nbsp;the indemnity
payments or additional amounts any Lender would be           entitled to receive (without
regard to this clause (i)) do not exceed the           indemnity payment or additional
amounts that the person making the assignment,           participation or transfer to
such Lender would have been entitled to receive in           the absence of such
assignment, participation or transfer, or (z)&nbsp;such           assignment,
participation or transfer was requested by the Borrower,           (ii)&nbsp;the
obligation to pay such additional amounts would not have arisen           but for a
failure by such Non-U.S. Lender to comply with the provisions of <B>Section 2.16(d)</B>,
(iii)&nbsp;any of the representations or certifications           made by a Non-U.S.
Lender pursuant to <B>Section 2.16(d)</B> are incorrect at           the time a payment
hereunder is made, other than by reason of any change in           treaty, law or
regulation having effect after the date such representations or           certifications
were made or (iv)&nbsp;the Lender designated a successor Lending           Office at
which it maintains its Loans which has the effect of causing such           Lender to
become obligated for tax payments in excess of those in effect           immediately
prior to such designation.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;          At
the Borrower&#146;s request and at the Borrower&#146;s cost, each Lender           shall
take reasonable steps (i)&nbsp;(to the extent (x) consistent with such           Lender&#146;s
internal policies and (y) the same would not, in the reasonable           judgment of
such Lender, be otherwise materially disadvantageous to such Lender)           to contest
such Lender&#146;s liability for Taxes that have not been paid or           (ii)&nbsp;to
seek a refund of Taxes. Nothing in this subsection (f) shall           obligate any
Lender to disclose any information regarding its tax affairs or           computations to
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;2.17
<U>Compensation</U>. The Borrower will compensate each Lender upon demand for all losses,
expenses and liabilities (including, without limitation, any loss, expense or liability
incurred by reason of the liquidation or reemployment of deposits or other funds required
by such Lender to fund or maintain LIBOR Loans) that such Lender may incur or sustain (i)&nbsp;if
for any reason (other than a default by such Lender) a Borrowing or continuation of, or
conversion into, a LIBOR Loan does not occur on a date specified therefor in a Notice of
Borrowing or Notice of Conversion/Continuation, (ii)&nbsp;if any repayment, prepayment or
conversion of any LIBOR Loan occurs on a date other than the last day of an Interest
Period applicable thereto (including as a consequence of acceleration of the maturity of
the Loans pursuant to <B>Section&nbsp;8.2</B>), (iii)&nbsp;if any prepayment of any LIBOR
Loan is not made on any date specified in a notice of prepayment given by the Borrower or
(iv)&nbsp;as a consequence of any other failure by the Borrower to make any payments with
respect to any LIBOR Loan when due hereunder. Calculation of all amounts payable to a
Lender under this <B>Section 2.17</B> shall be made as though such Lender had actually
funded its relevant LIBOR Loan through the purchase of a Eurodollar deposit bearing
interest at the LIBOR Rate in an amount equal to the amount of such LIBOR Loan, having a
maturity comparable to the relevant Interest Period; <U>provided</U>, <U>however</U>,
that each Lender may fund its LIBOR Loans in any manner it sees fit and the foregoing
assumption shall be utilized only for the calculation of amounts payable under this <B>Section
2.17</B>. Determinations by any Lender for purposes of this <B>Section 2.17 </B>of any
such losses, expenses or liabilities shall, absent demonstrable error, be conclusive; <U>provided</U> that
such determinations are made in good faith.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18
<U>Replacement Lenders</U>. The Borrower may, at any time and so long as no Default or
Event of Default has then occurred and is continuing, replace any Lender (i)&nbsp;that
has requested compensation from the Borrower under <B>Section&nbsp;2.15</B> or<B> 2.16</B>,
(ii)&nbsp;the obligation of which to make or maintain LIBOR Loans has been suspended
under <B>Section&nbsp;2.15(d)</B> or (iii)&nbsp;that shall refuse to fund, or otherwise
default in the funding, of its ratable share of any Borrowing requested and permitted to
be made hereunder and such refusal has not been withdrawn or such default has not been
cured within three (3) Business Days after the Borrower has given such Lender written
notice thereof, in any case under clauses&nbsp;(i) through (iii) above by written notice
to such Lender and the Administrative Agent identifying one or more Persons each of which
shall be an Eligible Assignee and reasonably acceptable to the Administrative Agent
(each, a &#147;<U>Replacement Lender</U>,&#148; and collectively, the &#147;<U>Replacement
Lenders</U>&#148;) to replace such Lender (the &#147;<U>Replaced Lender</U>&#148;); <U>provided
</U>that (a)&nbsp;the notice from the Borrower to the Replaced Lender and the
Administrative Agent provided for hereinabove shall specify an effective date for such
replacement (the &#147;<U>Replacement Effective Date</U>&#148;), which shall be at least
five (5) Business Days after such notice is given, (b)&nbsp;as of the relevant
Replacement Effective Date, each Replacement Lender shall enter into an Assignment and
Acceptance with the Replaced Lender pursuant to <B>Section&nbsp;10.7</B>, pursuant to
which such Replacement Lenders collectively shall acquire, in such proportion among them
as they may agree with the Borrower and the Administrative Agent, all (but not less than
all) of the Commitment and outstanding Loans of the Replaced Lender, and, in connection&nbsp;therewith,
shall pay (x)&nbsp;to the Replaced Lender, as the purchase price in respect thereof, an
amount equal to the sum as of the Replacement Effective Date (without duplication) of (1)&nbsp;the
unpaid principal amount of, and all accrued but unpaid interest on, all outstanding Loans
of the Replaced Lender and (2)&nbsp;all accrued but unpaid fees owing to the Replaced
Lender under <B>Section&nbsp;2.8(b)</B>, (y)&nbsp;to the Administrative Agent, for its
own account, any amounts owing to the Administrative Agent by the Replaced Lender under
<B>Section&nbsp;2.3(b)</B>, and (c)&nbsp;all other obligations of the Borrower owing to
the Replaced Lender (other than those specifically described in clause&nbsp;(b) above in
respect of which the assignment purchase price has been, or is concurrently being, paid),
including, without limitation, amounts payable under <B>Sections&nbsp;2.15(a) </B>and <B>(b)</B> which
give rise to the replacement of such Replaced Lender and amounts payable under <B>Section&nbsp;2.17</B> as
a result of the actions required to be taken under this <B>Section&nbsp;2.18</B>, shall
be paid in full by the Borrower to the Replaced Lender on or prior to the Replacement
Effective Date.  </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE III....... </FONT></H1>

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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>CONDITIONS
OF BORROWING</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;3.1
<U>Conditions of Initial Borrowing</U>. The obligation of each Lender to make Loans in
connection with the initial Borrowing hereunder is subject to the satisfaction of the
following conditions precedent:  </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)
          the Administrative Agent shall have received the following, each dated as of
the           Closing Date (unless otherwise specified) and, except for the Notes, in
          sufficient copies for each Lender:  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
          A Note for each Lender that is a party hereto as of the Closing Date, in the
          amount of such Lender&#146;s Commitment, each duly completed in accordance with
          the relevant provisions of <B>Section 2.4 </B>and executed by the Borrower;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
          a certificate, signed by the chief executive officer, chief financial officer,
          treasurer or comptroller of the Borrower, in form and substance satisfactory to
          the Administrative Agent, certifying that (A)&nbsp;all representations and
          warranties of the Borrower contained in this Agreement and the other Credit
          Documents are true and correct in all material respects as of the Closing Date
          (except representations and warranties which relate solely to a specific
earlier           date, which shall have been true and correct in all material respects
as of such           earlier date), both immediately before and after giving effect to
the           consummation of the transactions contemplated hereby, the making of the
initial           Loans hereunder and the application of the proceeds thereof, (B)&nbsp;no
Default           or Event of Default has occurred and is continuing, both immediately
before and           after giving effect to the initial Loans hereunder and the
application of the           proceeds thereof, (C)&nbsp;there are no insurance regulatory
proceedings pending           or, to such individual&#146;s knowledge, threatened against
any Insurance           Subsidiary in any jurisdiction that would reasonably be expected
to have a           Material Adverse Effect, and (D)&nbsp;both immediately before and
after giving           effect to the consummation of the transactions contemplated by
this Agreement,           no Material Adverse Change has occurred since December 31, 2002
and there exists           no event, condition or state of facts that would reasonably be
expected to           result in a Material Adverse Change;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
          a certificate of the secretary or an assistant secretary of the Borrower, in
          form and substance satisfactory to the Administrative Agent, certifying
          (A)&nbsp;that attached thereto is a true and complete copy of the certificate
of           incorporation and all amendments thereto of the Borrower, certified as of a
          recent date by the Secretary of State of Delaware and that the same has not
been           amended since the date of such certification, (B)&nbsp;that attached
thereto is           a true and complete copy of the bylaws of the Borrower, as then in
effect and as           in effect at all times from the date on which the resolutions
referred to in           clause&nbsp;(C) below were adopted to and including the date of
such           certificate, and (C)&nbsp;that attached thereto is a true and complete
copy of           resolutions adopted by the board of directors of the Borrower
authorizing the           execution, delivery and performance of this Agreement and the
other Credit           Documents to which it is a party, and as to the incumbency and
genuineness of           the signature of each officer of the Borrower executing this
Agreement or any of           the other Credit Documents, and attaching all such copies
of the documents           described above;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
          a copy of the investment policy approved by the board of directors for each of
          the Insurance Subsidiaries and the Borrower; and  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
          the favorable opinions of (i)&nbsp; Mayer, Brown, Rowe &amp; Maw LLP, special
          New York counsel to the Borrower, and (ii) Joseph A. Gervasi, General Counsel
of           the Borrower, in each case addressed to the Administrative Agent and the
Lenders           and in form and substance reasonably satisfactory to the Administrative
Agent;  </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)
          The Administrative Agent shall have received a certificate as of a recent date
          of the good standing of each of (i) the Borrower, (ii) Everest Re, (iii)
Everest           Indemnity, (iv) Everest National and (v) Everest Security, under the
laws of           their respective jurisdictions of organization, from the Secretary of
State or           Insurance Regulatory Authorities (or comparable Governmental
Authority) of such           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;(c)
          All legal, tax, accounting, business and other matters relating to the Borrower
          and its Subsidiaries, documentation and corporate or other proceedings incident
          to the transactions contemplated hereby shall be reasonably acceptable to the
          Administrative Agent; all approvals, permits and consents of any Governmental
          Authorities (including, without limitation, all relevant Insurance Regulatory
          Authorities) or other Persons required in connection with the execution and
          delivery of this Agreement and the consummation of the transactions
contemplated           hereby shall have been obtained (without the imposition of
conditions that are           not reasonably acceptable to the Administrative Agent), and
all related filings,           if any, shall have been made, and all such approvals,
permits, consents and           filings shall be in full force and effect and the
Administrative Agent shall           have received such copies thereof as it shall have
requested; all applicable           waiting periods shall have expired without any
adverse action being taken by any           Governmental Authority having jurisdiction;
and no action, proceeding,           investigation, regulation or legislation shall have
been instituted, threatened           or proposed before, and no order, injunction or
decree shall have been entered           by, any court or other Governmental Authority,
in each case to enjoin, restrain           or prohibit, to obtain substantial damages in
respect of, or that is otherwise           related to or arises out of, this Agreement,
any of the other Credit Documents           or the consummation of the transactions
contemplated hereby or thereby, or that           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;(d)
          Since December 31, 2002, both immediately before and after giving effect to the
          consummation of the transactions contemplated by this Agreement, there shall
not           have occurred any Material Adverse Change or any event, condition or state
of           facts that could reasonably be expected to result in a Material Adverse
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;(e)
          The Borrower shall have paid (i)&nbsp;to the Arranger, the unpaid balance of
the           fees described in paragraphs&nbsp;(1) and (2) of the Fee           Letter,&nbsp;(ii)&nbsp;to
the Administrative Agent, the initial payment of the           annual administrative fee
described in paragraph&nbsp;(3) of the Fee Letter, and           (iii)&nbsp;all other
fees and expenses of the Administrative Agent and the           Lenders required
hereunder or under any other Credit Document to be paid on or           prior to the
Closing Date (including fees and expenses of counsel) in connection           with this
Agreement and the transactions contemplated hereby;  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
          The Administrative Agent shall have received a Covenant Compliance Worksheet,
          duly completed and certified by the chief financial officer, treasurer or
          comptroller of Borrower and in form and substance satisfactory to the
          Administrative Agent, demonstrating Borrower&#146;s compliance with the
          financial covenants set forth in <B>Sections&nbsp;6.1</B> through <B>6.3</B>,
          determined on a pro forma basis as of June 30, 2003 after giving effect to the
          making of the initial Loans hereunder and the consummation of the transactions
          contemplated hereby;  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
          The Lenders shall have received the Projections as described in <B>Section&nbsp;4.11(b)</B> in
form and substance satisfactory to 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;(h)
          The Administrative Agent shall have received evidence satisfactory to it that
          concurrently with the making of the initial Loans hereunder, (x)&nbsp;all
          principal, interest and other amounts outstanding with respect to the
          Terminating Senior Indebtedness shall be repaid and satisfied in full and
          (y)&nbsp;all commitments to extend credit under the agreements and instruments
          relating thereto shall be terminated;  </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)
          The Administrative Agent shall have received&nbsp;satisfactory confirmation
from           A.M. Best Company that the current rating of each Material Insurance
Subsidiary           is &#147;A-&#148; or better;  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)
          The Administrative Agent shall have received (i)&nbsp;an Account Designation
          Letter, together with written instructions from an Authorized Officer of the
          Borrower, including wire transfer information, directing the payment of the
          proceeds of the initial Loans to be made hereunder and <B>[</B>(ii)&nbsp;a
LIBOR           borrowing indemnity letter<B>]</B><B>[Discuss borrowing at closing]</B>;
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;(k)
          The Administrative Agent shall have received such other documents,
certificates,           opinions and instruments in connection with the transactions
contemplated hereby           as it shall have reasonably requested.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2
<U>Conditions of All Borrowings</U>. The obligation of each Lender to make any Loan
hereunder, including the initial Loans, is subject to the satisfaction of the following
conditions precedent on the relevant Borrowing 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Administrative Agent shall have received a Notice of Borrowing in accordance
          with <B>Section&nbsp;2.2(b)</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Each
of the representations and warranties contained in<B> ARTICLE IV</B> and in           the
other Credit Documents shall be true and correct in all material respects on
          and as of the Closing Date (in the case of the initial Loan made hereunder) and
          as of any such later Borrowing Date in the case of all subsequent Loans (except
          those found at<B> Sections 4.17 </B>and<B> 4.18</B>), with the same effect as
if           made on and as of such date, both immediately before and after giving effect
to           the Loans to be made on such date (except to the extent any such
representation           or warranty is expressly stated to have been made as of a
specific date, in           which case such representation or warranty shall be true and
correct in all           material respects as of such date); 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          No
Default or Event of Default shall have occurred and be continuing on such           date,
both immediately before and after giving effect to, the Loans to be made           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;Each
giving of a Notice of Borrowing, and the consummation of each Borrowing, shall be deemed
to constitute a representation and warranty by the Borrower that the statements contained
in subsections 3.2(b) and 3.2(c) above are true, both as of the date of such notice or
request and as of the relevant Borrowing Date. </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE IV........ </FONT></H1>

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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>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;To
induce the Administrative Agent and the Lenders to enter into this Agreement and to induce
the Lenders to extend the credit contemplated hereby, the Borrower represents and warrants
to the Administrative Agent and the Lenders as follows: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1
<U>Corporate Organization and Power</U>. Each of the Borrower and its Subsidiaries (i)&nbsp;is
a corporation duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation, (ii)&nbsp;has the full corporate power and authority
to execute, deliver and perform the Credit Documents to which it is or will be a party,
to own and hold its property and to engage in its business as presently conducted, and
(iii)&nbsp;is duly qualified to do business as a foreign corporation and is in good
standing in each jurisdiction where the nature of its business or the ownership of its
properties requires it to be so qualified, except when the failure to be so qualified
would not, individually or in the aggregate, be reasonably likely 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;4.2
<U>Authorization; Enforceability</U>. The Borrower has taken all necessary corporate
action to execute, deliver and perform each of the Credit Documents to which it is or
will be a party, and has, or on the Closing Date (or any later date of execution and
delivery) will have, validly executed and delivered each of the Credit Documents to which
it is or will be a party. This Agreement constitutes, and each of the other Credit
Documents upon execution and delivery by the Borrower will constitute, the legal, valid
and binding obligation of the Borrower, enforceable against it in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors&#146; rights generally or by general
equitable principles.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3
<U>No Violation</U>. The execution, delivery and performance by the Borrower of this
Agreement and each of the other Credit Documents, and compliance by it with the terms
hereof and thereof, do not and will not (i)&nbsp;violate any provision of its certificate
of incorporation or bylaws or contravene any other Requirement of Law applicable to it,
(ii)&nbsp;conflict with, result in a breach of or constitute (with notice, lapse of time
or both) a default under any material indenture, agreement or other instrument to which
it is a party, by which it or any of its properties is bound or to which it is subject,
or (iii)&nbsp;result in or require the creation or imposition of any Lien upon any of its
properties or assets. No Subsidiary is a party to any agreement or instrument or
otherwise subject to any restriction or encumbrance that restricts or limits its ability
to make dividend payments or other distributions in respect of its Capital Stock, to
repay Indebtedness owed to the Borrower or any other Subsidiary, to make loans or
advances to the Borrower or any other Subsidiary, or to transfer any of its assets or
properties to the Borrower or any other Subsidiary, in each case other than such
restrictions or encumbrances existing under or by reason of the Credit Documents or
applicable Requirements 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;4.4
Governmental Authorization; Permits.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          No
consent, approval, authorization or other action by, notice to, or           registration
or filing with, any Governmental Authority or other Person is or           will be
required as a condition to or otherwise in connection with the due           execution,
delivery and performance by the Borrower of this Agreement or any of           the other
Credit Documents or the legality, validity or enforceability hereof or           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)&nbsp;&nbsp;&nbsp;&nbsp;          Each
of the Borrower and its Subsidiaries has, and is in good standing with           respect
to, all governmental approvals, licenses, permits and authorizations           necessary
to conduct its business as presently conducted and to own or lease and           operate
its properties, except for those the failure to obtain which would not           be
reasonably likely, individually or in the aggregate, 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>(c)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Schedule
4.4</B> lists with respect to each Insurance Subsidiary, as of the           Closing
Date, all of the jurisdictions in which such Insurance Subsidiary holds
          licenses (including, without limitation, licenses or certificates of authority
          from relevant Insurance Regulatory Authorities), permits or authorizations to
          transact insurance and reinsurance business (collectively, the           &#147;<U>Licenses</U>&#148;),
and indicates the type or types of insurance in           which each such Insurance
Subsidiary is permitted to be engaged with respect to           each License therein
listed. (i)&nbsp;No such License is the subject of a           proceeding for suspension,
revocation or limitation or any similar proceedings,           (ii)&nbsp;there is no
sustainable basis for such a suspension, revocation or           limitation, and (iii)&nbsp;no
such suspension, revocation or limitation is           threatened by any relevant
Insurance Regulatory Authority, that, in each           instance under (i), (ii) and
(iii) above, would individually or in the           aggregate, have a Material Adverse
Effect. No Insurance Subsidiary transacts any           insurance business, directly or
indirectly, in any jurisdiction other than those           listed on <B>Schedule 4.4</B>,
where such business requires any license, permit           or other authorization of an
Insurance Regulatory Authority of such           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;4.5
<U>Litigation</U>. Except as disclosed in the Borrower&#146;s 2002 Form 10-K and as
supplemented in written disclosure to the Administrative Agent delivered prior to
execution of this Agreement, there are no actions, investigations, suits or proceedings
pending or threatened, at law, in equity or in arbitration, before any court, other
Governmental Authority or other Person, against or affecting the Borrower, any of its
Subsidiaries or any of their respective properties (i) that would reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect, or (ii)&nbsp;with
respect to this Agreement or any of the other Credit 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;4.6
<U>Taxes</U>. Each of the Borrower and its Subsidiaries has timely filed all federal,
state and local tax returns and reports required to be filed by it and has paid all
taxes, assessments, fees and other charges levied upon it or upon its properties that are
shown thereon as due and payable, other than those that are being contested in good faith
and by proper proceedings and for which adequate reserves have been established in
accordance with GAAP. Such returns are true, correct and complete in all material
respects. There is no ongoing audit or examination or other investigation by any
Governmental Authority of the tax liability of the Borrower or any of its Subsidiaries,
and there is no unresolved claim by any Governmental Authority concerning the tax
liability of the Borrower or any of its Subsidiaries for any period for which tax returns
have been or were required to have been filed, other than claims for which adequate
reserves have been established in accordance with GAAP. Neither the Borrower nor any of
its Subsidiaries has waived or extended or has been requested to waive or extend the
statute of limitations relating to the payment of any taxes.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7
<U>Subsidiaries</U>. <B>Schedule 4.7</B> sets forth a list, as of the Closing Date, of
all of the Subsidiaries of the Borrower and, as to each such Subsidiary, the percentage
ownership (direct and indirect) of the Borrower in each class of its Capital Stock and
each direct owner thereof. All of the issued and outstanding shares of Capital Stock of
Everest Re are directly owned and held 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;4.8
<U>Full Disclosure</U>. All factual information (other than financial projections and
forecasts) heretofore or contemporaneously furnished to the Administrative Agent or any
Lender in writing by or on behalf of the Borrower or any of its Subsidiaries for purposes
of or in connection with this Agreement and the transactions contemplated hereby is, and
all other such factual information (other than financial projections and forecasts)
hereafter furnished to the Administrative Agent or any Lender in writing by or on behalf
of the Borrower or any of its Subsidiaries will be, true and accurate in all material
respects on the date as of which such information is dated or certified (or, if such
information has been amended or supplemented, on the date as of which any such amendment
or supplement is dated or certified) and not made incomplete by omitting to state a
material fact necessary to make the statements contained therein, in light of the
circumstances under which such information was provided, not misleading.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9
<U>Margin Regulations</U>. Neither the Borrower nor any of its Subsidiaries is engaged
principally or as one of its important activities, in the business of extending credit
for the purpose of purchasing or carrying Margin Stock. No proceeds of the Loans will be
used, directly or indirectly, to purchase or carry any Margin Stock, to extend credit fur
such purpose or for any other purpose that would violate or be inconsistent with
Regulations T, U or X or any provision of the Exchange Act. Following the application of
the proceeds of the Loan, less than 25% of the value (as determined by any reasonable
method) of the assets of the Borrower and its Subsidiaries will be represented by Margin
Stock.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10
<U>No Material Adverse Change</U>. There has been no Material Adverse Change since
December 31, 2002, and there exists no event, condition or state of facts that could
reasonably be expected to result in a Material Adverse 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;4.11
Financial Matters.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower has heretofore furnished to the Administrative Agent copies of           (i)&nbsp;the
audited consolidated balance sheets of the Borrower and its           Subsidiaries as of
December&nbsp;31, 2002, 2001 and 2000 and the related           statements of income,
stockholders&#146; equity and cash flows for the fiscal           years then ended,
together with the opinion of PricewaterhouseCoopers thereon,           and (ii)&nbsp;the
unaudited consolidated balance sheet of the Borrower and its           Subsidiaries as of
June 30, 2003, and the related statements of income,           stockholders&#146; equity
and cash flows for the six-month period then ended.           Such financial statements
have been prepared in accordance with GAAP (subject,           with respect to the
unaudited financial statements, to the absence of notes           required by GAAP and to
normal year-end adjustments) and present fairly the           financial condition of the
Borrower and its Subsidiaries on a consolidated basis           as of the respective
dates thereof and the consolidated results of operations of           the Borrower and
its Subsidiaries for the respective periods then ended. Except           as fully
reflected in the most recent financial statements referred to above and           the
notes thereto, there are no material liabilities or obligations with respect           to
the Borrower or any of its Subsidiaries of any nature whatsoever (whether
          absolute, contingent or otherwise and whether or not 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower has prepared, and has heretofore furnished to the Administrative           Agent
a copy of, annual projected balance sheets and statements of income of the
          Borrower for the three-year period beginning with the year ending December 31,
          2003, giving effect to the initial extensions of credit made under this
          Agreement, and the payment of transaction fees and expenses related to the
          foregoing (the &#147;<U>Projections</U>&#148;). In the opinion of management of
          the Borrower, the assumptions used in the preparation of the Projections were
          fair, complete and reasonable when made and continue to be fair, complete and
          reasonable as of the date hereof. The Projections have been prepared in good
          faith by the executive and financial personnel of the Borrower, are complete
and           represent a reasonable estimate of the future performance and financial
          condition of the Borrower, subject to the uncertainties and approximations
          inherent in any projections.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower has heretofore furnished to the Administrative Agent copies of           (i)&nbsp;the
Annual Statements of each Insurance Subsidiary as of December 31,           2002, 2001
and 2000 and for the fiscal years then ended, each as filed with the           relevant
Insurance Regulatory Authority, and (ii)&nbsp;the Quarterly Statements           of each
Insurance Subsidiary as of June 30, 2003, and for the six-month period           then
ended, each as filed with the relevant Insurance Regulatory Authority
          (collectively, the &#147;<U>Historical Statutory </U>Statements&#148;). The
          Historical Statutory Statements (including, without limitation, the provisions
          made therein for investments and the valuation thereof, reserves, policy and
          contract claims and statutory liabilities) have been prepared, in all material
          respects, in accordance with SAP (except as may be reflected in the notes
          thereto and subject, with respect to the Quarterly Statements, to the absence
of           notes required by SAP and to normal year-end adjustments), were in all
material           respects, in compliance with applicable Requirements of Law when filed
and           present fairly the financial condition of the respective Insurance
Subsidiaries           covered thereby as of the respective dates thereof and the results
of           operations, changes in capital and surplus and cash flow of the respective
          Insurance Subsidiaries covered thereby for the respective periods then ended.
          Except for liabilities and obligations disclosed or provided for in the
          Historical Statutory Statements (including, without limitation, reserves,
policy           and contract claims and statutory liabilities), no Insurance Subsidiary
had, as           of the date of its respective Historical Statutory Statements, any
material           liabilities or obligations of any nature whatsoever (whether absolute,
          contingent or otherwise and whether or not due) that, in accordance with SAP,
          would have been required to have been disclosed or provided for in such
          Historical Statutory Statements. All books of account of each Insurance
          Subsidiary fully and fairly disclose all of its material transactions,
          properties, assets, investments, liabilities and obligations, are in its
          possession and are true, correct and complete in all material respects.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12
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;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Each
of the Borrower and its ERISA Affiliates is in compliance in all material
          respects with the applicable provisions of ERISA, and each Plan is and has been
          administered in compliance in all material respects with all applicable
          Requirements of Law, including, without limitation, the applicable provisions
of           ERISA and the Internal Revenue Code. No ERISA Event (i) has occurred within
the           five-year period prior to the Closing Date and is continuing, or (ii) to
the           knowledge of the Borrower, is reasonably expected to occur with respect to
any           Plan, in either case that would reasonably be expected, individually or in
the           aggregate, to have a Material Adverse Effect. No Plan has any Unfunded
Pension           Liability as of the date of the most recent actuarial report applicable
thereto,           and neither the Borrower nor any ERISA Affiliate has engaged in a
transaction           that could be subject to Section 4069 or 4212(c) of ERISA, in
either instance           where the same would reasonably be expected, individually or in
the aggregate,           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)&nbsp;&nbsp;&nbsp;&nbsp;          Neither
the Borrower nor any ERISA Affiliate has had a complete or partial           withdrawal
from any Multiemployer Plan for which there exists unsatisfied           withdrawal
liability that would reasonably be expected, individually or in the           aggregate,
to have a Material Adverse Effect, and neither the Borrower nor any           ERISA
Affiliate would become subject to any withdrawal liability under ERISA           that
would reasonably be expected, individually or in the aggregate, to have a
          Material Adverse Effect if the Borrower or any ERISA Affiliate were to withdraw
          completely from all Multiemployer Plans as of the most recent valuation date
for           the Multiemployer Plans. To the knowledge of the Borrower, no Multiemployer
Plan           is in &#147;reorganization&#148; or is &#147;insolvent&#148; within the
meaning           of such terms under 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;4.13
Environmental Matters.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          No
Hazardous Substances are or have been generated, used, located, released,
          treated, disposed of or stored by the Borrower or any of its Subsidiaries or,
to           the knowledge of the Borrower, by any other Person (including any
predecessor in           interest) or otherwise, in, on or under any portion of any real
property, leased           or owned, of the Borrower or any of its Subsidiaries, except
in compliance with           all applicable Environmental Laws, and no portion of any
such real property or,           to the knowledge of the Borrower, any other real
property at any time leased,           owned or operated by the Borrower or any of its
Subsidiaries, has been           contaminated by any Hazardous Substance; and no portion
of any real property,           leased or owned, of the Borrower or any of its
Subsidiaries has been or, to the           knowledge of the Borrower, is presently the
subject of an environmental audit,           assessment or remedial action.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          To
the knowledge of the Borrower, (i) no portion of any real property, leased or
          owned, of the Borrower or any of its Subsidiaries has been used as or for a
          mine, a landfill, a dump or other disposal facility, a gasoline service
station,           or (other than for petroleum substances stored in the ordinary course
of           business) a petroleum products storage facility, (ii) no portion of such
real           property or any other real property at any time leased, owned or operated
by the           Borrower or any of its Subsidiaries has, pursuant to any Environmental
Law, been           placed on the &#147;National Priorities List&#148; or &#147;CERCLIS
List&#148;          (or any similar federal, state or local list) of sites subject to
possible           environmental problems, and (iii) and there are not and have never
been any           underground storage tanks situated on any real property, leased or
owned, of the           Borrower or any of its 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as disclosed in the Borrower&#146;s 2002 Form 10-K, (i)&nbsp;all           activities and
operations of the Borrower and its Subsidiaries are in compliance           with the
requirements of all applicable Environmental Laws, except to the extent           the
failure so to comply, individually or in the aggregate, would not be           reasonably
likely to have a Material Adverse Effect, (ii) neither the Borrower           nor any of
its Subsidiaries is involved in any suit, action or proceeding, or           has received
any notice, complaint or other request for information from any           Governmental
Authority or other Person, with respect to any actual or alleged           Environmental
Claims that, if adversely determined, would be reasonably likely,           individually
or in the aggregate, to have a Material Adverse Effect and           (iii)&nbsp;to the
knowledge of the Borrower. there are no threatened actions,           suits, proceedings
or investigations with respect to any such Environmental           Claims, nor any basis
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;4.14
<U>Compliance With Laws</U>. Each of the Borrower and its Subsidiaries has timely filed
all material reports, documents and other materials required to be filed by it under all
applicable Requirements of Law with any Governmental Authority, has retained all material
records and documents required to be retained by it under all applicable Requirements of
Law, and is otherwise in compliance with all applicable Requirements of Law in respect of
the conduct of its business and the ownership and operation of its properties, except for
such Requirements of Law the failure to comply with which, individually or in the
aggregate, would not be reasonably likely 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;4.15
<U>Regulated Industries</U>. Neither the Borrower nor any of its Subsidiaries is (i)&nbsp;an
&#147;investment company,&#148; a company &#147;controlled&#148; by an &#147;investment
company,&#148; or an &#147;investment advisor,&#148; within the meaning of the Investment
Company Act of 1940, as amended, or (ii)&nbsp;a &#147;holding company,&#148; 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, as amended.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16
<U>Insurance</U>. The assets, properties and business of the Borrower and its
Subsidiaries are insured against such hazards and liabilities, under such coverages and
in such amounts, as are customarily maintained by prudent companies similarly situated
and under policies issued by insurers of recognized responsibility. No notice of any
pending or threatened cancellation or material premium increase has been received by the
Borrower or any of its Subsidiaries with respect to any such policies, and the Borrower
and each of its Subsidiaries are in substantial compliance with all conditions contained
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;4.17
<U>Material Contracts</U>. <B>Schedule 4.17</B> lists, as of the Closing Date, each &#147;material
contract&#148;(within the meaning of Item 601(b)(10) of Regulation S-K under the Exchange
Act) (other than Reinsurance Agreements) to which the Borrower or any of its Subsidiaries
is a party, by which any of them or their respective properties is bound or to which any
of them is subject (collectively, &#147;<U>Material Contracts</U>&#148;), other than
Material Contracts disclosed in the Borrower&#146;s quarterly or annual statement most
recently filed with the Securities and Exchange Commission, and also indicates the
parties, subject matter and term thereof. As of the Closing Date, (i)&nbsp;each Material
Contract is in full force and effect and, to Borrower&#146;s knowledge, is enforceable by
the Borrower or the Subsidiary that is a party thereto in accordance with its terms,
subject to the effects of bankruptcy, insolvency and other similar laws affecting the
enforcement of creditors&#146; rights generally and to the effect of principles of equity
and (ii)&nbsp;neither the Borrower nor any of its Subsidiaries (nor, to the knowledge of
the Borrower, any other party thereto) is in breach of or default under any Material
Contract in any material respect or has given notice of termination or cancellation of
any Material Contract.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18
<U>Reinsurance Agreements</U>. As of the Closing Date, except as set forth on Schedule F
to the Annual Statements for the Insurance Subsidiaries for the fiscal year ending
December&nbsp;31, 2002 or as provided for or disclosed on the interim GAAP financial
statements dated as of June 30, 2003, there are no material liabilities outstanding as of
the Closing Date under any Reinsurance Agreement to which any Insurance Subsidiary is the
ceding party. Each Reinsurance Agreement to which an Insurance Subsidiary is the ceding
party and which is in effect on the Closing Date is in full force and effect on the
Closing Date. Each Reinsurance Agreement to which an Insurance Subsidiary is the ceding
party and which is in effect on the Closing Date is qualified as of the Closing Date
under all applicable Requirements of Law to receive the statutory credit assigned to such
Reinsurance Agreement in the relevant Annual Statement or Quarterly Statement at the time
prepared.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19
    Foreign Assets Control Regulations and Anti-Money Laundering. </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)&nbsp;&nbsp;&nbsp;&nbsp;          Neither
the making of Loans under this Agreement, nor the use of the proceeds           thereof,
shall cause the Borrower to violate any of the sanctions programs           administered
by the U.S. Department of the Treasury&#146;s Office of Foreign           Assets Control (&#147;<U>OFAC</U>&#148;)
of the United States Department of           Treasury, any regulations promulgated
thereunder by OFAC or under any affiliated           or successor governmental or
quasi-governmental office, bureau or agency and any           enabling legislation or
executive order relating thereto. Without limiting the           foregoing, neither the
Borrower, nor any of its Subsidiaries, (i)&nbsp;is a           person whose property or
interests in property are blocked pursuant to           Section&nbsp;1 of Executive Order
13224 of September 23, 200l Blocking Property           and Prohibiting Transactions With
Persons Who Commit, Threaten to Commit, or           Support Terrorism (66 Fed. Reg.
49079 (2001)), (ii)&nbsp;to Borrower&#146;s           knowledge, engages in any dealings
or transactions prohibited by Section 2 of           such executive order, or (iii)&nbsp;is
a person on the list of Specially           Designated Nationals and Blocked 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)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower and its Subsidiaries are in compliance, in all material respects,           with
the Uniting and Strengthening of America by Providing the Appropriate Tools
          Required to Intercept and Obstruct Terrorism Act of 2001. No part of the
          proceeds of the Loans hereunder will be used, directly or indirectly, for any
          payments to any governmental official or employee, political party, official of
          a political party, candidate for political office, or anyone else acting in an
          official capacity, in order to obtain, retain or direct business or obtain any
          improper advantage, in violation of the United States Foreign Corrupt Practices
          Act of 1977, as amended.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20
    Pari Passu Debt.  The Loans rank at least pari passu in right of payment with all
other Indebtedness of the Borrower. </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE V......... </FONT></H1>

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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AFFIRMATIVE
COVENANTS</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 covenants and agrees that, until the termination of the Commitments and the
payment in full of all principal and interest with respect to the Loans together with all
other amounts then due and owing 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;5.1
     GAAP Financial Statements.  The Borrower will deliver to each 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;          As
soon as available and in any event within fifty-five (55) days after the end           of
each of the first three fiscal quarters of each fiscal year, beginning with           the
fiscal quarter ending September 30, 2003, unaudited consolidated and, to the
          extent otherwise prepared for external distribution, consolidating balance
          sheets of the Borrower and its Subsidiaries as of the end of such fiscal
quarter           and unaudited consolidated and, to the extent otherwise prepared for
external           distribution, consolidating statements of income, stockholders&#146; equity
and           cash flows for the Borrower and its Subsidiaries for the fiscal quarter
then           ended and for that portion of the fiscal year then ended, in each case
setting           forth comparative consolidated or consolidating figures as of the end
of and for           the corresponding period in the preceding fiscal year, all prepared
in           accordance with GAAP (subject to the absence of notes required by GAAP and
          subject to normal year-end adjustments) applied on a basis consistent with that
          of the preceding quarter or containing disclosure of the effect on the
financial           condition or results of operations of any change in the application
of           accounting principles and practices during such quarter; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;          As
soon as available and in any event within 105 days after the end of each           fiscal
year, beginning with the fiscal year ending December 31, 2003,           (i)&nbsp;an
audited consolidated balance sheet of the Borrower and its           Subsidiaries as of
the end of such fiscal year and audited consolidated           statements of income,
stockholders&#146; equity and cash flows for the Borrower           and its Subsidiaries
for the fiscal year then ended, including the applicable           notes, in each case
setting forth comparative figures as of the end of and for           the preceding fiscal
year, certified by the independent certified public           accounting firm regularly
retained by the Borrower or another independent           certified public accounting
firm of recognized national standing, together with           (y)&nbsp;a report thereon
by such accountants that is not qualified as to going           concern or scope of audit
and to the effect that such financial statements           present fairly the
consolidated financial condition and results of operations of           the Borrower and
its Subsidiaries as of the dates and for the periods indicated           in accordance
with GAAP applied on a basis consistent with that of the preceding           year or
containing disclosure of the effect on the financial condition or           results of
operations of any change in the application of accounting principles           and
practices during such year, and (z)&nbsp;a report by such accountants to the
          effect that, based on and in connection with their examination of the financial
          statements of the Borrower and its Subsidiaries, they obtained no knowledge of
          the occurrence or existence of any Default or Event of Default relating to
          accounting or financial reporting matters, or a statement specifying the nature
          and period of existence of any such Default or Event of Default disclosed by
          their audit; <U>provided</U>, <U>however</U>, that such accountants shall not
be           liable by reason of the failure to obtain knowledge of any Default or Event
of           Default that would not be disclosed or revealed in the course of their audit
          examination, and (ii)&nbsp;to the extent otherwise prepared, an unaudited
          consolidating balance sheet of the Borrower and its Subsidiaries as of the end
          of such fiscal year and unaudited consolidating statements of income,
          stockholders&#146; equity and cash flows for the Borrower and its Subsidiaries
          for the fiscal year then ended, all in reasonable detail.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2
     Statutory Financial Statements.  The Borrower will deliver to each 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;          As
soon as available and in any event within fifty-five (55) days after the end           of
each of the first three fiscal quarters of each fiscal year (or, in the case           of
Everest Insurance Company of Canada, within fifteen (15) days after the
          required filing date), beginning with the fiscal quarter ending September 30,
          2003, a Quarterly Statement of each of its Insurance Subsidiaries as of the end
          of such fiscal quarter and for that portion of the fiscal year then ended, in
          the form filed with the relevant Insurance Regulatory Authority, prepared in
          accordance with SAP applied on a basis consistent with that of the preceding
          quarter or containing disclosure of the effect on the financial condition or
          results of operations of any change in the application of accounting principles
          and practices during such quarter;  </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)&nbsp;&nbsp;&nbsp;&nbsp;          As
soon as available and in any event within seventy-five (75) days after the           end
of each fiscal year (or, in the case of Everest Insurance Company of Canada,
          within fifteen (15) days after the required filing date), beginning with the
          fiscal year ending December 31, 2003, an Annual Statement of each of its
          Insurance Subsidiaries as of the end of such fiscal year and for the fiscal
year           then ended, in the form filed with the relevant Insurance Regulatory
Authority,           prepared in accordance with SAP applied on a basis consistent with
that of the           preceding year or containing disclosure of the effect on the
financial condition           or results of operations of any change in the application
of accounting           principles and practices during such 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          As
soon as available and in any event within 135 days after the end of each           fiscal
year, beginning with the fiscal year ending December 31, 2003, an           unaudited
consolidated balance sheet of the Borrower and its Insurance           Subsidiaries
(other than Everest Insurance Company of Canada) as of the end of           such fiscal
year and unaudited consolidated statements of income,           stockholders&#146; equity
and cash flows for the Borrower and its Insurance           Subsidiaries (other than
Everest Reinsurance Company of Canada) for the fiscal           year then ended, in each
case setting forth comparative consolidated figures as           of the end of and for
the preceding fiscal year, all prepared in accordance with           SAP applied on a
basis consistent with that of the preceding year or containing           disclosure of
the effect on the financial condition or results of operations of           any change in
the application of accounting principles and practices during such           year; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;          As
soon as available and in any event within 165 days after the end of each           fiscal
year, beginning with the fiscal year ending December 31, 2003 (but only           if and
to the extent required by the applicable Insurance Regulatory Authority           with
regard to any Insurance Subsidiary), a certification by the independent
          certified public accounting firm referred to in <B>Section 5.1(b)</B> as to the
          Annual Statement of each such Insurance Subsidiary as of the end of such fiscal
          year and for the fiscal year then ended, together with a report thereon by such
          accountants that is not qualified as to going concern or scope of audit and to
          the effect that such financial statements present fairly the consolidated
          financial condition and results of operations of such Insurance Subsidiary as
of           the date and for the period indicated in accordance with SAP applied on a
basis           consistent with that of the preceding year or containing disclosure of
the           effect on the financial position or results of operations of any change in
the           application of accounting principles and practices during such 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;5.3
     Other Business and Financial Information.  The Borrower will deliver to each 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;(a)
          Concurrently with each delivery of the financial statements described in <B>Sections&nbsp;5.1</B> and
<B>5.2</B>, a Compliance Certificate in the form of <B>Exhibit&nbsp;C-1</B> (in the case
of the financial statements described in <B>Section 5.1</B>) or <B>Exhibit&nbsp;C-2</B> (in
the case of the financial           statements described in <B>Section&nbsp;5.2</B>) with
respect to the period           covered by the financial statements then being delivered,
executed by the chief           financial officer, treasurer or comptroller of the
Borrower, together with a           Covenant Compliance Worksheet reflecting the
computation of the respective           financial covenants set forth in such Covenant
Compliance Worksheet as of the           last day of the period covered by such financial
statements;  </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)
          Promptly upon filing with the relevant Insurance Regulatory Authority and in
any           event within 105 days after the end of each fiscal year (or, in the case of
          Everest Insurance Company of Canada, within fifteen (15) days of the required
          filing date), beginning with the fiscal year ended December 31, 2003, a copy of
          each Insurance Subsidiary&#146;s &#147;Statement of Actuarial Opinion&#148; (or
          equivalent information should the relevant Insurance Regulatory Authority not
          require such a statement) as to the adequacy of such Insurance Subsidiary&#146;s
          loss reserves for such fiscal year, together with a copy of its management
          discussion and analysis in connection therewith (but only if and to the extent
          required by the applicable Insurance Regulatory Authority with regard to such
          Insurance Subsidiary), each in the format prescribed by the applicable
insurance           laws of such Insurance Subsidiary&#146;s jurisdiction of domicile;  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
          Promptly upon the sending, filing or receipt thereof, copies of (i)&nbsp;all
          financial statements, reports, notices and proxy statements that the Borrower
or           any of the Borrower&#146;s Subsidiaries shall send or make available
generally           to its shareholders, (ii)&nbsp;all reports (other than earnings press
releases)           on Form 10-Q, Form 10-K or Form 8-K (or their successor forms) or
registration           statements and prospectuses (other than on Form S-8 or its
successor form) that           the Borrower or any of the Borrower&#146;s Subsidiaries
shall render to or file           with the Securities and Exchange Commission, the
National Association of           Securities Dealers, Inc. or any national securities
exchange, (iii)&nbsp;all           reports on Form A (or any successor form) that any
Insurance Subsidiary shall           file with any Insurance Regulatory Authority, (iv)&nbsp;all
material reports on           examination or similar material reports, financial
examination reports or market           conduct examination reports by the NAIC or any
Insurance Regulatory Authority or           other Governmental Authority with respect to
any Insurance Subsidiary&#146;s           insurance business, and (v)&nbsp;all material
filings made under applicable           state insurance holding company acts by the
Borrower or any of its Subsidiaries,           including, without limitation, filings
seeking approval of transactions with           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;(d)
          Promptly upon (and in any event within five (5) Business Days after) any
          Responsible Officer of the Borrower obtaining knowledge thereof, written notice
          of any of the following:  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
          the occurrence of any Default or Event of Default, together with a written
          statement of a Responsible Officer of the Borrower specifying the nature of
such           Default or Event of Default, the period of existence thereof and the
action that           the Borrower has taken and proposes to take with respect thereto;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
          the institution or threatened institution of any action, suit, investigation or
          proceeding against or affecting the Borrower or any of its Subsidiaries,
          including any such investigation or proceeding by any Insurance Regulatory
          Authority or other Governmental Authority (other than routine periodic
          inquiries, investigations or reviews), that would reasonably be expected,
          individually or in the aggregate, to result in a Material Adverse Effect, and
          any material development in any litigation or other proceeding previously
          reported pursuant to <B>Section 4.5</B> or this subsection (d);  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
          the receipt by the Borrower or any of its Subsidiaries from any Insurance
          Regulatory Authority or other Governmental Authority of (i)&nbsp;any notice
          asserting any failure by the Borrower or any of its Subsidiaries to be in
          compliance with applicable Requirements of Law or that threatens the taking of
          any action against the Borrower or such Subsidiary or sets forth circumstances
          that, if taken or adversely determined, would have, or be reasonably likely to
          have, a Material Adverse Effect, or (ii)&nbsp;any notice of any actual or
          threatened suspension, limitation or revocation of, failure to renew, or
          imposition of any restraining order, escrow or impoundment of funds in
          connection with, any license, permit, accreditation or authorization of the
          Borrower or any of its Subsidiaries, where such action would have, or be
          reasonably likely to have, a Material Adverse Effect;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
          the occurrence of any ERISA Event, together with (x)&nbsp;a written statement
of           a Responsible Officer of the Borrower specifying the details of such ERISA
Event           and the action that the Borrower has taken and proposes to take with
respect           thereto, (y)&nbsp;a copy of any notice with respect to such ERISA Event
that may           be required to be filed with the PBGC and (z)&nbsp;a copy of any
notice           delivered by the PBGC to the Borrower or such ERISA Affiliate with
respect to           such ERISA Event;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
          the occurrence of any decrease in (y)&nbsp;the rating given by either Standard
          &amp; Poor&#146;s or Moody&#146;s with respect to any Insurance
          Subsidiary&#146;s claims paying ability or financial strength rating or
          (z)&nbsp;the rating given to any Insurance Subsidiary by A.M. Best Company;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
          the occurrence of any actual changes in any insurance statute or regulation
          governing the investment or dividend practices of any Material Insurance
          Subsidiary that would be reasonably likely to have a Material Adverse Effect;
          and  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
          any other matter or event that has, or would be reasonably likely to have, a
          Material Adverse Effect, together with a written statement of a Responsible
          Officer of the Borrower setting forth the nature and period of existence
thereof           and the action that the Borrower has taken and proposes to take with
respect           thereto;  </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;(e)
          Promptly, notice of (i)&nbsp;the occurrence of any material amendment or
          modification (other than expiration) to any Reinsurance Agreement (whether
          entered into before or after the Closing Date), including any such agreements
          that are in a runoff mode on the date hereof, which amendment or modification
          would be reasonably likely to have a Material Adverse Effect, or (ii)&nbsp;the
          receipt by the Borrower or any of its Subsidiaries of any written notice of any
          denial of coverage or claim, litigation or arbitration with respect to any
          Reinsurance Agreement to which it is a ceding party which would be reasonably
          likely 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;(f)
          Promptly following the request from the Administrative Agent or the Required
          Lenders (which request may only be made when an Event of Default has occurred
          and is continuing), a report prepared by an independent actuarial consulting
          firm of recognized professional standing reasonably satisfactory to the
          Administrative Agent or the Required Lenders, as the case may be, reviewing the
          adequacy of reserves of each Insurance Subsidiary determined in accordance with
          SAP, which firm shall be provided access to or copies of all reserve analyses
          and valuations relating to the insurance business of each Insurance Subsidiary
          in the possession of or available to the Borrower or any of its 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;(g)
          Any material change to the investment policy for the Insurance Subsidiaries or
          the Borrower, including copies of such changes. (h) As promptly as reasonably
          possible, such other information about the business, condition (financial or
          otherwise), operations or properties of the Borrower or any of its Subsidiaries
          (including any Plan and any information required to be filed under ERISA) as
the           Administrative Agent or any Lender may from time to time reasonably
request.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4
<U>Corporate Existence; Franchises; Maintenance of Properties</U>. The Borrower will, and
will cause each of its Material Subsidiaries to, (i)&nbsp;except as expressly permitted
otherwise by <B>Section 7.1, </B>maintain and preserve in full force and effect its legal
existence, (ii)&nbsp;obtain, maintain and preserve in full force and effect all other
rights, franchises, licenses, permits, certifications, approvals and authorizations
required by Governmental Authorities and necessary to the ownership, occupation or use of
its properties or the conduct of its business, except to the extent the failure to do so
would not be reasonably likely to have a Material Adverse Effect, (iii)&nbsp;continue to
conduct and operate its businesses substantially as conducted and operated during the
present and preceding fiscal years and (iv)&nbsp;keep all material properties in good
working order and condition (normal wear and tear excepted) and from time to time make
all necessary repairs to and renewals and replacements of such properties, except to the
extent that any of such properties are obsolete or are being replaced.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5
<U>Compliance with Laws</U>. The Borrower will, and will cause each of its Subsidiaries
to, comply in all respects with all Requirements of Law applicable in respect of the
conduct of its business and the ownership and operation of its properties, except to the
extent the failure so to comply would not have, or be reasonably likely 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;5.6
<U>Payment of Obligations</U>. The Borrower will, and will cause each of its Subsidiaries
to, (i)&nbsp;pay all liabilities and obligations as and when due (subject to any
applicable subordination provisions), except to the extent failure to do so would not be
reasonably likely to have, a Material Adverse Effect, and (ii)&nbsp;pay and discharge all
taxes, assessments and governmental charges or levies imposed upon it, upon its income or
profits or upon any of its properties, prior to the date on which penalties would attach
thereto, and all lawful claims that, if unpaid, might become a Lien upon any of the
properties of the Borrower or any of its Subsidiaries; <U>provided</U>, <U>however</U>,
that neither the Borrower nor any of its Subsidiaries shall be required to pay any such
tax, assessment, charge, levy or claim that is being contested in good faith and by
proper proceedings and as to which the Borrower or such Subsidiary is maintaining
adequate reserves with respect thereto in accordance with 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;5.7
<U>Insurance</U>. The Borrower will, and will cause each of its Subsidiaries to, maintain
with financially sound and reputable insurance companies insurance with respect to its
assets, properties and business, against such hazards and liabilities, of such types and
in such amounts, as is customarily maintained by companies in the same or similar
businesses similarly situated; <U>provided </U>that the Borrower and its Subsidiaries may
self-insure against risks consistent with customary industry practices for companies in
the same or similar businesses, of similar size and with similar risk parameters.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8
<U>Maintenance of Books and Records; Inspection</U>. The Borrower will, and will cause
each of its Subsidiaries to, (i)&nbsp;maintain adequate books, accounts and records, in
which full, true and correct entries shall be made of all financial transactions in
relation to its business and properties, and prepare all financial statements required
under this Agreement, in each case in accordance with GAAP or SAP, as applicable, and in
compliance with the requirements of any Governmental Authority having jurisdiction over
it, and (ii)&nbsp;permit employees or agents of the Administrative Agent or any Lender to
visit and inspect its properties and examine or audit its books, records, working papers
and accounts and make copies and memoranda of them, and to discuss its affairs, finances
and accounts with its officers and employees and, upon notice to the Borrower, the
independent public accountants of the Borrower and its Subsidiaries (and by this
provision the Borrower authorizes such accountants to discuss the finances and affairs of
the Borrower and its Subsidiaries), all at such times and from time to time, upon
reasonable notice and during business hours, as may be reasonably requested.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9
<U>Dividends</U>. The Borrower will take all action necessary to cause its Subsidiaries
to make such dividends, distributions or other payments to the Borrower as shall be
necessary for the Borrower to make payments of the principal of and interest on the Loans
in accordance with the terms of this Agreement. In the event the approval of any
Governmental Authority or other Person is required in order for any such Subsidiary to
make any such dividends, distributions or other payments to the Borrower, or for the
Borrower to make any such principal or interest payments, the Borrower will forthwith
exercise its best efforts and take all actions permitted by law and necessary to obtain
such approval.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10
<U>USA Patriot Act Compliance</U>. The Borrower shall, and shall cause each of its
Subsidiaries to, provide, to the extent commercially reasonable, such information and
take such actions as are reasonably requested by the Administrative Agent or any Lender
in order to assist the Administrative Agent and the Lenders in maintaining compliance
with the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, as amended.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11
<U>Further Assurances</U>. The Borrower will, and will cause each of its Subsidiaries to,
make, execute, endorse, acknowledge and deliver any amendments, modifications or
supplements hereto and restatements hereof and any other agreements, instruments or
documents, and take any and all such other actions, as may from time to time be
reasonably requested by the Administrative Agent or the Required Lenders to effect,
confirm or further assure or protect and preserve the interests, rights and remedies of
the Administrative Agent and the Lenders under this Agreement and the other Credit
Documents.  </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE VI........ </FONT></H1>

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<A NAME=A027></A>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>FINANCIAL
COVENANTS</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 covenants and agrees that, until the termination of the Commitments and the
payment in full of all principal and interest with respect to the Loans together with all
other amounts then due and owing 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;6.1
<U>Maximum Consolidated Indebtedness to Total Capitalization</U>. The ratio of
Consolidated Indebtedness to Total Capitalization as of the last day of any fiscal
quarter beginning with the fiscal quarter ending September 30, 2003 shall not be greater
than 0.35 to 1.0.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2
<U>Minimum Statutory Surplus</U>. The Statutory Surplus of Everest Re, at any time
beginning with the fiscal quarter ending September 30, 2003, shall not be less than
$1,000,000,000 <U>plus</U> 25% of the aggregate Net Income of Everest Re for the period
beginning after December&nbsp;31, 2002 and ending on the date of calculation, as
determined in each case in accordance with SAP (<U>provided</U> that Net Income for any
period shall be taken into account for purposes of this calculation only if positive), <U>plus</U> 25%
of the aggregate capital contributions made to Everest Re after December 31, 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;6.3
<U>Minimum Interest Coverage Ratio</U>. The Interest Coverage Ratio as of the last day of
any fiscal quarter, beginning with the fiscal quarter ending September 30, 2003, shall
not be less than 2.5 to 1.0.  </FONT></P>

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<A NAME=A028></A>
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE VII....... </FONT></H1>

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<A NAME=A029></A>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>NEGATIVE
COVENANTS</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 covenants and agrees that, until the termination of the Commitments and the
payment in full of all principal and interest with respect to the Loans together with all
other amounts then due and owing 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;7.1
<U>Fundamental Changes</U>. The Borrower will not, and will not permit or cause any of
its Subsidiaries to, liquidate, wind up or dissolve, or enter into any consolidation,
merger or other combination, or agree to do any of the foregoing; <U>provided</U>, <U>however</U>,
that the Borrower or any Subsidiary may merge into or consolidate with any other Person
so long as (y)&nbsp;the surviving corporation is the Borrower or a Wholly Owned
Subsidiary of the Borrower (and in any event, if Borrower is a party to such merger or
consolidation, the surviving corporation shall be the Borrower), and (z)&nbsp;immediately
after giving effect thereto, no Default or Event of Default would 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;7.2
<U>Indebtedness</U>. The Borrower will not, and will not permit or cause any of its
Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness other than:  </FONT></P>

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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;(i)
          Indebtedness created hereunder;  </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;(ii)
          Indebtedness incurred by the Borrower; <U>provided</U> that any such
          Indebtedness shall either rank pari passu in right of payment to the
Obligations           or be subordinated in right and time of payment to the Obligations;
<U>provided</U> further any loan or advance by Group or any Affiliate of Group
          to the Borrower will be subordinated in right and time of payment to the
          Obligations and evidenced by a promissory note in form and substance
          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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
          indorsements of negotiable instruments in the ordinary course of business;  </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;(iv)
          accrued expenses (including salaries, accrued vacation and other compensation),
          current trade or other accounts payable and other current liabilities arising
in           the ordinary course of business and not incurred through the borrowing of
money; <U>provided</U> that the same shall be paid when due except to the extent being
          contested in good faith and by appropriate proceedings;  </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;(v)
          loans and advances by the Borrower or any Subsidiary<B></B>to any other
          Subsidiary or by any Subsidiary to the Borrower; <U>provided </U> that any such
          loan or advance is subordinated in right and time of payment to the Obligations
          and is evidenced by a promissory note, in form and substance satisfactory to
the           Administrative Agent;  </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;(vi)
          Indebtedness in connection with Permitted Liens; and  </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;(vii)
          Indebtedness of the Borrower under Hedge Agreements.  </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;7.3
<U>Liens</U>. The Borrower will not, and will not permit or cause any of its Subsidiaries
to, directly or indirectly, make, create, incur, assume or suffer to exist, or enter into
or suffer to exist any agreement (other than the Credit Documents) or restriction that
prohibits or conditions the creation, incurrence or assumption of, any Lien upon or with
respect to any part of its property or assets, whether now owned or hereafter acquired,
or agree to do any of the foregoing, other than the following (collectively, &#147;<U>Permitted
Liens</U>&#148;):  </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;(i)
          Liens in existence on the Closing Date and set forth on <B>Schedule 7.3</B> and
          extensions, renewals and replacements thereof so long as the outstanding
          principal amount of the Indebtedness secured by any such Lien is not increased;  </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;(ii)
          Liens imposed by law, such as Liens of carriers, warehousemen, mechanics,
          materialmen and landlords, and other similar Liens incurred in the ordinary
          course of business for sums not constituting borrowed money that are not
overdue           for a period of more than thirty (30) days or that are being contested
in good           faith by appropriate proceedings and for which adequate reserves have
been           established in accordance with GAAP;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
          Liens (other than any Lien imposed by ERISA, the creation or incurrence of
which           would result in an Event of Default under <B>Section 8.1(i)</B>) incurred
in the           ordinary course of business in connection with workers&#146; compensation,
          unemployment insurance or other forms of governmental insurance or benefits, or
          to secure the performance of letters of credit, bids, tenders, statutory
          obligations, surety and appeal bonds, leases, government contracts and other
          similar obligations (other than obligations for borrowed money) entered into in
          the ordinary course of business;  </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;(iv)
          Liens for taxes, assessments or other governmental charges or statutory
          obligations that are not delinquent or remain payable without any penalty or
          that are being contested in good faith by appropriate proceedings and for which
          adequate reserves have been established in accordance with GAAP;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
          Liens in connection with pledges and deposits made pursuant to statutory and
          regulatory requirements of Insurance Regulatory Authorities by an Insurance
          Subsidiary in the ordinary course of its business, for the purpose of securing
          regulatory capital or satisfying other financial responsibility requirements;  </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;(vi)
          Liens upon cash and United States government and agency securities and other
          investment assets of the Borrower and its Subsidiaries securing (A) obligations
          incurred in connection with reverse repurchase transactions and other similar
          investment management transactions and (B) reinsurance transactions in an
          aggregate amount not to exceed $500,000,000 at any time of such types and in
          such amounts as are customary for companies similar to the Borrower in size and
          lines of business and that are entered into by the Borrower and its
Subsidiaries           in the ordinary course of business;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
          Purchase money Liens upon real or personal property used by the Borrower or any
          of its Subsidiaries in the ordinary course of its business, securing
          Indebtedness incurred solely to pay all or a portion of the purchase price
          thereof (including in connection with capital leases, and including mortgages
or           deeds of trust upon real property and improvements thereon); <U>provided</U>          that
the aggregate principal amount at any time outstanding of all indebtedness
          secured by such Liens does not exceed an amount equal to 5% of the value of the
          total assets of the Borrower and its Subsidiaries at such time, determined on a
          consolidated basis in accordance with GAAP as of the date of the financial
          statements of the Borrower and its Subsidiaries most recently delivered under
<B>Section 5.1</B> prior to such time (or, with regard to determinations at any
          time prior to the initial delivery of financial statements under <B>Section
          5.1</B>, as of the date of the most recent financial statements referred to in
<B>Section 4.11(a)</B>), and <U>provided</U><U>further</U> that any such Lien
          (A)&nbsp;shall attach to such property concurrently with or within twenty (20)
          days after the acquisition thereof by the Borrower or such Subsidiary,
          (B)&nbsp;shall not exceed the lesser of (y)&nbsp;the fair market value of such
          property or (z)&nbsp;the cost thereof to the Borrower or such Subsidiary and
          (C)&nbsp;shall not encumber any other property of the Borrower or any of its
          Subsidiaries;  </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;(viii)
          Any attachment or judgment Lien not constituting an Event of Default under <B>Section
8.1(h)</B> that is being contested in good faith by appropriate           proceedings and
for which adequate reserves have been established in accordance           with GAAP;  </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;(ix)
          With respect to any real property occupied by the Borrower or any of its
          Subsidiaries, all easements, rights of way, licenses and similar encumbrances
on           title that do not materially impair the use of such property for its
intended           purposes;  </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;(x)
          Liens arising from the filing, for notice purposes only, of financing
statements           in respect of true leases;  </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;(xi)
          Liens on marketable securities and cash or cash equivalents securing letter of
          credit facilities in an aggregate amount not to exceed $300,000,000 at any
time;           and  </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;(xii)
          Liens in favor of the trustee or agent under any agreement or indenture
relating           to Indebtedness of the Borrower and its Subsidiaries permitted under
this           Agreement, covering sums required to be deposited with such trustee or
agent           thereunder.  </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;7.4
<U>Disposition of Assets</U>. The Borrower will not, and will not permit or cause any of
its Subsidiaries to, sell, assign, lease, convey, transfer or otherwise dispose of
(whether in one or a series of transactions) all or any portion of its assets, business
or properties (including, without limitation, any Capital Stock of any Subsidiary), or
enter into any arrangement with any Person providing for the lease by the Borrower or any
Subsidiary as lessee of any asset that has been sold or transferred by the Borrower or
such Subsidiary to such Person, or agree to do any of the foregoing, except for:  </FONT></P>

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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;(i)
          sales of investments in the ordinary course of business;  </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;(ii)
          the sale or exchange of used or obsolete equipment to the extent (y)&nbsp;the
          proceeds of such sale are applied towards, or such equipment is exchanged for,
          similar replacement equipment or (z)&nbsp;such equipment is no longer necessary
          for the operations of the Borrower or its applicable Subsidiary in the ordinary
          course of business;  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
          the sale, lease or other disposition of assets by a Subsidiary of the Borrower
          to the Borrower or to another Wholly Owned Subsidiary, to the extent permitted
          by applicable Requirements of Law and each relevant Insurance Regulatory
          Authority; <U>provided</U> that (x)&nbsp;immediately after giving effect
          thereto, no Default or Event of Default would exist, (y)&nbsp;in no event shall
          the Borrower contribute, sell or otherwise transfer, or permit Everest Re to
          issue or sell, any of the Capital Stock of Everest Re to any other Subsidiary,
          and (z)&nbsp;such sale or disposition would not adversely affect the ability of
          any Insurance Subsidiary party thereto to pay dividends or otherwise make
          distributions to the Borrower; and  </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;(iv)
          the sale or disposition of assets outside the ordinary course of business; <U>provided</U> that
(w)&nbsp;the net proceeds from any such sale or disposition           do not exceed an
amount equal to the least of the following: (1)&nbsp;10% of the           total assets of
the Borrower and its Subsidiaries on a consolidated basis,           (2)&nbsp;10% of the
total revenues of the Borrower and its Subsidiaries on a           consolidated basis,
and (3)&nbsp;10% of the total net earnings of the Borrower           and its Subsidiaries
on a consolidated basis, in each case as determined as of           the date of the
financial statements of the Borrower and its Subsidiaries most           recently
delivered under <B>Section 5.1</B> prior to such time (or, with regard           to
determinations at any time prior to the initial delivery of financial
          statements under <B>Section 5.1</B>, as of the date of the most recent
financial           statements referred to in <B>Section&nbsp;4.11(a)</B>), (x)&nbsp;immediately
          after giving effect thereto, no Default or Event of Default would exist, and
          (y)&nbsp;in no event shall the Borrower or any of its Subsidiaries sell or
          otherwise dispose of any of the Capital Stock or other ownership interests of
          Everest Re or any other Subsidiary.  </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;7.5
<U>Transactions with Affiliates</U>. The Borrower will not, and will not permit or cause
any of its Subsidiaries to, enter into any transaction (including, without limitation,
any purchase, sale, lease or exchange of property or the rendering of any service) with
any officer, director, stockholder or other Affiliate of the Borrower or any Subsidiary,
except in the ordinary course of its business and upon fair and reasonable terms that are
no less favorable to it than it would obtain in a comparable arm&#146;s length
transaction with a Person other than an Affiliate of the Borrower or such Subsidiary; <U>provided</U>,
<U>however</U>, that nothing contained in this <B>Section 7.5</B> shall prohibit:  </FONT></P>

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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;(i)
          transactions between and among the Borrower and its Wholly Owned Subsidiaries
or           between and among Wholly Owned Subsidiaries of the Borrower, <U>provided</U>,
<U>however</U>, that such transactions are made in the ordinary course of its
          business and upon fair and reasonable terms or as otherwise required by law;  </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;(ii)
          transactions under incentive compensation plans, stock option plans and other
          employee benefit plans, and loans and advances from the Borrower or any of its
          Subsidiaries to its officers, in each case that have been approved by the board
          of directors, or a committee thereof, of the Borrower or any of its
          Subsidiaries; and  </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=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
          the payment by the Borrower of reasonable and customary fees to members of its
          board of directors.  </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;7.6
<U>Restricted Payments</U>. The Borrower will not, and will not permit or cause any of
its Subsidiaries to, directly or indirectly, declare or make any dividend payment, or
make any other distribution of cash, property or assets, in respect of any of its Capital
Stock or any warrants, rights or options to acquire its Capital Stock, or purchase,
redeem, retire or otherwise acquire for value any shares of its or Group&#146;s Capital
Stock or any warrants, rights or options to acquire its or Group&#146;s Capital Stock, or
set aside funds for any of the foregoing, except (i) that any Subsidiary may declare and
pay dividends on or make distributions to the Borrower or to a Wholly Owned Subsidiary,
(ii) the Borrower may declare and pay dividends on, make distributions in respect of or
repurchase, redeem, retire or otherwise acquire its Capital Stock so long as (y) no
Default or Event of Default has occurred and is continuing before or after giving effect
to the declaration or payment of such dividends, distributions, repurchases or other
acquisitions and (z) prior to any of the foregoing,<B></B>the Administrative Agent shall
have received a Covenant Compliance Worksheet, duly completed and certified by the chief
financial officer, treasurer or comptroller of the Borrower and in form and substance
satisfactory to the Administrative Agent, demonstrating Borrower&#146;s compliance with
the financial covenants set forth in <B>Sections&nbsp;6.1 </B>through <B>6.3</B>,
determined on a pro forma basis after giving effect to the proposed transaction and (iii)
dividends may be paid on Trust Preferred Securities to the extent that the trust issuing
the same has received payments on subordinated debentures issued with respect thereto,
provided all such payments are permitted by the provisions governing any such debentures.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7
<U>Lines of Business</U>. The Borrower will not, and will not permit or cause any of its
Subsidiaries to, engage to any material extent in any business other than the insurance
and reinsurance business (including the life reinsurance business) and other businesses
engaged in by the Borrower and its Subsidiaries on the date hereof or a business
reasonably related 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;7.8
<U>Fiscal Year</U>. The Borrower will not, and will not permit or cause any of its
Subsidiaries to, change the ending date of its fiscal year to a date other than December
31 unless (i)&nbsp;the Borrower shall have given the Administrative Agent written notice
of its intention to change such ending date at least sixty (60) days prior to the
effective date thereof and (ii)&nbsp;prior to such effective date this Agreement shall
have been amended to make any changes in the financial covenants and other terms and
conditions to the extent necessary, in the reasonable determination of the Lender, to
reflect the new fiscal year ending 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;7.9
     Ratings.  The Borrower will not permit or cause the rating of Everest Re by A.M.
Best Company to be lower than "A-" at any <A NAME=A030></A>time.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10
<U>Accounting Changes</U>. The Borrower will not, and will not permit or cause any of its
Subsidiaries to, make or permit any material change in its accounting policies or
reporting practices, except as may be required or permitted by GAAP or SAP, 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;7.11
<U>Limitation on Certain Restrictions</U>. The Borrower will not, and will not permit or
cause any of its Subsidiaries to, directly or indirectly, create or otherwise cause or
suffer to exist or become effective any restriction or encumbrance on (i)&nbsp;the
ability of the Borrower to perform and comply with its obligations under the Credit
Documents or (ii)&nbsp;the ability of any Subsidiary of the Borrower to make any dividend
payments or other distributions in respect of its Capital Stock, to repay Indebtedness
owed to the Borrower or any other Subsidiary, to make loans or advances to the Borrower
or any other Subsidiary, or to transfer any of its assets or properties to the Borrower
or any other Subsidiary, in each case other than such restrictions or encumbrances
existing under or by reason of the Credit Documents or applicable Requirements 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;7.12
<U>Investments</U>. The Borrower will not, and will not permit or cause any of its
Subsidiaries to, directly or indirectly, purchase, own, invest in or otherwise acquire
any Capital Stock, evidence of indebtedness or other obligation or security or any
interest whatsoever in any other Person, or make or permit to exist any loans, advances
or extensions of credit to, or any investment in cash or by delivery of property in, any
other Person, or purchase or otherwise acquire (whether in one or a series of related
transactions) any portion of the assets, business or properties of another Person
(including pursuant to an acquisition), or create or acquire any Subsidiary, or become a
partner or joint venturer in any partnership or joint venture (collectively, &#147;<U>Investments</U>&#148;),
or make a commitment or otherwise agree to do any of the foregoing, other than
Investments by the Borrower<B></B>and its Subsidiaries to the extent permitted under
applicable Requirements of Law and in compliance at all times with (i)&nbsp;the Insurance
Code, if applicable, (ii) all applicable insurance laws and regulations of any other
relevant jurisdiction relating to investments by an Insurance Subsidiary, and (iii)&nbsp;the
limitations set forth in the investment policies for each of the Insurance Subsidiaries
and the Borrower.  </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE VIII...... </FONT></H1>

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<A NAME=A032></A>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>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;8.1
     Events of Default.  The occurrence of any one or more of the following events shall
constitute 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower shall fail to pay (i) any principal of any Loan when such principal           is
due hereunder or (ii) any interest on any Loan, any fee or any other           Obligation
under this Agreement or under the other Credit Documents within three           (3)
Business Days after such interest, fee or other amount becomes due in
          accordance with the terms hereof or thereof; or  </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)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower shall fail to, or fail to cause its Subsidiaries to, observe,           perform
or comply with any condition, covenant or agreement contained in any of <B>Sections 2.13</B>,
<B>5.3(d)(i)</B>or <B>5.4(i)</B>, <B>Article VI</B>, <B>Sections 7.1</B> through <B>7.4</B>,
inclusive, and <B>Sections 7.6, 7.7,           7.9, 7.10, 7.11 </B>or<B> 7.12</B>; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower, or any of the Borrower&#146;s Subsidiaries shall fail to observe,
          perform or comply with any condition, covenant or agreement contained in this
          Agreement or any of the other Credit Documents other than those enumerated in
          subsections&nbsp;(a) and (b) above, and such failure shall continue unremedied
          for any grace period specifically applicable thereto or, if no such grace
period           is applicable, for a period of thirty (30) days after the earlier of
          (y)&nbsp;the date on which a Responsible Officer of the Borrower acquires
          knowledge thereof and (z)&nbsp;the date on which written notice thereof is
          delivered by the Administrative Agent or any Lender to the Borrower; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          Any
representation or warranty made or deemed made by or on behalf of the           Borrower
or any of its Subsidiaries in this Agreement, any of the other Credit           Documents
or in any certificate, instrument, report or other document furnished           in
connection herewith or therewith or in connection with the transactions
          contemplated hereby or thereby shall prove to have been false or misleading in
          any material respect as of the time made, deemed made or furnished; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower or any of its Subsidiaries shall (i)&nbsp;fail to pay when due
          (whether by scheduled maturity, acceleration or otherwise and after giving
          effect to any applicable grace period) (y)&nbsp;any principal of or interest on
          any Indebtedness (other than the Indebtedness incurred pursuant to this
          Agreement) having an aggregate principal amount of at least $20,000,000 or its
          equivalent in any other currency or (z)&nbsp;any termination or other payment
          under any Hedge Agreement having a net termination obligation of at least
          $20,000,000 or (ii)&nbsp;fail to observe, perform or comply with any condition,
          covenant or agreement contained in any agreement or instrument evidencing or
          relating to any such Indebtedness, or any other event shall occur or condition
          exist in respect thereof, and the effect of such failure, event or condition is
          to cause, or permit the holder or holders of such Indebtedness (or a trustee or
          agent on its or their behalf) to cause (with the giving of notice, lapse of
          time, or both), such Indebtedness to become due, or to be prepaid, redeemed,
          purchased or defeased, prior to its stated maturity; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;          The
Borrower, or any of its Material Subsidiaries, shall (i)&nbsp;file a           voluntary
petition or commence a voluntary case seeking liquidation, winding-up,
          reorganization, dissolution, arrangement, readjustment of debts or any other
          relief under the Bankruptcy Code or under any other applicable bankruptcy,
          insolvency or similar law now or hereafter in effect, (ii)&nbsp;consent to the
          institution of, or fail to controvert in a timely and appropriate manner, any
          petition or case of the type described in subsection (g) below, (iii)&nbsp;apply
          for or consent to the appointment of or taking possession by a custodian,
          trustee, receiver or similar official for or of itself or all or a substantial
          part of its properties or assets, (iv)&nbsp;fail generally, or admit in writing
          its inability, to pay its debts generally as they become due, (v)&nbsp;make a
          general assignment for the benefit of creditors or (vi)&nbsp;take any corporate
          action to authorize or approve any of the foregoing; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;          Any
involuntary petition or case shall be filed or commenced against the           Borrower,
or any of its Material Subsidiaries, seeking liquidation, winding-up,
          reorganization, dissolution, arrangement, readjustment of debts, the
appointment           of a custodian, trustee, receiver or similar official for it or all
or a           substantial part of its properties or any other relief under the
Bankruptcy Code           or under any other applicable bankruptcy, insolvency or similar
law now or           hereafter in effect, and such petition or case shall continue
undismissed and           unstayed for a period of forty-five (45) days; or an order,
judgment or decree           approving or ordering any of the foregoing shall be entered
in any such           proceeding; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;          Any
one or more money judgments, writs or warrants of attachment, executions or
          similar processes involving an aggregate amount (exclusive of amounts fully
          bonded or covered by insurance as to which the surety or insurer, as the case
          may be, has acknowledged its liability in writing) in excess of $20,000,000 (or
          its equivalent in any other currency) shall be entered or filed against the
          Borrower or any of its Subsidiaries or any of their respective properties, and
          (i)&nbsp;the same shall not be dismissed, stayed or discharged within
forty-five           (45) days or is not otherwise being appropriately contested in good
faith and in           a manner reasonably satisfactory to all of the Lenders, or (ii)&nbsp;the
same           shall not be dismissed, stayed or discharged within five (5) days prior to
any           proposed sale of assets of the Borrower or any such Subsidiary pursuant
thereto,           or (iii)&nbsp;any action shall be legally taken by a judgment creditor
to levy           upon assets of the Borrower or any such Subsidiary to enforce the same;
or  </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)&nbsp;&nbsp;&nbsp;&nbsp;          Any
ERISA Event or any other event or condition shall occur or exist with           respect
to any Plan or Multiemployer Plan and, as a result thereof, together           with all
other ERISA Events then existing, there shall exist a reasonable           likelihood of
liability to any one or more Plans or Multiemployer Plans or to           the PBGC (or to
any combination thereof) in excess of $5,000,000 with respect to           the Borrower
or any ERISA Affiliate; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;          Any
Insurance Regulatory Authority or other Governmental Authority having
          jurisdiction shall issue any order of conservation, supervision, rehabilitation
          or liquidation or any other order of similar effect in respect of any Material
          Insurance Subsidiary; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;          Any
one or more licenses, permits, accreditations or authorizations of the           Borrower
or any of its Subsidiaries shall be suspended, limited or terminated or           shall
not be renewed, or any other action shall be taken, by any Governmental
          Authority in response to any alleged failure by the Borrower or any of its
          Subsidiaries to be in compliance with applicable Requirements of Law, and such
          action, individually or in the aggregate, has or would be reasonably likely to
          have a Material Adverse Effect; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;          At
any time, the Borrower shall cease to be a Wholly Owned Subsidiary of Group;           or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;          Any
of the following shall occur: (i)&nbsp;any Person or group of Persons acting           in
concert as a partnership or other group, shall, as a result of a tender or
          exchange offer, open market purchases, privately negotiated purchases or
          otherwise, have become, after the date hereof, the &#147;beneficial owner&#148;          (within
the meaning of such term under Rule 13d-3 under the Exchange Act) of           securities
of Group representing 30% or more of the combined voting power of the           then
outstanding securities of Group ordinarily (and apart from rights accruing
          under special circumstances) having the right to vote in the election of
          directors; or (ii)&nbsp;the Board of Directors of Group shall cease to consist
          of a majority of the individuals who constituted the Board of Directors as of
          the date hereof or who shall have become a member thereof subsequent to the
date           hereof after having been nominated, or otherwise approved in writing, by
at           least a majority of individuals who constituted the Board of Directors of
Group           as of the date hereof (or their replacements approved as herein
required); or           (iii) any Material Subsidiary shall cease to be a Wholly Owned
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;8.2
<U>Remedies; Termination of Commitments, Acceleration, Etc</U>. Upon and at any time
after the occurrence and during the continuance of any Event of Default, the
Administrative Agent shall at the direction, or may with the consent, of the Required
Lenders, take any or all of the following actions at the same or different times:  </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)&nbsp;&nbsp;&nbsp;&nbsp;          Declare
the Commitments to be terminated, whereupon the same shall terminate           (<U>provided</U> that,
upon the occurrence of an Event of Default pursuant to <B>Section 8.1(f)</B>, <B>Section&nbsp;8.1(g)</B> or
<B>Section 8.1(j)</B>, the           Commitments shall automatically be terminated);  </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)&nbsp;&nbsp;&nbsp;&nbsp;          Declare
all or any part of the outstanding principal amount of the Loans to be
          immediately due and payable, whereupon the principal amount so declared to be
          immediately due and payable, together with all interest accrued thereon and all
          other amounts payable under this Agreement, the Notes and the other Credit
          Documents, shall become immediately due and payable without presentment,
demand,           protest, notice of intent to accelerate or other notice or legal
process of any           kind, all of which are hereby knowingly and expressly waived by
the Borrower           (<U>provided</U> that, upon the occurrence of an Event of Default
pursuant to <B>Section 8.1(f)</B>, <B>Section </B>8.1(g) or <B>Section 8.1(j)</B>, all of
          the outstanding principal amount of the Loans and all other amounts described
in           this subsection (b) shall automatically become immediately due and payable
          without presentment, demand, protest, notice of intent to accelerate or other
          notice or legal process of any kind, all of which are hereby knowingly and
          expressly waived by the Borrower); and  </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;
          Exercise all rights and remedies available to it under this Agreement, the other
          Credit Documents and applicable 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;8.3
<U>Remedies; Set-Off</U>. In addition to all other rights and remedies available under
the Credit Documents or applicable law or otherwise, upon and at any time after the
occurrence and during the continuance of any Event of Default, each Lender and any
Affiliate of any Lender may, and each is hereby authorized by the Borrower, at any such
time and from time to time, to the fullest extent permitted by applicable law, without
presentment, demand, protest or other notice of any kind, all of which are hereby
knowingly and expressly waived by the Borrower, to set off and to apply any and all
deposits (general or special, time or demand, provisional or final) and any other
property at any time held (including at any branches or agencies, wherever located), and
any other indebtedness at any time owing, by such Lender or such Affiliate of a Lender to
or for the credit or the account of the Borrower against any or all of the Obligations to
such Lender now or hereafter existing, whether or not such Obligations may be contingent
or unmatured, the Borrower hereby granting to each Lender and their Affiliates a
continuing security interest in and Lien upon all such deposits and other property as
security for such Obligations. Each Lender agrees promptly to notify the Borrower and the
Administrative Agent after any such set-off and application; <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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<A NAME=A033></A>
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE IX........ </FONT></H1>

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<A NAME=A034></A>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>THE
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;9.1
<U>Appointment</U>. Subject to <B>Section 9.9</B>, each Lender hereby irrevocably
appoints and authorizes Wachovia to act as Administrative Agent hereunder and under the
other Credit Documents and to take such actions as agent on its behalf hereunder and
under the other Credit Documents, and to exercise such powers and to perform such duties,
as are specifically delegated to the Administrative Agent by the terms hereof or thereof,
together with such other powers and duties as are reasonably incidental 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;9.2
<U>Nature of Duties</U>. The Administrative Agent shall have no duties or
responsibilities other than those expressly set forth in this Agreement and the other
Credit Documents. The Administrative Agent shall not have, by reason of this Agreement or
any other Credit Document, a fiduciary relationship in respect of any Lender; and nothing
in this Agreement or any other Credit Document, express or implied, is intended to or
shall be so construed as to impose upon the Administrative Agent any obligations or
liabilities in respect of this Agreement or any other Credit Document except as expressly
set forth herein or therein. The Administrative Agent may execute any of its duties under
this Agreement or any other Credit Document by or through agents or attorneys-in-fact and
shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact that it selects with reasonable care. The Administrative Agent shall be
entitled to consult with legal counsel, independent public accountants and other experts
selected by it with respect to all matters pertaining to this Agreement and the other
Credit Documents and its duties hereunder and thereunder and shall not be liable for any
action taken or omitted to be taken in good faith by it in accordance with the advice of
such counsel, accountants or experts. The Lenders hereby acknowledge that the
Administrative Agent shall not be under any duty to take any discretionary action
permitted to be taken by it pursuant to the provisions of this Agreement or any other
Credit Document unless it shall be requested in writing to do so by the Required Lenders
(or, where a higher percentage of the Lenders is expressly required hereunder, such
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;9.3
<U>Exculpatory Provisions</U>. Neither the Administrative Agent nor any of its officers,
directors, employees, agents, attorneys-in-fact or Affiliates shall be (i)&nbsp;liable to
any Lender for any action taken or omitted to be taken by it or such Person under or in
connection with the Credit Documents, except for its or such Person&#146;s own gross
negligence or willful misconduct, (ii)&nbsp;responsible in any manner to any Lender for
any recitals, statements, information, representations or warranties herein or in any
other Credit Document or in any document, instrument, certificate, report or other
writing delivered in connection herewith or therewith, for the execution, effectiveness,
genuineness, validity, enforceability or sufficiency of this Agreement or any other
Credit Document, or for the financial condition of the Borrower, its Subsidiaries or any
other Person, or (iii)&nbsp;required to ascertain or make any inquiry concerning the
performance or observance of any of the terms, provisions or conditions of this Agreement
or any other Credit Document or the existence or possible existence of any Default or
Event of Default, or to inspect the properties, books or records of the Borrower or any
of its 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;9.4
<U>Reliance by Administrative Agent</U>. The Administrative Agent shall be entitled to
rely, and shall be fully protected in relying, upon any notice, statement, consent or
other communication (including, without limitation, any thereof by telephone, telecopy,
telex, telegram or cable) believed by it in good faith to be genuine and correct and to
have been signed, sent or made by the proper Person or Persons. The Administrative Agent
may deem and treat each Lender as the owner of its interest hereunder for all purposes
hereof unless and until a written notice of the assignment, negotiation or transfer
thereof shall have been given to the Administrative Agent in accordance with the
provisions of this Agreement. The Administrative Agent shall be entitled to refrain from
taking or omitting to take any action in connection with this Agreement or any other
Credit Document (i)&nbsp;if such action or omission would, in the reasonable opinion of
the Administrative Agent, violate any applicable law or any provision of this Agreement
or any other Credit Document or (ii)&nbsp;unless and until it shall have received such
advice or concurrence of the Required Lenders (or, where a higher percentage of the
Lenders is expressly required hereunder, such Lenders) as it deems appropriate or it
shall first have been indemnified to its satisfaction by the Lenders against any and all
liability and expense (other than liability and expense arising from its own gross
negligence or willful misconduct) that may be incurred by it by reason of taking,
continuing to take or omitting to take any such action. Without limiting the foregoing,
no Lender shall have any right of action whatsoever against the Administrative Agent as a
result of the Administrative Agent&#146;s acting or refraining from acting hereunder or
under any other Credit Document in accordance with the instructions of the Required
Lenders (or, where a higher percentage of the Lenders is expressly required hereunder,
such Lenders), and such instructions and any action taken or failure to act pursuant
thereto shall be binding upon all of the Lenders (including all subsequent 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;9.5
<U>Non-Reliance on Administrative Agent and Other Lenders</U>. Each Lender expressly
acknowledges that neither the Administrative Agent nor any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates has made any representation or
warranty to it and that no act by the Administrative Agent or any such Person hereinafter
taken, including any review of the affairs of the Borrower and its Subsidiaries, shall be
deemed to constitute any representation or warranty by the Administrative Agent to any
Lender. Each Lender represents to the Administrative Agent that&nbsp;(i)&nbsp;it has,
independently and without reliance upon the Administrative Agent or any other Lender and
based on such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, prospects, operations, properties,
financial and other condition and creditworthiness of the Borrower and its Subsidiaries
and made its own decision to enter into this Agreement and extend credit to the Borrower
hereunder, and (ii)&nbsp;it will, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action hereunder and under the other
Credit Documents and to make such investigation as it deems necessary to inform itself as
to the business, prospects, operations, properties, financial and other condition and
creditworthiness of the Borrower and its Subsidiaries. Except as expressly provided in
this Agreement and the other Credit Documents, the Administrative Agent shall have no
duty or responsibility, either initially or on a continuing basis, to provide any Lender
with any credit or other information concerning the business, prospects, operations,
properties, financial or other condition or creditworthiness of the Borrower, its
Subsidiaries or any other Person that may at any time come into the possession of the
Administrative Agent or any of its officers, directors, employees, agents,
attorneys-in-fact or 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;9.6
<U>Notice of Default</U>. The Administrative Agent shall not be deemed to have knowledge
or notice of the occurrence of any Default or Event of Default unless the Administrative
Agent shall have received written notice from the Borrower or a Lender referring to this
Agreement, describing such Default or Event of Default and stating that such notice is a
&#147;notice of default.&#148; In the event that the Administrative Agent receives such a
notice, the Administrative Agent will give notice thereof to the Lenders as soon as
reasonably practicable; <U>provided</U>, <U>however</U>, that if any such notice has also
been furnished to the Lenders, the Administrative Agent shall have no obligation to
notify the Lenders with respect thereto. The Administrative Agent shall (subject to <B>Sections&nbsp;9.4
</B>and <B>10.6</B>) take such action with respect to such Default or Event of Default as
shall reasonably be directed by the Required Lenders; <U>provided</U>that, unless and
until the Administrative Agent shall have received such directions, the Administrative
Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Default or Event of Default as it shall deem advisable in
the best interests of the Lenders except to the extent that this Agreement expressly
requires that such action be taken, or not be taken, only with the consent or upon the
authorization of the Required Lenders or all 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;9.7
<U>Indemnification</U>. To the extent the Administrative Agent is not reimbursed by or on
behalf of the Borrower, and without limiting the obligation of the Borrower to do so, the
Lenders agree (i)&nbsp;to indemnify the Administrative Agent and its officers, directors,
employees, agents, attorneys-in-fact and Affiliates, ratably in proportion to their
respective percentages as used in determining the Required Lenders as of the date of
determination, from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses (including, without limitation,
reasonable attorneys&#146; fees and expenses) or disbursements of any kind or nature
whatsoever that may at any time (including, without limitation, at any time following the
repayment in full of the Loans and the termination of the Commitments) be imposed on,
incurred by or asserted against the Administrative Agent in any way relating to or
arising out of this Agreement or any other Credit Document or any documents contemplated
by or referred to herein or the transactions contemplated hereby or thereby or any action
taken or omitted by the Administrative Agent under or in connection with any of the
foregoing, and (ii)&nbsp;to reimburse the Administrative Agent upon demand, ratably in
proportion to their respective percentages as used in determining the Required Lenders as
of the date of determination, for any expenses incurred by the Administrative Agent in
connection with the preparation, negotiation, execution, delivery, administration,
amendment, modification, waiver or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or responsibilities
under, this Agreement or any of the other Credit Documents (including, without
limitation, reasonable attorneys&#146; fees and expenses and compensation of agents and
employees paid for services rendered on behalf of the Lenders); <U>provided</U>, <U>however</U>,
that no Lender shall be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the
extent resulting from the gross negligence or willful misconduct of the party to be
indemnified.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8
<U>The Administrative Agent in its Individual Capacity</U>. With respect to its
Commitment, the Loans made by it and the Note or Notes issued to it, the Administrative
Agent in its individual capacity and not as Administrative Agent shall have the same
rights and powers under the Credit Documents as any other Lender and may exercise the
same as though it were not performing the agency duties specified herein; and the terms
&#147;Lenders,&#148; &#147;Required Lenders,&#148;&#147;holders of Notes&#148; and any
similar terms shall, unless the context clearly otherwise indicates, include the
Administrative Agent in its individual capacity. The Administrative Agent and its
Affiliates may accept deposits from, lend money to, make investments in, and generally
engage in any kind of banking, trust, financial advisory or other business with the
Borrower, any of its Subsidiaries or any of their respective Affiliates as if the
Administrative Agent were not performing the agency duties specified herein, and may
accept fees and other consideration from any of them for services in connection with this
Agreement and otherwise without having to account for the same to 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;9.9
<U>Successor Agent</U>. The Administrative Agent may resign at any time by giving ten
(10) days&#146; prior written notice to the Borrower and the Lenders. Upon any such
notice of resignation, the Required Lenders will, with the prior written consent of the
Borrower (which consent shall not be unreasonably withheld), appoint from among the
Lenders a successor to the Administrative Agent <U>(provided</U> that the Borrower&#146;s
consent shall not be required in the event an Event of Default shall have occurred and be
continuing). If no successor to the Administrative Agent shall have been so appointed by
the Required Lenders and shall have accepted such appointment within such ten-day period,
then the retiring Administrative Agent may, on behalf of the Lenders and after consulting
with the Lenders and the Borrower, appoint a successor Administrative Agent from among
the Lenders. Upon the acceptance of any appointment as Administrative Agent by a
successor Administrative Agent, such successor Administrative Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties of the
retiring Administrative Agent, and the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder and under the other Credit Documents. After any
retiring Administrative Agent&#146;s resignation as Administrative Agent, the provisions
of this Article shall inure to its benefit as to any actions taken or omitted to be taken
by it while it was Administrative Agent. If no successor to the Administrative Agent has
accepted appointment as Administrative Agent by the thirtieth (30th) day 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 thereafter perform all of the duties of the Administrative Agent hereunder and
under the other Credit Documents until such time, if any, as the Required Lenders appoint
a successor Administrative Agent as provided for hereinabove.  </FONT></P>

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<A NAME=A035></A>
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE X......... </FONT></H1>

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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>MISCELLANEOUS</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;10.1
<U>Fees and Expenses</U>. The Borrower agrees (i)&nbsp;whether or not the transactions
contemplated by this Agreement shall be consummated, to pay upon demand all reasonable
and documented out-of-pocket costs and expenses of the Administrative Agent (including,
without limitation, the reasonable and documented fees and expenses of counsel to the
Administrative Agent) in connection with&nbsp;the Administrative Agent&#146;s due
diligence investigation in connection with, and the preparation, negotiation, execution,
delivery and syndication of, this Agreement and the other Credit Documents, and any
amendment, modification or waiver hereof or thereof or consent with respect hereto or
thereto, (ii)&nbsp;to pay upon demand all reasonable and documented out-of-pocket costs
and expenses of the Administrative Agent and each Lender (including, without limitation,
reasonable and documented attorneys&#146; fees and expenses) in connection with (y)&nbsp;any
refinancing or restructuring of the credit arrangement provided under this Agreement,
whether in the nature of a &#147;work-out,&#148; in any insolvency or bankruptcy
proceeding or otherwise and whether or not consummated, and (z)&nbsp;the enforcement,
attempted enforcement or preservation of any rights or remedies under this Agreement or
any of the other Credit Documents, whether in any action, suit or proceeding (including
any bankruptcy or insolvency proceeding) or otherwise, and (iii)&nbsp;to pay and hold the
Administrative Agent and each Lender harmless from and against all liability for any
intangibles, documentary, stamp or other similar taxes, fees and excises, if any,
including any interest and penalties, and any finder&#146;s or brokerage fees,
commissions and expenses (other than any fees, commissions or expenses of finders or
brokers engaged by the Administrative Agent or any Lender), that may be payable in
connection with the transactions contemplated by this Agreement and the other Credit
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;10.2
<U>Indemnification</U>. The Borrower agrees, whether or not the transactions contemplated
by this Agreement shall be consummated, to indemnify and hold harmless the Administrative
Agent, the Arranger and each Lender and each of their respective directors, officers,
employees, agents and Affiliates (each, an &#147;<U>Indemnified Person</U>&#148;) from
and against any and all claims, losses, damages, obligations, liabilities, penalties,
costs and expenses (including, without limitation, reasonable attorneys&#146; fees and
expenses) of any kind or nature whatsoever, whether direct, indirect or consequential
(collectively, &#147;<U>Indemnified Costs</U>&#148;), that may at any time be imposed on,
incurred by or asserted against any such Indemnified Person as a result of, arising from
or in any way relating to the preparation, execution, performance or enforcement of this
Agreement or any of the other Credit Documents, any of the transactions contemplated
herein or therein or any transaction financed or to be financed in whole or in part,
directly or indirectly, with the proceeds of any Loans (including, without limitation, in
connection with the actual or alleged generation, presence, discharge or release of any
Hazardous Substances on, into or from, or the transportation of Hazardous Substances to
or from, any real property at any time owned or leased by the Borrower or any of its
Subsidiaries, any other Environmental Claims or any violation of or liability under any
Environmental Law), or any action, suit or proceeding (including any inquiry or
investigation) by any Person, whether threatened or initiated, related to any of the
foregoing, and in any case whether or not such Indemnified Person is a party to any such
action, proceeding or suit or a subject of any such inquiry or investigation; <U>provided</U>,
<U>however</U>, that no Indemnified Person shall have the right to be indemnified
hereunder for any Indemnified Costs to the extent determined by a final and nonappealable
judgment of a court of competent jurisdiction or pursuant to arbitration as set forth
herein to have resulted from the gross negligence or willful misconduct of such
Indemnified Person. All of the foregoing Indemnified Costs of any Indemnified Person
shall be paid or reimbursed by the Borrower, as and when incurred and upon demand.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3
<U>Governing Law; Consent to Jurisdiction</U>. <B>THIS AGREEMENT AND THE OTHER CREDIT
DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS (EXCLUDING <U>NEW YORK GENERAL
OBLIGATIONS LAW</U>&sect;5-1401). THE PARTIES HERETO HEREBY DECLARE THAT IT IS THEIR
INTENTION THAT THIS AGREEMENT SHALL BE REGARDED AS MADE UNDER THE LAWS OF THE STATE OF
NEW YORK AND THAT THE LAWS OF SAID STATE SHALL BE APPLIED IN INTERPRETING ITS PROVISIONS
IN ALL CASES WHERE LEGAL INTERPRETATION SHALL BE REQUIRED. EACH OF THE PARTIES HERETO
AGREES (A)&nbsp;THAT THIS AGREEMENT INVOLVES AT LEAST $250,000; AND (B)&nbsp;THAT THIS
AGREEMENT HAS BEEN ENTERED INTO BY THE PARTIES HERETO IN EXPRESS RELIANCE UPON <U>NEW
YORK GENERAL OBLIGATIONS LAW</U> &sect; 5-1401. NOTWITHSTANDING THE FOREGOING CHOICE OF
LAW, THE BORROWER HEREBY CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF ANY STATE COURT
WITHIN MECKLENBURG COUNTY, NORTH CAROLINA OR NEW YORK COUNTY, NEW YORK OR ANY FEDERAL
COURT LOCATED WITHIN THE WESTERN DISTRICT OF THE STATE OF NORTH CAROLINA OR THE SOUTHERN
DISTRICT OF THE STATE OF NEW YORK FOR ANY PROCEEDING INSTITUTED HEREUNDER OR UNDER ANY OF
THE OTHER CREDIT DOCUMENTS, OR ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY
OF THE OTHER CREDIT DOCUMENTS, OR ANY PROCEEDING TO WHICH THE ADMINISTRATIVE AGENT, THE
ARRANGER OR ANY LENDER OR THE BORROWER IS A PARTY. INCLUDING ANY ACTIONS BASED UPON,
ARISING OUT OF, OR IN CONNECTION WITH ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT
(WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE AGENT, THE ARRANGER OR ANY
LENDER OR THE BORROWER. THE BORROWER IRREVOCABLY AGREES TO BE BOUND (SUBJECT TO ANY
AVAILABLE RIGHT OF APPEAL) BY ANY JUDGMENT RENDERED OR RELIEF GRANTED THEREBY AND FURTHER
WAIVES ANY OBJECTION THAT IT MAY HAVE BASED ON LACK OF JURISDICTION OR IMPROPER VENUE OR
<U>FORUM NON CONVENIENS</U> TO THE CONDUCT OF ANY SUCH PROCEEDING. THE BORROWER CONSENTS
THAT ALL SERVICE OF PROCESS BE MADE BY REGISTERED OR CERTIFIED MAIL DIRECTED TO IT AT ITS
ADDRESS SET FORTH HEREINBELOW, AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON
THE EARLIER OF ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE UNITED
STATES MAILS, PROPER POSTAGE PREPAID AND PROPERLY ADDRESSED. NOTHING IN THIS SECTION
SHALL AFFECT THE RIGHT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR
AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT, THE ARRANGER OR ANY LENDER TO BRING ANY
ACTION OR PROCEEDING AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION.</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;10.4
<U>Waiver of Trial by Jury</U>. <B>EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS
AGREEMENT OR ANY OF THE OTHER CREDIT DOCUMENTS TO WHICH IT IS A PARTY, OR UNDER ANY
AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE
DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING
IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND AGREES THAT ANY SUCH
ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY</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;10.5
<U>Notices</U>. All notices and other communications provided for hereunder shall be in
writing (including telegraphic, telex, facsimile transmission or cable communication) and
mailed, telegraphed, telexed, telecopied, cabled or delivered to the party to be notified
at the following addresses:  </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)&nbsp;&nbsp;&nbsp;&nbsp;          if
to the Borrower, Everest Reinsurance Holdings, Inc., Westgate Corporate           Center,
477 Martinville Road, P.O. Box 830, Liberty Corner, NJ 07938-0830,           Attention:
Frank N. Lo Papa, Telecopy No.: (908) 604-3412, Telephone No.: (908)           604-3160
(with a copy to Joseph A. Gervasi, Telecopy No.: (908) 604-3450,           Telephone No.:
(908) 604-3170);  </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)&nbsp;&nbsp;&nbsp;&nbsp;          if
to the Administrative Agent, to Wachovia Bank, National Association,           Charlotte
Plaza Building, CP-23, 201 South College Street, Charlotte NC           28288-0680,
Attention: Syndication Agency Services, Telecopy No.: (704)           383-0288; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          if
to any Lender, to it at the address set forth on <B>Schedule&nbsp;1.1(a)</B>          (or
if to any Lender not a party hereto as of the date hereof, at the address           set
forth in its Assignment and Acceptance);  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>or in each case, to such other
address as any party may designate for itself by like notice to all other parties hereto.
All such notices and communications shall be deemed to have been given (i)&nbsp;if mailed
as provided above by any method other than overnight delivery service, on the third
Business Day after deposit in the mails, (ii)&nbsp;if mailed by overnight delivery
service, telegraphed, telexed, telecopied or cabled, when delivered for overnight
delivery, delivered to the telegraph company, confirmed by telex answerback, transmitted
by telecopier or delivered to the cable company, respectively, or (iii)&nbsp;if delivered
by hand, upon delivery; <U>provided</U> that notices and communications to the
Administrative Agent shall not be effective until received 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;10.6
<U>Amendments Waivers, Etc</U>. No amendment, modification, waiver or discharge or
termination of, or consent to any departure by the Borrower from, any provision of this
Agreement or any other Credit Document, shall be effective unless in a writing signed by
the Required Lenders (or by the Administrative Agent at the direction or with the consent
of the Required Lenders), and then the same 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, modification, waiver, discharge, termination or consent shall:  </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)&nbsp;&nbsp;&nbsp;&nbsp;          unless
agreed to by each Lender directly affected thereby, (i)&nbsp;reduce or           forgive
the principal amount of any Loan, reduce the rate of or forgive any           interest
thereon, or reduce or forgive any fees or other Obligations (other than           fees
payable to the Administrative Agent for its own account), or           (ii)&nbsp;extend
the Maturity Date or any other scheduled date for the payment           of any principal
of any Loan, any interest on any Loan (other than additional           interest payable
under <B>Section 2.7(b)</B>), any fees (other than fees payable           to the
Administrative Agent for its own account) or any other Obligations; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;          unless
agreed to by all of the Lenders, (i)&nbsp;increase or extend any           Commitment of
any Lender (it being understood that a waiver of any Event of           Default, if
agreed to by the requisite Lenders hereunder, shall not constitute           such an
increase), (ii)&nbsp;change the percentage of the aggregate Commitments           or of
the aggregate unpaid principal amount of the Loans, or the number or           percentage
of Lenders, that shall be required for the Lenders or any of them to           take or
approve, or direct the Administrative Agent to take, any action           hereunder
(including as set forth in the definition of &#147;Required           Lenders&#148;), or
(iii)&nbsp;change any provision of <B>Section&nbsp;2.14</B>          or this <B>Section
10.6</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;and
<U>provided</U> <U>further</U> that the Fee Letter may be amended or modified, and any
rights thereunder waived, in a writing signed by the parties 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;10.7
Assignments, Participations.  </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)&nbsp;&nbsp;&nbsp;&nbsp;          Each
Lender may assign to one or more other Eligible Assignees (each, an           &#147;<U>Assignee</U>&#148;)
all or a portion of its rights and obligations           under this Agreement (including,
without limitation, all or a portion of its           Commitment, the outstanding Loans
made by it, the Note or Notes held by it); <U>provided</U>, <U>however</U>, that (i)&nbsp;any
such assignment (other than           an assignment to a Lender or an Affiliate of a
Lender) shall not be made without           the prior written consent of the
Administrative Agent and the Borrower (to be           evidenced by their
counterexecution of the relevant Assignment and Acceptance),           which consent
shall not be unreasonably withheld <U>(provided</U> that the           Borrower&#146;s
consent shall not be required in the event an Event of Default           shall have
occurred and be continuing), (ii)&nbsp;each such assignment shall be           of a
uniform, and not varying, percentage of all of the assigning Lender&#146;s
          rights and obligations under this Agreement, (iii)&nbsp;unless otherwise waived
          by the Borrower and the Administrative Agent, except in the case of an
          assignment to a Lender or an Affiliate of a Lender, no such assignment shall be
          in an aggregate principal amount (determined as of the date of the Assignment
          and Acceptance with respect to such assignment) less than $10,000,000,
          determined by combining the amount of the assigning Lender&#146;s outstanding
          Loans and Unutilized Commitment being assigned pursuant to such assignment (or,
          if less, the entire Commitment and Loans of the assigning Lender); <U>provided</U>,
<U>however</U>, the limitation on assignment in this clause           (iii) shall be no
less than the aggregate principal amount of $5,000,000           (determined as of the
date of the Assignment and Acceptance with respect to such           assignment) if an
Event of Default shall have occurred and be continuing; and           (iv)&nbsp;the
parties to each such assignment will execute and deliver to the           Administrative
Agent, for its acceptance and recording in the Register, an           Assignment and
Acceptance, together with any Note or Notes subject to such           assignment, and
will pay a nonrefundable processing fee of $3,500 to the           Administrative Agent
for its own account. Upon such execution, delivery,           acceptance and recording of
the Assignment and Acceptance, from and after the           effective date specified
therein, which effective date shall be at least five           (5) Business Days after
the execution thereof (unless the Administrative Agent           shall otherwise agree),
(A)&nbsp;the Assignee thereunder shall be a party hereto           and, to the extent
that rights and obligations hereunder have been assigned to           it pursuant to such
Assignment and Acceptance, shall have (in addition to any           rights and
obligations theretofore held by it) the rights and obligations of the           assigning
Lender hereunder with respect thereto and (B)&nbsp;the assigning           Lender shall,
to the extent that rights and obligations hereunder have been           assigned by it
pursuant to such Assignment and Acceptance, relinquish its rights           (other than
rights under the provisions of this Agreement and the other Credit           Documents
relating to indemnification or payment of fees, costs and expenses, to           the
extent such rights relate to the time prior to the effective date of such
          Assignment and Acceptance) and be released from its obligations under this
          Agreement (and, in the case of an Assignment and Acceptance covering all or the
          remaining portion of such assigning Lender&#146;s rights and obligations under
          this Agreement, such Lender shall cease to be a party hereto). Unless otherwise
          waived by the Borrower, each Assignee which was not previously a Lender
          hereunder and which is not a &#147;United States person&#148; as defined in
          Section 7701(a)(30) of the Internal Revenue Code shall, within three Business
          Days of becoming a party hereto, deliver the forms required by <B>Section
          2.16(d)</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
Administrative Agent will maintain at its address for notices referred to
          herein a copy of each Assignment and Acceptance delivered to and accepted by it
          and a register for the recordation of the names and addresses of the Lenders
and           the Commitments of, and principal amount of the Loans owing to, each Lender
from           time to time (the &#147;<U>Register</U>&#148;). The entries in the
Register           shall be conclusive and binding for all purposes, absent demonstrable
error, and           the Borrower, the Administrative Agent and the Lenders may treat
each Person           whose name is recorded in the Register as a Lender hereunder for
all purposes of           this Agreement. The Register shall be available for inspection
by the Borrower           and each Lender at any reasonable time and from time to time
upon reasonable           prior 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Upon
its receipt of a duly completed Assignment and Acceptance executed by an
          assigning Lender and an Assignee and, if required, counterexecuted by the
          Borrower, together with the Note or Notes subject to such assignment and the
          processing fee referred to in subsection&nbsp;(a) above, the Administrative
          Agent will (i)&nbsp;accept such Assignment and Acceptance, (ii)&nbsp;on the
          effective date thereof, record the information contained therein in the
Register           and&nbsp;(iii)&nbsp;give notice thereof to the Borrower and the
Lenders. Within           five (5) Business Days after its receipt of such notice, the
Borrower, at its           own expense, will execute and deliver to the Administrative
Agent, in exchange           for the surrendered Note or Notes, a new Note or Notes to
the order of the           Assignee (and, if the assigning Lender has retained any
portion of its rights           and obligations hereunder, to the order of the assigning
Lender), prepared in           accordance with the provisions of <B>Section&nbsp;2.4</B> as
necessary to           reflect, after giving effect to the assignment, the Commitments of
the Assignee           and (to the extent of any retained interests) the assigning
Lender, dated the           date of the replaced Note or Notes and otherwise in
substantially the form of <B>Exhibit&nbsp;A</B>. The Administrative Agent will return
canceled Notes to           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;(d)&nbsp;&nbsp;&nbsp;&nbsp;          Each
Lender may, without the consent of the Borrower, the Administrative Agent           or
any other Lender, sell to one or more other Persons (each, a           &#147;<U>Participant</U>&#148;)
participations in any portion comprising less           than all of its rights and
obligations under this Agreement (including, without           limitation, a portion of
its Commitment, the outstanding Loans made by it, and           the Note or Notes held by
it); <U>provided</U>, <U>however</U>, that           (i)&nbsp;such Lender&#146;s
obligations under this Agreement shall remain           unchanged and such Lender shall
remain solely responsible for the performance of           such obligations, (ii) 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,           and no Lender shall permit any
Participant to have any voting rights or any           right to control the vote of such
Lender with respect to any amendment,           modification, waiver, consent or other
action hereunder or under any other           Credit Document (except as to actions that
would (x)&nbsp;reduce or forgive the           principal amount of any Loan, reduce the
rate of or forgive any interest           thereon, or reduce or forgive any fees or other
Obligations, (y)&nbsp;extend the           Maturity Date or any other date fixed for the
payment of any principal of or           interest on any Loan, any fees or any other
Obligations, or (z)&nbsp;increase or           extend any Commitment of any Lender), and
(iii)&nbsp;no Participant shall have           any rights under this Agreement or any of
the other Credit Documents, each           Participant&#146;s rights against the granting
Lender in respect of any           participation to be those set forth in the
participation agreement, and all           amounts payable by the Borrower hereunder
shall be determined as if such Lender           had not granted such participation.
Notwithstanding the foregoing, each           Participant shall have the rights of a
Lender for purposes of <B>Sections&nbsp;2.15(a)</B>, <B>2.15(b)</B>, <B>2.16</B>, <B>2.17</B> and
<B>8.3</B>, and shall be entitled to the benefits thereto, to the extent that
          the Lender granting such participation would be entitled to such benefits if
the           participation had not been made; <U>provided</U> that no Participant shall
be           entitled to receive any greater amount pursuant to any of such Sections than
the           Lender granting such participation would have been entitled to receive in
          respect of the amount of the participation made by such Lender to such
          Participant had such participation not been made.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;          Nothing
in this Agreement shall be construed to prohibit any Lender from           pledging or
assigning all or any portion of its rights and interest hereunder or           under any
Note to any Federal Reserve Bank as security for borrowings therefrom; <U>provided</U>,
<U>however</U>, that no such pledge or assignment shall release           a Lender from
any of its 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;          Any
Lender may, in connection with any assignment or participation or proposed
          assignment or participation pursuant to this <B>Section 10.7</B>, disclose to
          the Assignee or Participant or proposed Assignee or Participant any information
          relating to the Borrower and its Subsidiaries furnished to it by or on behalf
of           any other party hereto; <U>provided</U> that such Assignee or Participant or
          proposed Assignee or Participant agrees in writing to keep such information
          confidential to the same extent required of the Lenders under <B>Section&nbsp;10.13</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;10.8
<U>No Waiver</U>. The rights and remedies of the Administrative Agent, the Arranger and
each Lender expressly set forth in this Agreement and the other Credit Documents are
cumulative and in addition to, and not exclusive of, all other rights and remedies
available at law, in equity or otherwise. No failure or delay on the part of the
Administrative Agent, the Arranger or any Lender in exercising any right, power or
privilege shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right, power or privilege preclude any other or further exercise thereof or the
exercise of any other right, power or privilege or be construed to be a waiver of any
Default or Event of Default. No course of dealing between any of the Borrower and the
Administrative Agent, the Arranger or the Lenders or their agents or employees shall be
effective to amend, modify or discharge any provision of this Agreement or any other
Credit Document or to constitute a waiver of any Default or Event of Default. No notice
to or demand upon the Borrower in any case shall entitle the Borrower to any other or
further notice or demand in similar or other circumstances or constitute a waiver of the
right of the Administrative Agent, the Arranger or any Lender to exercise any right or
remedy or take any other or further action in any circumstances without notice or demand.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9
<U>Successors and Assigns</U>. This Agreement shall be binding upon, inure to the benefit
of and be enforceable by the respective successors and assigns of the parties hereto, and
all references herein to any party shall be deemed to include its successors and assigns;
<U>provided</U>, <U>however</U>, that (i)&nbsp;the Borrower shall not sell, assign or
transfer any of its rights, interests, duties or obligations under this Agreement or any
other Credit Document without the prior written consent of all of the Lenders and (ii)&nbsp;any
Assignees and Participants shall have such rights and obligations with respect to this
Agreement and the other Credit Documents as are provided for under and pursuant to the
provisions of <B>Section 10.7</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;10.10
<U>Survival</U>. All representations, warranties and agreements made by or on behalf of
the Borrower or any of its Subsidiaries in this Agreement and in the other Credit
Documents shall survive the execution and delivery hereof or thereof and the making and
repayment of the Loans. In addition, notwithstanding anything herein or under applicable
law to the contrary, the provisions of this Agreement and the other Credit Documents
relating to indemnification or payment of fees, costs and expenses, including, without
limitation, the provisions of <B>Sections 2.15(a)</B>, <B>2.15(b)</B>, <B>2.16</B>, <B>2.17</B>,
<B>9.7</B>, <B>10.1</B>and <B>10.2</B>, shall survive the payment in full of the Loans,
the termination of the Commitments and any termination of this Agreement or any of the
other Credit 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;10.11
<U>Severability</U>. To the extent any provision of this Agreement is prohibited by or
invalid under the applicable law of any jurisdiction, such provision shall be ineffective
only to the extent of such prohibition or invalidity and only in such jurisdiction,
without prohibiting or invalidating such provision in any other jurisdiction or the
remaining provisions of this Agreement in any 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;10.12
<U>Construction</U>. The headings of the various articles, sections and subsections of
this Agreement have been inserted for convenience only and shall not in any way affect
the meaning or construction of any of the provisions hereof. Except as otherwise
expressly provided herein and in the other Credit Documents, in the event of any
inconsistency or conflict between any provision of this Agreement and any provision of
any of the other Credit Documents, the provision of this Agreement shall control.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13
<U>Confidentiality</U>. Each Lender agrees to keep confidential, pursuant to its
customary procedures for handling confidential information of a similar nature and in
accordance with safe and sound banking practices, all nonpublic information provided to
it by or on behalf of the Borrower or any of its Subsidiaries in connection with this
Agreement or any other Credit Document; <U>provided</U>, <U>however</U>, that any Lender
may disclose such information (i)&nbsp;to its affiliates, directors, employees and agents
and to its auditors, counsel and other professional advisors (<U>provided</U> such
persons are informed of the confidential nature of such nonpublic information and are
instructed by the Lender to keep such nonpublic information confidential to the same
extent required hereunder), (ii)&nbsp;at the demand or request of any bank regulatory
authority, court or other Governmental Authority having or asserting jurisdiction over
such Lender, as may be required pursuant to subpoena or other legal process, or otherwise
in order to comply with any applicable Requirement of Law, (iii)&nbsp;in connection with
any proceeding to enforce its rights hereunder or under any other Credit Document or in
any other litigation or proceeding in connection with the Credit Documents, (iv)&nbsp;to
the Administrative Agent, the Arranger or any other Lender, (v) to the extent the same
has become publicly available other than as a result of a breach of this Agreement and
(vi)&nbsp;pursuant to and in accordance with the provisions of <B>Section&nbsp;10.7(f)</B>.
Notwithstanding anything to the contrary in this <B>Section 10.13</B> or otherwise in the
Credit Documents, the information subject to any confidentiality requirement shall not
include, and the Administrative Agent, the Arranger and each Lender may disclose without
limitation of any kind, any information with respect to the U.S. federal income tax
treatment and the U.S. federal income tax structure of the transactions contemplated
hereby and all materials of any kind (including opinion or other tax analyses) that are
provided to the Administrative Agent, the Arranger or such Lender relating to such tax
treatment and tax structure, except that the foregoing shall not apply to the extent
reasonably necessary to comply with securities laws and except that with respect to any
document or similar item that contains information with respect to tax treatment or tax
structure as well as other information, only such information that relates to the tax
treatment or tax structure may be disclosed.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14
<U>Counterparts; Effectiveness</U>. This Agreement may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of which when
so executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument. This Agreement shall become effective upon the
execution of a counterpart hereof by each of the parties hereto and receipt by the
Administrative Agent and the Borrower of written or telephonic notification of such
execution and authorization of delivery 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;10.15
<U>Disclosure of Information</U>. The Borrower agrees and consents to the Administrative
Agent&#146;s disclosure of information relating to this transaction to <U>Gold Sheets</U> and
other similar bank trade publications. Such information will consist of deal terms and
other information customarily found in such publications; <U>provided</U> that as to any
disclosure of information not made publicly available by the Borrower, the Borrower shall
have the right to consent to such disclosure(such consent not to be unreasonably withheld
or delayed beyond one (1) business day of the request 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;10.16
<U>Nonreliance</U>. Each Lender hereby represents that it is not relying on or looking to
any Margin Stock (as defined in Regulation U of the Board of Governors of the Federal
Reserve System) for the repayment of the Loans provided for 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;10.17
<U>Entire Agreement</U>. THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND INSTRUMENTS
EXECUTED AND DELIVERED IN CONNECTION HEREWITH (A)&nbsp;EMBODY THE ENTIRE AGREEMENT AND
UNDERSTANDING BETWEEN THE PARTIES HERETO AND THERETO RELATING TO THE SUBJECT MATTER
HEREOF AND THEREOF, (B)&nbsp;SUPERSEDE ANY AND ALL PRIOR AGREEMENTS AND UNDERSTANDINGS OF
SUCH PERSONS, ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF,
INCLUDING, WITHOUT LIMITATION, THE COMMITMENT LETTER FROM WACHOVIA TO THE BORROWER DATED
SEPTEMBER 3, 2003, BUT SPECIFICALLY EXCLUDING THE FEE LETTER AND (C)&nbsp;MAY NOT BE
AMENDED, SUPPLEMENTED, CONTRADICTED OR OTHERWISE MODIFIED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>IN WITNESS WHEREOF</b>, the
parties hereto have caused this Agreement to be executed by their duly authorized
officers as of the date first above written.&nbsp; </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=48% ALIGN=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=4% colspan=3 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;EVEREST REINSURANCE HOLDINGS, INC</b></FONT></TD>
     <TD WIDTH=46% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=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>Title:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


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<A NAME=A038></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(signatures continued) </FONT></P>


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<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=68% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=2% colspan=2 ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;WACHOVIA BANK, NATIONAL ASSOCIATION,</b> as Administrative Agent and as a Lender</FONT></TD>
     <TD WIDTH=28% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>By:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>Name:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>Title:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


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<A NAME=A039></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(signatures continued) </FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="2" BORDER="0" ALIGN="Right" WIDTH="600">
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=44% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=4% Colspan=2 ALIGN=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;RBC FINANCE B.V.,</b> as a Lender</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><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>(signatures continued) </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>DEUTSCHE BANK AG, New York Branch,</b> as
a Lender&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;________________________________&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;________________________________&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;________________________________&nbsp;&nbsp;:&nbsp;Name&nbsp;&nbsp;&nbsp;________________________________&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;________________________________&nbsp; </FONT></P>


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<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=69% 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=27% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD colspan=2 ALIGN=center><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;<b>CITICORP USA, INC.,</b> as a Lender</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD 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;</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>By:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD 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;</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>Name:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD 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;</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>Title:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(signatures continued) </FONT></P>


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     <TD WIDTH=47% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=4% colspan=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;THE BANK OF NEW YORK,</b> as a Lender</FONT></TD>
     <TD WIDTH=47% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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<A NAME=A043></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(signatures continued) </FONT></P>


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     <TD WIDTH=4% colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;JPMORGAN CHASE BANK,</b> as a Lender</FONT></TD>
     <TD WIDTH=47% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=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>Title:&nbsp;&nbsp;&nbsp;________________________________</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 1.1(a)&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;Commitments
and&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;Notice
Addresses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Lender</u>&nbsp;<u>Commitment</u>&nbsp; </FONT></P>

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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Wachovia Bank, National Association</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;32,500,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Finance B.V</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;25,000,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Deutsche Bank AG, New York Branch</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;25,000,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citicorp USA, Inc.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;22,500,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;22,500,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;22,500,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

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     <TD 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;<b>Total</b></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>$150,000,000</b></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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