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<SEC-DOCUMENT>0001104659-03-009800.txt : 20030514
<SEC-HEADER>0001104659-03-009800.hdr.sgml : 20030514
<ACCEPTANCE-DATETIME>20030514154554
ACCESSION NUMBER:		0001104659-03-009800
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20030331
FILED AS OF DATE:		20030514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHURCHILL DOWNS INC
		CENTRAL INDEX KEY:			0000020212
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-RACING, INCLUDING TRACK OPERATION [7948]
		IRS NUMBER:				610156015
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		03698985

	BUSINESS ADDRESS:	
		STREET 1:		700 CENTRAL AVE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40208
		BUSINESS PHONE:		5026364400

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		700 CENTRAL AVENUE
		CITY:			LOUIVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>j0603_10q.htm
<DESCRIPTION>10-Q
<TEXT>
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<title>  </title>

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<body link="blue" vlink="purple" style="text-justify-trim:punctuation;">

<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES AND EXCHANGE
COMMISSION</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WASHINGTON, D.C. 20549</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman Bold" style="font-size:12.0pt;font-weight:bold;">FORM 10-Q</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p align="center" style="font-family:'Times New Roman';margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Wingdings" style="font-family:Wingdings;font-size:12.0pt;font-weight:bold;">&#253;</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">For the
quarterly period ended March 31, 2003</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OR</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p align="center" style="font-family:'Times New Roman';margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Wingdings" style="font-family:Wingdings;font-size:12.0pt;font-weight:bold;">o</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">for the
transition period from _____ to _____</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Commission
file number&#160; 0-1469</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:'Times New Roman';">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHURCHILL
  DOWNS INCORPORATED</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact
  name of registrant as specified in its charter)</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kentucky</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">61-0156015</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State
  or other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS
  Employer<br>
  Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">700
  Central Avenue, Louisville, KY 40208</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address
  of principal executive offices)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip
  Code)</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502)-636-4400</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s
  telephone number, including area code)</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yes&nbsp;&nbsp;</font><font face="Wingdings" style="font-family:Wingdings;">&#253;</font>&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<font face="Wingdings" style="font-family:Wingdings;">o</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant
is an accelerated filer (as defined in Rule 12b-2 of&#160; the Exchange Act). Yes&#160; </font><font face="Wingdings" style="font-family:Wingdings;">&#253;</font>&#160;&#160;
No&#160; <font face="Wingdings" style="font-family:Wingdings;">o</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The number of shares outstanding of
registrant&#146;s common stock at May 12, 2003 was 13,175,889 shares.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED<br>
INDEX</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="93%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:93.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PartI_FinancialInformation" title="Click to goto PART I.  FINANCIAL INFORMATION">PART I.&#160; FINANCIAL INFORMATION</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PAGES</font></p>
  </td>
 </tr>
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  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
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  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
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  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item1_FinancialStatements" title="Click to goto ITEM 1.  FINANCIAL STATEMENTS">ITEM 1.</a></font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item1_FinancialStatements" title="Click to goto ITEM 1.  FINANCIAL STATEMENTS">Financial Statements</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedConsolidatedBalanceSheets" title="Click to goto CONDENSED CONSOLIDATED BALANCE SHEETS">Condensed
  Consolidated Balance Sheets, March 31, 2003, December 31, 2002 and March 31,
  2002</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedConsolidatedBalanceSheets" title="Click to goto CONDENSED CONSOLIDATED BALANCE SHEETS">3</a></font></p>
  </td>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedConsolidatedStatementsOfOpe" title="Click to goto CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS">Condensed
  Consolidated Statements of Operations for the three months ended March 31,
  2003 and 2002</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedConsolidatedStatementsOfOpe" title="Click to goto CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS">4</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedConsolidatedStatementsOfCas" title="Click to goto CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS">Condensed
  Consolidated Statements of Cash Flows for the three months ended March 31,
  2003 and 2002</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedConsolidatedStatementsOfCas" title="Click to goto CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS">5</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedNotesToConsolidatedFinancia" title="Click to goto CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS">Condensed
  Notes to Consolidated Financial Statements</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedNotesToConsolidatedFinancia" title="Click to goto CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS">6-14</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item2_ManagementsDiscussionAndAna" title="Click to goto ITEM 2. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS">ITEM
  2.</a></font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item2_ManagementsDiscussionAndAna" title="Click to goto ITEM 2. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS">Management&#146;s
  Discussion and Analysis of Financial Condition and Results of Operations</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item2_ManagementsDiscussionAndAna" title="Click to goto ITEM 2. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS">15-22</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item3_QuantitativeAndQualitativeDis" title="Click to goto ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK">ITEM
  3.</a></font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item3_QuantitativeAndQualitativeDis" title="Click to goto ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK">Quantitative
  and Qualitative Disclosures About Market Risk</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item3_QuantitativeAndQualitativeDis" title="Click to goto ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK">23</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item4_ControlsAndProcedures" title="Click to goto ITEM 4.  CONTROLS AND PROCEDURES">ITEM 4.</a></font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item4_ControlsAndProcedures" title="Click to goto ITEM 4.  CONTROLS AND PROCEDURES">Controls and
  Procedures</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item4_ControlsAndProcedures" title="Click to goto ITEM 4.  CONTROLS AND PROCEDURES">23</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:93.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PartIi_OtherInformation" title="Click to goto PART II. OTHER INFORMATION">PART II.&#160; OTHER INFORMATION</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalProceedings" title="Click to goto Legal Proceedings">ITEM 1.</a></font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalProceedings" title="Click to goto Legal Proceedings">Legal Proceedings (Not applicable)</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalProceedings" title="Click to goto Legal Proceedings">24</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ChangesInSecuritiesAndUseOfProceed" title="Click to goto Changes in Securities and Use of Proceeds">ITEM 2.</a></font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ChangesInSecuritiesAndUseOfProceed" title="Click to goto Changes in Securities and Use of Proceeds">Changes in
  Securities and Use of Proceeds (Not applicable)</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ChangesInSecuritiesAndUseOfProceed" title="Click to goto Changes in Securities and Use of Proceeds">24</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DefaultsUponSeniorSecurities" title="Click to goto Defaults Upon Senior Securities">ITEM 3.</a></font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DefaultsUponSeniorSecurities" title="Click to goto Defaults Upon Senior Securities">Defaults Upon Senior
  Securities (Not applicable)</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DefaultsUponSeniorSecurities" title="Click to goto Defaults Upon Senior Securities">24</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SubmissionOfMattersToAVoteOfSecur" title="Click to goto Submission of Matters to a Vote of Security Holders">ITEM
  4.</a></font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SubmissionOfMattersToAVoteOfSecur" title="Click to goto Submission of Matters to a Vote of Security Holders">Submission
  of Matters to a Vote of Security Holders (Not applicable)</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SubmissionOfMattersToAVoteOfSecur" title="Click to goto Submission of Matters to a Vote of Security Holders">24</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#OtherInformation" title="Click to goto Other Information">ITEM 5.</a></font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#OtherInformation" title="Click to goto Other Information">Other Information (Not applicable)</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#OtherInformation" title="Click to goto Other Information">24</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitsAndReportsOnForm8k_" title="Click to goto Exhibits and Reports on Form 8-K.">ITEM 6.</a></font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitsAndReportsOnForm8k_" title="Click to goto Exhibits and Reports on Form 8-K.">Exhibits and Reports
  on Form 8-K</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitsAndReportsOnForm8k_" title="Click to goto Exhibits and Reports on Form 8-K.">24</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Signatures" title="Click to goto SIGNATURES">Signatures</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Signatures" title="Click to goto SIGNATURES">25</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Certifications" title="Click to goto CERTIFICATIONS">Certifications</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Certifications" title="Click to goto CERTIFICATIONS">26-2</a>7</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitIndex" title="Click to goto EXHIBIT INDEX">Exhibit Index</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitIndex" title="Click to goto EXHIBIT INDEX">28</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='2',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="PartI_FinancialInformation"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART
I.&#160; FINANCIAL INFORMATION</font></b></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><a name="Item1_FinancialStatements"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM
1.&#160; FINANCIAL STATEMENTS</font></b></a></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED<br>
<a name="CondensedConsolidatedBalanceSheets">CONDENSED CONSOLIDATED BALANCE
SHEETS</a><br>
(in thousands)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 31,<br>
  <u>2003</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 31,<br>
  <u>2002</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 31,<br>
  <u>2002</u></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(unaudited)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(unaudited)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ASSETS</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current assets:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,084</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,662</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,828</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted cash</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">629</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,247</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,340</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts receivable, net</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,435</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34,435</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,889</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,513</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,159</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,288</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other current assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,834</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,988</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,900</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total current assets</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48,495</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60,491</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45,245</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other assets</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,707</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,606</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,320</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plant and equipment, net</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">343,910</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">338,381</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">339,804</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goodwill, net</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52,239</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52,239</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52,239</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other intangible assets, net</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,404</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,495</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,769</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">462,755</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">469,212</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">457,377</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LIABILITIES AND SHAREHOLDERS&#146; EQUITY</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current liabilities:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts payable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,296</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31,189</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,250</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accrued expenses</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,609</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31,782</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,270</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends payable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,578</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income taxes payable</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">727</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,579</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,876</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23,817</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-term debt, current portion</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">513</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">508</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">524</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total current liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83,997</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85,660</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80,861</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-term debt, due after one year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">127,646</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">122,840</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">142,748</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,997</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,603</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,241</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,822</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,124</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">239,462</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,215</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,974</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitments and contingencies</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders&#146; equity:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferred stock, no par value; 250 shares authorized; no shares
  issued</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common stock, no par value; 50,000 shares authorized; issued: 13,168
  shares March 31, 2003, 13,157 shares December 31, 2002, and 13,115 shares
  March 31, 2002</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">126,302</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">126,043</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">125,132</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retained earnings</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">97,745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">109,241</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82,815</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accumulated other comprehensive loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(754</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(222</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,479</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note receivable for common stock</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(65</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(65</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">223,293</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,997</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">206,403</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">462,755</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">469,212</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">457,377</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accompanying notes are an integral part of the condensed
consolidated financial statements.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='3',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED<br>
<a name="CondensedConsolidatedStatementsOfOpe">CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS</a><br>
for the three months ended March 31,<br>
(Unaudited)<br>
(In thousands, except per share data)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net revenues</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,789</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,972</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43,542</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39,729</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gross loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,753</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8,757</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling, general and administrative expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,108</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,396</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17,861</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17,153</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other income (expense):</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest income</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,827</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,652</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous, net</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">402</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(169</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,363</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,740</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss before income tax benefit</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19,224</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19,893</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax
  benefit</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,728</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,858</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11,496</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,035</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in .7pt 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic and diluted net loss per common share</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.87</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.92</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.64%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.64%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Basic and diluted weighted average</font>  </font>shares outstanding</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,159</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,105</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
accompanying notes are an integral part of the condensed consolidated financial
statements.</font></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='4',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="CondensedConsolidatedStatementsOfCas"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS</font></b></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for the three months ended March 31,</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Unaudited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(in thousands)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows from operating activities:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11,496</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,035</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjustments to reconcile net earnings to net cash provided by
  operating activities:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and
  amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,062</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,815</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Increase (decrease) in cash resulting from changes in operating
  assets and liabilities:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted cash</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,618</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,365</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts receivable</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,000</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,286</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other current assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10,845</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11,872</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts payable</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,957</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,502</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accrued expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,059</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,305</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income taxes payable</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(727</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(971</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,703</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,576</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other assets and liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,003</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">249</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net cash provided by operating activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,302</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,606</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows from investing activities:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additions to plant and equipment, net</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8,657</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,109</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net cash used in investing activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8,657</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,109</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows from financing activities:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decrease in long-term debt, net</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(120</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(653</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrowings on
  bank line of credit</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51,354</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,081</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Repayments of bank line of credit</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(46,423</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(42,503</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Change in book overdraft</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,780</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,989</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proceeds from note receivable for common stock</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment of dividends</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,578</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,549</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common stock issued</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">259</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">382</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net cash (used in) provided by financing activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,223</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,769</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net decrease in cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,578</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,734</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and cash equivalents, beginning of period</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,662</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,562</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and cash equivalents, end of period</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,084</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,828</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in .7pt 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplemental disclosures of cash flow information:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash paid during the period for:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,699</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,272</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">850</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule of non-cash activities:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plant and equipment additions included in accounts payable</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,843</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accompanying notes are an integral part of the condensed
consolidated financial statements.</font></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='5',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="CondensedNotesToConsolidatedFinancia"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></b></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for the three months ended March 31, 2003 and 2002
(Unaudited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">($ in thousands, except per share data)</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160; <u>Basis of Presentation</u></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
accompanying condensed consolidated financial statements are presented in
accordance with the requirements of Form 10-Q and consequently do not include
all of the disclosures normally required by accounting principles generally
accepted in the United States of America or those normally made in Churchill
Downs Incorporated&#146;s (the &#147;Company&#148;) annual report on Form 10-K.&#160; The year-end condensed consolidated balance
sheet data was derived from audited financial statements, but does not include
all disclosures required by accounting principles generally accepted in the
United States of America.&#160; Accordingly,
the reader of this Form 10-Q may wish to refer to the Company&#146;s Form 10-K for
the period ended December 31, 2002 for further information.&#160; The accompanying condensed consolidated
financial statements have been prepared in accordance with the registrant&#146;s
customary accounting practices and have not been audited.&#160; Certain prior-period financial statement
amounts have been reclassified to conform to the current-period
presentation.&#160; In the opinion of
management, all adjustments necessary for a fair presentation of this
information have been made and all such adjustments are of a normal recurring
nature.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our revenues and earnings are significantly influenced by our racing
calendar.&#160; Therefore, revenues and
operating results for any interim quarter are generally not indicative of the
revenues and operating results for the year and are not necessarily comparable
with results for the corresponding period of the previous year.&#160; We historically have very few live racing
days during the first quarter, with a majority of our live racing occurring in
the second, third and fourth quarters, including the running of the Kentucky
Derby and Kentucky Oaks in the second quarter.</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160; <u>Stock-Based Compensation</u></font></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company accounts for stock-based compensation in accordance with Accounting
Principles Board Opinion No. 25 &#147;Accounting for Stock Issued to
Employees&#148;.&#160; Had the compensation cost
for our stock-based compensation plans been determined consistent with Statement
of Financial Accounting Standards (&#147;SFAS&#148;) No. 123 &#147;Accounting for Stock-based
Compensation&#148; the Company&#146;s net loss and net loss per common share for the
three months ended March 31, 2003 and 2002 would approximate the pro forma
amounts presented below:</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;font-family:'Times New Roman';margin-left:22.3pt;width:80.02%;">
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="37%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Three Months Ended March 31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:17.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:17.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.48%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net loss</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11,496</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,035</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Pro forma stock-based compensation</font>  </font>expense, net of tax benefit</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:17.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(385</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:17.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(191</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.48%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pro forma net loss</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11,881</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,226</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.16%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Pro forma basic and diluted net loss</font>  </font>per common share</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.90</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.93</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- SEQ.=1,FOLIO='6',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for the three months ended March 31, 2003 and 2002
(Unaudited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">($ in thousands, except per share data)</font></b></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 22.5pt;text-autospace:none;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Stock-Based Compensation</u> (cont&#146;d)</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The effects of applying SFAS No. 123 in this pro forma disclosure are
unlikely to be representative of the effects on pro forma net income for future
years since variables such as option grants, exercises, and stock price
volatility included in the disclosures may not be indicative of future
activity. We anticipate making awards in the future under stock-based
compensation plans.</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 22.5pt;text-autospace:none;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Long-Term Debt</u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the first quarter the Company had a $250 million line of credit
under a revolving loan facility through a syndicate of banks to meet working
capital and other short-term requirements and to provide funding for
acquisitions.&#160; The interest rate on the
borrowing was based upon LIBOR plus 75 to 250 additional basis points, which
was determined by certain Company financial ratios.&#160; The weighted average interest rate on our outstanding revolving
loan borrowings was 2.27% and 2.64% at March 31, 2003 and 2002,
respectively.&#160; There was $120.9 million
outstanding on the line of credit at March 31, 2003, compared to $116.0 million
outstanding at December 31, 2002, and $135.3 million outstanding at March 31,
2002.&#160; The credit facility contained
financial covenant requirements, including specified fixed charge, minimum
interest coverage and maximum levels of net worth.&#160; As of March 31, 2003, the Company was in compliance with all
covenants. The line of credit was collateralized by substantially all of the assets
of the Company and its wholly owned subsidiaries. The facility, which was to
mature in 2004, was refinanced in April 2003 (see note 10).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160; <u>Financial Instruments</u></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to mitigate a portion of the market risk on its variable rate
debt, the Company entered into interest rate swap contracts with major
financial institutions during March 2003.&#160;
Under terms of these contracts we receive a LIBOR based variable
interest rate and pay a fixed interest rate on a notional amount of $60.0
million.&#160; As a result of these
contracts, the Company will pay a fixed interest rate of approximately 3.55% on
$60.0 million of the floating rate debt described in note 10.&#160; The variable interest rate paid on the
contracts is determined based on LIBOR on the last day of each March, June,
September and December, which is consistent with the variable rate
determination on the underlying debt.&#160;
These contracts mature in March 2008.</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has designated its interest rate swaps as cash flow hedges
of anticipated interest payments under its variable rate agreements.&#160; Gains and losses on these swaps that are
recorded in other comprehensive income will be reclassified into net income as
interest expense, net in the periods in which the related variable interest is
paid.</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company also had three interest rate swaps in effect during the
three months ended March 31, 2002 on which the Company received a LIBOR-based
variable rate and paid a fixed interest rate.&#160;
Terms of the swaps are as follows:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='7',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
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</font>

<h5 style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;">&nbsp;</h5>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for the three months ended March 31, 2003 and 2002
(Unaudited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">($ in thousands, except per share data)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160; <u>Financial Instruments</u> (cont&#146;d)</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:'Times New Roman';">

<table border="0" cellspacing="0" cellpadding="0" width="69%" style="border-collapse:collapse;width:69.98%;">
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.72%;">
  <h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notional
  Amount</font></u></h5>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.8%;">
  <h5 align="left" style="font-size:1.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;">&nbsp;</h5>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.88%;">
  <h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination Date</font></u></h5>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.8%;">
  <h5 align="left" style="font-size:1.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;">&nbsp;</h5>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.88%;">
  <h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Rate</font></u></h5>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
  <h5 align="left" style="font-size:1.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;">&nbsp;</h5>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$35 million</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May
  2002</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.30%</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$30 million</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 2002</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.40%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$35 million</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 2003</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.015%</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
</table>

</div>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comprehensive loss consists
of the following:</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;font-family:'Times New Roman';margin-left:.4in;width:90.0%;">
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="35%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:35.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Three months ended March 31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.94%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Loss</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11,496</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,035</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.94%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flow hedging&#160; (net of
  related tax benefit</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.94%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of $355 in 2003 and tax expense of $523 in 2002)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(532</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">821</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.94%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comprehensive loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,028</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11,214</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in .7pt 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160; <u>Earnings Per Share</u></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a reconciliation of the numerator and denominator of
the earnings per common share computations:</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;font-family:'Times New Roman';margin-left:.4in;width:90.0%;">
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="35%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:35.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Three months ended March 31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.94%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Numerator for basic and diluted per share:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11,496</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,035</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.94%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Denominator for weighted average shares of common stock outstanding
  per share:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,159</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,105</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.94%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic and diluted net loss per common share:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.87</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.92</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
</table>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Options
to purchase 999 and 894 shares for the three months ended March 31, 2003 and
2002, respectively, are excluded from the computation of diluted net loss per
common share since their effect is antidilutive because of net losses for the
periods.</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160; <u>Goodwill and Other Intangible Assets</u></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company performs annual testing of goodwill and indefinite lived
intangible assets in accordance with SFAS No. 142, &#147;Goodwill and Other
Intangible Assets.&#148;&#160; The Company
completed the required impairment tests of goodwill and indefinite lived
intangible assets during the three months ended March 31, 2003, and no
adjustment to the carrying value of goodwill was required.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for the three months ended March 31, 2003 and 2002
(Unaudited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">($ in thousands, except per share data)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160; <u>Goodwill and Other Intangible Assets</u> (cont&#146;d)</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective January 1, 2002, a portion of the goodwill arising from the
Company&#146;s previous acquisitions was reassigned to the new Churchill Downs
Simulcast Network (&#147;CDSN&#148;) segment using a relative fair value allocation
approach.&#160; There has been no change to
the carrying value of the Company&#146;s net goodwill since January 1, 2002. Net
goodwill at March 31, 2003 and 2002 for Kentucky Operations, Calder Racecourse
and CDSN was $4.8 million, $36.4 million and&#160;
$11.0 million, respectively.</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company&#146;s other intangible assets are comprised of the following:</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;font-family:'Times New Roman';margin-left:1.0in;width:85.0%;">
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.04%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Illinois Horse Race Equity fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,307</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,307</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.04%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arlington Park trademarks</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">494</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">494</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.04%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indiana racing license</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,085</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,085</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.04%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other intangible asset</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,296</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,296</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,182</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,182</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.04%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accumulated amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,778</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,413</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,404</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,769</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other intangible assets with indefinite useful lives total $3.8 million
and consist primarily of a future right to participate in the Illinois Horse Race
Equity fund, which has not been amortized since the Arlington Park merger in
September 2000.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other intangible assets, which are being amortized, are recorded at
approximately $3.6 million at March 31, 2003, which is net of accumulated
amortization of $1.8 million.&#160;
Amortization expense for other intangibles of approximately $91 for the
three months ended March 31, 2003 and 2002 is classified in operating expenses.</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future estimated aggregate amortization expense on other intangible
assets for each of the five fiscal years are as follows:</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:'Times New Roman';">

<table border="0" cellspacing="0" cellpadding="0" width="40%" style="border-collapse:collapse;width:40.0%;">
 <tr>
  <td width="43%" valign="bottom" style="padding:0in 0in 0in 0in;width:43.06%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.62%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimated<br>
  <u>Amortization Expense</u></font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:43.06%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.62%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">365</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.06%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2004</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.62%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">167</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:43.06%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2005</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.62%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">167</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.06%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.62%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">167</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:43.06%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2007</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.62%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">167</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='9',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for the three months ended March 31, 2003 and 2002
(Unaudited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">($ in thousands, except per share data)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160; <u>Segment Information</u></font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has
determined that it currently operates in the following seven segments:&#160; (1) Kentucky Operations, including Churchill
Downs racetrack and its off-track betting facility (&#147;OTB&#148;) and Ellis Park
racetrack and its on-site simulcast facility; (2) Hollywood Park racetrack and
its on-site simulcast facility; (3) Calder Racecourse; (4) Arlington Park and
its six OTBs; (5) Hoosier Park racetrack and its on-site simulcast facility and
the other three Indiana simulcast facilities; (6) CDSN, the simulcast product
provider of the Company; and (7) other investments, including Charlson
Broadcast Technologies LLC (&#147;CBT&#148;) and the Company&#146;s other various equity
interests which are not material.&#160;
Eliminations include the elimination of management fees and other
intersegment transactions, primarily between CDSN and the racetracks.</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s recurring revenues are generated from commissions on
pari-mutuel wagering at the Company&#146;s racetracks and OTBs (net of state
pari-mutuel taxes), plus simulcast host fees and source market fees generated
from contracts with our in-home wagering providers.&#160; In addition to the commissions earned on pari-mutuel wagering we
also earn pari-mutuel related streams of revenues from sources that are not
related to the handle wagered at our facilities.&#160; These other revenues are primarily derived from statutory racing
regulations in some of the states where our facilities are located and can
fluctuate year-to-year.&#160; Additional
non-wagering revenues are primarily generated from Indiana riverboat admissions
subsidy, admissions, concessions, sponsorship, licensing rights and broadcast fees,
lease income and other sources.</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accounting policies of the segments are the same as those described
in the &#147;Summary of Significant Accounting Policies&#148; in the Company&#146;s annual
report to stockholders for the year ended December 31, 2002.&#160; The Company uses revenues and EBITDA
(defined as earnings before interest, taxes, depreciation and amortization) as
key performance measures of results of operations for purposes of evaluating
performance internally.&#160; Furthermore,
management believes that the use of these measures enables management and
investors to evaluate and compare from period to period, our operating
performance in a meaningful and consistent manner.&#160; Because the Company uses EBITDA as a key performance measure of
financial performance, the Company is required by accounting principles
generally accepted in the United States of America to provide the information
in this footnote concerning EBITDA.&#160;
However, these measures should not be considered as an alternative to,
or more meaningful than, net income (as determined in accordance with
accounting principles generally accepted in the United States of America) as a
measure of our operating results or cash flows (as determined in accordance
with accounting principles generally accepted in the United States of America)
or as a measure of our liquidity.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='10',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
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</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for the three months ended March 31, 2003 and 2002 (Unaudited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">($ in thousands, except per share data)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160; <u>Segment Information</u> (cont&#146;d)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The table below presents information about reported segments for the
three months ended March 31, 2003 and 2002:</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;font-family:'Times New Roman';margin-left:.5in;width:85.02%;">
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="34%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:34.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Three Months Ended March 31,</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Revenues
  from External Customers:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kentucky Operations</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,898</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,596</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hollywood Park</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,969</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,032</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calder Race Course</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,132</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,070</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arlington Park</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,989</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,119</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hoosier Park</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,430</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,036</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CDSN</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">843</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">697</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total racing operations</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,261</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,550</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other investments</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">528</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">412</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,789</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,972</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intercompany Net Revenues:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hollywood Park</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calder Race Course</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">248</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">184</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hoosier Park</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total racing operations</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">256</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">184</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">144</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">119</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate revenues</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">283</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">428</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eliminations</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(683</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(731</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EBITDA:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kentucky Operations</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,147</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,211</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hollywood Park</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,215</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,217</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calder Race Course</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,667</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,075</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arlington Park</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,469</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,261</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hoosier Park</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">674</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,990</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CDSN</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">219</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">263</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total racing operations</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10,605</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10,511</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other investments</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(332</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,827</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,604</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:61.86%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eliminations</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(60</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,397</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,507</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in .7pt 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='11',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for the three months ended March 31, 2003 and 2002
(Unaudited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">($ in thousands, except per share data)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160; <u>Segment Information</u> (cont&#146;d)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:18.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of<br>
  <u>March 31, 2003</u></font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:18.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of<br>
  <u>December 31, 2002</u></font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:18.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of<br>
  <u>March 31, 2002</u></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.8%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total assets:</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kentucky Operations</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400,610</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">396,998</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">388,224</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hollywood Park</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">143,559</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">150,627</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">146,602</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calder Race Course</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80,413</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">87,498</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81,809</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arlington Park</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77,216</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80,766</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">76,089</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hoosier Park</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35,780</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34,759</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,226</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CDSN</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,018</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,018</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,018</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other investments</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80,927</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77,724</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55,272</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">829,523</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">839,390</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">796,240</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eliminations</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(366,768</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(370,178</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:18.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(338,863</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">462,755</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:3.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">469,212</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:3.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">457,377</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table is a reconciliation of total EBITDA, which is
generally considered a non-GAAP financial measure, to the accompanying
financial statements, specifically, loss before income tax benefit:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;font-family:'Times New Roman';margin-left:22.3pt;width:80.02%;">
 <tr>
  <td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:36.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Three Months Ended March 31,</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.7%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.7%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:59.64%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total EBITDA</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,397</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,507</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.64%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,062</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,815</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:59.64%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest income (expense), net</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,765</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,571</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.64%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss before income tax benefit</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19,224</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19,893</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in .7pt 0in;width:1.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160; <u>Significant Accounting Pronouncements</u></font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.3pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Financial Accounting Standards Board (&#147;FASB&#148;) issued SFAS No. 146
&#147;Accounting for Exit or Disposal Activities.&#148;&#160;
SFAS No. 146 addresses the recognition, measurement, and reporting of
costs that are associated with exit and disposal activities, including certain
lease termination costs and severance-type costs under a one-time benefit
arrangement rather than an ongoing benefit arrangement or an individual
deferred-compensation contract.&#160; SFAS
No. 146 requires liabilities associated with exit and disposal activities to be
expensed as incurred and will be effective for exit or disposal activities that
are initiated after December 31, 2002.&#160;
Management anticipates that the adoption of SFAS No. 146 will not have a
significant effect on the Company&#146;s results of operations or financial
position.</font></p>

<p style="margin:0in 0in .0001pt 22.5pt;text-autospace:none;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.3pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In December 2002, the FASB issued SFAS No. 148
&#147;Accounting for Stock-Based Compensation &#150;Transition and Disclosure, an
amendment of FASB Statement No. 123.&#148;&#160;
This Statement amends SFAS No. 123, &#147;Accounting for Stock-Based
Compensation,&#148; to provide alternative methods of transition for a voluntary
change to the fair value based method of accounting for stock-based employee
compensation.&#160; In addition, this
Statement amends the disclosure requirements of Statement 123 to require
prominent disclosures in both annual and interim financial statements about the
method of accounting for stock-based employee compensation and the effect of
the method used on reported results.&#160;
Management does not currently expect to change its method of accounting
treatment for stock options.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for the three months ended March 31, 2003 and 2002
(Unaudited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">($ in thousands, except per share data)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160; <u>Significant Accounting Pronouncements</u> (cont&#146;d)</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
January 2003, the FASB issued FASB Interpretation No. 45, &#147;Guarantor&#146;s
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others, and interpretation of SFAS No. 5, 57 and
107 and Rescission of FASB Interpretation No. 34&#148; (&#147;FIN 45&#148;).&#160; FIN 45 requires that upon issuance of a guarantee,
the entity must recognize a liability for the fair value of the obligation it
assumes under that guarantee.&#160; FIN 45
requires disclosure about each guarantee even if the likelihood of the
guarantor&#146;s having to make any payments under the guarantee is remote.&#160; The provisions for initial recognition and
measurement are effective on a prospective basis for guarantees that are issued
or modified after December 31, 2002.&#160;
Management does not expect the adoption of this Interpretation to have a
material impact on our results of operations or financial position.</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
January 2003, the FASB issued FASB Interpretation No. 46, &#147;Consolidation of
Variable Interest Entities, an Interpretation of ARB No. 51&#148; (&#147;FIN 46&#148;).&#160; This Interpretation of Accounting Research
Bulletin No. 51 &#147;Consolidated Financial Statements,&#148; requires certain variable
interest entities to be consolidated by the primary beneficiary of the entity
if the equity investors in the entity do not have the characteristics of a
controlling financial interest or do not have sufficient equity at risk for the
entity to finance its activities without additional subordinated financial
support from other parties.&#160; FIN 46 is
effective immediately for all new variable interest entities created or
acquired after January 31, 2003.&#160; For
variable interest entities created or acquired prior to February 1, 2003, the
provisions of FIN 46 must be applied for the first interim or annual period
beginning after June 15, 2003.&#160;
Management does not expect the adoption of this Interpretation to have a
material impact on our results of operations or financial position.</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160; <u>Related
Party Transaction</u></font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During
2003, the Company was paid $65 by the President of the Company for repayment of
a note receivable to purchase shares of common stock.&#160; Notes receivable for common stock was classified in the balance
sheet as a reduction of shareholders&#146; equity at December 31, 2002 and March 31,
2002.</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for the three months ended March 31, 2003 and 2002
(Unaudited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">($ in thousands, except per share data)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160; <u>Subsequent
Events</u></font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 22.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
April 2003, the Company refinanced its $250 million revolving loan facility to
meet funding needs for future working capital, capital improvements and
potential future acquisitions.&#160; The
refinancing includes a new $200.0 million revolving line of credit through a
syndicate of banks with a five-year term and $100.0 million in variable rate
senior notes issued by the Company with a seven-year term.&#160; Both debt facilities are collateralized by
substantially all of the assets of the Company and its wholly owned
subsidiaries.&#160; The interest rate on the
bank line of credit borrowings is based upon LIBOR plus a spread of 125 to 225
additional basis points, which is determined by certain Company financial
ratios.&#160; The interest rate on the
Company&#146;s senior notes is based upon LIBOR plus 155 basis points.&#160; These notes require interest only payments
during their term with principal due at maturity.&#160; Both the bank facility and the senior notes contain financial
covenant requirements, including specific fixed charge, leverage ratios and
maximum levels of net worth.&#160; The
Company repaid its previously existing revolving line of credit during the
second quarter of 2003 with proceeds from the new facilities.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


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<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="Item2_ManagementsDiscussionAndAna"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM
2.&#160; MANAGEMENT&#146;S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF</font></b></a></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OPERATIONS</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information set forth in this discussion and
analysis contains various &#147;forward-looking statements&#148; within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934.&#160; The Private
Securities Litigation Reform Act of 1995 ( the &#147;Act&#148;) provides certain &#147;safe
harbor&#148; provisions for forward-looking statements.&#160; All forward-looking statements made in this Quarterly Report on
Form 10-Q are made pursuant to the Act.&#160;
These statements represent our judgment concerning the future and are
subject to risks and uncertainties that could cause our actual operating
results and financial condition to differ materially.&#160; Forward-looking statements are typically identified by the use of
terms such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148;
&#147;may,&#148; &#147;might,&#148; &#147;plan,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;should,&#148; &#147;will,&#148; and similar
words, although some forward-looking statements are expressed differently.&#160; Although we believe that the expectations
reflected in such forward-looking statements are reasonable we can give no
assurance that such expectations will prove to be correct.&#160; Important factors that could cause actual
results to differ materially from our expectations include: the effect of
global economic conditions; the effect (including possible increases in the
cost of doing business) resulting from future war and terrorist activities or
political uncertainties; the impact of increasing insurance costs; the
financial performance of our racing operations; the impact of gaming
competition (including lotteries and riverboat, cruise ship and land-based
casinos) and other sports and entertainment options in those markets in which
we operate; a substantial change in law or regulations affecting our
pari-mutuel activities; a substantial change in allocation of live racing days;
litigation surrounding the Rosemont, Illinois, riverboat casino; changes in
Illinois law that impact revenues of racing operations in Illinois; a decrease
in riverboat admissions subsidy revenue from our Indiana operations; the impact
of an additional racetrack near our Indiana operations; our continued ability
to effectively compete for the country&#146;s top horses and trainers necessary to
field high-quality horse racing; our continued ability to grow our share of the
interstate simulcast market; the impact of interest rate fluctuations; our
ability to execute our acquisition strategy and to complete or successfully
operate planned expansion projects; the economic environment; our ability to
adequately integrate acquired businesses; market reaction to our expansion
projects; the loss of our totalisator companies or their inability to keep
their technology current; our accountability for environmental contamination;
the loss of key personnel and the volatility of our stock price.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">You should
read this discussion with the financial statements included in this report and
the Company&#146;s Form 10-K for the period ended December 31, 2002, for further
information.</font></i></p>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Overview</font></b></h1>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We conduct pari-mutuel
wagering on live Thoroughbred, Quarter Horse and Standardbred horse racing and
simulcast signals of races.&#160;
Additionally, we offer racing services through our other interests.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We own and operate the Churchill Downs racetrack in Louisville,
Kentucky, which has conducted Thoroughbred racing since 1875 and is
internationally known as the home of the Kentucky Derby, and Ellis Park Race
Course, Inc., a Thoroughbred racing operation in Henderson, Kentucky
(collectively referred to as &#147;Kentucky Operations&#148;).&#160; We also own and operate</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


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</font></div>

<font size="3" face="Times New Roman" style="font-size:12.0pt;">
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<p style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.&#160;
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OPERATIONS (Continued)</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hollywood Park, a Thoroughbred racing operation in Inglewood, California;
Arlington Park, a Thoroughbred racing operation in Arlington Heights, Illinois;
and Calder Race Course, a Thoroughbred racing operation in Miami, Florida.&#160; Additionally, we are the majority owner and
operator of Hoosier Park in Anderson, Indiana, which conducts Thoroughbred,
Quarter Horse and Standardbred horse racing.&#160;
We conduct simulcast wagering on horse racing at ten simulcast wagering
facilities in Kentucky, Indiana and Illinois, as well as at our six racetracks.</font></p>

<p align="left" style="margin:0in 0in .0001pt 31.5pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Churchill Downs Simulcast Network (&#147;CDSN&#148;) segment was developed in
2002 to focus on the distribution of the Company&#146;s simulcast signal.&#160; CDSN oversees our interstate and
international simulcast and wagering opportunities, as well as the marketing,
sales, operations and data support efforts related to the Company-owned racing
content.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our revenues and earnings are significantly influenced by our live
racing calendar.&#160; Therefore, revenues
and operating results for any interim quarter are not generally indicative of
the revenues and operating results for the year and are not necessarily
comparable with results for the corresponding period of the previous year.&#160; We historically have very few live racing
days during the first quarter of each year, with a majority of our live racing
occurring in the second, third and fourth quarters, including the running of
the Kentucky Derby and Kentucky Oaks in the second quarter.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our pari-mutuel revenues include commissions on pari-mutuel wagering at
our racetracks and off-track betting facilities (net of state pari-mutuel
taxes), plus simulcast host fees and source market fees generated from
contracts with our in-home wagering providers.&#160;
In addition to the commissions earned on pari-mutuel wagering we also
earn pari-mutuel related streams of revenues from sources that are not related
to the handle wagered at our facilities.&#160;
These other revenues are primarily derived from statutory racing
regulations in some of the states where our facilities are located and can
fluctuate year-to-year.&#160; Additional
non-wagering revenues are primarily generated from Indiana riverboat admissions
subsidy, admissions, concessions, sponsorships, licensing rights and broadcast
fees, lease income and other sources.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Live racing handle includes patron wagers on live races at our tracks
and also wagers made at our facilities on imported simulcast signals during
live races.&#160; Import simulcasting handle
includes wagers on imported signals at our racetracks when the respective
tracks are not conducting live races and at our OTBs throughout the year.&#160; Export handle includes all patron wagers
made on our live racing signals sent to other tracks or OTBs.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Critical Accounting Policies</font></u></h4>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period.&#160; Actual results could
differ from those estimates.&#160; Our most
significant estimates relate to the valuation of property and equipment,
goodwill and other intangible assets, which may be significantly affected by
changes in the regulatory environment in which the company operates, and to the
aggregate costs for self-insured liability claims.&#160; Our significant accounting policies are described in Note 1 to
the consolidated financial statements included in Item 8 of the Company&#146;s Form
10-K for the period ended December 31, 2002.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our business can be impacted positively and negatively by legislative
changes and from alternative gaming competition.&#160; Significant negative changes resulting from these activities
could result in a significant impairment of our property and equipment and/or
our goodwill and </font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.&#160;
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OPERATIONS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">intangible assets in accordance with generally accepted accounting
standards.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For our business insurance renewal effective March 1, 2002, we assumed
more risk than in the prior years, primarily through higher retentions and
higher maximum losses for stop-loss insurance for certain coverages.&#160; Our March 1, 2003 business insurance
renewals included substantially the same coverages and retentions as the 2002
renewal.&#160; Based on our historical loss
experience, management does not anticipate that this increased risk assumption
will materially impact our results of operations.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are currently pursuing the divestiture of our Ellis Park
racetrack.&#160; If a sale occurs, we plan to
use any net proceeds to reduce our debt.&#160;
During December 2002, we reduced the carrying value of the buildings,
equipment and furniture and fixtures of Ellis Park to reflect their estimated
fair value in a divestiture transaction.&#160;
Should a transaction not be completed at the currently estimated sales
price, an additional write down of these assets could occur.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legislative Changes</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the 2003 session of the Indiana legislature, legislation was
introduced to evenly split the riverboat subsidy between Hoosier Park and
Indiana Downs.&#160; Additionally, a second
bill was introduced, as part of the state budget, which sought to cap the total
horse industry share from the riverboat subsidy at $17 million.&#160; Both of these bills subsequently
failed.&#160; Under current Indiana Horse
Racing Commission (&#147;IHRC&#148;) rules, which can be changed by IHRC or by enactment
of legislation, the riverboat subsidy will be split evenly during 2003 between
the two racetracks in Indiana reducing Hoosier Park&#146;s subsidy revenues by
approximately $5 million.&#160; It is also
expected that subsidy revenues will be split evenly during the first half of
2004 and based on purses generated by each Indiana racetrack during the latter
half of 2004.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chicago-area racetracks, including Arlington Park, continue to lobby
for a proposal that would authorize the Illinois Gaming Board to award unlimited
gaming to riverboat casinos and allow racetracks to operate slot machines and
video lottery terminals. In return for the right to operate electronic gaming
machines, each racetrack would be required to advance a portion of its
first-year projected state gaming taxes. Additionally, the horse industry would
forego the Illinois Horseracing Equity Fund, a subsidy flowing to the industry
from the tenth riverboat license, the Illinois Pari-Mutuel Real Estate Tax
Credit, and the Recapture provisions of the Illinois Horseracing Act of 1975.
Negotiations continue between racetracks, horsemen and riverboat operators,
with the goal of introducing a bill for passage before the Illinois General
Assembly adjourns on May 23, 2003.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.&#160;
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OPERATIONS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESULTS OF
OPERATIONS</font></b></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pari-mutuel wagering
information, including intercompany transactions, for our CDSN segment and five
live racing segments including on-site simulcast facilities and ten separate
OTBs, which are included in their respective segments, during the three months
ended March 31, 2003 and 2002, is as follows ($ in thousands):</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.02%;">
 <tr>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kentucky<br>
  <u>Operations</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hollywood<br>
  <u>Park</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calder Race<br>
  <u>Course</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arlington<br>
  <u>Park*</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hoosier<br>
  <u>Park</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CDSN</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pari-mutuel wagering:</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Live Racing</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003 handle</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,289</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">522</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003 no. of days</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002 handle</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,098</font></p>
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  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002 no. of days</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
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  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
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  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Export simulcasting*</font></p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003 handle</font></p>
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  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,986</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,375</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003 no. of days</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002 handle</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,175</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002 no. of days</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
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  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
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  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Import simulcasting</font></p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
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  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003 handle</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,764</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">76,253</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">106,882</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,541</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003 no. of days</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">165</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">540</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">335</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002 handle</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,152</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83,008</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70,459</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,716</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002 no. of days</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">165</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">450</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">295</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of OTBs</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Totals</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003 handle</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,764</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">76,253</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,289</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">106,882</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,049</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,375</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.34%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002 handle</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,152</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83,008</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,098</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70,459</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,716</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,175</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='18',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
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<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.&#160;
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OPERATIONS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kentucky<br>
  <u>Operations</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hollywood<br>
  <u>Park</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calder Race<br>
  <u>Course</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arlington<br>
  <u>Park*</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hoosier<br>
  <u>Park</u></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CDSN</font></u></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">**Pari-mutuel revenues:</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
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  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003 Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Live racing</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">543</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Export simulcasting</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">314</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Import simulcasting</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,789</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,675</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,563</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,501</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">269</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,108</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">161</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total 2003 Revenue</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,058</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,675</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">560</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,671</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,761</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">314</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002 Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Live racing</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">491</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Export simulcasting</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">230</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Import simulcasting</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,401</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,660</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,339</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,986</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other revenue</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">246</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,347</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total 2002 Revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,647</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,660</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">504</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,686</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,097</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">230</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
a result of the reorganization for internal reporting during 2002, this summary
above is now reported on a new basis, which combines our two Kentucky
racetracks into a single segment and separates our CDSN operations into a
separate segment.</font></h5>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Arlington Park&#146;s sixth OTB opened during December 2002.</font></p>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">** Pari-mutuel revenues for live racing,
export simulcasting and import simulcasting include commissions from wagering
(net of state pari-mutuel taxes) and simulcast host fees.&#160; Other revenues includes source market fees
from in-home wagering and other statutory racing revenues.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>


<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Three
Months Ended March 31, 2003 Compared to Three Months Ended March 31, 2002</font></u></b></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Revenues</font></u></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net
revenues during the three months ended March 31, 2003 increased $2.8 million
from $31.0 million in 2002 to $33.8 million in 2003.&#160; During January and February when there is no live racing in
Illinois, the Illinois Racing Commission (&#147;IRC&#148;) appoints a Thoroughbred racetrack
as the host track in Illinois.&#160; The IRC
appointed Arlington Park as the host track in Illinois during January 2003
resulting in increased pari-mutuel revenues of $6.9 million compared to the
prior year period.&#160; This increase was
partially offset by a $2.3 million decrease in Indiana riverboat admissions
subsidy at Hoosier Park resulting from legislative changes requiring Hoosier
Park to split the subsidy revenues with Indiana Downs.&#160; The remaining decrease is primarily
attributable to decreased attendance and handle at our racetracks, except
Calder Race Course, as a result of a number of factors including the Illinois
horsemen&#146;s strike, increased competition and poor economic conditions.</font></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating Expenses</font></u></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating expenses increased $3.8 million
from $39.7 million in 2002 to $43.5 million in 2002 primarily due to increased
purse expenses of $5.0 million at Arlington Park resulting from increases in
host track pari-mutuel revenues noted above.&#160;
Purse expenses decreased a combined $1.7 million at our Kentucky
Operations and Hoosier Park, resulting from the decreased handle</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.&#160;
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OPERATIONS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and Indiana riverboat admissions subsidy also
noted above.</font></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;text-autospace:none;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gross&#160; Loss</font></u></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gross losses were incurred in both periods as
a result of limited live racing during the first quarter.&#160; During the first quarter of 2003 there were
only two days of live racing at Calder Race Course and seven days of live
racing at Hoosier Park.&#160; Live racing
will be held at five of our six racetracks during the second quarter.</font></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling, General and
Administrative Expenses</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling, general and administrative
(&#147;SG&amp;A&#148;) expenses decreased by $0.3 million from $8.4 million in 2002 to
$8.1 million in 2003 primarily as a result of our expense containment efforts.</font></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;text-autospace:none;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other
Income and Expense</font></u></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest expense decreased $0.8 million in
2003 primarily due to lower interest rates and the use of available cash to pay
down our line of credit since March 31, 2002.</font></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income Tax Provision</font></u></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our income tax benefit decreased slightly for
the three months ended March 31, 2003, as compared to March 31, 2002, as a
result of a decrease in pre-tax losses and an increase in our currently
estimated effective income tax rate from 39.5% in 2002 to 40.2% in 2003.</font></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Significant
Changes in the Balance Sheet March 31, 2003 to December 31, 2002</font></u></b></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts receivable balances decreased by
$17.0 million in 2003 primarily due to the collection of 2002 live meet
receivables for Calder Race Course and Hollywood Park with decreases in
accounts receivables of $6.6 million and $6.4 million, respectively.&#160; Hoosier Park and Arlington Park each had a
decrease of&#160; $0.7 million due to the
timing of collections.&#160; In addition, our
Kentucky Operations had a decrease of $2.4 million primarily due to the
collection of accounts receivables related to the 2003 Kentucky Derby and
Kentucky Oaks.</font></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other current assets increased $10.8 million primarily as a result of
the estimated income tax benefit associated with the first quarter net loss.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net plant and equipment increased $5.5 million as a result of capital
expenditures of $7.0 million related to the renovation plan to restore and modernize
key areas at the Churchill Downs racetrack facility, referred to as our &#147;Master
Plan&#148;.&#160; Additional increases were due to
capital spending at the other operating units offset by depreciation of $5.0
million.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends payable decreased $6.6 million at March 31, 2003 due to the
payment of dividends in the first quarter of 2003.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred revenue increased $13.7 million at March 31, 2003, primarily
due to the sale by Kentucky Operations of the new Master Plan suites, corporate
sponsor event tickets, season boxes, membership sales and future wagering
related to the 2003 Kentucky Derby and Kentucky Oaks race days to be held in
the second quarter of 2003.</font></p>

<p style="margin:0in 0in .0001pt 31.7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.&#160;
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OPERATIONS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Significant Changes in the Balance Sheet March 31,
2003 to March 31, 2002</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The long-term debt decrease of $15.1 million was a result of the use of
current cash flows to reduce borrowings under our bank line of credit since
March 31, 2002.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Liquidity and Capital Resources</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows provided by operations were $10.3 million and $1.6 million
for the three months ended March 31, 2003 and 2002, respectively.&#160; The increase in cash provided by operations
as compared to 2002 was primarily a result of increased deposits for newly
constructed suites in the first phase of the Master Plan.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows used in investing activities were $8.7 million and $5.1
million for the three months ended March 31, 2003 and 2002, respectively.&#160; During the three months ended March 31, 2003
we used $5.1 million in cash for the Master Plan renovation of our Churchill
Downs racetrack.&#160; We are planning
capital expenditures, including $15.5 million for the completion of the first
phase and $24.9 million for the second phase of our Master Plan renovation, of
approximately $53.0 million for 2003.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows (used in) provided by financing activities were $(5.2)
million and $1.8 million for the three months ended March 31, 2003 and 2002,
respectively, reflecting the use of improved cash flows from operations to
minimize net borrowings on our line of credit in 2003 compared to 2002.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the first quarter we had a $250 million line of credit under a
revolving loan facility, of which $120.9 million was outstanding at March 31,
2003.&#160; The credit facility contained
financial covenant requirements, including specified fixed charge, minimum
interest coverage and maximum leverage ratios and minimum levels of net
worth.&#160; This line of credit was secured
by substantially all of our assets and was to mature in 2004.&#160; This credit facility was intended to meet
working capital and other short-term requirements and to provide funding for
potential future acquisitions.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During April 2003, we refinanced our revolving loan facility to meet
our needs for funding future working capital, capital improvements and
potential future acquisitions.&#160; The
refinancing includes a new $200.0 million revolving line of credit through a syndicate
of banks with a five-year term and $100.0 million in variable rate senior notes
issued by us with a seven-year term.&#160;
Both debt facilities are collateralized by substantially all of our
assets.&#160; The interest rate on the bank
line of credit borrowings is based upon LIBOR plus a spread of 125 to 225
additional basis points, which is determined by certain Company financial
ratios.&#160; The interest rate on our senior
notes is based upon LIBOR plus 155 basis points.&#160; These notes require interest only payments during their term with
principal due at maturity.&#160; Both the
bank facility and the senior notes contain financial covenant requirements,
including specific fixed charge, leverage ratios and maximum levels of net worth.&#160; We repaid our previously existing revolving
line of credit during the second quarter of 2003 with proceeds from the new
facilities.&#160; Management believes cash
flows from operations and borrowings under our current financing facility will
be sufficient to fund our cash requirements for the year.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


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<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.&#160;
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OPERATIONS (Continued)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Significant Accounting Pronouncements</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The FASB issued SFAS No. 146 &#147;Accounting for Exit or Disposal
Activities.&#148;&#160; SFAS No. 146 addresses the
recognition, measurement, and reporting of costs that are associated with exit
and disposal activities, including certain lease termination costs and
severance-type costs under a one-time benefit arrangement rather than an
ongoing benefit arrangement or an individual deferred-compensation
contract.&#160; SFAS No. 146 requires
liabilities associated with exit and disposal activities to be expensed as
incurred and will be effective for exit or disposal activities that are
initiated after December 31, 2002.&#160;
Management anticipates that the adoption of SFAS No. 146 will not have a
significant effect on the Company&#146;s results of operations or financial
position.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In December 2002, the FASB issued SFAS No. 148 &#147;Accounting for
Stock-Based Compensation &#150;Transition and Disclosure, an amendment of FASB
Statement No. 123.&#148;&#160; This Statement
amends SFAS No. 123, &#147;Accounting for Stock-Based Compensation,&#148; to provide
alternative methods of transition for a voluntary change to the fair value
based method of accounting for stock-based employee compensation.&#160; In addition, this Statement amends the
disclosure requirements of Statement 123 to require prominent disclosures in
both annual and interim financial statements about the method of accounting for
stock-based employee compensation and the effect of the method used on reported
results.&#160; Management does not currently
expect to change its method of accounting treatment for stock options.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In January 2003, the FASB issued FASB Interpretation No. 45,
&#147;Guarantor&#146;s Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness of Others, and interpretation of SFAS No.
5, 57 and 107 and Rescission of FASB Interpretation No. 34&#148; (&#147;FIN 45&#148;).&#160; FIN 45 requires that upon issuance of a
guarantee, the entity must recognize a liability for the fair value of the
obligation it assumes under that guarantee.&#160;
FIN 45 requires disclosure about each guarantee even if the likelihood
of the guarantor&#146;s having to make any payments under the guarantee is
remote.&#160; The provisions for initial
recognition and measurement are effective on a prospective basis for guarantees
that are issued or modified after December 31, 2002.&#160; Management does not expect the adoption of this Interpretation to
have a material impact on our results of operations or financial position.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In January 2003, the FASB issued FASB Interpretation No. 46,
&#147;Consolidation of Variable Interest Entities, an Interpretation of ARB No. 51&#148;
(&#147;FIN 46&#148;).&#160; This Interpretation of
Accounting Research Bulletin No. 51 &#147;Consolidated Financial Statements,&#148;
requires certain variable interest entities to be consolidated by the primary
beneficiary of the entity if the equity investors in the entity do not have the
characteristics of a controlling financial interest or do not have sufficient
equity at risk for the entity to finance its activities without additional
subordinated financial support from other parties.&#160; FIN 46 is effective immediately for all new variable interest
entities created or acquired after January 31, 2003.&#160; For variable interest entities created or acquired prior to
February 1, 2003, the provisions of FIN 46 must be applied for the first interim
or annual period beginning after June 15, 2003.&#160; Management does not expect the adoption of this Interpretation to
have a material impact on our results of operations or financial position.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><a name="Item3_QuantitativeAndQualitativeDis"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 3.&#160;
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></b></a></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
March 31, 2003, we had $120.9 million of debt outstanding under our revolving
loan facility, which bears interest at LIBOR based variable rates.&#160; We are exposed to market risk on variable
rate debt due to potential adverse changes in the LIBOR rate.&#160; Assuming the outstanding balance on the
revolving loan facility remains constant, a one percentage point increase in
the LIBOR rate would reduce annual pre-tax earnings and cash flows by $1.2
million.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to mitigate a portion of the market risk associated with our
variable rate debt, we entered into interest rate swap contracts with major
financial institutions during March 2003.&#160;
Under terms of these contracts we receive a LIBOR based variable interest
rate and pay a fixed interest rate on a notional amount of $60.0 million.&#160; As a result of these contracts, the Company
will pay a fixed interest rate of approximately 5.05% on $60.0 million of the
floating rate debt described in note 10 in this report.&#160; Assuming the March 31, 2003, notional
amounts under the interest rate swap contracts remain constant, a one
percentage point increase in the LIBOR rate would increase annual pre-tax
earnings and cash flows by $0.6 million.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-autospace:none;"><a name="Item4_ControlsAndProcedures"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM
4.&#160; CONTROLS AND PROCEDURES</font></b></a></h5>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the supervision and with the participation of our management,
including our president and Chief Executive Officer (&#147;CEO&#148;) and Chief Financial
Officer (&#147;CFO&#148;), we have evaluated the effectiveness of the design and
operation of our disclosure controls and procedures pursuant to Exchange Act
Rule 13a-14 within 90 days of the filing date of this quarterly report, and,
based on their evaluation, our CEO and CFO have concluded that these controls
and procedures are effective. There were no significant changes in our internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their evaluation.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclosure controls and procedures are our controls and other
procedures that are designed to ensure that information required to be
disclosed by us in the reports that we file or submit under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified
in the Securities and Exchange Commission&#146;s rules and forms. Disclosure controls
and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed by us in the reports that we
file or submit under the Exchange Act is accumulated and communicated to our
management, including our CEO and CFO, as appropriate to allow timely decisions
regarding required disclosure.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='23',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt 31.7pt;text-align:center;text-autospace:none;"><a name="PartIi_OtherInformation"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART II.
OTHER INFORMATION</font></b></a></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 1.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><a name="LegalProceedings"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Proceedings</font></u></a></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 2.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><a name="ChangesInSecuritiesAndUseOfProceed"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in Securities and
  Use of Proceeds</font></u></a></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 3.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><a name="DefaultsUponSeniorSecurities"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Defaults Upon Senior
  Securities</font></u></a></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 4.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><a name="SubmissionOfMattersToAVoteOfSecur"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Submission of Matters to a
  Vote of Security Holders</font></u></a></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 5.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><a name="OtherInformation"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Information</font></u></a></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 6.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><a name="ExhibitsAndReportsOnForm8k_"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibits and Reports on
  Form 8-K.</font></u></a></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="83%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font></p>
  </td>
  <td width="77%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:77.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibits</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:77.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:77.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:77.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font></p>
  </td>
  <td width="77%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:77.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports on Form 8-K</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:77.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Churchill Downs
  Incorporated filed a Current Report on Form 8-K dated December 26, 2002,
  under Item 2, &#147;Acquisitions or Disposition of Assets,&#148; reporting on the
  transfer and lease back of certain of our assets related to the financing of
  the master plan redevelopment project.</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.4%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Churchill Downs
  Incorporated filed a Current Report on Form 8-K dated February 12, 2003,
  under Item 5, &#147;Other Events&#148;, attaching our fourth quarter and fiscal year
  ended December 31, 2002 earnings release dated February 11, 2003.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='24',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><a name="Signatures"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></b></a></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHURCHILL DOWNS
  INCORPORATED</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 14, 2003</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:30.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;Thomas H. Meeker</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas H. Meeker</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal Executive
  Officer)</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 14, 2003</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:30.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;Michael E. Miller</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael E. Miller</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President
  and</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:60.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal Financial and
  Accounting Officer)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='25',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
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</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Certifications"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATIONS</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I,
Thomas H. Meeker, certify that:</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">I have reviewed this quarterly report on
Form 10-Q of Churchill Downs Incorporated;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on my knowledge, this quarterly
report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with
respect to the period covered by this quarterly report;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on my knowledge, the financial
statements, and other financial information included in this quarterly report,
fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented
in this quarterly report.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant&#146;s other certifying
officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14)
for the registrant and we have:</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Designed such disclosure controls and
procedures to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this quarterly report
is being prepared;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Evaluated the effectiveness of the
registrant&#146;s disclosure controls and procedures as of a date within 90 days
prior to the filing date of this quarterly report (the &#147;Evaluation Date&#148;); and</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Presented in this quarterly report our
conclusions about the effectiveness of the disclosure controls and procedures
based on our evaluation as of the Evaluation Date;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant&#146;s other certifying
officers and I have disclosed, based on our most recent evaluation, to the
registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
directors (or persons performing the equivalent function):</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">All significant deficiencies in the
design or operation of internal controls which could adversely affect the registrant&#146;s
ability to record, process, summarize and report financial data and have
identified for the registrant&#146;s auditors any material weaknesses in internal
controls; and</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
registrant&#146;s internal controls; and</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant&#146;s other certifying
officers and I have indicated in this quarterly report whether or not there
were significant changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of our most
recent evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&#160; May 14, 2003</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;Thomas H. Meeker</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.7%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas H. Meeker</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.7%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President
  and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>


<div style="margin:0in 0in .0001pt;"><font size="3" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='26',FILE='C:\C2\jkeene\0603_6\t_1529886\j0603_10q.htm',USER='jkeene',CD='May 14 11:40 2003' -->
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</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I,
Michael E. Miller, certify that:</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">I have reviewed this quarterly report on
Form 10-Q of Churchill Downs Incorporated;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on my knowledge, this quarterly
report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with
respect to the period covered by this quarterly report;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on my knowledge, the financial
statements, and other financial information included in this quarterly report,
fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods
presented in this quarterly report.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant&#146;s other certifying
officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14)
for the registrant and we have:</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Designed such disclosure controls and
procedures to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this quarterly report
is being prepared;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Evaluated the effectiveness of the
registrant&#146;s disclosure controls and procedures as of a date within 90 days
prior to the filing date of this quarterly report (the &#147;Evaluation Date&#148;); and</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Presented in this quarterly report our
conclusions about the effectiveness of the disclosure controls and procedures
based on our evaluation as of the Evaluation Date;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant&#146;s other certifying
officers and I have disclosed, based on our most recent evaluation, to the
registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
directors (or persons performing the equivalent function):</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">All significant deficiencies in the
design or operation of internal controls which could adversely affect the
registrant&#146;s ability to record, process, summarize and report financial data
and have identified for the registrant&#146;s auditors any material weaknesses in
internal controls; and</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
registrant&#146;s internal controls; and</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant&#146;s other certifying
officers and I have indicated in this quarterly report whether or not there
were significant changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of our most
recent evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="font-family:'Times New Roman';">
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&#160; May 14, 2003</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:25.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;Michael E. Miller</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr style="font-family:'Times New Roman';">
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:30.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael E. Miller</font></p>
  </td>
 </tr>
 <tr style="font-family:'Times New Roman';">
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:30.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President
  and</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:30.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>


<div style="margin:0in 0in .0001pt;"><font size="3" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-decoration:underline;"><a name="ExhibitIndex"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
INDEX</font></u></b></a></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Numbers</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">By Reference To</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3(a)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restated Bylaws of Churchill
  Downs Incorporated as amended</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report on Form 10-Q for
  the fiscal quarter ended March 31, 2003.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.46%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(a)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$100,000,000 Churchill
  Downs Incorporated Note Purchase Agreement for Floating Rate Senior Secured
  Notes, dated as of April 3, 2003</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report on Form 10-Q for
  the fiscal quarter ended March 31, 2003.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.46%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10(a)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment Agreement dated
  as of March 13, 2003, with Thomas H. Meeker, President</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report on Form 10-Q for
  the fiscal quarter ended March 31, 2003.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.46%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Credit Agreement among Churchill
  Downs Incorporated, the guarantors party hereto, the Lenders party hereto and
  Bank One, Kentucky, NA, a national banking association, as agent, dated April
  3, 2003.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report on Form 10-Q for
  the fiscal quarter ended March 31, 2003.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.46%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99(a)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certification of CEO and
  CFO Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of
  the Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report on Form 10-Q for
  the fiscal quarter ended March 31, 2003.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>


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<DOCUMENT>
<TYPE>EX-3.A
<SEQUENCE>3
<FILENAME>j0603_ex3da.htm
<DESCRIPTION>EX-3.A
<TEXT>
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<head>

<title>  </title>

</head>

<body style="text-justify-trim:punctuation;">

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt .5in;text-align:right;text-autospace:none;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 3(a)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED AND RESTATED
BYLAWS OF<br><br></font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS
INCORPORATED<br><br></font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE I</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OFFICE AND SEAL</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1. OFFICES. The principal office of the Corporation in the
State of Kentucky shall be located at 700 Central Avenue, Louisville, Kentucky.
The Corporation may have such other offices, either within or without the State
of Kentucky, as the business of the Corporation may require from time to time.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2. THE CORPORATE SEAL. The Seal of the Corporation shall be
circular in form, mounted upon a metal die suitable for impressing same upon
paper, and along the upper periphery of the seal shall appear the word
&#147;Churchill Downs&#148; and along the lower periphery thereof the word &#147;Kentucky&#148;.
The center of the seal shall contain the word &#147;Incorporated&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE II</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STOCKHOLDERS
MEETINGS AND RECORD DATES</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1. ANNUAL MEETING. The date of the annual meeting of the
stockholders for the purpose of electing directors and for the transaction of
such other business as may come before the meeting shall be established by the
Board of Directors, but shall not be later than 180 days following the end of
the Corporation&#146;s fiscal year. If the election of Directors shall not be held
on the day designated for any annual meeting, or at any adjournment thereof,
the Board of Directors shall cause the election to be held at a special meeting
of the stockholders to be held as soon thereafter as may be convenient.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">SECTION 2. SPECIAL MEETINGS. Special meetings of the stockholders may
be called by holders of not less than 66</font>b</font>% of all shares entitled to vote at the
meeting, or by a majority of the members of the Board of Directors.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3. PLACE OF MEETING. The Board of Directors may designate any
place within or without the State of Kentucky as the place of meeting for any
annual meeting of stockholders, or any place either within or without the State
of Kentucky as the place of meeting for any special meeting called by the Board
of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If no designation is made, or if a special meeting be called by other
than the Board of Directors, the place of meeting shall be the principal office
of the Corporation in the State of Kentucky.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4. NOTICE OF MEETINGS. Written notice stating the place, day
and hour of the meeting and, in case of a special meeting, the purpose or
purposes for which the meeting is called, shall be delivered not less than ten
(10) nor more than sixty (60) days before the date of the meeting, either
personally or by mail, by or at the direction of the President, or the
Secretary, or the officer or persons calling the meeting, to each stockholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail in a sealed
envelope addressed to the stockholder at his address as it appears on the
records of the Corporation, with first class postage thereon prepaid.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5. RECORD DATE. The Corporation&#146;s record date shall be fixed by
the Board of Directors for the determination of stockholders entitled to notice
of or to vote at a meeting of stockholders, or stockholders entitled to receive
any distribution. When a determination of stockholders entitled to vote at any
meeting of stockholders has been made as provided herein, such determination
shall apply to any adjournment thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6. VOTING LISTS AND SHARE LEDGER. The Secretary shall prepare a
complete list of the stockholders entitled to vote at any meeting, or any
adjournment thereof, arranged in alphabetical order, with the address of and
the number of shares held by each stockholder, which list shall be produced and
kept open at the meeting and shall be subject to the inspection of any
stockholder during the meeting. The original share ledger or stock transfer
book, or a duplicate thereof kept in this State, shall be <u>prima</u>  <u>facie</u>
evidence as to the stockholders entitled to examine such list or share ledger
or stock transfer book, or the stockholders entitled to vote at any meeting of
stockholders or to receive any dividend.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7. QUORUM. A majority of the outstanding shares entitled to
vote, represented in person or by proxy, shall constitute a quorum at any
meeting of stockholders. The stockholders present at a duly organized meeting
can continue to do business at any adjourned meeting, notwithstanding the
withdrawal of enough stockholders to leave less than a quorum.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8. PROXIES. At all meetings of stockholders, a stockholder may
vote by proxy. An appointment of a proxy shall be executed in writing by the
stockholder or by his duly authorized attorney-in-fact and be filed with the
Secretary of the Corporation before or at the time of the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.&#160; NATURE OF
BUSINESS.&#160; At any meeting of
stockholders, only such business shall be conducted as shall have been brought
before the meeting by or at the direction of the Board of Directors or by any
stockholder who complies with the procedures set forth in this Section 9.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No business may be transacted at any meeting of stockholders, other
than business that is either (a) specified in the notice of meeting (or any
supplement thereto) given by or at the direction of the Board of Directors, (b)
otherwise properly brought before such meeting of stockholders by or at the
direction of the Board of Directors, or (c)&#160;
in the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">case of any annual meeting of stockholders or
a special meeting called for the purpose of electing directors, otherwise
properly brought before such meeting by any stockholder (i) who is a
stockholder of record on the date of the giving of the notice provided for in
this Section 9 and on the record date for the determination of stockholders
entitled to vote at such meeting of stockholders and (ii) who complies with the
notice procedures set forth in this Section 9.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to any other applicable requirements, for business to be
properly brought before any annual meeting of stockholders by a stockholder, or
for a nomination of a person to serve as a Director, to be made by a
stockholder, such stockholder must have given timely notice thereof in proper
written form to the Secretary.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">To be timely, a stockholder</font>&#146;</font>s notice to the Secretary must be delivered
or mailed to and be received at the principal executive offices of the
Corporation (a) in the case of the annual meeting of stockholders, not less
than ninety (90) nor more than one&#160;
hundred and twenty (120) days prior to the anniversary date of the
immediately preceding annual meeting of stockholders; <u>provided, however</u>,
that in the event that the annual meeting of stockholders is called for a date
that is not within thirty (30) days before or after such anniversary date,
notice by the stockholder, in order to be timely, must be so received not later
than the close of business on the tenth (10th) day following the day on which notice
of the date of the annual meeting of stockholders was mailed or public
disclosure of the date of such meeting was made, whichever first occurs; and
(b) in the case of a special meeting of stockholders called for the purpose of
electing directors, not later than the close of business on the tenth (10th)
day following the day on which notice of the date of the special meeting of
stockholders was mailed or public disclosure of the date of such meeting was
made, whichever first occurs.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">To be in proper written form, a stockholder</font>&#146;</font>s notice to the Secretary must set forth as
to each matter (including nominations) such stockholder proposes to bring
before the meeting of stockholders (a) a brief description of the business
desired to be brought before the meeting and the reasons for conducting the
business at the meeting, (b) the name and record address of such stockholder,
(c) the class or series and number of shares of capital stock of the
Corporation which are owned beneficially or of record by such stockholder as of
the record date for the meeting (if such date shall then have been made
publicly available and shall have occurred) and as of the date of such notice,
(d) a description of all arrangements or understandings between such
stockholder and any other person or persons (including their names) in
connection with the proposal of such business by such stockholder and any
material interest of such stockholder in such business, (e) as to each person
whom the stockholder proposes to nominate for election as a director (i) the
name, age, business address and residence address of the person and (ii) the
class or series and number of shares of capital stock of the Corporation which
are owned beneficially or of record by the person as of the record date for the
meeting (if such date shall then have been made publicly available and shall
have occurred) and as of the date of such notice, (f) any other information
which would be required to be disclosed in a proxy statement or other filings
required to be made in connection with the solicitations of proxies for the
proposal (including, if applicable, with respect to the election of directors)
pursuant </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to Section 14 of the Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated thereunder if
such stockholder were engaged in such solicitation, and (g) a representation
that such stockholder intends to appear in person or by proxy at the meeting to
bring such business before the meeting.&#160;
Any notice concerning the nomination of a person for election as a
director must be accompanied by a written consent of the proposed nominee to
being named as a nominee and to serve as a director if elected.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No business shall be conducted and no person shall be eligible for
election as a Director at any annual meeting of stockholders or a special
meeting of stockholders called for the purpose of electing directors except
business or nominations brought before such meeting in accordance with the
procedures set forth in this Section 9; <u>provided</u>, <u>however</u>, that,
once business has been properly brought before the meeting in accordance with
such procedures, nothing in this Section 9 shall be deemed to preclude
discussion by any stockholder of any such business.&#160; If the chairman of the meeting of stockholders determines that
business was not properly brought before such meeting, or a nomination was not
properly made, as the case may be, in accordance with the foregoing procedures,
the chairman shall declare to the meeting that (a) the business was not
properly brought before the meeting and such business shall not be transacted,
or, if applicable, (b) the nomination was defective and such defective
nomination shall be disregarded.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE III</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DIRECTORS</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1. GENERAL POWERS. The business and affairs of the Corporation
shall be managed by a Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
2.&#160; NUMBER AND TENURE.&#160; The Board of Directors shall consist of
fourteen (14) members but the number may be increased or decreased by amendment
of this Bylaw.&#160; The Directors shall be
divided into three classes, consisting of four (4) Class I Directors, five (5)
Class II Directors and five (5) Class III Directors.&#160; Each director shall hold office for a term of three (3) years or
until his successor shall have been elected and qualifies for the office,
whichever period is longer.&#160; A person
shall not be qualified for election as a Director unless he shall be less than
seventy (70) years of age on the date of election.&#160; Each Director shall become a Director Emeritus upon expiration of
his current term following the date the Director is no longer qualified for
election as a Director due to age.&#160;
Directors Emeritus may attend all regular and special meetings of the Board
of Directors and shall serve in an advisory capacity without a vote in Board
actions.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3. REGULAR MEETINGS. A regular meeting of the Board of
Directors shall be held without other notice than this bylaw, immediately
after, and at the same place as, the annual meeting of stockholders. The Board
of Directors may provide, by resolution, the time and place, either within or
without the State of Kentucky, for the holding of additional regular meetings
without other notice than such resolution.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4. SPECIAL MEETINGS. Special meetings of the Board of Directors
may be called by or at the request of the President, the Chairman of the Board
or the majority of the Board of Directors. The person or persons authorized to
call special meetings of the Board of Directors may fix any place, either
within or without the State of Kentucky, as the place for holding any special
meeting of the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5. NOTICE. Notice of any special meeting of the Board of
Directors shall be given by notice delivered personally, by mail, by telegraph
or by telephone. If mailed, such notice shall be given at least five (5) days
prior thereto and such mailed notice shall be deemed to have been delivered
upon the earlier of receipt or five (5) days after it is deposited in the
United States mail in a sealed envelope so addressed, with first class postage
thereon prepaid. If notice is given by telegram, it shall be delivered at least
twenty-four (24) hours prior to the special meeting and such telegram notice
shall be deemed to have been delivered when the telegram is delivered to the
telegraph company. Personal notice and notice by telephone shall be given at
least twenty-four (24) hours prior to the special meeting and shall be deemed
delivered upon receipt. Any Director may waive notice of any meeting. The
attendance of a Director at any meeting shall constitute a waiver of notice of
such meeting, except when a Director attends a meeting for the express purpose
of objecting to the transaction of any business because the meeting is not
lawfully called or convened. Neither the business to be transacted at, nor the
purpose of, any regular or special meeting of the Board of Directors need be
specified in the notice or waiver of notice of such meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6. QUORUM. A majority of the Board of Directors shall
constitute a quorum for the transaction of business at any meeting of the Board
of Directors, provided that if less than a majority of the Directors are
present at said meeting, a majority of the Directors present may adjourn the
meeting from time to time without further notice.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7. MANNER OF ACTING. The act of the majority of the Directors
present at a meeting at which a quorum is present shall be the act of the Board
of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8. VACANCIES. Any vacancy occurring in the Board of Directors
may be filled by the affirmative vote of a majority of the remaining Directors
though less than a quorum of the Board of Directors. A Director elected to fill
a vacancy shall serve until the next annual meeting of the stockholders.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9. INFORMAL ACTION. Any action required or permitted to be
taken of the Board of Directors or of a committee of the Board, may be taken
without a meeting if a consent, in writing, setting forth action so taken shall
be signed by all of the Directors, or all of the members of the committee, as
the case may be.&#160; Members of the Board
of Directors or any committee designated by the Board may participate in a
meeting of such Board or committee by means of conference telephone or similar
communications equipment whereby all persons participating in the meeting can
hear or speak to each </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other at the same time.&#160; Participation in a meeting pursuant to this
section shall constitute presence in person at the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 10.&#160; NOMINATION OF
DIRECTORS.&#160; Only persons who are
nominated in accordance with the procedures set forth in Section 9 of Article
II of these Bylaws shall be eligible for election as Directors of the
Corporation, except as may be otherwise provided in the Restated Articles of
Incorporation with respect to the right of holders of preferred stock of the
Corporation to nominate and elect a specified number of Directors in certain
circumstances.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE IV</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMMITTEES OF
THE BOARD</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1. COMMITTEES. The Board of Directors shall have authority to
establish such committees as it may consider necessary or convenient for the
conduct of its business. All committees so established shall keep minutes of every
meeting thereof and such minutes shall be submitted at the next regular meeting
of the Board of Directors at which a quorum is present, and any action taken by
the Board with respect thereto shall be entered in the minutes of the Board.
Each committee so established shall elect a Chairman of the committee.&#160; On all committees where the Chairman of the
Board is not appointed as a voting member, the Chairman of the Board shall be
an ex officio, nonvoting member of that committee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2. THE EXECUTIVE COMMITTEE.&#160;
The Board of Directors shall appoint and establish an Executive
Committee composed of up to six (6) Directors who shall be appointed by the
Board annually. The Executive Committee shall have and may exercise when the
Board of Directors is not in session, all of the authority of the Board of
Directors that may lawfully be delegated; provided, however, the Executive
Committee shall not have the power to enter into any employment agreement with
an officer of the Corporation, without the specific approval and ratification
of the Board of Directors. A majority in membership of the Executive Committee
shall constitute a quorum.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3. THE AUDIT COMMITTEE. The Board of Directors shall appoint
and establish an Audit Committee composed of up to five (5) Directors, none of
whom shall be officers, who shall be appointed by the Board annually. The Audit
Committee shall make an examination every twelve months into the affairs of the
Corporation and report the results of such examination in writing to the Board
of Directors at the next regular meeting thereafter. Such report shall state
whether the Corporation is in sound condition and whether adequate internal
audit controls and procedures are being maintained and shall include
recommendations to the Board of Directors regarding such changes in the manner
of doing business or conducting the affairs of the Corporation as shall be
deemed advisable.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.&#160; THE COMPENSATION
COMMITTEE.&#160; The Board of Directors shall
appoint and establish a Compensation Committee to be composed of five (5) </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Directors who shall be appointed by the Board
annually.&#160; Each member of the
Compensation Committee shall be a director who is not, during the one year
prior to service or during such service, granted or awarded equity securities
pursuant to any executive compensation plan of the Company.&#160; It shall be the duty of the Compensation
Committee to administer the Company</font>&#146;</font>s Supplemental Benefit Plan[s], the Company&#146;s Incentive Compensation Plan[s], the
Company&#146;s Stock Option Plan[s],
any executive compensation plan and any shareholder approved employee stock
purchase or thrift plan, including without limitation, matters relating to the
amendment, administration, interpretation, employee eligibility for and
participation in, and termination of, the foregoing plans.&#160; It shall further be the duty of the
Compensation Committee to review annually the salary paid to the President and
Chief Executive Officer of the Company and to exercise any other authorities
relating to compensation that the Board may lawfully delegate to it; provided,
however, the Compensation Committee shall not have the power to enter into any
employment agreement with an officer of the Company without the specific approval
and ratification of the Board of Directors.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5. THE RACING COMMITTEE.&#160;
The Board of Directors may appoint and establish a Racing Committee to
be composed of up to four (4) Directors who may be appointed by the Board
annually.&#160; The Racing Committee shall be
responsible for and shall have the authority to obligate the Corporation with
respect to matters concerning the Corporation&#146;s contracts and relations with
horsemen, jockeys and others providing services relating to the conduct of
horse racing, including the authority to approve and cause the Corporation to
enter into contracts with organizations representing horsemen and/or commit to
provide benefits or services by the Corporation to horsemen and others.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6. NOTICE OF COMMITTEE MEETINGS. Notice of all meetings by the
committees established in this Article shall be given in accordance with the
special meeting notice section, Article III, Section 5, of these Bylaws.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE V</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OFFICERS</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1. CLASSES. The officers of the Corporation shall be a Chairman
of the Board, a President, one or more Vice Presidents, a Secretary, a
Treasurer and such other officers and agents as may be provided by the Board
and elected in accordance with the provisions of this Article. Any of the
offices may be combined in one person in accordance with the provisions of law.
The Chairman of the Board of Directors shall be a member of the Board but none
of the other officers is required to be a member of the Board.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2. ELECTION AND TERM OF OFFICE. The officers of the Corporation
shall be elected annually by the Board of Directors at the first meeting of the
Board held after each annual meeting of stockholders. If the election of
officers shall not be held at such meeting, such election shall be held as soon
thereafter as convenient. Vacancies may be filled or new offices created and
filled at any meeting of the Board of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directors. Each officer shall hold office
until his successor shall have been duly elected and shall have qualified or
until his death or until he shall resign or shall have been removed from office
in the manner hereinafter provided.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3. REMOVAL. Any officer elected by the Board of Directors may
be removed by the President whenever in his judgment the best interest of the
Corporation would be served thereby, but such removal shall be without
prejudice to the contract rights, if any, of the person so removed and shall be
subject always to supervision and control of the Board of Directors. Election
or appointment of an officer or agent shall not of itself create contractual
rights.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4. CHAIRMAN OF THE BOARD. The Chairman of the Board of
Directors shall call to order and preside at all stockholders&#146; meetings and at
all meetings of the Board of Directors. He shall perform such other duties as
he may be authorized to perform by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5. PRESIDENT. The President shall be the chief executive
officer of the Corporation and as such shall in general supervise and control
all of the business operations and affairs of the Corporation. In the absence
of the Chairman of the Board of Directors, or in the event of the death or
incapacity of the Chairman, the President shall perform the duties of the
Chairman until a successor Chairman is elected or until the incapacity of the
Chairman terminates. The President shall have full power to employ and cause to
be employed and to discharge and cause to be discharged all employees of the
Corporation, subject always to supervision and control of the Board of
Directors. When authorized so to do by the Board of Directors, he shall execute
contracts and other documents for and in behalf of the Corporation. Unless
otherwise ordered by the Board of Directors, the President shall have full
power and authority on behalf of the Corporation to attend, act and vote at any
meeting of stockholders of any corporation in which this Corporation may hold
stock. He shall perform such other duties as may be specified in the Bylaws and
such other duties as he may be authorized to perform by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6. EXECUTIVE VICE PRESIDENT. In the case of the death of the
President or in the event of his inability to act, the Executive Vice President
designated by the Board shall perform the duties of the President and, when so
acting, shall have all the powers of and be subject to all restrictions upon
the President. The Executive Vice President shall perform such other duties as
from time to time may be assigned by the President or by the Board of
Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7. TREASURER. The Treasurer, subject to the control of the
Board of Directors, and together with the President, shall have general
supervision of the finances of the Corporation. He shall have care and custody
of and be responsible for all moneys due and payable to the Corporation from
any source whatsoever and deposit such moneys in the name of the Corporation in
such banks, trust companies or other depositories as shall be selected in
accordance with the provisions of these Bylaws. The Treasurer shall have the
care of, and be responsible for all securities, evidences of value </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and corporate instruments of the Corporation,
and shall supervise the officers and other persons authorized to bank, handle
and disburse its funds, informing himself as to whether all deposits are or
have been duly made and all expenditures duly authorized and evidenced by
proper receipts and vouchers. He shall cause full and accurate books to be
kept, showing the transactions of the Corporation, its accounts, assets,
liabilities and financial condition, which shall at all times be open to the
inspection of any Director, and he shall make due reports to the Board of
Directors and the stockholders, and such statements and reports as are required
of him by law. Subject to the Board of Directors, he shall have such other
powers and duties as are incident to his office and not inconsistent with the
Bylaws, or as may be assigned to him at any time by the Board.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8. SECRETARY. The Secretary shall attend all meetings of the
Board of Directors, make a record of the business transacted and record same in
one or more books kept for that purpose. The Secretary shall see that the Stock
Transfer Agent of the Corporation keeps proper records of all transfers,
cancellations and reissues of stock of the Corporation and shall keep a list of
the stockholders of the Corporation in alphabetical order, showing the Post
Office address and number of shares owned by each. The Secretary shall also
keep and have custody of the seal of the Corporation and when so directed and
authorized by the Board of Directors shall affix such seal to instruments
requiring same. The Secretary shall be responsible for authenticating records
of the Corporation and shall perform such other duties as may be specified in
the Bylaws or as he may be authorized to perform by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9. VICE PRESIDENTS. There may be additional Vice Presidents
elected by the Board of Directors who shall have such responsibilities, powers
and duties as from time to time may be assigned by the President or by the
Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VI</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONTRACTS,
LOANS, CHECKS AND DEPOSITS</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1. CONTRACTS AND AGREEMENTS. The Board of Directors may
authorize any officer or officers, agent or agents, to enter into any contract
or agreement or execute and deliver any instruments in the name of and on
behalf of the Corporation, and such authority may be general or confined to
specific instances.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2. LOANS. No loans shall be contracted on behalf of the
Corporation, and no evidences of indebtedness shall be issued in its name
unless authorized by a resolution of the Board of Directors. Such authority may
be general or confined to specific instances.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3. CHECKS, DRAFTS, ORDERS, ETC. All checks, drafts or other
orders for the payment of money, notes or other evidences of indebtedness
issued in the name of the Corporation shall be signed by such officer or
officers, agent or agents, of the Corporation and in such manner as shall from
time to time be determined by resolution of the Board of Directors.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4. DEPOSITS. All funds of the Corporation not otherwise
employed shall be deposited from time to time to the credit of the Corporation
in such banks, trust companies, or other depositories as the Board of Directors
may select.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VII</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATES
FOR SHARES AND THEIR TRANSFER</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1. CERTIFICATES FOR SHARES. Certificates representing shares of
the Corporation shall be in such form as may be determined by the Board of
Directors. Such certificates shall be signed by the President or Vice President
and by the Secretary or an assistant Secretary and may be sealed with the seal
of the Corporation of a facsimile thereof. All certificates surrendered to the
Corporation for transfer shall be canceled, and no new certificate shall be
issued until the former certificate for all like number of shares shall have
been surrendered and cancelled, except that in case of a lost, destroyed or
mutilated certificate, a new one may be issued therefor upon such terms and
indemnity to the Corporation as the Board of Directors may prescribe.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2. TRANSFER OF SHARES. Transfer of shares of the Corporation
shall be made only on the books of the Corporation by the registered holder
thereof or by his attorney authorized by power of attorney duly executed and
filed with the Secretary of the Corporation, and on surrender for cancellation
of the certificate for such shares. The person in whose name shares stand on
the books of the Corporation shall be deemed the owner thereof for all purposes
as regards the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VIII</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FISCAL YEAR</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The fiscal year of the Corporation shall begin on the 1st day of
January and end on the 31st day of December.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE IX</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WAIVER OF
NOTICE</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever any notice is required to be given under the provisions of
these Bylaws, or under the provisions of the Articles of Incorporation, or
under the provisions of the corporation laws of the State of Kentucky, waiver
thereof in writing, signed by the person, or persons, entitled to such notice,
whether before or after the time stated therein, shall be deemed equivalent to
the giving of such notice.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE X</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDEMNIFICATION
OF OFFICERS AND DIRECTORS</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation shall indemnify and may advance expenses to all
Directors, officers, employees, or agents of the Corporation, and their
executors, administrators or heirs, who are, were or are threatened to be made
a defendant or respondent to any threatened, pending or completed action, suit
or proceedings (whether civil, criminal, administrative or investigative) by
reason of the fact that he is or was a Director, officer, employee or agent of
the Corporation, or while a Director, officer, employee or agent of the
Corporation, is or was serving the Corporation or any other legal entity in any
capacity at the request of the Corporation (hereafter a &#147;Proceeding&#148;), to the
fullest extent that is expressly permitted or required by the statutes of the
Commonwealth of Kentucky and all other applicable law.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the foregoing, the Corporation shall, by action of the
Board of Directors, have the power to indemnify and to advance expenses to all
Directors, officers, employees or agents of the Corporation who are, were or
are threatened to be made a defendant or respondent to any Proceeding, in such
amounts, on such terms and conditions, and based upon such standards of conduct
as the Board of Directors may deem to be in the best interests of the
Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE XI</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FIDELITY BONDS</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors shall have authority to require the execution of
fidelity bonds by all or any of the officers, agents and employees of the
Corporation in such amount as the Board may determine. The cost of any such
bond shall be paid by the Corporation as an operating expense.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE XII</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDMENT OF
BYLAWS</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors may alter, amend or rescind these Bylaws,
subject to the right of the stockholders to repeal or modify such actions.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


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<DOCUMENT>
<TYPE>EX-4.A
<SEQUENCE>4
<FILENAME>j0603_ex4da.htm
<DESCRIPTION>EX-4.A
<TEXT>
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<title>  </title>

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<div style="font-family:'Times New Roman';">

<p align="right" style="line-height:normal;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 4(a)</font></b></p>

<div style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 1.0pt 0in;">

<p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHURCHILL DOWNS INCORPORATED</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$100,000,000</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Floating Rate Senior Secured Notes due March&nbsp;31,
2010</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>


<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTE PURCHASE AGREEMENT</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>


<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated April&nbsp;3, 2003</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 1.0pt 0in;">

<p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Not a part of the Agreement)</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;margin-left:.05pt;width:100.0%;">
 <tr>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:14.0pt;margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">SECTION</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:14.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:78.68%;">
  <p align="center" style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">HEADING</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:78.68%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1" title="Click to goto SECTION&#160;1">SECTION&nbsp;1.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1" title="Click to goto SECTION&#160;1">AUTHORIZATION OF NOTES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section" title="Click to goto SECTION">SECTION&nbsp;2.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section" title="Click to goto SECTION">SALE AND PURCHASE OF NOTES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3" title="Click to goto SECTION&#160;3">SECTION&nbsp;3.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3" title="Click to goto SECTION&#160;3">CLOSING</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4" title="Click to goto SECTION&#160;4">SECTION&nbsp;4.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4" title="Click to goto SECTION&#160;4">CONDITIONS TO CLOSING</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_1_" title="Click to goto Section&#160;4.1.">Section&nbsp;4.1.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_1_" title="Click to goto Section&#160;4.1.">Representations
  and Warranties</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_2_" title="Click to goto Section&#160;4.2.">Section&nbsp;4.2.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_2_" title="Click to goto Section&#160;4.2.">Performance; No
  Default</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_3_" title="Click to goto Section&#160;4.3.">Section&nbsp;4.3.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_3_" title="Click to goto Section&#160;4.3.">Compliance
  Certificates</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_4_" title="Click to goto Section&#160;4.4.">Section&nbsp;4.4.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_4_" title="Click to goto Section&#160;4.4.">Opinions of Counsel</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_5_" title="Click to goto Section&#160;4.5.">Section&nbsp;4.5.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_5_" title="Click to goto Section&#160;4.5.">Purchase
  Permitted by Applicable Law, etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_6_" title="Click to goto Section&#160;4.6.">Section&nbsp;4.6.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_6_" title="Click to goto Section&#160;4.6.">Sale of Other
  Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_7_" title="Click to goto Section 4.7.">Section 4.7.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_7_" title="Click to goto Section 4.7.">Guarantee Agreement</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_8_" title="Click to goto Section 4.8.">Section 4.8.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_8_" title="Click to goto Section 4.8.">Collateral and Other
  Documents</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_9_" title="Click to goto Section 4.9.">Section 4.9.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_9_" title="Click to goto Section 4.9.">Collateral Sharing
  Agreement</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_10_" title="Click to goto Section 4.10.">Section 4.10.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_10_" title="Click to goto Section 4.10.">Perfection of Liens</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_11_" title="Click to goto Section 4.11.">Section 4.11.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_11_" title="Click to goto Section 4.11.">Discharge of
  Existing Liens</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_12_" title="Click to goto Section 4.12.">Section 4.12.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_12_" title="Click to goto Section 4.12.">Bank Credit
  Agreement</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_13_" title="Click to goto Section 4.13.">Section 4.13.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_13_" title="Click to goto Section 4.13.">Payment of Special
  Counsel Fees</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_14_" title="Click to goto Section&#160;4.14.">Section&nbsp;4.14.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_14_" title="Click to goto Section&#160;4.14.">Private
  Placement Number</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_15_" title="Click to goto Section&#160;4.15.">Section&nbsp;4.15.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_15_" title="Click to goto Section&#160;4.15.">Changes in
  Corporate Structure</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_16_" title="Click to goto Section&#160;4.16.">Section&nbsp;4.16.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_16_" title="Click to goto Section&#160;4.16.">Proceedings and
  Documents</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_" title="Click to goto SECTION&#160;5.">SECTION&nbsp;5.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_" title="Click to goto SECTION&#160;5.">REPRESENTATIONS AND
  WARRANTIES OF THE COMPANY</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_1_" title="Click to goto Section&#160;5.1.">Section&nbsp;5.1.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_1_" title="Click to goto Section&#160;5.1.">Organization;
  Power and Authority</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_2_" title="Click to goto Section&#160;5.2.">Section&nbsp;5.2.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_2_" title="Click to goto Section&#160;5.2.">Authorization,
  etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_3_" title="Click to goto Section&#160;5.3.">Section&nbsp;5.3.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_3_" title="Click to goto Section&#160;5.3.">Disclosure</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_4_" title="Click to goto  Section&#160;5.4.">Section&nbsp;5.4.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_4_" title="Click to goto  Section&#160;5.4.">Organization and
  Ownership of Shares of Subsidiaries; Affiliates</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_5_" title="Click to goto Section&#160;5.5.">Section&nbsp;5.5.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_5_" title="Click to goto Section&#160;5.5.">Financial
  Statements</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_6_" title="Click to goto Section&#160;5.6.">Section&nbsp;5.6.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_6_" title="Click to goto Section&#160;5.6.">Compliance with
  Laws, Other Instruments, etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_7_" title="Click to goto Section&#160;5.7.">Section&nbsp;5.7.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_7_" title="Click to goto Section&#160;5.7.">Governmental
  Authorizations, etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_8_" title="Click to goto Section&#160;5.8.">Section&nbsp;5.8.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_8_" title="Click to goto Section&#160;5.8.">Litigation;
  Observance of Agreements, Statutes and Orders</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_9_" title="Click to goto  Section&#160;5.9.">Section&nbsp;5.9.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_9_" title="Click to goto  Section&#160;5.9.">Taxes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_10_" title="Click to goto Section&#160;5.10.">Section&nbsp;5.10.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_10_" title="Click to goto Section&#160;5.10.">Title to
  Property; Leases</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_11" title="Click to goto Section&#160;5.11">Section&nbsp;5.11.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_11" title="Click to goto Section&#160;5.11">Licenses,
  Permits, etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_12" title="Click to goto  Section&#160;5.12">Section&nbsp;5.12.</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_12" title="Click to goto  Section&#160;5.12">Compliance with
  ERISA</a></font></p>
  </td>
 </tr>
</table>

<p align="center" style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i</font></p>


<div style="line-height:14.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:10.0pt;line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_13_" title="Click to goto Section&#160;5.13.">Section&nbsp;5.13.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_13_" title="Click to goto Section&#160;5.13.">Private
  Offering by the Obligors</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_14_" title="Click to goto Section&#160;5.14.">Section&nbsp;5.14.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_14_" title="Click to goto Section&#160;5.14.">Use of
  Proceeds; Margin Regulations</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_15_" title="Click to goto Section&#160;5.15.">Section&nbsp;5.15.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_15_" title="Click to goto Section&#160;5.15.">Existing
  Indebtedness; Future Liens</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_16_" title="Click to goto Section&#160;5.16.">Section&nbsp;5.16.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_16_" title="Click to goto Section&#160;5.16.">Foreign Assets
  Control Regulations, etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_17_" title="Click to goto  Section&#160;5.17.">Section&nbsp;5.17.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_17_" title="Click to goto  Section&#160;5.17.">Status under Certain
  Statutes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_18_" title="Click to goto Section&#160;5.18.">Section&nbsp;5.18.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_18_" title="Click to goto Section&#160;5.18.">Environmental
  Matters</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_19_" title="Click to goto Section 5.19.">Section 5.19.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_19_" title="Click to goto Section 5.19.">Collateral Documents</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_20_" title="Click to goto Section 5.20.">Section 5.20.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_20_" title="Click to goto Section 5.20.">Solvency</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_21_" title="Click to goto  Section 5.21.">Section 5.21.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_21_" title="Click to goto  Section 5.21.">Ranking of Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_" title="Click to goto SECTION&#160;6.">SECTION&nbsp;6.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_" title="Click to goto SECTION&#160;6.">REPRESENTATIONS OF
  THE PURCHASER</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_1_" title="Click to goto Section&#160;6.1.">Section&nbsp;6.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_1_" title="Click to goto Section&#160;6.1.">Purchase for
  Investment</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_2_" title="Click to goto Section&#160;6.2.">Section&nbsp;6.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_2_" title="Click to goto Section&#160;6.2.">Source of Funds</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_" title="Click to goto SECTION&#160;7.">SECTION&nbsp;7.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_" title="Click to goto SECTION&#160;7.">INFORMATION AS TO
  COMPANY</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_1_" title="Click to goto Section&#160;7.1.">Section&nbsp;7.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_1_" title="Click to goto Section&#160;7.1.">Financial and
  Business Information</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_2_" title="Click to goto Section&#160;7.2.">Section&nbsp;7.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_2_" title="Click to goto Section&#160;7.2.">Officer&#146;s
  Certificate</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_3_" title="Click to goto Section&#160;7.3.">Section&nbsp;7.3.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_3_" title="Click to goto Section&#160;7.3.">Inspection</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_" title="Click to goto SECTION&#160;8.">SECTION&nbsp;8.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_" title="Click to goto SECTION&#160;8.">PREPAYMENT OF THE
  NOTES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_1_" title="Click to goto Section&#160;8.1.">Section&nbsp;8.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_1_" title="Click to goto Section&#160;8.1.">Required
  Prepayments</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_2_" title="Click to goto Section&#160;8.2.">Section&nbsp;8.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_2_" title="Click to goto Section&#160;8.2.">Optional
  Prepayments</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_3_" title="Click to goto Section 8.3.">Section 8.3.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_3_" title="Click to goto Section 8.3.">Change in Control</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_4_" title="Click to goto Section&#160;8.4.">Section&nbsp;8.4.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_4_" title="Click to goto Section&#160;8.4.">Allocation of
  Partial Prepayments</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_5_" title="Click to goto Section&#160;8.5.">Section&nbsp;8.5.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_5_" title="Click to goto Section&#160;8.5.">Maturity;
  Surrender, etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_6_" title="Click to goto Section&#160;8.6.">Section&nbsp;8.6.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_6_" title="Click to goto Section&#160;8.6.">Purchase of Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_" title="Click to goto SECTION&#160;9.">SECTION&nbsp;9.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_" title="Click to goto SECTION&#160;9.">AFFIRMATIVE COVENANTS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_1_" title="Click to goto Section&#160;9.1.">Section&nbsp;9.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_1_" title="Click to goto Section&#160;9.1.">Compliance with
  Law</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_2_" title="Click to goto Section&#160;9.2.">Section&nbsp;9.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_2_" title="Click to goto Section&#160;9.2.">Insurance</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_3_" title="Click to goto Section&#160;9.3.">Section&nbsp;9.3.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_3_" title="Click to goto Section&#160;9.3.">Maintenance of
  Properties</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_4_" title="Click to goto Section&#160;9.4.">Section&nbsp;9.4.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_4_" title="Click to goto Section&#160;9.4.">Payment of Taxes
  and Claims</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_5_" title="Click to goto Section&#160;9.5.">Section&nbsp;9.5.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_5_" title="Click to goto Section&#160;9.5.">Corporate
  Existence, etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_6_" title="Click to goto Section 9.6.">Section 9.6.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_6_" title="Click to goto Section 9.6.">Form of Guaranties;
  Subsequent Guarantors</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_7_" title="Click to goto Section&#160;9.7.">Section&nbsp;9.7.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_7_" title="Click to goto Section&#160;9.7.">Further Assurances</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_8" title="Click to goto Section&#160;9.8">Section&nbsp;9.8.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_8" title="Click to goto Section&#160;9.8">Subordination of
  Intercompany Loans</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_9" title="Click to goto Section&#160;9.9">Section&nbsp;9.9.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_9" title="Click to goto Section&#160;9.9">Recordation of
  Calder Mortgage</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_" title="Click to goto SECTION&#160;10.">SECTION&nbsp;10.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_" title="Click to goto SECTION&#160;10.">NEGATIVE COVENANTS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_1_" title="Click to goto Section&#160;10.1.">Section&nbsp;10.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_1_" title="Click to goto Section&#160;10.1.">Transactions
  with Affiliates</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_2_" title="Click to goto Section&#160;10.2.">Section&nbsp;10.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_2_" title="Click to goto Section&#160;10.2.">Merger,
  Consolidation, etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_3_" title="Click to goto Section&#160;10.3.">Section&nbsp;10.3.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_3_" title="Click to goto Section&#160;10.3.">Liens</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_4_" title="Click to goto Section&#160;10.4.">Section&nbsp;10.4.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_4_" title="Click to goto Section&#160;10.4.">Minimum
  Consolidated Net Worth</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_5_" title="Click to goto Section&#160;10.5.">Section&nbsp;10.5.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_5_" title="Click to goto Section&#160;10.5.">Certain Ratios</a></font></p>
  </td>
 </tr>
</table>

<p align="center" style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii</font></p>


<div style="line-height:14.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='ii',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_6" title="Click to goto Section&#160;10.6">Section&nbsp;10.6.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_6" title="Click to goto Section&#160;10.6">Subsidiary Debt
  Limitation</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_7_" title="Click to goto Section&#160;10.7.">Section&nbsp;10.7.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_7_" title="Click to goto Section&#160;10.7.">Restricted
  Investments</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_8" title="Click to goto Section&#160;10.8">Section&nbsp;10.8.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_8" title="Click to goto Section&#160;10.8">Sale of Assets</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_9_" title="Click to goto Section&#160;10.9.">Section&nbsp;10.9.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_9_" title="Click to goto Section&#160;10.9.">Nature of
  Business</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_" title="Click to goto SECTION&#160;11.">SECTION&nbsp;11.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_" title="Click to goto SECTION&#160;11.">EVENTS OF DEFAULT</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_" title="Click to goto SECTION&#160;12.">SECTION&nbsp;12.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_" title="Click to goto SECTION&#160;12.">REMEDIES ON
  DEFAULT, ETC</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_1_" title="Click to goto Section&#160;12.1.">Section&nbsp;12.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_1_" title="Click to goto Section&#160;12.1.">Acceleration</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_2_" title="Click to goto Section&#160;12.2.">Section&nbsp;12.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_2_" title="Click to goto Section&#160;12.2.">Other Remedies</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_3_" title="Click to goto Section&#160;12.3.">Section&nbsp;12.3.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_3_" title="Click to goto Section&#160;12.3.">Rescission</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_4_" title="Click to goto  Section&#160;12.4.">Section&nbsp;12.4.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_4_" title="Click to goto  Section&#160;12.4.">No Waivers or
  Election of Remedies, Expenses, etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_" title="Click to goto SECTION&#160;13.">SECTION&nbsp;13.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_" title="Click to goto SECTION&#160;13.">REGISTRATION;
  EXCHANGE; SUBSTITUTION OF NOTES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_1" title="Click to goto Section&#160;13.1">Section&nbsp;13.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_1" title="Click to goto Section&#160;13.1">Registration of
  Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_2_" title="Click to goto Section&#160;13.2.">Section&nbsp;13.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_2_" title="Click to goto Section&#160;13.2.">Transfer and
  Exchange of Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_3_" title="Click to goto Section&#160;13.3.">Section&nbsp;13.3.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_3_" title="Click to goto Section&#160;13.3.">Replacement of
  Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PaymentsOnNotes_" title="Click to goto  PAYMENTS ON NOTES. ">SECTION&nbsp;14.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PaymentsOnNotes_" title="Click to goto  PAYMENTS ON NOTES. ">PAYMENTS
  ON NOTES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_1_" title="Click to goto Section&#160;14.1.">Section&nbsp;14.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_1_" title="Click to goto Section&#160;14.1.">Place of
  Payment</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_2_" title="Click to goto Section&#160;14.2.">Section&nbsp;14.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section14_2_" title="Click to goto Section&#160;14.2.">Home Office
  Payment</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section15_" title="Click to goto SECTION&#160;15.">SECTION&nbsp;15.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section15_" title="Click to goto SECTION&#160;15.">EXPENSES, ETC</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section15_1_" title="Click to goto Section&#160;15.1.">Section&nbsp;15.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section15_1_" title="Click to goto Section&#160;15.1.">Transaction
  Expenses</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section15_2_" title="Click to goto Section&#160;15.2.">Section&nbsp;15.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section15_2_" title="Click to goto Section&#160;15.2.">Survival</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:14.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:14.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section16_" title="Click to goto SECTION&#160;16.">SECTION&nbsp;16.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section16_" title="Click to goto SECTION&#160;16.">SURVIVAL OF
  REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section17_" title="Click to goto SECTION&#160;17.">SECTION&nbsp;17.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section17_" title="Click to goto SECTION&#160;17.">AMENDMENT AND
  WAIVER</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section17_1_" title="Click to goto Section&#160;17.1.">Section&nbsp;17.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section17_1_" title="Click to goto Section&#160;17.1.">Requirements</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section17_2_" title="Click to goto Section&#160;17.2.">Section&nbsp;17.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section17_2_" title="Click to goto Section&#160;17.2.">Solicitation of
  Holders of Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section17_3_" title="Click to goto Section&#160;17.3.">Section&nbsp;17.3.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section17_3_" title="Click to goto Section&#160;17.3.">Binding Effect,
  etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section17_4_" title="Click to goto Section&#160;17.4.">Section&nbsp;17.4.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section17_4_" title="Click to goto Section&#160;17.4.">Notes Held by
  Company, etc</a>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section18_" title="Click to goto SECTION&#160;18.">SECTION&nbsp;18.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section18_" title="Click to goto SECTION&#160;18.">NOTICES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section19_" title="Click to goto SECTION&#160;19.">SECTION&nbsp;19.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section19_" title="Click to goto SECTION&#160;19.">REPRODUCTION OF
  DOCUMENTS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section20_" title="Click to goto SECTION&#160;20.">SECTION&nbsp;20.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section20_" title="Click to goto SECTION&#160;20.">CONFIDENTIAL
  INFORMATION</a></font></p>
  </td>
 </tr>
</table>

<p align="center" style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii</font></p>


<div style="line-height:14.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='iii',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section21_" title="Click to goto SECTION&#160;21.">SECTION&nbsp;21.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section21_" title="Click to goto SECTION&#160;21.">SUBSTITUTION OF
  PURCHASER</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_" title="Click to goto SECTION&#160;22.">SECTION&nbsp;22.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_" title="Click to goto SECTION&#160;22.">MISCELLANEOUS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_1_" title="Click to goto Section&#160;22.1.">Section&nbsp;22.1.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_1_" title="Click to goto Section&#160;22.1.">Successors and
  Assigns</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_2_" title="Click to goto Section&#160;22.2.">Section&nbsp;22.2.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_2_" title="Click to goto Section&#160;22.2.">Payments Due on
  Non-Business Days</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_3" title="Click to goto Section&#160;22.3">Section&nbsp;22.3.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_3" title="Click to goto Section&#160;22.3">Severability</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_4_" title="Click to goto Section&#160;22.4.">Section&nbsp;22.4.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_4_" title="Click to goto Section&#160;22.4.">Construction</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_5_" title="Click to goto Section&#160;22.5.">Section&nbsp;22.5.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_5_" title="Click to goto Section&#160;22.5.">Counterparts</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_6_" title="Click to goto Section&#160;22.6.">Section&nbsp;22.6.</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section22_6_" title="Click to goto Section&#160;22.6.">Governing Law</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IfYouAreIn" title="Click to goto If you are in">Signature</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt .7pt .7pt;width:78.92%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iv</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='iv',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
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</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;A</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information
  Relating to Purchasers</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;B</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Defined Terms</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;4.11</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liens to be
  Discharged</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;5.4</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiaries of
  the Company and Ownership of Subsidiary Stock</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;5.5</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
  Statements</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;5.8</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain
  Litigation</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;5.11</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patents, etc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;5.15</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Existing
  Indebtedness</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;10.7</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Existing
  Investments</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;1</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Floating
  Rate Senior Secured Note due March&nbsp;31, 2010</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;2</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of
  Guarantee Agreement</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;4.4(a)</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Opinion
  of Special Counsel for the Company</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;4.4(b)</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Opinion
  of Special Counsel for the Purchasers</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;4.9</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of
  Collateral Sharing Agreement</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;9.8</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intercompany
  Subordination Agreement</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.9%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;9.9</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in .7pt 0in .7pt;width:78.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Negative Pledge
  Agreement</font></p>
  </td>
 </tr>
</table>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">v</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHURCHILL DOWNS INCORPORATED</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky&#160; 40208</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FLOATING RATE SENIOR SECURED
NOTES DUE MARCH&nbsp;31, 2010</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated as of<br>
April&nbsp;3, 2003</font></p>

<p align="right" style="line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TO EACH OF THE PURCHASERS
LISTED IN<br>&#160; THE ATTACHED SCHEDULE&nbsp;A:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Churchill
Downs Incorporated, a Kentucky corporation (the <i><font style="font-style:italic;">&#147;Company&#148;</font></i>), agrees with you
as follows:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1</font></a>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; AUTHORIZATION
OF NOTES.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will
authorize the issue and sale of $100,000,000 aggregate principal amount of its
Floating Rate Senior Secured Notes due March&nbsp;31, 2010 (the <i><font style="font-style:italic;">&#147;Notes&#148;</font></i>,
such term to include any such notes issued in substitution therefor pursuant to
Section&nbsp;13 of this Agreement or the Other Agreements (as hereinafter
defined)).&#160; The Notes shall be
substantially in the form set out in Exhibit&nbsp;1, with such changes
therefrom, if any, as may be approved by you and the Company.&#160; Certain capitalized terms used in this
Agreement are defined in Schedule&nbsp;B; references to a &#147;Schedule&#148; or an
&#147;Exhibit&#148; are, unless otherwise specified, to a Schedule or an Exhibit attached
to this Agreement.&#160; The Notes shall bear
interest from the date of issue at a floating rate equal to the Adjusted LIBOR
Rate from time to time, payable quarterly on the last day of each March, June,
September and December in each year (commencing June&nbsp;30, 2003) and at
maturity (each such date being referred to as an <i><font style="font-style:italic;">&#147;Interest Payment Date&#148;</font></i>) and
to bear interest on overdue principal (including any overdue required or
optional prepayment of principal) and LIBOR Breakage Amount, if any, and (to
the extent legally enforceable) on any overdue installment of interest at the
Default Rate, whether by acceleration or otherwise, until paid.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest on the Notes
shall be computed for the actual number of days elapsed on the basis of a year
consisting of 360 days.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Adjusted LIBOR Rate
shall be determined by the Company, and notice thereof shall be given to the
holders of the Notes, together with such information as the holders of the
Notes may reasonably request for verification (including in all events, a
facsimile transmission of the relevant screen and calculations), on the second
Business Day preceding each Interest Period.&#160;
In the event that the holders of more than 50% in aggregate principal
amount of the outstanding</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes do not concur with
such determination by the Company, as evidenced by notice to the Company by
such holders within ten&nbsp;(10) Business Days after receipt by such holders
of the notice delivered by the Company pursuant to the previous sentence, the
determination of Adjusted LIBOR Rate shall be made by the holders of the Notes,
in accordance with the provisions of this Agreement and shall be conclusive and
binding absent manifest error.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION</font></a>&nbsp;2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SALE
AND PURCHASE OF NOTES.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the terms and
conditions of this Agreement, the Company will issue and sell to you and you
will purchase from the Company, at the Closing provided for in Section&nbsp;3,
Notes in the principal amount specified opposite your name in Schedule&nbsp;A
at the purchase price of 100% of the principal amount thereof.&#160; Contemporaneously with entering into this
Agreement, the Company is entering into separate Note Purchase Agreements (the <i><font style="font-style:italic;">&#147;Other
Agreements&#148;</font></i>) identical with this Agreement with each of the other
purchasers named in Schedule&nbsp;A (the <i><font style="font-style:italic;">&#147;Other Purchasers&#148;</font></i>), providing for the
sale at such Closing to each of the Other Purchasers of Notes in the principal
amount specified opposite its name in Schedule&nbsp;A.&#160; Your obligation hereunder, and the
obligations of the Other Purchasers under the Other Agreements, are several and
not joint obligations, and you shall have no obligation under any Other
Agreement and no liability to any Person for the performance or nonperformance
by any Other Purchaser thereunder.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The performance and
payment of all obligations of the Company hereunder and under the Notes and the
other Financing Agreements shall be guaranteed by the Guarantors pursuant to
the Guarantee Agreement, substantially in the form of Exhibit&nbsp;2
hereto.&#160; The Company and the Guarantors
are referred to, individually, as an <i><font style="font-style:italic;">&#147;Obligor&#148;</font></i> and, collectively, as the <i><font style="font-style:italic;">&#147;Obligors.&#148;</font></i>&#160; The obligations of the Obligors under and
pursuant to the Financing Agreements shall be secured by the Collateral
Documents.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3</font></a><i><font style="font-style:italic;">.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CLOSING.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The sale and purchase of
the Notes to be purchased by you and the Other Purchasers shall occur at the
offices of Chapman and Cutler, 111 West Monroe Street, Chicago, Illinois 60603
at 11:00 a.m. Chicago time, at a closing (the <i><font style="font-style:italic;">&#147;Closing&#148;</font></i>) on April&nbsp;3,
2003 or on such other Business Day thereafter on or prior to April&nbsp;10,
2003 as may be agreed upon by the Company and you and the Other
Purchasers.&#160; At the Closing the Company
will deliver to you the Notes to be purchased by you in the form of a single
Note (or such greater number of Notes in denominations of at least $250,000 as
you may request) dated the date of the Closing and registered in your name (or
in the name of your nominee), against delivery by you to the Company or its
order of immediately available funds in the amount of the purchase price
therefor by wire transfer of immediately available funds for the account of the
Company to account number 644357279&nbsp;&#151; Churchill Downs Private
Placement&nbsp;&#151; at Bank One, NA, 416 West Jefferson Street, Louisville,
Kentucky&#160; 40202, ABA/Routing
#083&nbsp;000&nbsp;137.&#160; If at the
Closing the Company shall fail to tender such Notes to you as provided above in
this Section&nbsp;3, or any of the conditions specified in Section&nbsp;4 shall
not have been fulfilled to your satisfaction, you shall, at your election, be
relieved of all </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">further obligations under
this Agreement, without thereby waiving any rights you may have by reason of
such failure or such nonfulfillment.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section4"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4</font></a>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CONDITIONS
TO CLOSING.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your obligation to
purchase and pay for the Notes to be sold to you at the Closing is subject to
the fulfillment to your satisfaction, prior to or at the Closing, of the
following conditions:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;4.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Representations and Warranties</font></i>.&#160; The representations and warranties of the
Obligors in the Financing Agreements shall be correct when made and at the time
of the Closing.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;4.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i>Performance<i><font style="font-style:italic;">; No Default</font></i>.&#160; Each Obligor shall have performed and
complied with all agreements and conditions contained in the Financing
Agreements required to be performed or complied with by it prior to or at the
Closing, and after giving effect to the issue and sale of the Notes (and the
application of the proceeds thereof as contemplated by Section&nbsp;5.14), no
Default or Event of Default shall have occurred and be continuing.&#160; No Obligor shall have entered into any
transaction since the date of the Memorandum that would have been prohibited by
Section&nbsp;10 hereof had such Section applied since such date.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_3_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;4.3.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Compliance Certificates</font></i>.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Officer&#146;s Certificate</font></i>.&#160; Each Obligor shall have delivered to you an
Officer&#146;s Certificate, dated the date of the Closing, certifying that the
conditions specified in Sections&nbsp;4.1, 4.2 and 4.15 have been fulfilled.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Secretary&#146;s Certificate</font></i>.&#160; Each Obligor shall have delivered to you a
certificate certifying as to the resolutions attached thereto and other
corporate proceedings relating to the authorization, execution and delivery of
the Financing Agreements.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_4_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;4.4.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Opinions of Counsel</font></i>.&#160; You shall have received opinions in form and
substance satisfactory to you, dated the date of the Closing (a)&nbsp;from
Wyatt Tarrant &amp; Combs, LLP, counsel for the Obligors, substantially in the
form and covering the matters set forth in Exhibit&nbsp;4.4(a) and covering
such other matters incident to the transactions contemplated hereby as you or
your counsel may reasonably request (and the Company hereby instructs its
counsel to deliver such opinion to you) and (b)&nbsp;from Chapman and Cutler,
your special counsel in connection with such transactions, substantially in the
form set forth in Exhibit&nbsp;4.4(b) and covering such other matters incident
to such transactions as you may reasonably request.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_5_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;4.5.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purchase Permitted by Applicable
Law, etc</font></i>.&#160; On the date of the
Closing your purchase of Notes shall (i)&nbsp;be permitted by the laws and
regulations of each jurisdiction to which you are subject, without recourse to
provisions (such as Section&nbsp;1405(a)(8) of the New York Insurance Law)
permitting limited investments by insurance companies without restriction as to
the character of the particular investment, (ii)&nbsp;not violate any
applicable law or regulation (including, without limitation, Regulation&nbsp;T,
U or X of the Board of Governors of the Federal Reserve System) and
(iii)&nbsp;not subject you to any tax, penalty or liability under or pursuant
to any </p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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</font></div>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">applicable law or
regulation, which law or regulation was not in effect on the date hereof.&#160; If requested by you, you shall have received
an Officer&#146;s Certificate certifying as to such matters of fact as you may
reasonably specify to enable you to determine whether such purchase is so
permitted.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_6_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;4.6.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Sale of Other Notes</font></i>.&#160; Contemporaneously with the Closing, the
Company shall sell to the Other Purchasers, and the Other Purchasers shall
purchase, the Notes to be purchased by them at the Closing as specified in
Schedule&nbsp;A.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_7_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section
4.7.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Guarantee
Agreement</font></i>.&#160; Each Purchaser
shall have received a counterpart of the Guarantee Agreement, duly executed and
delivered by each of the Guarantors, and the Guarantee Agreement shall be in
full force and effect.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_8_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section
4.8.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Collateral
and Other Documents</font></i>.&#160; The
Collateral Agent, on behalf of the Banks and the holders from time to time of
the Notes pursuant to the Collateral Sharing Agreement, shall have received the
Collateral Documents, which shall, in each case, be in form and substance
satisfactory to the Purchasers.&#160; Each
Collateral Document shall be in full force and effect on <i><font style="font-style:italic;">the</font></i> date of Closing.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_9_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section
4.9.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Collateral
Sharing Agreement</font></i>.&#160; The
Banks, each of the Purchasers and the Collateral Agent shall have executed and
delivered (and the Company shall have executed and delivered a consent and
agreement to) the Collateral Sharing Agreement, substantially in the form of
Exhibit 4.9, and the Collateral Sharing Agreement shall be in full force and
effect.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_10_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section
4.10.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Perfection
of Liens</font></i>.&#160; All actions
necessary to perfect the Liens of the Collateral Agent in the Collateral to be
granted on or prior to the date of Closing (including, without limitation, the
filing of all appropriate financing statements, the registration of all
Collateral Documents where necessary, the recording of all appropriate
documents with public officials and the payment of all fees and taxes in
relation thereto) shall have been taken in accordance with the provisions of
the Collateral Documents.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_11_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section
4.11.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Discharge
of Existing Liens</font></i>.&#160; All
actions necessary to discharge the Liens set out in Schedule&nbsp;4.11 on the
Collateral shall have been taken in accordance with the provisions of the
Collateral Documents.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_12_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section
4.12.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bank
Credit Agreement</font></i>.&#160; Each of
the Purchasers shall have received a copy of the Bank Credit Agreement and each
of the other agreements and instruments executed in connection therewith
certified as true and correct by the Senior Financial Officer on behalf of the
Company.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_13_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section
4.13.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payment
of Special Counsel Fees</font></i>.&#160;
Without limiting the provisions of Section 15.1, the Company shall have
paid on or before the Closing the reasonable fees, charges and disbursements of
the Purchasers&#146; special United States counsel referred to in Section 4.4(b) to
the extent reflected in a statement of such counsel rendered to the Company at
least one Business Day prior to the Closing.</p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


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</font></div>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_14_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;4.14.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Private Placement Number</font></i>.&#160; A Private Placement Number issued by
Standard &amp; Poor&#146;s CUSIP Service Bureau (in cooperation with the Securities
Valuation Office of the National Association of Insurance Commissioners) shall
have been obtained for the Notes.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_15_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;4.15.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Changes in Corporate Structure</font></i>.&#160; No Obligor shall have changed its
jurisdiction of incorporation or been a party to any merger or consolidation
and shall not have succeeded to all or any substantial part of the liabilities
of any other Person, at any time following the date of the most recent
financial statements referred to in Schedule&nbsp;5.5.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section4_16_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;4.16.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Proceedings and Documents</font></i>.&#160; All corporate and other proceedings in
connection with the transactions contemplated by the Financing Agreements and
all documents and instruments incident to such transactions shall be
satisfactory to you and your special counsel, and you and your special counsel
shall have received all such counterpart originals or certified or other copies
of such documents as you or they may reasonably request.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section5_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5<i><font style="font-style:italic;">.</font></i></font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REPRESENTATIONS AND WARRANTIES OF THE COMPANY.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company represents
and warrants to you that:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Organization; Power and Authority</font></i>.&#160; Each Obligor is a corporation or limited
liability company duly organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation or formation, as applicable, and
is duly qualified as a foreign corporation or limited liability company, as
applicable, and is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which
the failure to be so qualified or in good standing could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse
Effect.&#160; Each Obligor has the corporate
(or other) power and authority to own or hold under lease the properties it
purports to own or hold under lease, to transact the business it transacts and
proposes to transact, to execute and deliver the Financing Agreements to which
it is a party and to perform the provisions hereof and thereof.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authorization, etc</font></i>.&#160; The Financing Agreements have been duly
authorized by all necessary corporate or other action on the part of the
Obligors, and the Financing Agreements constitute, and upon execution and
delivery thereof each Note will constitute, a legal, valid and binding
obligation of each Obligor party thereto enforceable against each Obligor party
thereto in accordance with its terms, except as such enforceability may be
limited by (i)&nbsp;applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors&#146; rights
generally and (ii)&nbsp;general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_3_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.3.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Disclosure</font></i>.&#160; The Company, through its agent, Banc One
Capital Markets, Inc., delivered to you and each Other Purchaser a copy of a
Private Placement Memorandum, dated February 2003 (the <i><font style="font-style:italic;">&#147;Memorandum&#148;</font></i>), relating to
the transactions contemplated hereby.&#160;
The Memorandum fairly describes, in all material respects, the general
nature of the business and principal properties of the Company and its
Subsidiaries.&#160; This Agreement, the
Memorandum and the financial statements listed in Schedule&nbsp;5.5, taken as a
whole, do not contain any untrue </p>

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<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">statement of a material
fact or omit to state any material fact necessary to make the statements
therein not misleading in light of the circumstances under which they were
made.&#160; Since December&nbsp;31, 2002,
there has been no change in the financial condition, operations, business,
properties or prospects of the Company or any Subsidiary except changes that
individually or in the aggregate could not reasonably be expected to have a
Material Adverse Effect.&#160; There is no
fact known to the Company that could reasonably be expected to have a Material
Adverse Effect that has not been set forth herein or in the Memorandum.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><a name="Section5_4_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></a></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.4.</font></i><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Organization and Ownership of
Shares of Subsidiaries; Affiliates</font></i>.&#160;
(a)&nbsp;Schedule&nbsp;5.4 contains (except as noted therein) complete
and correct lists of the Company&#146;s (i)&nbsp;Subsidiaries (including which
Subsidiaries are Obligors), showing, as to each Subsidiary, the correct name
thereof, the jurisdiction of its organization, and the percentage of shares of
each class of its capital stock or similar equity interests outstanding owned
by the Company and each other Subsidiary, (ii)&nbsp;Affiliates, other than
Subsidiaries, and (iii)&nbsp;directors and senior officers.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All of the outstanding shares of
capital stock or similar equity interests of each Subsidiary shown in
Schedule&nbsp;5.4 as being owned by the Company and its Subsidiaries have been
validly issued, are fully paid and nonassessable and are owned by the Company
or another Subsidiary free and clear of any Lien not permitted by the Financing
Agreements (except as otherwise disclosed in Schedule&nbsp;5.4).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Subsidiary identified in
Schedule&nbsp;5.4 is a corporation or other legal entity duly organized,
validly existing and in good standing under the laws of its jurisdiction of
organization, and is duly qualified as a foreign corporation or other legal
entity and is in good standing in each jurisdiction in which such qualification
is required by law, other than those jurisdictions as to which the failure to
be so qualified or in good standing could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.&#160; Each such Subsidiary has the corporate or
other power and authority to own or hold under lease the properties it purports
to own or hold under lease and to transact the business it transacts and
proposes to transact.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Subsidiary is a party to, or
otherwise subject to, any legal restriction or any agreement (other than this
Agreement, the agreements listed on Schedule&nbsp;5.4 and customary limitations
imposed by corporate or other entity
law statutes) restricting the ability of such Subsidiary to pay dividends out
of profits or make any other similar distributions of profits to the
Company or any of its Subsidiaries that owns outstanding shares of capital
stock or similar equity interests of such Subsidiary.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_5_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.5.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements</font></i>.&#160; The Company has delivered to each Purchaser
copies of the financial statements of the Company and its Subsidiaries listed
on Schedule&nbsp;5.5. All of said financial statements (including in each case
the related schedules and notes) fairly present in all material respects the
consolidated financial position of the Company and its Subsidiaries as of the
respective dates specified in such Schedule and the consolidated results of
their operations and cash flows
for the respective periods so specified and have been prepared in accordance
with GAAP consistently applied throughout the periods involved except as set
forth in the notes thereto (subject, in the case of any interim financial
statements, to normal year-end adjustments).</p>

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<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_6_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.6.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Compliance with Laws, Other
Instruments, etc</font></i>.&#160; The
execution, delivery and performance by the Obligors of the Financing Agreements
will not (i)&nbsp;contravene, result in any breach of, or constitute a default
under, or result in the creation of any Lien (except pursuant to the Financing
Agreements) in respect of any property of the Company or any Subsidiary under, any indenture,
mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate
charter or by-laws, or any other agreement or instrument to which the Company
or any Subsidiary is bound or by which the Company or any Subsidiary or any of
their respective properties may be bound or affected, (ii)&nbsp;conflict with
or result in a breach of any of the terms, conditions or provisions of any
order, judgment, decree, or ruling of any court, arbitrator or Governmental
Authority applicable to the Company or any Subsidiary or (iii)&nbsp;violate any
provision of any statute or other rule or regulation of any Governmental
Authority applicable to the Company or any Subsidiary.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_7_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.7.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Governmental Authorizations, etc</font></i>.&#160; Except for the recording or filing of the
applicable Collateral Documents with the applicable Governmental Authority and
except for any consents, approvals or authorizations that have been or, prior to the date of Closing will have been,
obtained, no consent, approval or authorization of, or registration, filing or
declaration with, any Governmental Authority is required in connection with the
execution, delivery or performance by the Obligors of the Financing
Agreements.&#160; Notwithstanding anything to
the contrary in this Agreement or the other Financing Agreements to the
contrary, the parties to this Agreement and the other Financing Agreements
acknowledge that (i)&nbsp;the transfer, assignment, change of ownership or
interest, foreclosure or realization on any of the Collateral or the stock of
Churchill Downs Management Company and (ii)&nbsp;any transfer, assignment, or
change of ownership or interest in any pari-mutuel permits or licenses, must
comply with applicable law, which may require prior approval by the Florida
Division of Pari-Mutuel Wagering or comparable Governmental Authority in the
applicable State.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_8_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S<i><font style="font-style:italic;">ection&nbsp;5.8.</font></i></font></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Litigation; Observance of
Agreements, Statutes and Orders.</font></i>&#160;
(a)&nbsp;Except as disclosed in Schedule&nbsp;5.8, there are no actions,
suits or proceedings pending or, to the knowledge of the Company, threatened
against or affecting the Company or any Subsidiary or any property of the
Company or any Subsidiary in any court or before any arbitrator of any kind or
before or by any Governmental Authority that, individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Neither the Company nor any
Subsidiary is in default under any term of any agreement or instrument to which
it is a party or by which it is bound, or any order, judgment, decree or ruling
of any court, arbitrator or Governmental Authority or is in violation of any
applicable law, ordinance, rule or regulation (including without limitation
Environmental Laws) of any Governmental Authority, which default or violation,
individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><a name="Section5_9_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></a></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.9.</font></i><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Taxes</font></i>.&#160; The Company and its Subsidiaries have filed
all tax returns that are required to have been filed in any jurisdiction, and
have paid all taxes shown to be due and payable on such returns and all other
taxes and assessments levied upon them or their properties, assets, income or
franchises, to the extent such taxes and assessments have become due and
payable and before they have become delinquent, except for any taxes and
assessments (i)&nbsp;the </p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


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<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amount of which is not
individually or in the aggregate Material or (ii)&nbsp;the amount,
applicability or validity of which is currently being contested in good faith
by appropriate proceedings and with respect to which the Company or a
Subsidiary, as the case may be, has established adequate reserves in accordance
with GAAP.&#160; The Company knows of no
basis for any other tax or assessment that could reasonably be expected to have
a Material Adverse Effect.&#160; The charges,
accruals and reserves on the books of the Company and its Subsidiaries in
respect of Federal, state or other taxes for all open fiscal periods are
adequate.&#160; The Federal income tax
liabilities of the Company and its Subsidiaries have been determined by the
Internal Revenue Service and paid for all fiscal years up to and including the
fiscal year ended December&nbsp;31, 1998.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_10_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.10.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title to Property; Leases</font></i>.&#160; The Company and its Subsidiaries have good
and sufficient title to their respective properties, that, individually or in
the aggregate, are Material, including all such properties reflected in the
most recent audited balance sheet referred to in Section&nbsp;5.5 or purported
to have been acquired by the Company or any Subsidiary after said date (except
as sold or otherwise disposed of in the ordinary course of business), in each
case free and clear of Liens prohibited by this Agreement.&#160; All leases that individually or in the
aggregate are Material are valid and subsisting and are in full force and
effect in all material respects.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_11"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.11</font></i></a><i><font style="font-style:italic;">.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Licenses, Permits, etc</font></i>.&#160; Except as disclosed in Schedule&nbsp;5.11,</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company and its Subsidiaries own
or possess all licenses, permits, franchises, authorizations, patents,
copyrights, service marks, trademarks and trade names, or rights thereto, that
individually or in the aggregate are Material, without known conflict with the
rights of others;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to the best knowledge of the Company,
no product of the Company infringes in any Material respect any license,
permit, franchise, authorization, patent, copyright, service mark, trademark,
trade name or other right owned by any other Person; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to the best knowledge of the Company,
there is no Material violation by any Person of any right of the Company or any
of its Subsidiaries with respect to any patent, copyright, service mark,
trademark, trade name or other right owned or used by the Company or any of its
Subsidiaries.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><a name="Section5_12"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></a></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.12</font></i><i><font style="font-style:italic;">.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Compliance with ERISA</font></i>.&#160; (a)&nbsp;The Company and each ERISA Affiliate
have operated and administered each Plan in compliance with all applicable laws
except for such instances of noncompliance as have not resulted in and could
not reasonably be expected to result in a Material Adverse Effect.&#160; Neither the Company nor any ERISA Affiliate
has incurred any liability pursuant to Title&nbsp;I or IV of ERISA or the
penalty or excise tax provisions of the Code relating to employee benefit plans
(as defined in section&nbsp;3 of ERISA), and no event, transaction or condition
has occurred or exists that could reasonably be expected to result in the
incurrence of any such liability by the Company or any ERISA Affiliate, or in
the imposition of any Lien on any of the rights, properties or assets of the
Company or any ERISA Affiliate, in either case pursuant to Title&nbsp;I or IV
of ERISA or to such penalty or excise tax provisions or to </p>

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<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">section&nbsp;401(a)(29)
or 412 of the Code, other than such liabilities or Liens as would not be
individually or in the aggregate Material.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The present value of the aggregate
benefit liabilities under each of the Plans (other than Multiemployer Plans),
determined as of the end of such Plan&#146;s most recently ended plan year on the
basis of the actuarial assumptions specified for funding purposes in such
Plan&#146;s most recent actuarial valuation report, did not exceed the aggregate
current value of the assets of such Plan allocable to such benefit
liabilities.&#160; The term <i><font style="font-style:italic;">&#147;benefit
liabilities&#148;</font></i> has the meaning specified in section&nbsp;4001 of ERISA
and the terms <i><font style="font-style:italic;">&#147;current value&#148;</font></i> and <i><font style="font-style:italic;">&#147;present value&#148;</font></i> have the meanings
specified in section&nbsp;3 of ERISA.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company and its ERISA Affiliates
have not incurred withdrawal liabilities (and are not subject to contingent
withdrawal liabilities) under section&nbsp;4201 or 4204 of ERISA in respect of
Multiemployer Plans that individually or in the aggregate are Material.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The expected post-retirement benefit
obligation (determined as of the last day of the Company&#146;s most recently ended
fiscal year in accordance with Financial Accounting Standards Board Statement
No. 106, without regard to liabilities attributable to continuation coverage
mandated by section&nbsp;4980B of the Code) of the Company and its Subsidiaries
is not Material.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The execution and delivery of this
Agreement and the issuance and sale of the Notes hereunder will not involve any
transaction that is subject to the prohibitions of section&nbsp;406 of ERISA or
in connection with which a tax could be imposed pursuant to section&nbsp;4975(c)(1)(A)-(D)
of the Code.&#160; The representation by the
Company in the first sentence of this Section&nbsp;5.12(e) is made in reliance
upon and subject to the accuracy of your representation in Section&nbsp;6.2 as
to the sources of the funds used to pay the purchase price of the Notes to be
purchased by you.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_13_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.13.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Private Offering by the Obligors</font></i>.&#160; Neither an Obligor nor anyone acting on its
behalf has offered the Notes, the Guarantee Agreement or any similar securities
for sale to, or solicited any offer to buy any of the same from, or otherwise
approached or negotiated in respect thereof with, any Person other than you,
the Other Purchasers and not more than thirty-five&nbsp;(35) other
Institutional Investors, each of which has been offered the Notes and the Guarantee
Agreement at a private sale for investment.&#160;
Neither an Obligor nor anyone acting on its behalf has taken, or will
take, any action that would subject the issuance or sale of the Notes or the
Guarantee Agreement to the registration requirements of Section&nbsp;5 of the
Securities Act.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_14_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.14.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Use of Proceeds; Margin Regulations</font></i>.&#160; The Company will apply the proceeds of the
sale of the Notes to reduce existing bank Indebtedness and for general
corporate purposes including acquisitions and capital expenditures.&#160; No part of the proceeds from the sale of the
Notes hereunder will be used, directly or indirectly, for the purpose of buying
or carrying any margin stock within the meaning of Regulation&nbsp;U of the
Board of Governors of the Federal Reserve System (12&nbsp;CFR&nbsp;207), or for
the purpose of buying or carrying or trading in any securities under such
circumstances as to involve an Obligor in a violation of Regulation X of said
Board (12&nbsp;CFR&nbsp;224) or to involve any broker or dealer in a violation
of Regulation&nbsp;T of said Board (12 CFR 220).&#160; Margin stock does not constitute more than 1.00% of the value of
the </p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


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</font></div>

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<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consolidated assets of
the Company and its Subsidiaries, and the Company does not have any present
intention that margin stock will constitute more than 1.00% of the value of
such assets.&#160; As used in this Section,
the terms <i><font style="font-style:italic;">&#147;margin
stock&#148;</font></i> and <i><font style="font-style:italic;">&#147;purpose of buying or carrying&#148;</font></i> shall have
the meanings assigned to them in said Regulation U.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_15_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.15.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Existing Indebtedness; Future Liens</font></i>.&#160; (a)&nbsp;Schedule&nbsp;5.15 sets forth a
complete and correct list of all outstanding Indebtedness of the Company and
its Subsidiaries as of December&nbsp;31, 2002, since which date there has been
no Material change in the amounts, interest rates, sinking funds, installment
payments or maturities of the Indebtedness of the Company or its Subsidiaries
with the exception of the payment in full and replacement of the Existing PNC
Facility with the facilities described in the Bank Credit Agreement.&#160; Neither the Company nor any Subsidiary is in
default and no waiver of default is currently in effect, in the payment of any
principal or interest on any Indebtedness of the Company or such Subsidiary and
no event or condition exists with respect to any Indebtedness of the Company or
any Subsidiary that would permit (or that with notice or the lapse of time, or
both, would permit) one or more Persons to cause such Indebtedness to become
due and payable before its stated maturity or before its regularly scheduled
dates of payment.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as disclosed in
Schedule&nbsp;5.15, neither the Company nor any Subsidiary has agreed or
consented to cause or permit in the future (upon the happening of a contingency
or otherwise) any of its property, whether now owned or hereafter acquired, to
be subject to a Lien not permitted by the Financing Agreements.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_16_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.16.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Foreign Assets Control Regulations,
etc</font></i>.&#160; Neither the sale of the
Notes by the Company hereunder nor its use of the proceeds thereof will violate
the Trading with the Enemy Act, as amended, or any of the foreign assets
control regulations of the United States Treasury Department (31 CFR, Subtitle
B, Chapter V, as amended) or any enabling legislation or executive order
relating thereto.&#160; Without limiting the
foregoing, neither the Company nor any of its Subsidiaries (a)&nbsp;is or will
become a person whose property or interests in property are blocked pursuant to
Section&nbsp;1 of Executive Order 13224 of September&nbsp;23, 2001 Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) or (b)&nbsp;engages or
will engage in any dealings or transactions, or be otherwise associated, with
any such person.&#160; The Company and its
Subsidiaries are in compliance, in all material respects, with the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA Patriot Act of 2001).&#160;
No part of the proceeds from the sale of the Notes hereunder will be
used, directly or indirectly, for any payment 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.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><a name="Section5_17_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></a></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.17.</font></i><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Status under Certain Statutes</font></i>.&#160; Neither the Company nor any Subsidiary is an
&#147;investment company&#148; registered or required to be registered under the
Investment Company Act of 1940, as amended, or is subject to regulation under
the Public Utility Holding Company Act of 1935, as amended, the ICC Termination
Act of 1995, as amended, or the Federal Power Act, as amended.</p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_18_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.18.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Environmental Matters</font></i>.&#160; Neither the Company nor any Subsidiary has
knowledge of any claim or has received any notice of any claim, and no
proceeding has been instituted raising any claim against the Company or any of
its Subsidiaries or any of their respective real properties now or formerly
owned, leased or operated by any of them or other assets, alleging any damage
to the environment or violation of any Environmental Laws, except, in each
case, such as could not reasonably be expected to result in a Material Adverse
Effect.&#160; Except as otherwise disclosed
to you in writing:</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; neither the Company nor any
Subsidiary has knowledge of any facts which would give rise to any claim,
public or private, of violation of Environmental Laws or damage to the
environment emanating from, occurring on or in any way related to real
properties now or formerly owned, leased or operated by any of them or to other
assets or their use, except, in each case, such as could not reasonably be
expected to result in a Material Adverse Effect;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; neither the Company nor any of its
Subsidiaries has stored any Hazardous Materials on real properties now or
formerly owned, leased or operated by any of them or has disposed of any Hazardous
Materials in a manner contrary to any Environmental Laws in each case in any
manner that could reasonably be expected to result in a Material Adverse
Effect; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all buildings on all real properties
now owned, leased or operated by the Company or any of its Subsidiaries are in
compliance with applicable Environmental Laws, except where failure to comply
could not reasonably be expected to result in a Material Adverse Effect.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_19_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section
5.19.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Collateral
Documents</font></i>.&#160; The Collateral
Documents will create a valid first priority Lien in and to the Collateral in
favor of the Collateral Agent, subject to no Liens except to the extent
permitted by this Agreement and the Collateral Documents.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section5_20_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section
5.20.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Solvency</font></i>.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Assets Greater Than Liabilities</font></i>.&#160; The fair value of the business and assets of
the Obligors, taken as a whole on a consolidated basis, exceeds, as of, and
immediately after giving effect to the transactions consummated on the date of
the Closing, the liabilities of the Obligors, taken as a whole on a
consolidated basis, as of such time.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Meeting Liabilities</font></i>.&#160; Immediately after giving effect to the
transactions contemplated by the Financing Agreements, neither the Company nor
any Guarantor:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; will be engaged in any business or
transaction, or about to engage in any business or transaction, for which its
assets would constitute unreasonably small capital (within the meaning of the
Uniform Fraudulent Transfer Act, the Uniform Fraudulent Conveyance Act and
section 548 of the Bankruptcy Code, in each case, of the United States of
America); or</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; will be unable to pay its debts as
such debts mature.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Intent</font></i>.&#160;
Neither the Company nor any Guarantor is entering into any Financing
Agreement with any intent to hinder, delay, or defraud either current creditors
or future creditors of the Company or any Guarantor.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><a name="Section5_21_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></a></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section
5.21.</font></i><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ranking
of Notes</font></i>.&#160; The Company&#146;s
obligations under the Financing Agreements will, upon issuance of the Notes,
rank at least <i><font style="font-style:italic;">pari passu</font></i>, without preference or priority, with all of its
other outstanding senior secured Indebtedness.&#160;
Each Guarantor&#146;s obligations under the Guarantee Agreement will, upon
issuance thereof, rank at least <i><font style="font-style:italic;">pari passu</font></i>, without preference or priority,
with all of such Guarantor&#146;s other outstanding senior secured Indebtedness.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section6_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REPRESENTATIONS OF THE PURCHASER.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section6_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;6.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purchase for Investment</font></i>.&#160; You represent that you are an &#147;accredited
investor&#148; within the meaning of Rule&nbsp;501 under the Securities Act and you
are purchasing the Notes for your own account or for one or more separate
accounts maintained by you or for the account of one or more pension or trust
funds and not with a view to the distribution thereof, <i><font style="font-style:italic;">provided</font></i> that the disposition
of your or their property shall at all times be within your or their
control.&#160; You understand that the Notes
have not been registered under the Securities Act and may be resold only if
registered pursuant to the provisions of the Securities Act or if an exemption
from registration is available, except under circumstances where neither such
registration nor such an exemption is required by law, and that the Company is
not required to register the Notes.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section6_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;6.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Source of Funds</font></i>.&#160; You represent that at least one of the
following statements is an accurate representation as to each source of funds
(a <i><font style="font-style:italic;">&#147;Source&#148;</font></i>)
to be used by you to pay the purchase price of the Notes to be purchased by you
hereunder:</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Source is an &#147;insurance company
general account&#148; (as the term is defined in the United States Department of
Labor&#146;s Prohibited Transaction Exemption (<i><font style="font-style:italic;">&#147;PTE&#148;</font></i>) 95-60) in respect of which the
reserves and liabilities (as defined by the annual statement for life insurance
companies approved by the National Association of Insurance Commissioners (the <i><font style="font-style:italic;">&#147;NAIC Annual
Statement&#148;</font></i>)) for the general account contract(s) held by or on
behalf of any employee benefit plan together with the amount of the reserves
and liabilities for the general account contract(s) held by or on behalf of any
other employee benefit plans maintained by the same employer (or affiliate
thereof as defined in PTE 95-60) or by the same employee organization in the
general account do not exceed 10% of the total reserves and liabilities of the
general account (exclusive of separate account liabilities) plus surplus as set
forth in the NAIC Annual Statement filed with your state of domicile; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Source is a separate account that
is maintained solely in connection with your fixed contractual obligations
under which the amounts payable, or credited, to any employee benefit plan (or
is related trust) that has any interest in such separate </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">account (or to any
participant or beneficiary of such plan (including an annuitant)) are not
affected in any manner by the investment performance of the separate account;
or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Source is either (i)&nbsp;an
insurance company pooled separate account, within the meaning of PTE&nbsp;90-1
or (ii)&nbsp;a bank collective investment fund, within the meaning of
PTE&nbsp;91-38 and, except as you have disclosed to the Company in writing
pursuant to this clause&nbsp;(c), no employee benefit plan or group of plans
maintained by the same employer or employee organization beneficially owns more
than 10% of all assets allocated to such pooled separate account or collective
investment fund; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Source constitutes assets of an
&#147;investment fund&#148; (within the meaning of Part&nbsp;V of PTE&nbsp;84-14 (the <i><font style="font-style:italic;">&#147;QPAM
Exemption&#148;</font></i>)) managed by a &#147;qualified professional asset manager&#148; or
&#147;QPAM&#148; (within the meaning of Part&nbsp;V of the QPAM Exemption), no employee
benefit plan&#146;s assets that are included in such investment fund, when combined
with the assets of all other employee benefit plans established or maintained
by the same employer or by an affiliate (within the meaning of
section&nbsp;V(c)(1) of the QPAM Exemption) of such employer or by the same
employee organization and managed by such QPAM, exceed 20% of the total client
assets managed by such QPAM, the conditions of Part&nbsp;I(c) and (g) of the
QPAM Exemption are satisfied, neither the QPAM nor a Person controlling or
controlled by the QPAM (applying the definition of &#147;control&#148; in
section&nbsp;V(e) of the QPAM Exemption) owns a 5% or more interest in the
Company and (i)&nbsp;the identity of such QPAM and (ii) the names of all
employee benefit plans whose assets are included in such investment fund have
been disclosed to the Company in writing pursuant to this clause&nbsp;(d); or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Source constitutes assets of a
&#147;plan(s)&#148; (within the meaning of Section&nbsp;IV of PTE 96-23 (the <i><font style="font-style:italic;">&#147;INHAM
Exemption&#148;</font></i>) managed by an &#147;in-house asset manager&#148; or INHAM&#148; (within
the meaning of Part IV of the INHAM exemption), the conditions of Part I(a),
(g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a
Person controlling or controlled by the INHAM (applying the definition of
&#147;control&#148; in Section IV(h) of the INHAM Exemption) owns a 5% or more interest
in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee
benefit plan(s) whose assets constitute the Source have been disclosed to the
Company in writing pursuant to this clause (e); or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Source is a governmental plan;
or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Source is one or more employee
benefit plans, or a separate account or trust fund comprised of one or more
employee benefit plans, each of which has been identified to the Company in
writing pursuant to this clause (g); or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Source does not include assets of
any employee benefit plan, other than a plan exempt from the coverage of ERISA.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


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</font></div>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in this Section
6.2, the terms &#147;employee benefit plan,&#148; &#147;governmental plan,&#148; and &#147;separate
account&#148; shall have the respective meanings assigned to such terms in section 3
of ERISA.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section7_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; INFORMATION AS TO COMPANY.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section7_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;7.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial and Business Information</font></i>.&#160; The Company shall deliver to each holder of
Notes that is an Institutional Investor:</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Quarterly Statements</font></i> &#151; within 60 days
after the end of each quarterly fiscal period in each fiscal year of the
Company (other than the last quarterly fiscal period of each such fiscal year),
duplicate copies of:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
consolidated balance sheet of the Company and its Subsidiaries as at the end of
such quarterly fiscal period, and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; consolidated
statements of income, changes in shareholders&#146; equity and cash flows of the
Company and its Subsidiaries for such quarter and (in the case of the second
and third quarters) for the portion of the fiscal year ending with such quarterly
fiscal period,</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">setting forth in each
case in comparative form the figures for the corresponding periods in the
previous fiscal year, all in reasonable detail, prepared in accordance with
GAAP applicable to quarterly financial statements generally, and certified by a
Senior Financial Officer as fairly presenting, in all material respects, the
financial position of the companies being reported on and their results of
operations and cash flows, subject to changes resulting from year-end
adjustments, <i><font style="font-style:italic;">provided</font></i> that delivery within the time period specified
above of copies of the Company&#146;s Quarterly Report on Form&nbsp;10-Q prepared in
compliance with the requirements therefor and filed with the Securities and
Exchange Commission shall be deemed to satisfy the requirements of this
Section&nbsp;7.1(a);</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Annual Statements</font></i> &#151; within 105 days after
the end of each fiscal year of the Company, duplicate copies of:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
consolidated balance sheet of the Company and its Subsidiaries, as at the end
of such fiscal year, and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; consolidated
statements of income, changes in shareholders&#146; equity and cash flows of the
Company and its Subsidiaries, for such fiscal year,</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">setting forth in each
case in comparative form the figures for the previous fiscal year, all in
reasonable detail, prepared in accordance with GAAP, and accompanied by an
opinion thereon of Price Waterhouse Coopers LLP or other independent certified
public accountants of recognized national standing, which opinion shall state
that such financial statements present fairly, in all material respects, the
financial position of the companies being reported upon and their results of
operations and cash flows and have been </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


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</font></div>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">prepared in conformity
with GAAP, and that the examination of such accountants in connection with such
financial statements has been made in accordance with generally accepted
auditing standards, and that such audit provides a reasonable basis for such
opinion in the circumstances, <i><font style="font-style:italic;">provided</font></i> that the delivery within the time
period specified above of the Company&#146;s Annual Report on Form 10-K for such
fiscal year (together with the Company&#146;s annual report to shareholders, if any,
prepared pursuant to Rule&nbsp;14a-3 under the Exchange Act) prepared in
accordance with the requirements therefor and filed with the Securities and
Exchange Commission, shall be deemed to satisfy the requirements of this
Section&nbsp;7.1(b);</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">SEC and Other Reports</font></i> &#151; promptly upon
their becoming available, one copy of (i)&nbsp;each financial statement,
report, notice or proxy statement sent by the Company or any Subsidiary to
public securities holders generally, and (ii)&nbsp;each regular or periodic
report, each registration statement (without exhibits except as expressly
requested by such holder), and each prospectus and all amendments thereto filed
by the Company or any Subsidiary with the Securities and Exchange Commission
and of all press releases and other statements made available generally by the
Company or any Subsidiary to the public concerning developments that are
Material;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Notice of Default or Event of Default or other
Designated Event</font></i>&nbsp;&#151; promptly, and in any event within ten days
after a Responsible Officer becoming aware of the existence of any Default or
Event of Default or that any Person has given any notice or taken any action
with respect to (i)&nbsp;a claimed default hereunder or that any Person has
given any notice or taken any action with respect to a claimed default of the
type referred to in Section&nbsp;11(f) or (ii)&nbsp;any claimed default under
the Bank Credit Agreement or (iii)&nbsp;any termination or reduction of the
aggregate commitment of the Lenders (as defined in the Bank Credit Agreement)
under the Bank Credit Agreement, a written notice specifying the nature and period
of existence thereof and what action the Company is taking or proposes to take
with respect thereto;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">ERISA Matters</font></i> &#151; promptly, and in any event
within ten days after a Responsible Officer becoming aware of any of the
following, a written notice setting forth the nature thereof and the action, if
any, that the Company or an ERISA Affiliate proposes to take with respect
thereto:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with
respect to any Plan, any reportable event, as defined in section&nbsp;4043(b)
of ERISA and the regulations thereunder, for which notice thereof has not been
waived pursuant to such regulations as in effect on the date hereof; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
taking by the PBGC of steps to institute, or the threatening by the PBGC of the
institution of, proceedings under section&nbsp;4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Plan, or the
receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer
Plan that such action has been taken by the PBGC with respect to such
Multiemployer Plan; or</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any
event, transaction or condition that could result in the incurrence of any
liability by the Company or any ERISA Affiliate pursuant to Title I or IV of
ERISA or the penalty or excise tax provisions of the Code relating to employee
benefit plans, or in the imposition of any Lien on any of the rights,
properties or assets of the Company or any ERISA Affiliate pursuant to Title I
or IV of ERISA or such penalty or excise tax provisions, if such liability or
Lien, taken together with any other such liabilities or Liens then existing,
could reasonably be expected to have a Material Adverse Effect;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Notices from Governmental Authority </font></i>&#151;
promptly, and in any event within 30 days of receipt thereof, copies of any
notice to the Company or any Subsidiary from any Federal or state Governmental
Authority relating to any order, ruling, statute or other law or regulation
that could reasonably be expected to have a Material Adverse Effect;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Partial Release Certificate</font></i> &#151; concurrently
with the delivery thereof to the Collateral Agent under the Collateral Sharing
Agreement, a copy of each Partial Release Certificate delivered pursuant to the
Collateral Sharing Agreement; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Requested Information</font></i> &#151; with reasonable
promptness, such other data and information relating to the business,
operations, affairs, financial condition, assets or properties of the Company
or any of its Subsidiaries or relating to the ability of the Company to perform
its obligations hereunder (including, without limitation thereof, any
information or data required to be delivered pursuant to the Bank Credit
Agreement) and under the Notes as from time to time may be reasonably requested
by any such holder of Notes.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section7_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;7.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Officer&#146;s Certificate</font></i>.&#160; Each set of financial statements delivered
to a holder of Notes pursuant to Section&nbsp;7.1(a) or Section&nbsp;7.1(b)
hereof shall be accompanied by a certificate of a Senior Financial Officer
setting forth:</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Covenant Compliance</font></i> &#151; the information
(including detailed calculations) required in order to establish whether the
Company was in compliance with the requirements of Section&nbsp;10.4 through
Section&nbsp;10.8 hereof, inclusive, during the quarterly or annual period
covered by the statements then being furnished (including with respect to each
such Section, where applicable, the calculations of the maximum or minimum
amount, ratio or percentage, as the case may be, permissible under the terms of
such Sections, and the calculation of the amount, ratio or percentage then in
existence); and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Event of Default</font></i> &#151; a statement that such
officer has reviewed the relevant terms hereof and has made, or caused to be
made, under his or her supervision, a review of the transactions and conditions
of the Company and its Subsidiaries from the beginning of the quarterly or
annual period covered by the statements then being furnished to the date of the
certificate and that such review shall not have disclosed the existence during
such period of any condition or event that constitutes a Default or an Event of
Default or, if any such condition or event existed or exists (including,
without </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


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<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">limitation, any such
event or condition resulting from the failure of the Company or any Subsidiary
to comply with any Environmental Law), specifying the nature and period of
existence thereof and what action the Company shall have taken or proposes to
take with respect thereto.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section7_3_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;7.3.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Inspection</font></i>.&#160; The Company shall permit the representatives
of each holder of Notes that is an Institutional Investor:</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">No Default</font></i> &#151; if no Default or Event of
Default then exists, at the expense of such holder and upon reasonable prior
notice to the Company, to visit the principal executive office of the Company,
to discuss the affairs, finances and accounts of the Company and its
Subsidiaries with the Company&#146;s senior officers, and (with the consent of the
Company, which consent will not be unreasonably withheld) its independent
public accountants, and (with the consent of the Company, which consent will
not be unreasonably withheld) to visit the other offices and properties of the
Company and each Subsidiary, all at such reasonable times and as often as may
be reasonably requested in writing; <i><font style="font-style:italic;">provided, however,</font></i> that no such visits
shall occur during the two week period preceding, or on the day of, the running
of the (i)&nbsp;Kentucky Derby or (ii)&nbsp;Breeder&#146;s Cup, if the Breeder&#146;s Cup
is to be held at Churchill Downs; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Default</font></i> &#151; if a Default or Event of Default
then exists, at the expense of the Company, to visit and inspect any of the
offices or properties of the Company or any Subsidiary, to examine all their
respective books of account, records, reports and other papers, to make copies
and extracts therefrom, and to discuss their respective affairs, finances and
accounts with their respective senior officers and independent public
accountants (and by this provision the Company authorizes said accountants to
discuss the affairs, finances and accounts of the Company and its
Subsidiaries), all at such times and as often as may be requested.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section8_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;8.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PREPAYMENT OF THE NOTES.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section8_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;8.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Required Prepayments</font></i>.&#160; Except as otherwise provided in this
Section&nbsp;8 and in Section&nbsp;12.1 and pursuant to the application or
offer of application of amounts on the Notes pursuant to the Collateral Sharing
Agreement, the Notes are not subject to mandatory prepayments of
principal.&#160; The entire outstanding
principal amount of the Notes, together with all accrued and unpaid interest
thereon shall be due and payable on March&nbsp;31, 2010.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section8_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;8.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Optional Prepayments</font></i>.&#160; The Company may, at its option, upon notice
as provided below, prepay on any Interest Payment Date on or after, but not
prior to, March&nbsp;31, 2004, all, or any part of, the Notes, in an amount not
less than 10% of the aggregate principal amount of the Notes then outstanding
in the case of a partial prepayment, at 100% of the principal amount so
prepaid, together with interest accrued thereon to the date of such
prepayment.&#160; The Company will give each
holder of Notes written notice of each optional prepayment under this
Section&nbsp;8.2 not less than 30 days and not more than 60 days prior to the
Interest Payment Date fixed for such prepayment.&#160; Each such notice shall specify such date, the aggregate principal
amount of the Notes to be prepaid on such date, the principal amount of each </p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>


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</font></div>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note held by such holder
to be prepaid (determined in accordance with Section&nbsp;8.4), and the
interest to be paid on the prepayment date with respect to such principal
amount being prepaid.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section8_3_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section</font></i><i><font style="font-style:italic;"> 8.3.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Change in Control</font></i>.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Notice of Change in Control or Control Event</font></i>.&#160; The Company will, within five (5) Business
Days after any Responsible Officer has knowledge of the occurrence of any
Change in Control or Control Event, give written notice of such Change in
Control or Control Event to each holder of Notes <i><font style="font-style:italic;">unless</font></i> notice in respect of
such Change in Control (or the Change in Control contemplated by such Control
Event) shall have been given pursuant to Section 8.3(b).&#160; If a Change in Control has occurred, such
notice shall contain and constitute an offer to prepay the Notes as described in
Section 8.3(c) hereof and shall be accompanied by the certificate described in
Section 8.3(f).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Conditions to Company Action</font></i>.&#160; The Company will not take any action that
consummates or finalizes a Change in Control unless at least fifteen (15) days
prior to such action it shall have given to each holder of Notes written notice
containing and constituting an offer to prepay Notes as described in Section
8.3(c), accompanied by the certificate described in Section&nbsp;8.3(f).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Offer to Prepay Notes</font></i>.&#160; The offer to prepay Notes contemplated by
paragraphs (a) and (b) of this Section 8.3 shall be an offer to prepay, in
accordance with and subject to this Section&nbsp;8.3, all, but not less than
all, the Notes held by each holder (in this case only, &#147;holder&#148; in respect of
any Note registered in the name of a nominee for a disclosed beneficial owner
shall mean such beneficial owner) on a date specified in such offer (the <i><font style="font-style:italic;">&#147;Proposed
Prepayment Date&#148;</font></i>) which shall be the next Interest Payment Date
which is at least 15 days after the date of the notice of prepayment.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Acceptance</font></i>.&#160; A holder of Notes may accept the offer to prepay made pursuant to
this Section&nbsp;8.3 by causing a notice of such acceptance to be delivered to
the Company at least five&nbsp;(5) Business Days prior to the Proposed
Prepayment Date.&#160; A failure by a holder
of Notes to respond to an offer to prepay made pursuant to this Section 8.3
shall be deemed to constitute a rejection of such offer by such holder.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Prepayment</font></i>.&#160; Prepayment of the Notes to be prepaid pursuant to this
Section&nbsp;8.3 shall be at 100% of the principal amount of the Notes together
with accrued and unpaid interest thereon.&#160;
The prepayment shall be made on the Proposed Prepayment Date.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Officer&#146;s Certificate</font></i>.&#160; Each offer to prepay the Notes pursuant to
this Section 8.3 shall be accompanied by a certificate, executed by the Senior
Financial Officer of the Company and dated the date of such offer,
specifying:&#160; (i) the Proposed Prepayment
Date; (ii) that such offer is made pursuant to this Section 8.3; (iii) the
principal amount of each Note offered to be prepaid; (iv) the interest that
would be due on each Note offered to be prepaid, accrued to the Proposed
Prepayment Date; (v) that the conditions of this Section 8.3 have been
fulfilled; and (vi) in reasonable detail, the nature and date or proposed date
of the Change in Control.</font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Certain Definitions. </font></i>&#160;<i><font style="font-style:italic;">&#147;Change in Control&#148;</font></i> shall be deemed to
have occurred if any person (as such term is used in Section&nbsp;13(d) and
Section&nbsp;14(d)(2) of the Exchange Act as in effect on the date of the
Closing) or related persons constituting a group (as such term is used in
Rule&nbsp;13d-5 under the Exchange Act), other than a group including, and
under the general supervision of, the Excluded Group:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; become
the &#147;beneficial owners&#148; (as such term is used in Rule&nbsp;13d-3 under the
Exchange Act as in effect on the date of the Closing), directly or indirectly,
of more than 50% of the total voting power of all classes then outstanding of
the voting stock or membership or other equity interests of the Company, or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; acquire
after the date of the Closing (x) the power to elect, appoint or cause the
election or appointment of at least a majority of the members of the board of
directors of the Company, through beneficial ownership of the capital stock of
the Company or otherwise, or (y) all or substantially all of the properties and
assets of the Company.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Control Event&#148;</font></i>
means:</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
execution by the Company or an Affiliate of any agreement or letter of intent
with respect to any proposed transaction or event or series of transactions or
events which, individually or in the aggregate, may reasonably be expected to
result in a Change in Control,</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
execution of any written agreement which, when fully performed by the parties
thereto, would result in a Change in Control, or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
making of any written offer by any person (as such term is used in
Section&nbsp;13(d) and Section&nbsp;14(d)(2) of the Exchange Act as in effect
on the date of the Closing) or related persons constituting a group (as such
term is used in Rule 13d-5 under the Exchange Act as in effect on the date of
the Closing) to the holders of the outstanding equity of the Company, which
offer, if accepted by the requisite number of holders, would result in a Change
in Control.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Excluded Group&#148;</font></i>
means and includes Duchossois Industries, Inc. and its Affiliates and
Brad&nbsp;M. Kelley and his Affiliates.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All calculations contemplated in this
Section&nbsp;8.3 involving the capital stock or other equity interest of any
Person shall be made with the assumption that all convertible securities of
such Person then outstanding and all convertible securities issuable upon the
exercise of any warrants, options and other rights outstanding at such time
were converted at such time and that all options, warrants and similar rights
to acquire shares of capital stock or other equity interest of such Person were
exercised at such time.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section8_4_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;8.4.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocation
of Partial Prepayments</font></i>.&#160; In
the case of each partial prepayment of the Notes pursuant to Section 8.2, the
principal amount of the Notes to be prepaid shall be </p>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">allocated among all of
the Notes at the time outstanding in proportion, as nearly as practicable, to
the respective unpaid principal amounts thereof.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section8_5_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;8.5.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Maturity;
Surrender, etc</font></i>.&#160; In the case
of each prepayment of Notes pursuant to this Section&nbsp;8, the principal
amount of each Note to be prepaid shall mature and become due and payable on
the date fixed for such prepayment, together with interest on such principal
amount accrued to such date.&#160; From and
after such date, unless the Company shall fail to pay such principal amount
when so due and payable, together with the interest, as aforesaid, interest on
such principal amount shall cease to accrue.&#160;
Any Note paid or prepaid in full shall be surrendered to the Company and
cancelled and shall not be reissued, and no Note shall be issued in lieu of any
prepaid principal amount of any Note.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section8_6_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;8.6.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purchase
of Notes</font></i>.&#160; The Company will
not and will not permit any Affiliate controlled directly or indirectly, by the
Company to purchase, redeem, prepay or otherwise acquire, directly or
indirectly, any of the outstanding Notes except upon the payment or prepayment
of the Notes in accordance with the terms of this Agreement and the Notes.&#160; The Company will promptly cancel all Notes
acquired by it or any Affiliate pursuant to any payment, prepayment or purchase
of Notes pursuant to any provision of this Agreement and no Notes may be issued
in substitution or exchange for any such Notes.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section9_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;9.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; AFFIRMATIVE COVENANTS.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company covenants
that so long as any of the Notes are outstanding:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section9_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;9.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Compliance
with Law</font></i>.&#160; The Company will,
and will cause each of its Subsidiaries to, comply with all laws, ordinances or
governmental rules or regulations to which each of them is subject, including,
without limitation, Environmental Laws, and will obtain and maintain in effect
all licenses, certificates, permits, franchises and other governmental
authorizations necessary to the ownership of their respective properties or to
the conduct of their respective businesses, in each case to the extent
necessary to ensure that non-compliance with such laws, ordinances or
governmental rules or regulations or failures to obtain or maintain in effect
such licenses, certificates, permits, franchises and other governmental
authorizations could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section9_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;9.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Insurance</font></i>.&#160; The Company will, and will cause each of its
Subsidiaries to, maintain, with financially sound and reputable insurers,
insurance with respect to their respective properties and businesses against
such casualties and contingencies, of such types, on such terms and in such
amounts (including deductibles, co-insurance and self-insurance, if adequate
reserves are maintained with respect thereto) as is customary in the case of
Persons of established reputations engaged in the same or a similar business
and similarly situated.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section9_3_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;9.3.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Maintenance
of Properties</font></i>.&#160; The Company
will, and will cause each of its Subsidiaries to, maintain and keep, or cause
to be maintained and kept, their respective properties in good repair, working
order and condition (other than ordinary wear and tear), so that the business
carried on in connection therewith may be properly conducted at all times, <i><font style="font-style:italic;">provided</font></i>
that this Section shall not prevent the Company or any Subsidiary from
discontinuing the operation</p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and the maintenance of
any of its properties if such discontinuance is desirable in the conduct of its
business and the Company has concluded that such discontinuance could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section9_4_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;9.4.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payment
of Taxes and Claims</font></i>.&#160; The
Company will, and will cause each of its Subsidiaries to, file all tax returns
required to be filed in any jurisdiction and to pay and discharge all taxes
shown to be due and payable on such returns and all other taxes, assessments,
governmental charges, or levies imposed on them or any of their properties,
assets, income or franchises, to the extent such taxes and assessments have
become due and payable and before they have become delinquent and all claims
for which sums have become due and payable that have or might become a Lien on
properties or assets of the Company or any Subsidiary, <i><font style="font-style:italic;">provided</font></i> that neither the
Company nor any Subsidiary need pay any such tax or assessment or claim if
(i)&nbsp;the amount, applicability or validity thereof is contested by the
Company or such Subsidiary on a timely basis in good faith and in appropriate
proceedings, and the Company or a Subsidiary has established adequate reserves
therefor in accordance with GAAP on the books of the Company or such Subsidiary
or (ii)&nbsp;the nonpayment of all such taxes and assessments in the aggregate
could not reasonably be expected to have a Material Adverse Effect.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section9_5_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;9.5.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Corporate
Existence, etc</font></i>.&#160; The Company
will at all times preserve and keep in full force and effect its corporate or
limited liability company existence.&#160;
Subject to Sections&nbsp;10.2 and 10.8, the Company will at all times
preserve and keep in full force and effect the corporate or limited liability
company existence of each of its Subsidiaries and all rights and franchises of
the Company and its Subsidiaries unless, in the good faith judgment of the
Company, the termination of or failure to preserve and keep in full force and
effect such corporate or limited liability company existence, right or
franchise could not, individually or in the aggregate, have a Material Adverse
Effect.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section9_6_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section 9.6.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form
of Guaranties; Subsequent Guarantors</font></i>.&#160; (a)&nbsp;The Company covenants that it shall not cause or permit
any Subsidiary to deliver any Guaranty or any Collateral, in each case,
securing obligations of the Company or any other Subsidiary in respect of the
Bank Credit Agreement unless any such Guaranty or additional Collateral is in
favor of the Collateral Agent under the Collateral Sharing Agreement.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company covenants that if, at any
time after the date of this Agreement, any Subsidiary shall enter into a
Guaranty in respect of the Bank Credit Agreement or any other Indebtedness of
the Company, or otherwise become directly or indirectly liable for, all or any
part of the Indebtedness under, or in respect of, the Bank Credit Agreement,
the Company will cause each such Subsidiary contemporaneously with entering
into any such Guaranty or becoming directly or indirectly liable in respect of
such Indebtedness (and in any event within 30&nbsp;days thereafter), to execute
and deliver to the holders of the Notes (a)&nbsp;a joinder agreement to the
Guarantee Agreement, which joinder agreement is to be substantially in the form
of Exhibit A to the Guarantee Agreement, and to remain obligated in respect
thereof at all times thereafter; (b)&nbsp;an opinion of independent counsel for
such Person with respect to the Guarantee Agreement and such joinder agreement
which counsel and opinion shall be reasonably acceptable to the Required
Holders and, in each case, not materially different or broader in scope than
those delivered at Closing with respect to the initial Guarantors.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section9_7_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;9.7.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Further
Assurances.</font></i>&#160; Each Obligor
shall, from time to time, at its expense, (i)&nbsp;take such steps as may be
necessary and/or appropriate to faithfully preserve and protect the Lien in
favor of the Collateral Agent, for the benefit of holders pursuant to and
subject to the terms of the Collateral Sharing Agreement, on and security
interest in the Collateral more fully described in the Collateral Documents as
a continuing first priority perfected Lien, subject only to Permitted Liens,
(ii)&nbsp;shall do such other acts and things as the Required Holders in their
sole discretion may deem reasonably necessary or advisable from time to time in
order to preserve, perfect and protect the Liens granted under the Collateral
Documents and to exercise and enforce its rights and remedies thereunder with
respect to the Collateral, and (iii)&nbsp;as property is acquired and as
required by the other provisions of this Agreement, enter into additional
documents from time to time in the form of the Collateral Documents (except as
to the applicable Obligor and the property subject thereto) and take such other
steps to grant and perfect first priority Liens on those assets to the
Collateral Agent, for the benefit of the holders pursuant to and subject to the
Collateral Sharing Agreement.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section9_8"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;9.8</font></i></a><i><font style="font-style:italic;">.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subordination
of Intercompany Loans.</font></i>&#160; Each
Obligor shall cause any intercompany Indebtedness, and loans or advances owed
by any Obligor to any other Obligor to be subordinated pursuant to the terms of
the Intercompany Subordination Agreement substantially in the form of
Exhibit&nbsp;9.8 hereto.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section9_9"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;9.9</font></i></a><i><font style="font-style:italic;">.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Recordation
of Calder Mortgage.</font></i>&#160; The
Company acknowledges and agrees that in the event the Calder Mortgage has not
been previously recorded as contemplated under the Credit Agreement, the
Required Holders hereunder shall have the right to direct the Collateral Agent
to record the Calder Mortgage.&#160; The
Company shall cause the appropriate Obligors to take all such steps as the
Collateral Agent or the Required Holders request and shall otherwise cooperate
in connection with the recordation of the Calder Mortgage and (i)&nbsp;to
obtain title insurance in favor of the Collateral Agent and the other parties
subject to the Collateral Sharing Agreement in an amount not less than the
appraised value of the property covered by the Calder Mortgage (which the
Obligors shall be required to pay for) and (ii)&nbsp;if a Default or Event of
Default then exists, or if a Default or Event of Default shall occur after such
recordation of the Calder Mortgage, the Obligors shall pay (or reimburse the
Required Holders for) all documentary stamp taxes, intangible asset taxes and
other fees and expenses associated with such recordation.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section10_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NEGATIVE COVENANTS.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company covenants
that so long as any of the Notes are outstanding:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section10_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;10.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Transactions
with Affiliates</font></i>.&#160; The Company
will not and will not permit any Subsidiary to enter into directly or
indirectly any transaction (including without limitation the purchase, lease,
sale or exchange of properties of any kind or the rendering of any service)
with any Affiliate (other than the Company or another Subsidiary), except in
the ordinary course and pursuant to the reasonable requirements of the
Company&#146;s or such Subsidiary&#146;s business and upon fair and reasonable terms no
less favorable to the Company or such Subsidiary than would be obtainable in a
comparable arm&#146;s-length transaction with a Person not an Affiliate.</p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section10_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;10.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Merger,
Consolidation, etc</font></i>.&#160; The
Company shall not, and shall not permit any Subsidiary to, consolidate with or
merge with any other Person or convey, transfer or lease all or substantially
all of its assets in a single transaction or series of transactions to any
Person (except that (i)&nbsp;any Subsidiary may consolidate with or merge with,
or convey, transfer or lease all or substantially all of its assets in a single
transaction or series of transactions to, the Company or any other Obligor which
is a Wholly-Owned Subsidiary and (ii)&nbsp;any Subsidiary which is not an
Obligor may consolidate with or merge with, or convey, transfer or lease all or
substantially all of its assets in a single transaction or series of
transactions to, the Company or any other Wholly-Owned Subsidiary, <i><font style="font-style:italic;">provided</font></i>,
that, in any such case described in clauses&nbsp;(i) or (ii) above, (1)&nbsp;in
the case of any such transaction involving the Company, the Company shall be
the surviving or continuing corporation and (2)&nbsp;immediately after giving
effect to such transaction, no Default or Event of Default shall have occurred
and be continuing) unless:</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the case of any such transaction
involving an Obligor, the successor formed by such consolidation or the
survivor of such merger or the Person that acquires by conveyance, transfer or
lease all or substantially all of the assets of such Obligor as an entirety, as
the case may be, shall be a solvent corporation or limited liability company
organized and existing under the laws of the United States or any State thereof
(including the District of Columbia), and, if an Obligor is not such
corporation or limited liability company, (i)&nbsp;such corporation or limited
liability company shall have executed and delivered to each holder of any Notes
its assumption of the due and punctual performance and observance of each
covenant and condition of the Financing Agreements of such Obligor and
(ii)&nbsp;shall have caused to be delivered to each holder of any Notes an
opinion of nationally recognized independent counsel, or other independent
counsel reasonably satisfactory to the Required Holders, to the effect that all
agreements or instruments effecting such assumption are enforceable in
accordance with their terms and comply with the terms hereof; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in all cases, immediately after
giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No such conveyance,
transfer or lease of substantially all of the assets of an Obligor shall have
the effect of releasing such Obligor or any successor corporation that shall
theretofore have become such in the manner prescribed in this Section&nbsp;10.2
from its liability under the Financing Agreements.&#160; This Section&nbsp;10.2 shall not prohibit any Disposition of
assets of the Company or any Subsidiary permitted by Section&nbsp;10.8.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section10_3_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;10.3.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens.</font></i><b><font style="font-weight:bold;">&#160; </font></b>The Company will not, and will
not permit any Subsidiary to, cause or permit to exist, or agree or consent to
cause or permit to exist in the future (upon the happening of a contingency or
otherwise), any of the properties of the Company or any such Subsidiary which
constitutes Collateral, whether now owned or hereafter acquired, to be subject
to any Lien except Permitted Liens.&#160; The
Company will not let the property subject to the Calder Mortgage be subject to
any liens prohibited by the Negative Pledge Agreement prior to the recordation,
if any, of the Calder Mortgage.</p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will not, and
will not permit any Subsidiary to, cause or permit to exist, or agree or
consent to cause or permit to exist in the future (upon the happening of a
contingency or otherwise), any of the properties of the Company or any such
Subsidiary which does not constitute Collateral, whether now owned or hereafter
acquired, to be subject to a Lien (unless it makes or causes to be made,
effective provisions whereby the Notes and the Financing Agreements will be
equally and ratably secured with any and all other obligations thereby secured,
such security to be pursuant to an agreement reasonably satisfactory to the
Required Holders) except:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens for taxes or other governmental
charges (i)&nbsp;not at the time delinquent or (ii)&nbsp;if not payable at such
time, payable thereafter without penalty or (iii)&nbsp;being contested in good
faith by appropriate proceedings and, in each case, for which it maintains
adequate reserves in accordance with GAAP;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens arising in the ordinary course
of business (such as (A)&nbsp;Liens of carriers, warehousemen, mechanics and
materialmen and other similar Liens imposed by law and (B)&nbsp;Liens incurred
in connection with workers&#146; compensation, unemployment compensation and other
types of social security (excluding Liens arising under ERISA which Liens are
subject to clause&nbsp;(a) above) or in connection with surety bonds, bids,
performance bonds and similar obligations) for sums not overdue or being
contested in good faith by appropriate proceedings and not involving any
deposits or advances or borrowed money or the deferred purchase price of property
or services, and, in each case, for which it maintains adequate reserves;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens existing on the date of Closing
and described in Schedule 5.15; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens resulting from judgments
arising in connection with court proceedings, unless such judgments are
discharged or stayed pending appeal within 30&nbsp;days, or are discharged
within 30 days after the expiration of any such stay;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; other Liens incidental to the conduct
of the business of the Company or a Subsidiary or the ownership of its property,
including leases, subleases, easements, rights of way, restrictions, minor
defects or irregularities in title and other similar Liens (including, without
limitation, Liens arising from precautionary UCC financing statement filings
regarding operating leases entered into in the ordinary course of business),
which Liens were not incurred in connection with the borrowing of money and do
not, in any case or in the aggregate, materially detract from the value of such
property;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens securing Indebtedness of a
Subsidiary owing to the Company or to any other Subsidiary which is an Obligor;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens on property (or any improvement
thereon) acquired or constructed by the Company or any Subsidiary after the
date of the Closing to secure Indebtedness of the Company or such Subsidiary
incurred in connection with such acquisition or construction, <i><font style="font-style:italic;">provided</font></i>
that</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='24',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
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</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no such Lien shall extend to or
cover any property other than the property (or improvement thereon) being
acquired or constructed, or proceeds thereof and, if required by the terms of
the instrument originally creating such Lien, other property which is an
improvement to or is acquired for specific use in connection with such acquired
or constructed property (or improvement thereon) or which is real property
being improved by such acquired or constructed property (or improvement
thereon),</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the amount of Indebtedness secured by
any such Lien shall not exceed the lesser of (A)&nbsp;the cost to the Company
or such Subsidiary of the property (or improvement thereon) so acquired or
constructed and (B)&nbsp;the fair market value (as determined in good faith by
one or more senior officers of the Company) of such property (or improvement
thereon), determined at the time of such acquisition or at the time of
substantial completion of such construction, and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such Lien shall be created
concurrently with or within 180 days after such acquisition or the substantial
completion of such construction.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens existing on property of a
Person immediately prior to its being consolidated with or merged into the
Company or a Subsidiary or its becoming a Subsidiary, <i><font style="font-style:italic;">provided </font></i>that</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no such Lien shall have been created
or assumed in contemplation of such consolidation or merger or such Person&#146;s
becoming a Subsidiary, and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each such Lien shall extend solely to
the property of the Person consolidated with or merged into the Company or a
Subsidiary or that becomes a Subsidiary and, if required by the terms of the instrument
originally creating such Lien other property which is an improvement to or is
acquired for specific use in connection with such property (or improvement
thereon).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Lien renewing, extending or
replacing Liens permitted by subsection&nbsp;(c) above, <i><font style="font-style:italic;">provided</font></i> that (i)&nbsp;the
principal amount of the Indebtedness secured is not increased or the maturity thereof reduced,
(ii)&nbsp;such Lien is not extended to any other property, and (iii)
immediately after such extension, renewal, or refunding, no Default or Event of
Default would exist; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Lien (other than a Lien
permitted under clause&nbsp;(a) through clause&nbsp;(i) above) securing any
Indebtedness of the Company or any Subsidiary, which Debt is permitted
hereunder including each of Sections&nbsp;10.5(a), (b) and (c).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section10_4_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;10.4.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Minimum
Consolidated Net Worth</font></i>.&#160; The
Company will not, at any time, permit Consolidated Net Worth to be less than
the sum of</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $180,000,000 <i><font style="font-style:italic;">plus</font></i></font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='25',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
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</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an aggregate amount equal to 50% of
Consolidated Net Earnings (excluding 100% of any net losses) for each completed
fiscal quarter of the Company beginning with the fiscal quarter ending
March&nbsp;31, 2003.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section10_5_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;10.5.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certain Ratios.&#160; </font></i>(a)&nbsp;The Company will not, as
of the last day of each fiscal quarter of the Company, permit the ratio of
Consolidated Funded Debt to Consolidated Operating Cash Flow for the
immediately preceding period of four&nbsp;(4) fiscal quarters (taken as a
single accounting period) at such time to exceed 3.50 to 1.00.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company will not permit, as of
the last day of each quarterly fiscal period, the ratio of Consolidated
Earnings Available for Fixed Charges to Consolidated Fixed Charges for the
immediately preceding period of four&nbsp;(4) fiscal quarters (taken as a single
accounting period) to be less than 1.75 to 1.00.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company will not at any time
permit Priority Debt to exceed 20% of Consolidated Net Worth.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section10_6"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;10.6</font></i></a><i><font style="font-style:italic;">.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subsidiary
Debt Limitation.</font></i>&#160; The Company will not at any time permit any
Subsidiary to, directly or indirectly, create, incur, assume, guarantee, have
outstanding, or otherwise become or remain directly or indirectly liable with
respect to, any Indebtedness other than:</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indebtedness of a Subsidiary
outstanding on the date of Closing (including, without limitation,
Indebtedness&#160; in respect of the
Financing Agreements and under the Bank Credit Agreement) and, except in the
case of the Indebtedness in respect of the Financing Agreements, any extension,
renewal or refunding thereof, provided that the principal amount thereof is not
increased;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indebtedness of a Subsidiary owed to
the Company or a Wholly-Owned Subsidiary which is a Guarantor; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indebtedness of a Subsidiary in
addition to that otherwise permitted by the foregoing provisions, <i><font style="font-style:italic;">provided,</font></i>
that on the date the Subsidiary incurs or otherwise becomes liable with respect
to any such additional Indebtedness and immediately after giving effect
thereto, no Default or Event of Default exists, including under
Section&nbsp;10.5(c).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section10_7_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;10.7.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Restricted
Investments.</font></i>&#160; The Company
will not, and will not permit its Subsidiaries to, make any Investments other
than the following:</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investments in property to be used in
the ordinary course of business of the Company and/or its Subsidiaries;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investments (i)&nbsp;in current
assets arising from the sale of goods and services in the ordinary course of
business of the Company and/or its Subsidiaries and (ii)&nbsp;consisting of
advances to employees of the Company or any Subsidiary to meet </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='26',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
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</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">normal and customary
business, travel and similar expenses incurred by such employees in the
ordinary course of business;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investments existing as of the date
hereof and described on Schedule&nbsp;10.7;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investments in or advances to one or
more Subsidiaries or any Person that concurrently with such Investment becomes
a Subsidiary;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investments in certificates of
deposit and banker&#146;s acceptances with final maturities of one&nbsp;year or less
issued by U.S. commercial banks having capital and surplus in excess of U.S.
$100,000,000 (or its equivalent) and whose long-term unsecured debt is rated at
least &#147;A2&#148; by Moody&#146;s or at least &#147;A&#148; by S&amp;P;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investments in commercial paper with
a minimum rating of &#147;A1&#148; or &#147;P1&#148; by either S&amp;P or Moody&#146;s respectively, and
maturing not more than 270&nbsp;days from the date acquired;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investments in United States
Governmental Securities with a maturity, in each case, of one year or less;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investments in Repurchase Agreements;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investments in tax exempt state or
municipal general obligation bonds rated &#147;AA&#148; or better by S&amp;P, &#147;Aa2&#148; or
better by Moody&#146;s or an equivalent rating by any other credit rating agency of
recognized national standing, <i><font style="font-style:italic;">provided </font></i>that such obligations mature
within 365&nbsp;days from the date of acquisition thereof; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; other Investments not to exceed at
any time, in the aggregate, 20% of the Consolidated Net Worth.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes of this
Agreement, an Investment shall be valued at the lesser of (i)&nbsp;cost or
(ii)&nbsp;the value at which such Investment is shown on the books of the
Company or any Subsidiary in accordance with GAAP (as of the most recent fiscal
quarter end).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section10_8"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;10.8</font></i></a><i><font style="font-style:italic;">.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Sale
of Assets.</font></i>&#160; In addition to,
and not in limitation of, any restrictions contained in any other Financing
Agreements regarding the Disposition of any property or assets, the Company
will not, and will not permit any Subsidiary to Dispose of any property or
assets, except:</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company or any Subsidiary may
sell, in each case, in the ordinary course of business (i)&nbsp;inventory or
(ii)&nbsp;equipment, fixtures, supplies, materials or other tangible assets no
longer required in the operation of the business of the Company or any
Subsidiary or that are obsolete;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&nbsp;any Subsidiary may Dispose
of its assets to the Company or a Wholly-Owned Subsidiary which is a Guarantor
and/or (ii)&nbsp;any Disposition that is pursuant to Section&nbsp;10.2 and
satisfies the requirements thereof; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company or any Subsidiary may
Dispose of its assets so long as, immediately after giving effect to such
proposed Disposition:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the consideration for such assets
represents the fair market value of such assets (as determined in good faith by
the Company&#146;s senior officers) at the time of such Disposition;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the net book value of all assets so
Disposed of by the Company and its Subsidiaries under this clause&nbsp;(c)
during the prior 12 months does not exceed 15% of Consolidated Total Assets
determined at the time of such proposed Disposition; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no Default or Event of Default shall
exist;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided, however, </font></i>if
after any Disposition, the net book value of all assets Disposed of (other than
Dispositions pursuant to (a) and (b) above) during the prior 12 months exceeds
such 15% of Consolidated Total Assets, the Company shall, within 365 days of
the date of such Disposition, apply the proceeds (net of reasonable expenses
(the <i><font style="font-style:italic;">&#147;Net
Proceeds&#148;</font></i>)) from such Disposition (or such portion thereof as is necessary
to cause compliance with the provisions of this Section&nbsp;10.8(c)) to
(x)&nbsp;acquire capital assets (a <i><font style="font-style:italic;">&#147;Property Reinvestment Application&#148;</font></i>) or
(y)&nbsp;reduce Indebtedness of the Company or its Subsidiaries, which
Indebtedness is not subordinate to the Notes (and, if and to the extent that
any such payment is in respect of a revolving credit facility, such payment
shall permanently reduce the availability thereof to the extent of such
payment, subject, in the case of the Bank Credit Agreement, to the application
of such amounts in accordance with the Collateral Sharing Agreement).</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
purposes of this Section&nbsp;10.8(c):</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">&#147;Disposition&#148; </font></i>means the sale, lease,
transfer or other disposition of property, and &#147;Dispose of&#148; and &#147;Disposed of&#148;<i><font style="font-style:italic;">  </font></i>each
has a corresponding meaning to Disposition; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Calculation of Net Book Value.&#160; </font></i>The net book value of any assets
shall be determined as of the respective date of Disposition of those assets.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The holders acknowledge
that the Collateral Agent under the Collateral Sharing Agreement is authorized
to release the lien of the Collateral Documents and/or the obligations of a
Guarantor under the Guarantee Agreement in respect of Dispositions permitted
hereunder pursuant to and in accordance with the terms and provisions of the
Collateral Sharing Agreement <i><font style="font-style:italic;">provided</font></i> that no Default or Event of
Default shall exist at the time of or immediately after giving effect to any </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>


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</font></div>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such release of property
or Guarantor and <i><font style="font-style:italic;">provided, further,</font></i> that such release of property and/or
Guarantor is simultaneously effectuated with respect to the Bank Credit
Agreement.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing contained in this
Section&nbsp;10.8 shall prevent the Company or any Subsidiary from conducting
its revenue producing activities in the ordinary course of its respective
businesses, including, but not limited to, the (i)&nbsp;leasing or licensing of
parking facilities, banquet facilities, boxes, suites or other facilities to
the patrons of the Company and its Subsidiaries (collectively, the <i><font style="font-style:italic;">&#147;Patrons&#148;</font></i>),
(ii)&nbsp;granting of personal suite licenses to Patrons, (iii)&nbsp;granting
of licenses to Patrons to use space in the &#147;marquee village&#148; and other similar
facilities, (iv)&nbsp;the sale, license or use for a fee of simulcast signals,
trademarks, copyrights, and other similar assets, and (v)&nbsp;prepaying and/or
forgiving any amounts owed under, or cancelling the bonds issued or the lease
entered into in connection with, the Master Plan Bond Transaction.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section10_9_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;10.9.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nature
of Business</font></i>.<b><font style="font-weight:bold;">&#160; </font></b>The
Company will not, and will not permit any of the Subsidiaries to, engage in any
business, if as a result, when taken as a whole, the general nature of the
businesses in which the Company and the Subsidiaries are engaged would be
substantially changed from the general nature of the business in which the
Company and the Subsidiaries are engaged in on the date of this Agreement
(which shall include the activities described in the last sentence of
Section&nbsp;10.8) except that the Company and any Subsidiary may own or lease
and operate video lottery terminals and other forms of alternative gaming, in
each case, in connection with live or simulcast horse racing and pari mutuel
wagering, and may own and/or operate or may be party to a joint venture with
respect to a hotel located on the Company&#146;s property in Louisville, Kentucky at
700 Central Avenue.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section11_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;11.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; EVENTS OF DEFAULT.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An <i><font style="font-style:italic;">&#147;Event of Default&#148;</font></i> shall
exist if any of the following conditions or events shall occur and be
continuing:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company defaults in the payment
of any principal or LIBOR Breakage Amount, if any, on any Note when the same
becomes due and payable, whether at maturity or at a date fixed for prepayment
or by declaration or otherwise; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company defaults in the payment
of any interest on any Note for more than five Business Days after the same
becomes due and payable; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company defaults in the
performance of or compliance with any term contained in Section&nbsp;10; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an Obligor defaults in the
performance of or compliance with any term contained herein or in any other
Financing Agreement (other than those referred to in paragraphs&nbsp;(a), (b)
and (c) of this Section&nbsp;11) and such default is not remedied within
30&nbsp;days after the earlier of (i)&nbsp;a Responsible Officer obtaining
actual knowledge of such default and (ii)&nbsp;the Company receiving written
notice of such default from any holder of a Note (any such written notice to be
identified as a &#147;notice of default&#148; and to refer specifically to this paragraph
(d) of Section&nbsp;11); or</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any representation or warranty made
in writing by or on behalf of an Obligor or by any officer of an Obligor in any
Financing Agreement or in any writing furnished in connection with the
transactions contemplated hereby or thereby proves to have been false or
incorrect in any material respect on the date as of which made; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&nbsp;the Company or any
Subsidiary is in default (as principal or as guarantor or other surety) in the
payment of any principal of or premium or make-whole amount (including any
LIBOR breakage amount) or interest on any Indebtedness that is outstanding in
an aggregate principal amount of at least $15,000,000 beyond any period of
grace provided with respect thereto (a <i><font style="font-style:italic;">&#147;Monetary Default&#148;</font></i>), or (ii)&nbsp;the
Company or any Subsidiary is in default in the performance of or compliance
with any term of any evidence of any Indebtedness in an aggregate outstanding
principal amount of at least $15,000,000 or of any mortgage, indenture or other
agreement relating thereto or any other condition exists, and as a consequence
of such default or condition such Indebtedness has become, or has been
declared, due and payable before its stated maturity or before its regularly
scheduled dates of payment, or (iii)&nbsp;as a consequence of the occurrence or
continuation of any event or condition (other than the passage of time or the
right of the holder of Indebtedness to convert such Indebtedness into equity
interests), (x)&nbsp;the Company or any Subsidiary has become obligated to
purchase or repay Indebtedness before its regular maturity or before its
regularly scheduled dates of payment in an aggregate outstanding principal
amount of at least $15,000,000, or (y)&nbsp;as a result of a Monetary Default,
one or more Persons have the right to require the Company or any Subsidiary so
to purchase or repay such Indebtedness; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company or any Subsidiary
(i)&nbsp;is generally not paying, or admits in writing its inability to pay,
its debts as they become due, (ii)&nbsp;files, or consents by answer or
otherwise to the filing against it of, a petition for relief or reorganization
or arrangement or any other petition in bankruptcy, for liquidation or to take
advantage of any bankruptcy, insolvency, reorganization, moratorium or other
similar law of any jurisdiction, (iii)&nbsp;makes an assignment for the benefit
of its creditors, (iv)&nbsp;consents to the appointment of a custodian,
receiver, trustee or other officer with similar powers with respect to it or
with respect to any substantial part of its property, (v)&nbsp;is adjudicated
as insolvent or to be liquidated, or (vi)&nbsp;takes corporate action for the
purpose of any of the foregoing; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a court or governmental authority of
competent jurisdiction enters an order appointing, without consent by the
Company or any of its Subsidiaries, a custodian, receiver, trustee or other
officer with similar powers with respect to it or with respect to any
substantial part of its property, or constituting an order for relief or
approving a petition for relief or reorganization or any other petition in
bankruptcy or for liquidation or to take advantage of any bankruptcy or
insolvency law of any jurisdiction, or ordering the dissolution, winding-up or
liquidation of the Company or any of its Subsidiaries, or any such petition
shall be filed against the Company or any of its Subsidiaries and such petition
shall not be dismissed within 60 days; or</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>


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</font></div>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a final judgement or judgements (for
the payment of money aggregating at least $15,000,000 net of insurance coverage
in respect of any such judgement or judgements <i><font style="font-style:italic;">provided </font></i>that (i)&nbsp;the
insurer has acknowledged in writing its obligation to satisfy any such judgment
and (ii)&nbsp;such insurer is solvent and has a long term unsecured debt rating
which is investment grade) are rendered against one or more of the Company and
its Subsidiaries and which judgements are not, within 60 days after entry
thereof, bonded, discharged or stayed pending appeal; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if (i)&nbsp;any Plan shall fail to
satisfy the minimum funding standards of ERISA or the Code for any plan year or
part thereof or a waiver of such standards or extension of any amortization
period is sought or granted under section&nbsp;412 of the Code, (ii)&nbsp;a
notice of intent to terminate any Plan shall have been or is reasonably
expected to be filed with the PBGC or the PBGC shall have instituted
proceedings under ERISA section&nbsp;4042 to terminate or appoint a trustee to
administer any Plan or the PBGC shall have notified the Company or any ERISA
Affiliate that a Plan may become a subject of any such proceedings,
(iii)&nbsp;the aggregate &#147;amount of unfunded benefit liabilities&#148; (within the
meaning of section&nbsp;4001(a)(18) of ERISA) under all Plans, determined in
accordance with Title IV of ERISA, shall exceed $15,000,000, (iv)&nbsp;the
Company or any ERISA Affiliate shall have incurred or is reasonably expected to
incur any liability pursuant to Title I or IV of ERISA or the penalty or excise
tax provisions of the Code relating to employee benefit plans, (v)&nbsp;the
Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or
(vi)&nbsp;the Company or any Subsidiary establishes or amends any employee
welfare benefit plan that provides post-employment welfare benefits in a manner
that would increase the liability of the Company or any Subsidiary thereunder;
and any such event or events described in clauses (i) through (vi) above,
either individually or together with any other such event or events, could
reasonably be expected to have a Material Adverse Effect; or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Guarantee Agreement or any
Collateral Document shall cease to be in full force and effect for any reason
whatsoever (except for releases pursuant to and in accordance with the
Collateral Sharing Agreement), including, without limitation, a determination
by any Governmental Authority or court that such Guarantee Agreement or
Collateral Document is invalid, void or unenforceable in any material respect
or any party thereto shall contest or deny the validity or enforceability of
any of its obligations under such Guarantee Agreement or Collateral Document.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in
Section&nbsp;11(j), the terms <i><font style="font-style:italic;">&#147;employee benefit plan&#148;</font></i> and <i><font style="font-style:italic;">&#147;employee
welfare benefit plan&#148;</font></i> shall have the respective meanings assigned to
such terms in section&nbsp;3 of ERISA.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section12_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;12.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REMEDIES ON DEFAULT, ETC.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section12_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;12.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Acceleration</font></i>.&#160; (a)&nbsp;If an Event of Default with respect
to the Company described in paragraph (g) or (h) of Section&nbsp;11 (other than
an Event of Default described in clause (i) of paragraph (g) or described in
clause (vi) of paragraph (g) by virtue of the fact that such clause encompasses
clause (i) of paragraph (g)) has occurred, all the Notes then outstanding shall
automatically become immediately due and payable.</p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If any other Event of Default has
occurred and is continuing, the Required Holders may at any time at its or
their option, by notice or notices to the Company, declare all the Notes then
outstanding to be immediately due and payable.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If any Event of Default described in
paragraph (a) or (b) of Section&nbsp;11 has occurred and is continuing, any
holder of Notes at the time outstanding affected by such Event of Default may
at any time, at its option, by notice or notices to the Company, declare all
the Notes held by it to be immediately due and payable.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon any Note&#146;s becoming
due and payable under this Section&nbsp;12.1, whether automatically or by
declaration, such Note will forthwith mature and the entire unpaid principal
amount of such Note, plus (i)&nbsp;all accrued and unpaid interest thereon and
(ii)&nbsp;the LIBOR Breakage Amount determined in respect of such principal
amount (to the full extent permitted by applicable law), shall all be
immediately due and payable, in each and every case without presentment, demand,
protest or further notice, all of which are hereby waived.&#160; The Company acknowledges, and the parties
hereto agree, that each holder of a Note has the right to maintain its
investment in the Notes free from repayment by the Company (except as herein
specifically provided for), and that the provision for payment of a LIBOR
Breakage Amount by the Company in the event that the Notes are prepaid or are
accelerated as a result of an Event of Default, is intended to provide
compensation for the deprivation of such right under such circumstances.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section12_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;12.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Other
Remedies</font></i>.&#160; If any Default or
Event of Default has occurred and is continuing, and irrespective of whether
any Notes have become or have been declared immediately due and payable under
Section&nbsp;12.1, the holder of any Note at the time outstanding may proceed
to protect and enforce the rights of such holder under or pursuant to any
Financing Agreement or by an action at law, suit in equity or other appropriate
proceeding, whether for the specific performance of any agreement contained
herein or in any Note, or for an injunction against a violation of any of the
terms hereof or thereof, or in aid of the exercise of any power granted hereby
or thereby or by law or otherwise.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section12_3_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;12.3.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Rescission</font></i>.&#160; At any time after any Notes have been
declared due and payable pursuant to clause&nbsp;(b) or (c) of
Section&nbsp;12.1, the Required Holders, by written notice to the Company, may
rescind and annul any such declaration and its consequences if (a)&nbsp;the Company
has paid all overdue interest on the Notes, all principal of and LIBOR Breakage
Amount, if any, on any Notes that are due and payable and are unpaid other than
by reason of such declaration, and all interest on such overdue principal and
LIBOR Breakage Amount, if any, and (to the extent permitted by applicable law)
any overdue interest in respect of the Notes, at the Default Rate, (b)&nbsp;all
Events of Default and Defaults, other than non-payment of amounts that have
become due solely by reason of such declaration, have been cured or have been
waived pursuant to Section&nbsp;17, and (c)&nbsp;no judgment or decree has been
entered for the payment of any monies due pursuant hereto or to the Notes.&#160; No rescission and annulment under this
Section&nbsp;12.3 will extend to or affect any subsequent Event of Default or
Default or impair any right consequent thereon.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><a name="Section12_4_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></a></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;12.4.</font></i><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Waivers or Election of Remedies,
Expenses, etc</font></i>.&#160; No course of
dealing and no delay on the part of any holder of any Note in exercising any
right, power or remedy shall </p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">operate as a waiver
thereof or otherwise prejudice such holder&#146;s rights, powers or remedies.&#160; No right, power or remedy conferred by this
Agreement or by any Note upon any holder thereof shall be exclusive of any
other right, power or remedy referred to herein or therein or now or hereafter
available at law, in equity, by statute or otherwise.&#160; Without limiting the obligations of the Company under Section&nbsp;15,
the Company will pay to the holder of each Note on demand such further amount
as shall be sufficient to cover all costs and expenses of such holder incurred
in any enforcement or collection under this Section&nbsp;12, including, without
limitation, reasonable attorneys&#146; fees, expenses and disbursements.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section13_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;13.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REGISTRATION; EXCHANGE; SUBSTITUTION OF
NOTES.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section13_1"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;13.1</font></i></a><i><font style="font-style:italic;">.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Registration
of Notes</font></i>.&#160; The Company shall
keep at its principal executive office a register for the registration and
registration of transfers of Notes.&#160; The
name and address of each holder of one or more Notes, each transfer thereof and
the name and address of each transferee of one or more Notes shall be
registered in such register.&#160; Prior to
due presentment for registration of transfer, the Person in whose name any Note
shall be registered shall be deemed and treated as the owner and holder thereof
for all purposes hereof, and the Company shall not be affected by any notice or
knowledge to the contrary.&#160; The Company
shall give to any holder of a Note that is an Institutional Investor promptly
upon request therefor, a complete and correct copy of the names and addresses
of all registered holders of Notes.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section13_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;13.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Transfer
and Exchange of Notes</font></i>.&#160; Upon
surrender of any Note at the principal executive office of the Company for
registration of transfer or exchange (and in the case of a surrender for
registration of transfer, duly endorsed or accompanied by a written instrument
of transfer duly executed by the registered holder of such Note or its attorney
duly authorized in writing and accompanied by the address for notices of each
transferee of such Note or part thereof), the Company shall execute and
deliver, at the Company&#146;s expense (except as provided below), one or more new
Notes (as requested by the holder thereof) in exchange therefor, in an
aggregate principal amount equal to the unpaid principal amount of the
surrendered Note.&#160; Each such new Note
shall be payable to such Person as such holder may request and shall be
substantially in the form of Exhibit&nbsp;1.&#160;
Each such new Note shall be dated and bear interest from the date to
which interest shall have been paid on the surrendered Note or dated the date
of the surrendered Note if no interest shall have been paid thereon.&#160; The Company may require payment of a sum
sufficient to cover any stamp tax or governmental charge imposed in respect of
any such transfer of Notes.&#160; Notes shall
not be transferred in denominations of less than $250,000, <i><font style="font-style:italic;">provided</font></i> that if necessary
to enable the registration of transfer by a holder of its entire holding of
Notes, one Note may be in a denomination of less than $250,000.&#160; Any transferee of a Note, or purchaser of a
participation therein, shall, by its acceptance of such Note be deemed to make
the same representations to the Company regarding the Note or participation as
you and the Other Purchasers have made pursuant to Section&nbsp;6, <i><font style="font-style:italic;">provided</font></i>
that such entity may (in reliance upon information provided by the Company,
which shall not be unreasonably withheld) make a representation to the effect
that the purchase by such entity of any Note will not constitute a non-exempt
prohibited transaction under section&nbsp;406(a) of ERISA.</p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything
contained in this Section&nbsp;13.2 or in this Agreement to the contrary, the
Company shall not be required to effect any transfer of any Note to any
Competitor at any time during which no Event of Default exists.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section13_3_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;13.3.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Replacement
of Notes</font></i>.&#160; Upon receipt by
the Company of evidence reasonably satisfactory to it of the ownership of and
the loss, theft, destruction or mutilation of any Note (which evidence shall
be, in the case of an Institutional Investor, notice from such Institutional
Investor of such ownership and such loss, theft, destruction or mutilation),
and</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the case of loss, theft or
destruction, of indemnity reasonably satisfactory to the Company (<i><font style="font-style:italic;">provided</font></i>
that if the holder of such Note is, or is a nominee for, an original Purchaser
or another holder of a Note with a minimum net worth of at least $20,000,000 at
the time of such loss, theft or destruction, such Person&#146;s own unsecured
agreement of indemnity shall be deemed to be satisfactory), or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the case of mutilation, upon
surrender and cancellation thereof,</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Company at its own
expense shall execute and deliver, in lieu thereof, a new Note, dated and
bearing interest from the date to which interest shall have been paid on such
lost, stolen, destroyed or mutilated Note or dated the date of such lost,
stolen, destroyed or mutilated Note if no interest shall have been paid
thereon.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;14.<a name="PaymentsOnNotes_">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PAYMENTS
ON NOTES.</a></font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section14_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;14.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Place
of Payment</font></i>.&#160; Subject to
Section&nbsp;14.2, payments of principal, LIBOR Breakage Amount, if any, and
interest becoming due and payable on the Notes shall be made in New York, New
York at the principal office of Bank One&nbsp;NA in such jurisdiction.&#160; The Company may at any time, by notice to
each holder of a Note, change the place of payment of the Notes so long as such
place of payment shall be either the principal office of the Company in such
jurisdiction or the principal office of a bank or trust company in such
jurisdiction.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section14_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;14.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Home
Office Payment</font></i>.&#160; So long as
you or your nominee shall be the holder of any Note, and notwithstanding
anything contained in Section&nbsp;14.1 or in such Note to the contrary, the
Company will pay all sums becoming due on such Note for principal, LIBOR
Breakage Amount, if any, and interest by the method and at the address
specified for such purpose below your name in Schedule&nbsp;A, or by such other
method or at such other address as you shall have from time to time specified
to the Company in writing for such purpose, without the presentation or
surrender of such Note or the making of any notation thereon, except that upon
written request of the Company made concurrently with or reasonably promptly
after payment or prepayment in full of any Note, you shall surrender such Note
for cancellation, reasonably promptly after any such request, to the Company at
its principal executive office or at the place of payment most recently
designated by the Company pursuant to Section&nbsp;14.1.&#160; The Company will afford the benefits of this
Section&nbsp;14.2 to any Institutional Investor that is the direct or indirect
transferee of any Note purchased by you under this Agreement and that has made
the same agreement relating to such Note as you have made in this
Section&nbsp;14.2.</p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>


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</font></div>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section15_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;15.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; EXPENSES, ETC.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section15_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;15.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Transaction
Expenses</font></i>.&#160; Whether or not the
transactions contemplated hereby are consummated, the Company will pay all
costs and expenses (including reasonable attorneys&#146; fees of one special counsel
and, if reasonably required, local or other counsel) incurred by you and each
Other Purchaser or holder of a Note in connection with such transactions and in
connection with any amendments, waivers or consents under or in respect of this
Agreement or the Notes or any other Financing Agreement (whether or not such
amendment, waiver or consent becomes effective), including, without
limitation:&#160; (a)&nbsp;the costs and
expenses incurred in enforcing or defending (or determining whether or how to
enforce or defend) any rights under this Agreement or the Notes or any other
Financing Agreement or in responding to any subpoena or other legal process or
informal investigative demand issued in connection with this Agreement or the
Notes or any other Financing Agreement, or by reason of being a holder of any
Note, (b)&nbsp;the costs and expenses, including financial advisors&#146; fees,
incurred in connection with the insolvency or bankruptcy of the Company or any
Subsidiary or in connection with any work-out or restructuring of the
transactions contemplated hereby and by the Notes, and (c)&nbsp;the reasonable
costs and expenses incurred in connection with the initial filing of this
Agreement, all related documents and financial information, all subsequent
annual and interim filings of documents and financial information related
hereto with the Securities Valuation Office of the National Association of
Insurance Commissioners or any successor organization succeeding to the
authority thereof.&#160; The Company will
pay, and will save you and each other holder of a Note harmless from, all
claims in respect of any fees, costs or expenses, if any, of brokers and
finders (other than those retained by you).</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section15_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;15.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Survival</font></i>.&#160; The obligations of the Company under this
Section&nbsp;15 will survive the payment or transfer of any Note, the
enforcement, amendment or waiver of any provision of the Financing Agreements,
and the termination of any Financing Agreement.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section16_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;16.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SURVIVAL OF REPRESENTATIONS AND
WARRANTIES; ENTIRE AGREEMENT.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All representations and
warranties contained herein shall survive the execution and delivery of the
Financing Agreements, the purchase or transfer by you of any Note or portion
thereof or interest therein and the payment of any Note, and may be relied upon
by any subsequent holder of a Note, regardless of any investigation made at any
time by or on behalf of you or any other holder of a Note.&#160; All statements contained in any certificate
or other instrument delivered by or on behalf of the Company pursuant to the
Financing Agreements shall be deemed representations and warranties of the
Company under this Agreement.&#160; Subject
to the preceding sentence, the Financing Agreements embody the entire agreement
and understanding between you and the Company and supersede all prior
agreements and understandings relating to the subject matter hereof.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section17_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;17.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; AMENDMENT AND WAIVER.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section17_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;17.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Requirements</font></i>.&#160; This Agreement and the Notes may be amended,
and the observance of any term hereof or of the Notes may be waived (either
retroactively or </p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">prospectively), with (and
only with) the written consent of the Company and the Required Holders, except
that (a)&nbsp;no amendment or waiver of any of the provisions of
Section&nbsp;1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used
therein), will be effective as to you unless consented to by you in writing,
and (b)&nbsp;no such amendment or waiver may, without the written consent of
the holder of each Note at the time outstanding affected thereby,
(i)&nbsp;subject to the provisions of Section&nbsp;12 relating to acceleration
or rescission, change the amount or time of any prepayment or payment of
principal of, or reduce the rate or change the time of payment or method of
computation of interest or of the LIBOR Breakage Amount on, the Notes,
(ii)&nbsp;change the percentage of the principal amount of the Notes the
holders of which are required to consent to any such amendment or waiver, or
(iii)&nbsp;amend any of Sections&nbsp;8, 11(a), 11(b), 12, 17 or 20.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section17_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;17.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Solicitation
of Holders of Notes</font></i>.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Solicitation</font></i>.&#160; The Company will provide each holder of the Notes (irrespective
of the amount of Notes then owned by it) with sufficient information,
sufficiently far in advance of the date a decision is required, to enable such
holder to make an informed and considered decision with respect to any proposed
amendment, waiver or consent in respect of any of the provisions hereof or of
the Notes.&#160; The Company will deliver
executed or true and correct copies of each amendment, waiver or consent
effected pursuant to the provisions of this Section&nbsp;17 to each holder of
outstanding Notes promptly following the date on which it is executed and
delivered by, or receives the consent or approval of, the requisite holders of
Notes.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Payment</font></i>.&#160;
The Company will not directly or indirectly pay or cause to be paid any
remuneration, whether by way of supplemental or additional interest, fee or
otherwise, or grant any security, to any holder of Notes as consideration for
or as an inducement to the entering into by any holder of Notes of any waiver
or amendment of any of the terms and provisions hereof or of the Notes unless
such remuneration is concurrently paid, or security is concurrently granted, on
the same terms, ratably to each holder of Notes then outstanding whether or not
such holder consented to such waiver or amendment.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section17_3_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;17.3.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Binding
Effect, etc</font></i>.&#160; Any amendment
or waiver consented to as provided in this Section&nbsp;17 applies equally to
all holders of Notes and is binding upon them and upon each future holder of
any Note and upon the Company without regard to whether such Note has been
marked to indicate such amendment or waiver.&#160;
No such amendment or waiver will extend to or affect any obligation,
covenant, agreement, Default or Event of Default not expressly amended or waived
or impair any right consequent thereon.&#160;
No course of dealing between the Company and the holder of any Note nor
any delay in exercising any rights under any Financing Agreement shall operate
as a waiver of any rights of any holder of such Note.&#160; As used herein, the term &#147;this Agreement&#148; and references thereto
shall mean this Agreement as it may from time to time be amended or
supplemented.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section17_4_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;17.4.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notes
Held by Company, etc</font></i>.&#160; Solely
for the purpose of determining whether the holders of the requisite percentage
of the aggregate principal amount of Notes then outstanding approved or
consented to any amendment, waiver or consent to be given under this Agreement
or the Notes, or have directed the taking of any action provided herein or in
the Notes to be taken upon the direction of the holders of a specified
percentage of the aggregate principal </p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amount of Notes then
outstanding, Notes directly or indirectly owned by the Company or any of its
Affiliates shall be deemed not to be outstanding.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section18_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;18.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTICES.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All notices and
communications provided for hereunder shall be in writing and sent (a)&nbsp;by
telefacsimile if the sender on the same day sends a confirming copy of such
notice by a recognized overnight delivery service (charges prepaid), or
(b)&nbsp;by registered or certified mail with return receipt requested (postage
prepaid), or (c)&nbsp;by a recognized overnight delivery service (with charges
prepaid).&#160; Any such notice must be sent:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if to you or your nominee, to you or
it at the address specified for such communications in Schedule&nbsp;A, or at
such other address as you or it shall have specified to the Company in writing,</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if to any other holder of any Note,
to such holder at such address as such other holder shall have specified to the
Company in writing, or</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if to the Company, to the Company at
its address set forth at the beginning hereof to the attention of Chief
Financial Officer, or at such other address as the Company shall have specified
to the holder of each Note in writing.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices under this
Section&nbsp;18 will be deemed given only when actually received.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section19_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;19.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REPRODUCTION OF DOCUMENTS.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Financing Agreements
and all documents relating thereto, including, without limitation,
(a)&nbsp;consents, waivers and modifications that may hereafter be executed,
(b)&nbsp;documents received by you at the Closing (except the Notes
themselves), and (c)&nbsp;financial statements, certificates and other
information previously or hereafter furnished to you, may be reproduced by you
by any photographic, photostatic, microfilm, microcard, miniature photographic
or other similar process and you may destroy any original document so
reproduced.&#160; The Company agrees and
stipulates that, to the extent permitted by applicable law, any such
reproduction shall be admissible in evidence as the original itself in any
judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by you in the regular
course of business) and any enlargement, facsimile or further reproduction of
such reproduction shall likewise be admissible in evidence.&#160; This Section&nbsp;19 shall not prohibit the
Company or any other holder of Notes from contesting any such reproduction to
the same extent that it could contest the original, or from introducing
evidence to demonstrate the inaccuracy of any such reproduction.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section20_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;20.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CONFIDENTIAL INFORMATION.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes of this
Section&nbsp;20, <i><font style="font-style:italic;">&#147;Confidential Information&#148;</font></i> means information delivered to
you by or on behalf of the Company or any Subsidiary in connection with the </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">transactions contemplated
by or otherwise pursuant to this Agreement that is proprietary in nature and
that was clearly marked or labeled or otherwise adequately identified when
received by you as being confidential information of the Company or such
Subsidiary, <i><font style="font-style:italic;">provided</font></i>
that such term does not include information that (a)&nbsp;was publicly known or
otherwise known to you prior to the time of such disclosure, (b)&nbsp;subsequently
becomes publicly known through no act or omission by you or any Person acting
on your behalf, (c)&nbsp;otherwise becomes known to you other than through
disclosure by the Company or any Subsidiary or (d)&nbsp;constitutes financial statements
delivered to you under Section&nbsp;7.1 that are otherwise publicly
available.&#160; You will maintain the
confidentiality of such Confidential Information in accordance with procedures
adopted by you in good faith to protect confidential information of third
parties delivered to you, <i><font style="font-style:italic;">provided</font></i> that you may deliver or disclose
Confidential Information to (i)&nbsp;your directors, trustees, officers,
employees, agents, attorneys and affiliates (to the extent such disclosure
reasonably relates to the administration of the investment represented by your
Notes), (ii)&nbsp;your financial advisors and other professional advisors who
agree to hold confidential the Confidential Information substantially in
accordance with the terms of this Section&nbsp;20, (iii)&nbsp;any other holder
of any Note, (iv)&nbsp;any Institutional Investor to which you sell or offer to
sell such Note or any part thereof or any participation therein (if such Person
has agreed in writing prior to its receipt of such Confidential Information to
be bound by the provisions of this Section&nbsp;20), (v)&nbsp;any Person from
which you offer to purchase any security of the Company (if such Person has
agreed in writing prior to its receipt of such Confidential Information to be
bound by the provisions of this Section&nbsp;20), (vi)&nbsp;any federal or
state regulatory authority having jurisdiction over you, (vii)&nbsp;the
National Association of Insurance Commissioners or any similar organization, or
any nationally recognized rating agency that requires access to information
about your investment portfolio, or (viii)&nbsp;any other Person to which such
delivery or disclosure may be necessary or appropriate (w)&nbsp;to effect
compliance with any law, rule, regulation or order applicable to you,
(x)&nbsp;in response to any subpoena or other legal process, (y)&nbsp;in
connection with any litigation to which you are a party or (z)&nbsp;if an Event
of Default has occurred and is continuing, to the extent you may reasonably
determine such delivery and disclosure to be necessary or appropriate in the
enforcement or for the protection of the rights and remedies under your Notes
and this Agreement.&#160; Each holder of a
Note, by its acceptance of a Note, will be deemed to have agreed to be bound by
and to be entitled to the benefits of this Section&nbsp;20 as though it were a
party to this Agreement.&#160; On reasonable
request by the Company in connection with the delivery to any holder of a Note
of information required to be delivered to such holder under this Agreement or
requested by such holder (other than a holder that is a party to this Agreement
or its nominee or any other holder that shall have previously delivered such a
confirmation), such holder will confirm in writing that it is bound by the
provisions of this Section&nbsp;20.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section21_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;21.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SUBSTITUTION OF PURCHASER.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You shall have the right
to substitute any one of your Affiliates as the purchaser of the Notes that you
have agreed to purchase hereunder, by written notice to the Company, which
notice shall be signed by both you and such Affiliate, shall contain such
Affiliate&#146;s agreement to be bound by this Agreement and shall contain a
confirmation by such Affiliate of the accuracy with respect to it of the
representations set forth in Section&nbsp;6.&#160;
Upon receipt of such notice, wherever the word &#147;you&#148; is used in this Agreement
(other than in this Section&nbsp;21), such word shall be deemed to refer to
such Affiliate in lieu of you.&#160; In the
event that such Affiliate is so </font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">substituted as a
purchaser hereunder and such Affiliate thereafter transfers to you all of the
Notes then held by such Affiliate, upon receipt by the Company of notice of
such transfer, wherever the word &#147;you&#148; is used in this Agreement (other than in
this Section&nbsp;21), such word shall no longer be deemed to refer to such
Affiliate, but shall refer to you, and you shall have all the rights of an
original holder of the Notes under this Agreement.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><a name="Section22_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;22.</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; MISCELLANEOUS.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section22_1_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;22.1.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Successors
and Assigns</font></i>.&#160; All covenants
and other agreements contained in this Agreement by or on behalf of any of the
parties hereto bind and inure to the benefit of their respective successors and
assigns (including, without limitation, any subsequent holder of a Note)
whether so expressed or not.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section22_2_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;22.2.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payments
Due on Non-Business Days</font></i>.&#160;
Anything in this Agreement or the Notes to the contrary notwithstanding,
any payment of principal of or LIBOR Breakage Amount or interest on any Note
that is due on a date other than a Business Day shall be made on the next
succeeding Business Day without including the additional days elapsed in the
computation of the interest payable on such next succeeding Business Day.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section22_3"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;22.3</font></i></a><i><font style="font-style:italic;">.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Severability</font></i>.&#160; Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by
law) not invalidate or render unenforceable such provision in any other
jurisdiction.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section22_4_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;22.4.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Construction</font></i>.&#160; Each covenant contained herein shall be
construed (absent express provision to the contrary) as being independent of
each other covenant contained herein, so that compliance with any one covenant
shall not (absent such an express contrary provision) be deemed to excuse
compliance with any other covenant.&#160;
Where any provision herein refers to action to be taken by any Person,
or which such Person is prohibited from taking, such provision shall be
applicable whether such action is taken directly or indirectly by such Person.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section22_5_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;22.5.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Counterparts</font></i>.&#160; This Agreement may be executed in any number
of counterparts, each of which shall be an original but all of which together
shall constitute one instrument.&#160; Each
counterpart may consist of a number of copies hereof, each signed by fewer than
all, but together signed by all, of the parties hereto.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.4in;"><a name="Section22_6_"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;22.6.</font></i></a><i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Governing
Law</font></i>.&#160; This Agreement shall be
construed and enforced in accordance with, and the rights of the parties shall
be governed by, the law of the State of New York<i><font style="font-style:italic;">  </font></i>excluding choice-of-law
principles of the law of such State that would require the application of the
laws of a jurisdiction other than such State.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><a name="IfYouAreIn"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are in</font></a> agreement with the
foregoing, please sign the form of agreement on the accompanying counterpart of
this Agreement and return it to the Company, whereupon the foregoing shall become
a binding agreement between you and the Company.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly
  yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHURCHILL DOWNS
  INCORPORATED</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.12%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By&#160; </font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.76%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Michael E.
  Miller</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.28%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Michael E.
  Miller</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.28%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Chief
  Financial Officer</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="414" style="border:none;"></td>
  <td width="30" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="192" style="border:none;"></td>
  <td width="85" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of
  April&nbsp;&nbsp;&nbsp;&nbsp;, 2003:</font></p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONNECTICUT GENERAL LIFE INSURANCE<br>
  COMPANY</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="37%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:37.54%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CIGNA
  Investments, Inc. (authorized agent)</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.88%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By </font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:3.88%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:25.74%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David M.
  Cass</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.04%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.66%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: David M.
  Cass</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.66%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Managing
  Director</font></p>
  </td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of
  April&nbsp;&nbsp;&nbsp;&nbsp;, 2003:</font></p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.82%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="38%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:38.78%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GE Asset
  Management Incorporated, its Investment Advisor</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By </font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.6%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.92%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John Endres</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="9%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:9.22%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.4%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: John
  Endres</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.68%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.54%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.4%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Vice
  President &#150; Private Investments</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="414" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="172" style="border:none;"></td>
  <td width="57" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-2</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='E-4.4(a)-2',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of
  April&nbsp;&nbsp;&nbsp;&nbsp;, 2003:</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EMPLOYERS
  REINSURANCE CORPORATION</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.6%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="38%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:38.02%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GE Asset
  Management Incorporated, its Investment Advisor</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By </font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.3%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John Endres</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.06%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.6%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.02%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.6%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.02%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:Vice
  President &#150; Private&#160; </font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.02%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investments</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="238" style="border:none;"></td>
  <td width="176" style="border:none;"></td>
  <td width="33" style="border:none;"></td>
  <td width="33" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="154" style="border:none;"></td>
  <td width="51" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-3</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='E-4.4(a)-3',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of
  April&nbsp;&nbsp;&nbsp;&nbsp;, 2003:</font></p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">METROPOLITAN
  LIFE INSURANCE COMPANY</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By </font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.76%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.16%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Timothy L.
  Powell</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.98%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:38.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Timothy L.
  Powell</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:38.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Director</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="414" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="13" style="border:none;"></td>
  <td width="174" style="border:none;"></td>
  <td width="86" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-4</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='E-4.4(a)-4',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of
  April&nbsp;&nbsp;&nbsp;&nbsp;, 2003:</font></p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRINCIPAL LIFE
  INSURANCE COMPANY</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.72%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="37%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:37.88%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Global
  Investors, LLC, a Delaware limited liability company, its authorized
  signatory</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.72%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.54%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.9%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="23%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.0%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ James C.
  Fifield</font></p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.46%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:34.34%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: James C.
  Fifield</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:34.34%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Counsel</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.72%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.54%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.96%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.68%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Elizabeth D.
  Swanson</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:34.34%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Elizabeth
  D. Swanson</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:34.34%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Counsel</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="414" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="0" style="border:none;"></td>
  <td width="165" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-5</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='E-4.4(a)-5',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of
  April&nbsp;&nbsp;&nbsp;&nbsp;, 2003:</font></p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:40.18%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="37%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.76%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David L. Babson
  &amp; Company Inc., as Investment Adviser</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.62%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.84%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.64%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By </font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.42%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.7%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Emeka O.
  Onukwugha</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.12%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Emeka O.
  Onukwugha</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p style="font-size:1.0pt;line-height:14.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.12%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Managing
  Director</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="414" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="229" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-6</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of
  April&nbsp;&nbsp;&nbsp;&nbsp;, 2003:</font></p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.M. LIFE
  INSURANCE COMPANY</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.86%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="37%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.76%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David L. Babson
  &amp; Company Inc. as Investment Sub-Adviser</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.86%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By </font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.28%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Emeka O.
  Onukwugha</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.48%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.14%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Emeka O.
  Onukwugha</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.48%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.14%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Managing
  Director</font></p>
  </td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-7</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='E-4.4(a)-7',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of
  April&nbsp;&nbsp;&nbsp;&nbsp;, 2003:</font></p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MASSMUTUAL ASIA
  LIMITED</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.86%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="37%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.78%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David L. Babson
  &amp; Company Inc. as Investment Adviser</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.86%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.48%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By </font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.02%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.28%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Emeka O.
  Onukwugha</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.3%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Emeka O.
  Onukwugha</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.3%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Managing
  Director</font></p>
  </td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-8</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='E-4.4(a)-8',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of
  April&nbsp;&nbsp;&nbsp;&nbsp;, 2003:</font></p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SUNAMERICA LIFE
  INSURANCE COMPANY</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.86%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="37%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:37.78%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AIG Global
  Investment Corp., investment adviser</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.02%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.4%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Peter
  DeFazio</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.8%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.42%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="35%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:35.22%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Peter
  DeFazio</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.36%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.42%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="35%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:35.22%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Vice
  President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="414" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="198" style="border:none;"></td>
  <td width="42" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The other schedules
and other attachments to this agreement, which disclose certain information
responsive to provisions of the agreement or reflect the terms of the
agreement, have been omitted because they are duplicative of information
contained in the agreement and/or are not material. The registrant agrees to
furnish supplementally a copy of any such omitted schedules or other
attachments to the Commission upon request.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-9</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-variant:small-caps;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">Defined Terms</font></b></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where the
character or amount of any asset or liability or item of income or expense is
required to be determined or any consolidation or other accounting computation
is required to be made for the purposes of this Agreement, the same shall be
done in accordance with GAAP, to the extent applicable, except where such
principles are inconsistent with the express requirements of this Agreement.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where any
provision in this Agreement refers to action to be taken by any Person, or
which such Person is prohibited from taking, such provision shall be applicable
whether the action in question is taken directly or indirectly by such Person.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used herein,
the following terms have the respective meanings set forth below or set forth
in the Section hereof following such term:</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Acceptable Bank</font></i><font size="2" style="font-size:10.0pt;">&#148; means any bank or trust company
(i)&nbsp;which is organized under the laws of the United States of America or
any State thereof, (ii)&nbsp;which has capital, surplus and undivided profits
aggregating at least $100,000,000, and (iii)&nbsp;whose long-term unsecured debt
obligations (or the long-term unsecured debt obligations of the bank holding
company owning all of the capital stock of such bank or trust company) shall
have been given a rating of &#147;A&#148; or better by S&amp;P, &#147;A2&#148; or better by Moody&#146;s
or an equivalent rating by any other credit rating agency of recognized
national standing.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Acceptable Broker-Dealer&#148;</font></i><font size="2" style="font-size:10.0pt;"> means any Person other than a natural
person (i)&nbsp;which is registered as a broker or dealer pursuant to the
Exchange Act and (ii)&nbsp;whose long-term unsecured debt obligations shall
have been given a rating of &#147;A&#148; or better by S&amp;P, &#147;A2&#148; or better by Moody&#146;s
or an equivalent rating by any other credit rating agency of recognized
national standing.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Adjusted LIBOR Rate&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean, for any Interest Period,
LIBOR <i><font style="font-style:italic;">plus</font></i>
155 basis points.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Affiliate&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, at any time, and with respect to
any Person, (a)&nbsp;any other Person that at such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under
common Control with, such first Person, and (b)&nbsp;any Person beneficially
owning or holding, directly or indirectly, 10% or more of any class of voting
or equity interests of the Company or any Subsidiary or any corporation of
which the Company and its Subsidiaries beneficially own or hold, in the
aggregate, directly or indirectly, 10% or more of any class of voting or equity
interests.&#160; As used in this definition, <i><font style="font-style:italic;">&#147;Control&#148;</font></i>
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.&#160; Unless the context otherwise clearly
requires, any reference to an <i><font style="font-style:italic;">&#147;Affiliate&#148;</font></i> is a reference to an Affiliate
of the Company.</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-10</font></p>


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<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Bank Credit Agreement&#148;</font></i><font size="2" style="font-size:10.0pt;"> means the Credit Agreement among
(i)&nbsp;the Company, (ii)&nbsp;the Obligors, (iii)&nbsp;the lenders party
thereto (the <i><font style="font-style:italic;">&#147;Lenders&#148;</font></i>), (iv) Bank One, Kentucky, NA, as
(a)&nbsp;collateral and administrative agent for the Lenders (in such capacity,
the <i><font style="font-style:italic;">&#147;Agent&#148;</font></i>),
(b)&nbsp;swing line lender, and (c)&nbsp;letter of credit issuer, and
(v)&nbsp;PNC Bank, National Association, in its capacity as the Syndication
Agent, as amended, modified or replaced to the extent permitted hereby and by
the Collateral Sharing Agreement.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Banks&#148;</font></i><font size="2" style="font-size:10.0pt;"> means the initial Lenders and each other
Person that from time to time becomes a lender under the Bank Credit Agreement.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Business Day&#148;</font></i><font size="2" style="font-size:10.0pt;"> means any day other than a Saturday, a
Sunday or a day on which commercial banks in New York, New York are required or
authorized to be closed and, if the applicable Business Day relates to the
determination of LIBOR, a day on which dealings are carried on in U.S. dollar
deposits in the London interbank market.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Calder Mortgage&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean the Mortgage executed by
Calder Race Course, Inc., a Florida corporation, in favor of the Collateral
Agent with respect to the real property owned by Calder Race Course, Inc.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Capital Lease&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, at any time, a lease with respect
to which the lessee is required concurrently to recognize the acquisition of an
asset and the incurrence of a liability in accordance with GAAP.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Closing&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;3.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Code&#148;</font></i><font size="2" style="font-size:10.0pt;"> means the Internal Revenue Code of 1986,
as amended from time to time, and the rules and regulations promulgated
thereunder from time to time.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Collateral&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean all property and assets of
the Company or any Subsidiary which is encumbered by a Lien securing any of the
obligations of any Obligor under any of the Financing Agreements.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Collateral Agent&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean the Collateral Agent under
the Collateral Sharing Agreement and any successor thereto.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Collateral Documents&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean all of the instruments,
documents and agreements pursuant to which any Person grants a Lien on or
security interest in all or any portion of the Collateral, including, without
limitation, those documents referred to in Section&nbsp;6.25 of the Bank Credit
Agreement, including, without limitation, all pledge and security agreements,
mortgages, assignments, patents, trademarks and copyrights, the Negative Pledge
Agreement, the Intercompany Subordination Agreement, the Collateral Sharing
Agreement and all other documents and instruments executed as security for any
obligations of any Obligor under any Financing Agreement and any other
agreements, documents or instruments guaranteeing or securing any obligations
of any Obligor under any Financing Agreement.</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-11</font></p>


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<!-- SEQ.=1,FOLIO='E-4.4(a)-11',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
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<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Collateral Sharing Agreement&#148;</font></i><font size="2" style="font-size:10.0pt;"> means the Collateral Sharing Agreement
dated as of April&nbsp;3, 2003, as amended, restated or modified from time to
time.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Company&#148;</font></i><font size="2" style="font-size:10.0pt;"> means Churchill Downs Incorporated, a
Kentucky corporation.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Competitor&#148;</font></i><font size="2" style="font-size:10.0pt;"> means any Person (including any
Affiliates of such Person) who engages in, conducts, or offers casino games,
card games, table games, keno, bingo, pari-mutuel wagering or other similar
gaming operations, as a material line of business <i><font style="font-style:italic;">provided,</font></i> that a Competitor
shall in no event include an Institutional Investor of the type described in
clauses&nbsp;(a) or (c) of the definition of the term <i><font style="font-style:italic;">&#147;Institutional Investor.&#148;</font></i></font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Confidential Information&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;20.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Consolidated Earnings Available for
Fixed Charges&#148;</font></i><font size="2" style="font-size:10.0pt;">
means, for any period for the Company and its Subsidiaries, the sum of
(i)&nbsp;Consolidated Net Earnings <i><font style="font-style:italic;">plus</font></i> (ii) to the extent deducted in
determining Consolidated Net Earnings, (A)&nbsp;Consolidated Fixed Charges and
(B)&nbsp;provisions for federal, state and local income taxes, in each case on
a consolidated basis determined in accordance with GAAP and (C)&nbsp;the
impairment charge deducted from net income of Ellis Park Race Course, Inc. with
respect to the fourth fiscal quarter of 2002.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Consolidated Fixed Charges&#148; </font></i><font size="2" style="font-size:10.0pt;">means, with respect to any period, the
sum of (i)&nbsp;Consolidated Interest Expense for such period <i><font style="font-style:italic;">plus</font></i>
(ii)&nbsp;Lease Rentals for such period, determined on a consolidated basis for
the Company and its Subsidiaries.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Consolidated Funded Debt&#148;</font></i><font size="2" style="font-size:10.0pt;"> means as of the date of any
determination thereof, and without duplication, (i)&nbsp;all Indebtedness of
the Company and its Subsidiaries, including the current maturities of long term
Indebtedness but specifically excluding borrowed money under any revolving
credit facility, and (ii)&nbsp;the aggregate principal amount of borrowed money
outstanding under any and all revolving credit facilities of the Company and/or
any Subsidiary measured at its lowest average daily outstanding principal
amount during any thirty consecutive day period within the twelve-month period
immediately preceding the date of determination.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Consolidated Interest Expense&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, for any period, the interest
expense of the Company and its Subsidiaries (including imputed interest in
respect of Capital Leases), in respect of all Indebtedness, and all debt
discount and expense amortized or required to be amortized in the determination
of Consolidated Net Earnings for such period.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Consolidated Net Earnings&#148;</font></i><font size="2" style="font-size:10.0pt;"> for any period means the gross revenues
of the Company and its Subsidiaries for such period less all expenses and other
proper charges, determined on a consolidated basis in accordance with GAAP, but
excluding in any event:</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any extraordinary gains or losses; and</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any equity interest of the Company in the unremitted earnings
of any Person that is not a Subsidiary.</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-12</font></p>


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<!-- SEQ.=1,FOLIO='E-4.4(a)-12',FILE='C:\C2\jpatrow\0603_3\t_1511545\j0603_ex4da.htm',USER='jpatrow',CD='May 13 12:31 2003' -->
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<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Consolidated Net Worth&#148;</font></i><font size="2" style="font-size:10.0pt;"> means as of the date of any
determination thereof, the amount of consolidated stockholders equity of the
Company and its Subsidiaries, as determined in accordance with GAAP.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Consolidated Operating Cash Flow&#148;</font></i><font size="2" style="font-size:10.0pt;"> for any period means the sum of
(a)&nbsp;Consolidated Net Earnings during such period <i><font style="font-style:italic;">plus</font></i> (to the extent deducted
in determining Consolidated Net Earnings) (b)&nbsp;Consolidated Interest
Expense, (c)&nbsp;provisions for federal, state and local income taxes, (d)&nbsp;depreciation
and amortization taken during such period and (e)&nbsp;the impairment charge
deducted from net income of Ellis Park Race Course, Inc. with respect to the
fourth fiscal quarter of 2002.&#160; In the event
that any Person (or the assets thereof) is acquired by the Company or any
Subsidiary (whether by merger, consolidation asset or stock acquisition or
otherwise) at any time during the period of calculation, such acquisition shall
be deemed to have been made on the first day of such calculation period.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Consolidated Total Assets&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, as of the date of any
determination thereof, total assets of the Company and its Subsidiaries
determined on a consolidated basis in accordance with GAAP.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Default&#148;</font></i><font size="2" style="font-size:10.0pt;"> means an event or condition the
occurrence or existence of which would, with the lapse of time or the giving of
notice or both, become an Event of Default.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Default Rate&#148;</font></i><font size="2" style="font-size:10.0pt;"> means that rate of interest that is
2.00% per annum plus the Adjusted LIBOR Rate.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Ellis Park Facility&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean the racetrack facility at Henderson,
Kentucky known as &#147;Ellis Park.&#148;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Environmental Laws&#148;</font></i><font size="2" style="font-size:10.0pt;"> means any and all Federal, state, local,
and foreign statutes, laws, regulations, ordinances, rules, judgments, orders,
decrees, permits, concessions, grants, franchises, licenses, agreements or
governmental restrictions relating to pollution and the protection of the
environment or the release of any materials into the environment, including but
not limited to those related to hazardous substances or wastes, air emissions
and discharges to waste or public systems.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;ERISA&#148;</font></i><font size="2" style="font-size:10.0pt;"> means the Employee Retirement Income
Security Act of 1974, as amended from time to time, and the rules and
regulations promulgated thereunder from time to time in effect.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;ERISA Affiliate&#148;</font></i><font size="2" style="font-size:10.0pt;"> means any trade or business (whether or
not incorporated) that is treated as a single employer together with the
Company under section&nbsp;414 of the Code.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Event of Default&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;11.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Exchange Act&#148;</font></i><font size="2" style="font-size:10.0pt;"> means the Securities Exchange Act of
1934, as amended.</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-13</font></p>


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</font></div>

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<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Existing PNC Facility&#148; </font></i><font size="2" style="font-size:10.0pt;">means the facilities described in that
certain $250,000,000 Revolving Credit Facility Credit Agreement dated as of
April&nbsp;23, 1999, by and among the Company, the Subsidiaries party thereto,
PNC Bank, National Association, as Agent, and the Banks party thereto, as the
same has been amended.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Financing Agreements&#148;</font></i><font size="2" style="font-size:10.0pt;"> means and includes this Agreement, the
Other Agreements, the Notes, the Guarantee Agreement, the Collateral Documents
and any other agreement, certificate and/or instrument executed and or
delivered in connection therewith, each as amended, restated or otherwise
modified from time to time.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;GAAP&#148;</font></i><font size="2" style="font-size:10.0pt;"> means generally accepted accounting
principles as in effect from time to time in the United States of America.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Governmental
Authority&#148;</font></i><font size="2" style="font-size:10.0pt;"> means</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the government of</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the United States of America or any State or other political
subdivision thereof, or</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any jurisdiction in which the Company or any Subsidiary
conducts all or any part of its business, or which asserts jurisdiction over
any properties of the Company or any Subsidiary, or</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Person exercising executive, legislative, judicial,
regulatory or administrative functions of, or pertaining to, any such
government.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Guarantee Agreement&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean the Guarantee Agreement dated
as of April&nbsp;3, 2003 of the Guarantors named therein, as amended or
modified or restated from time to time.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Guarantor&#148;</font></i><font size="2" style="font-size:10.0pt;"> or <i><font style="font-style:italic;">&#147;Guarantors&#148;</font></i> means and includes each
guarantor from time to time under the Guarantee Agreement.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Guaranty&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, with respect to any Person, any
obligation (except the endorsement in the ordinary course of business of
negotiable instruments for deposit or collection) of such Person guaranteeing
or in effect guaranteeing any Indebtedness, dividend or other obligation of any
other Person in any manner, whether directly or indirectly, including (without
limitation) obligations incurred through an agreement, contingent or otherwise,
by such Person:</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; to purchase such Indebtedness or obligation or any property
constituting security therefor;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; to advance or supply funds (i)&nbsp;for the purchase or
payment of such Indebtedness or obligation, or (ii)&nbsp;to maintain any
working capital or other balance sheet condition or any income statement
condition of any other Person or otherwise to advance or make available funds
for the purchase or payment of such Indebtedness or obligation;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-14</font></p>


<div align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" face="Times New Roman" style="font-size:12.0pt;">
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<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; to lease properties or to purchase properties or services primarily
for the purpose of assuring the owner of such Indebtedness or obligation of the
ability of any other Person to make payment of the Indebtedness or obligation;
or</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; otherwise to assure the owner of such Indebtedness or
obligation against loss in respect thereof.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In any computation
of the Indebtedness or other liabilities of the obligor under any Guaranty, the
Indebtedness or other obligations that are the subject of such Guaranty shall
be assumed to be direct obligations of such obligor.&#160; For the purposes of all computations made under this Agreement, a
Guaranty in respect of any Indebtedness for borrowed money shall be deemed to
be Indebtedness equal to the principal amount of such Indebtedness for borrowed
money which has been guaranteed, and a Guaranty in respect of any other
obligation or liability or any dividend shall be deemed to be an obligation
equal to the maximum aggregate amount of such obligation, liability or
dividend.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Hazardous Material&#148;</font></i><font size="2" style="font-size:10.0pt;"> means any and all pollutants, toxic or
hazardous wastes or any other substances that might pose a hazard to health or
safety, the removal of which may be required or the generation, manufacture,
refining, production, processing, treatment, storage, handling, transportation,
transfer, use, disposal, release, discharge, spillage, seepage, or filtration
of which is or shall be restricted, prohibited or penalized by any applicable
law (including, without limitation, asbestos, urea formaldehyde foam insulation
and polychlorinated biphenyls).</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;holder&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, with respect to any Note, the
Person in whose name such Note is registered in the register maintained by the
Company pursuant to Section&nbsp;13.1.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Indebtedness&#148;</font></i><font size="2" style="font-size:10.0pt;"> with respect to any Person means, at any
time, without duplication,</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; its liabilities for borrowed money and its redemption
obligations in respect of mandatorily redeemable Preferred Stock;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; its liabilities for the deferred purchase price of property
acquired by such Person (excluding accounts payable arising in the ordinary
course of business but including all liabilities created or arising under any
conditional sale or other title retention agreement with respect to any such
property);</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; all liabilities appearing on its balance sheet in accordance
with GAAP in respect of Capital Leases;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; all liabilities for borrowed money secured by any Lien with
respect to any property owned by such Person (whether or not it has assumed or
otherwise become liable for such liabilities);</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; all its liabilities in respect of letters of credit or
instruments serving a similar function issued or accepted for its account by
banks and other financial </font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-15</font></p>


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</font></div>

<font size="3" face="Times New Roman" style="font-size:12.0pt;">
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<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">institutions
(whether or not representing obligations for borrowed money) to the extent, in
each case, such letters of credit or instruments have been drawn; and</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Guaranty of such Person with respect to liabilities of a
type described in any of clauses&nbsp;(a) through (e) hereof.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indebtedness of
any Person shall include all obligations of such Person of the character
described in clauses&nbsp;(a) through (f) to the extent such Person remains
legally liable in respect thereof notwithstanding that any such obligation is
deemed to be extinguished under GAAP.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;INHAM Exemption&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;6.2.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Institutional Investor&#148;</font></i><font size="2" style="font-size:10.0pt;"> means (a)&nbsp;any original purchaser of
a Note, (b)&nbsp;any holder of a Note holding more than 5% of the aggregate
principal amount of the Notes then outstanding, and (c)&nbsp;any bank, trust
company, savings and loan association or other financial institution, any
pension plan, any investment company, any insurance company, any broker or
dealer, or any other similar financial institution or entity, regardless of
legal form.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Intercompany Subordination
Agreement&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall
mean the subordination agreement among the Obligors in a form attached hereto
as Exhibit&nbsp;9.8.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Interest Payment Dates&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall have the meaning set forth in
Section&nbsp;1, <i><font style="font-style:italic;">provided</font></i> that if an Interest Payment Date shall fall on a
day which is not a Business Day, such Interest Payment Date shall be deemed to
be the first Business Day following such Interest Payment Date.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Interest Period&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean each period commencing on the
Closing Date and, thereafter, commencing on an Interest Payment Date and
continuing up to, but not including, the next Interest Payment Date.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Investments&#148; </font></i><font size="2" style="font-size:10.0pt;">shall mean all investments, in cash or by
delivery of property made, directly or indirectly in any Person or property,
whether by acquisition of shares of capital stock, indebtedness or other
obligations or securities or by loan, advance, capital contribution or
otherwise.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Lease Rentals&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, with respect to any period, the
sum of all rentals and other obligations required to be paid during such period
by the Company or any Subsidiary as lessee under all leases of real or personal
property (other than Capital Leases), excluding any amount required to be paid
by the lessee on account of maintenance and repairs, insurance, taxes,
assessments, water rates and similar charges determined in accordance with
GAAP.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;LIBOR&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean, for any Interest Period, the
rate per annum (rounded upwards, if necessary, to the next higher one
hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a
90-day period which appears on the Telerate Page 3750 published by the British
Bankers Association or any successor page or source thereto, effective as of
11:00 a.m. (London, England time) two (2) Business Days prior to the beginning
of such Interest Period (or three&nbsp;(3) Business Days prior to the beginning
of the first Interest Period).</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-16</font></p>


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</font></div>

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<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;LIBOR Breakage Amount&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean any loss, cost or expense
reasonably incurred by any holder of a Note as a result of any payment or
prepayment of any Note on a day other than a regularly scheduled Interest
Payment Date for such Note or at the scheduled maturity (whether voluntary,
mandatory, automatic, by reason of acceleration or otherwise), and any loss or
expense arising from the liquidation or reemployment of funds obtained by it or
from fees payable to terminate the deposits from which such funds were
obtained.&#160; Each holder shall determine
the LIBOR Breakage Amount with respect to the principal amount of its Notes
then being paid or prepaid (or required to be paid or prepaid) by written
notice to the Company setting forth such determination in reasonable detail not
less than one&nbsp;(1) Business Day in the case of any payment required by
Section&nbsp;12.1.&#160; Each such
determination shall be conclusive absent manifest error.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Lien&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, with respect to any Person, any
mortgage, lien, pledge, charge, security interest or other encumbrance, or any
interest or title of any vendor, lessor, lender or other secured party to or of
such Person under any conditional sale or other title retention agreement or
Capital Lease, upon or with respect to any property or asset of such Person
(including in the case of stock, stockholder agreements, voting trust
agreements and all similar arrangements).</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Master Plan Bond Transaction&#148;</font></i><font size="2" style="font-size:10.0pt;"> means the transaction through which the
City of Louisville, Kentucky (n/k/a Louisville/Jefferson County Metro
Government) Taxable Industrial Building Revenue Bond, Series&nbsp;2002
(Churchill Downs Incorporated Project) was issued, as in effect on the date
hereof and without transfer of the obligations thereunder.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Material&#148;</font></i><font size="2" style="font-size:10.0pt;"> means material in relation to the
business, operations, affairs, financial condition, assets, properties, or
prospects of the Obligors taken as a whole.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Material Adverse Effect&#148;</font></i><font size="2" style="font-size:10.0pt;"> means a material adverse effect on
(a)&nbsp;the business, operations, affairs, financial condition, assets or
properties of the Obligors taken as a whole, or (b)&nbsp;the ability of an
Obligor to perform its obligations under any Financing Agreement to which it is
a party, or (c)&nbsp;the validity or enforceability of any Financing Agreement.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Memorandum&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;5.3.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Monetary Default&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;11.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Moody&#146;s&#148;</font></i><font size="2" style="font-size:10.0pt;"> means Moody&#146;s Investors Service, Inc.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Multiemployer Plan&#148;</font></i><font size="2" style="font-size:10.0pt;"> means any Plan that is a &#147;multiemployer
plan&#148; (as such term is defined in section&nbsp;4001(a)(3) of ERISA).</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;NAIC Annual Statement&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;6.2.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Negative Pledge Agreement&#148;</font></i><font size="2" style="font-size:10.0pt;"> means that certain Negative Pledge
Agreement substantially in the form of Exhibit&nbsp;9.9 hereto.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Notes&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;1.</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-17</font></p>


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<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Obligor&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;2.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Officer&#146;s Certificate&#148;</font></i><font size="2" style="font-size:10.0pt;"> means a certificate of a Senior
Financial Officer or of any other officer of the Company whose responsibilities
extend to the subject matter of such certificate.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Other Agreements&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;2.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Other Purchasers&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;2.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Patrons&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;10.8.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;PBGC&#148;</font></i><font size="2" style="font-size:10.0pt;"> means the Pension Benefit Guaranty
Corporation referred to and defined in ERISA or any successor thereto.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Permitted Liens&#148;</font></i><font size="2" style="font-size:10.0pt;"> shall mean and include those Liens which
are permitted to exist under both the Financing Agreements and the Bank Credit
Agreement including, in any event, the Lien of the Collateral Documents <i><font style="font-style:italic;">provided,
however,</font></i> that without the prior consent of the Required Holders, <i><font style="font-style:italic;">&#147;Permitted
Liens&#148;</font></i> shall not include any Liens permitted to exist under a
Collateral Document as a result of any waiver, amendment or modification by the
Agent or the Lenders under the Bank Credit Agreement.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Person&#148;</font></i><font size="2" style="font-size:10.0pt;"> means an individual, partnership,
corporation, limited liability company, association, trust, unincorporated
organization, or a government or agency or political subdivision thereof.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Plan&#148;</font></i><font size="2" style="font-size:10.0pt;"> means an &#147;employee benefit plan&#148; (as
defined in section&nbsp;3(3) of ERISA) that is or, within the preceding five
years, has been established or maintained, or to which contributions are or,
within the preceding five years, have been made or required to be made, by the
Company or any ERISA Affiliate or with respect to which the Company or any
ERISA Affiliate may have any liability.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Preferred Stock&#148;</font></i><font size="2" style="font-size:10.0pt;"> means any class of capital stock of a
corporation that is preferred over any other class of capital stock of such
corporation as to the payment of dividends or the payment of any amount upon
liquidation or dissolution of such corporation.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Priority Debt&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, at any time, the sum of
(i)&nbsp;Indebtedness of the Company secured by Liens (other than the Liens of
the Collateral Documents) not otherwise permitted by clauses&nbsp;(a) through
(i), inclusive, of Section&nbsp;10.3 <i><font style="font-style:italic;">plus</font></i> (but without duplication)
(ii)&nbsp;all Indebtedness of Subsidiaries not otherwise permitted by
clauses&nbsp;(a) or (b) of Section&nbsp;10.6.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;property&#148;</font></i><font size="2" style="font-size:10.0pt;"> or <i><font style="font-style:italic;">&#147;properties&#148;</font></i> means, unless otherwise
specifically limited, real or personal property of any kind, tangible or
intangible, choate or inchoate.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Property Reinvestment Application&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;10.8.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Proposed Prepayment Date&#148; </font></i><font size="2" style="font-size:10.0pt;">is defined in Section&nbsp;8.3.</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-18</font></p>


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<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;PTE&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;6.2.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;QPAM Exemption&#148;</font></i><font size="2" style="font-size:10.0pt;"> means Prohibited Transaction Class
Exemption 84-14 issued by the United States Department of Labor.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Repurchase Agreement&#148;</font></i><font size="2" style="font-size:10.0pt;"> means any written agreement</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; that provides for (i)&nbsp;the transfer of one or more United
States Governmental Securities in an aggregate principal amount at least equal
to the amount of the Transfer Price (defined below) to the Company or any of
its Subsidiaries from an Acceptable Bank or an Acceptable Broker-Dealer against
a transfer of funds (the <i><font style="font-style:italic;">&#147;Transfer Price&#148;</font></i>) by the Company or such
Subsidiary to such Acceptable Bank or Acceptable Broker-Dealer, and (ii)&nbsp;a
simultaneous agreement by the Company or such Subsidiary, in connection with
such transfer of funds, to transfer to such Acceptable Bank or Acceptable
Broker-Dealer the same or substantially similar United States Governmental
Securities for a price not less than the Transfer Price plus a reasonable
return thereon at a date certain not later than 365 days after such transfer of
funds,</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; in respect of which the Company or such Subsidiary shall have
the right, whether by contract or pursuant to applicable law, to liquidate such
agreement upon the occurrence of any default thereunder, and</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; in connection with which the Company or such Subsidiary, or an
agent thereof, shall have taken all action required by applicable law or
regulations to perfect a Lien in such United States Governmental Securities.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Required Holders&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, at any time, the holders of at
least 51% in principal amount of the Notes at the time outstanding (exclusive
of Notes then owned by the Company or any of its Affiliates).</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Responsible Officer&#148;</font></i><font size="2" style="font-size:10.0pt;"> means any Senior Financial Officer and
any other officer of the relevant Obligor with responsibility for the
administration of the relevant portion of the related Financing Agreement.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;S&amp;P&#148;</font></i><font size="2" style="font-size:10.0pt;"> means Standard &amp; Poor&#146;s Ratings
Group, a division of McGraw Hill, Inc.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Securities Act&#148;</font></i><font size="2" style="font-size:10.0pt;"> means the Securities Act of 1933, as
amended from time to time.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Senior Financial Officer&#148;</font></i><font size="2" style="font-size:10.0pt;"> means the chief financial officer,
principal accounting officer, treasurer or comptroller of the relevant Obligor.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Source&#148;</font></i><font size="2" style="font-size:10.0pt;"> is defined in Section&nbsp;6.2.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Subsidiary&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, as to any Person, any
corporation, association or other business entity in which such Person or one
or more of its Subsidiaries or such Person and one or more of its Subsidiaries
owns sufficient equity or voting interests to enable it or them (as a group) </font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-19</font></p>


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<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ordinarily, in the absence of contingencies, to elect a majority of the
directors (or Persons performing similar functions) of such Person, and any
partnership or joint venture if more than a 50% interest in the profits or
capital thereof is owned by such Person or one or more of its Subsidiaries or
such Person and one or more of its Subsidiaries (unless such partnership can
and does ordinarily take major business actions without the prior approval of
such Person or one or more of its Subsidiaries).&#160; Unless the context otherwise clearly requires, any reference to a
&#147;Subsidiary&#148; is a reference to a Subsidiary of the Company.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;United States Governmental
Security&#148;</font></i><font size="2" style="font-size:10.0pt;"> means
any direct obligation of, or obligation guaranteed by, the United States of
America, or any agency controlled or supervised by or acting as an
instrumentality of the United States of America pursuant to authority granted
by the Congress of the United States of America, so long as such obligation or
guarantee shall have the benefit of the full faith and credit of the United
States of America which shall have been pledged pursuant to authority granted
by the Congress of the United States of America.</font></p>

<p align="left" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Wholly-Owned Subsidiary&#148;</font></i><font size="2" style="font-size:10.0pt;"> means, at any time, any Subsidiary one
hundred percent (100%) of all of the equity interests (except directors&#146;
qualifying shares) and voting interests of which are owned by any one or more
of the Company and the Company&#146;s other Wholly-Owned Subsidiaries at such time.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:14.0pt 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-4.4(a)-20</font></p>


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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10(a)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EMPLOYMENT AGREEMENT</font></u></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS
EMPLOYMENT AGREEMENT is made and entered into as of March 13, 2003 between
CHURCHILL DOWNS INCORPORATED, a Kentucky corporation (&#147;Company&#148;) and THOMAS H.
MEEKER (the &#147;Executive&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
the Board of Directors of Churchill Downs Incorporated (the &#147;Board), has
determined that it is in the best interest of the Company and its shareholders,
to retain the Executive as its President and Chief Executive Officer; and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
the Executive is currently willing and competent to serve the Company as its
President and Chief Executive Officer under the terms and conditions of this
Employment Agreement (the &#147;Agreement&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Employment</u>.&#160; The Company hereby employs the Executive,
and the Executive hereby accepts employment, in the capacity of President and
Chief Executive Officer of the Company.&#160;
Subject to the general direction, approval and control of the Board, the
Executive shall exert his best efforts and devote his full time and attention
to the business and affairs of the Company.&#160;
The Executive shall be in complete charge of the operation of the
Company, shall have all powers and responsibilities as provided in the
Company&#146;s current bylaws attendant to the position of President and Chief
Executive Officer, and shall have full
authority and responsibility for formulating and executing the business
policies and managing and supervising the business of the Company in all
respects.&#160; At all time during the Term
or any Renewal Term (both hereinafter defined) the Executive&#146;s position
(including status, offices, titles and reporting requirements), authority,
duties and responsibilities shall be at least commensurate in all material
respects with those held, exercised and assigned on the date this Agreement was
first executed.&#160; The Executive&#146;s office
shall be located at the Company&#146;s headquarters in Louisville, Kentucky.&#160; Further, at no time during the term or any
renewal term shall the Executive&#146;s office be located more than 35 miles from
700 Central Avenue, Louisville, Kentucky.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Term</u>.&#160; The term of this Employment
Agreement shall be for three (3) years commencing on the date hereof unless
terminated earlier as herein provided (the &#147;Term&#148;).&#160; The term of this Agreement shall be automatically renewed for
three (3) year periods at the end of each of the Company&#146;s fiscal years unless
the Board determines affirmatively not to so renew this Agreement not later
than ninety (90) days prior to the end of such fiscal year (the &#147;Renewal Term&#148;).&#160; If the Board of Directors elects not to
renew this Agreement, the Executive shall retain his position for the balance
of the existing three-year Term or the Renewal Term, as the case may be.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Compensation and Perquisites</u>.&#160;
During the Term and any Renewal Term:</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Base Salary</u>.&#160; As
compensation for the services rendered by</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Executive hereunder, the Company shall
pay to the Executive a base salary of $450,000
a year, payable in arrears in semi-monthly installments (the &#147;Base Salary&#148;).
Base Salary adjustments, if any, shall be made, in the discretion of the Board
of Directors, at any time, but in no event may the Executive&#146;s Base Salary be
reduced below that paid in the preceding year.&#160;
All payments or other compensation to the Executive shall be subject to
appropriate withholding.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Incentive Compensation</u>. In addition to any other compensation
provided under this Agreement, the Executive shall be entitled to participate
in any Company sponsored annual or long-term, cash or equity based, incentive
plan or other such arrangement, now in existence or hereafter created, made
available to its executives and key management employees, subject to and on a
basis consistent with the terms, conditions and overall administration of such
plans and arrangements.&#160; The plans
currently in existence include:&#160; The
Incentive Compensation Plan, Long Term Incentive Compensation Plan, Stock Option
Plan and the Deferred Compensation Plan.&#160;
The Company may, from time to time, amend the provisions of these plans
prospectively.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Travel and Entertainment Expenses.</u> The Company shall reimburse the Executive
for all reasonable and necessary travel and other out-of-pocket expenses
incurred by him in the performance of his duties. The Company shall pay the
Executive&#146;s reasonable travel and entertainment expenses and other reasonable
expenses incurred on behalf of the Company&#146;s business. The Company also shall
pay for such expenses for the Executive&#146;s wife when she travels with him on the
Company&#146;s business. The Executive shall present to the Company on a timely
basis an itemized account of such expenses in such form as may be required by
the Company and the reimbursement of such expenses shall be subject to the
customary policies of the Company.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Supplemental Benefit Plan</u>. The Company shall provide the Executive
various retirement benefits under the provisions of the Company&#146;s Supplemental
Benefit Plan as described in Exhibit A attached hereto.&#160; The Company may, from time to time, amend
the Supplemental Benefit Plan prospectively.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Automobile</u>. The Company shall provide the Executive with an automobile and shall
pay for maintenance, repairs, insurance and all operating costs incident
thereto.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Life Insurance</u>. The Company shall provide the Executive a
$250,000 life insurance policy with a reputable and respon&#173;sible insurance
company acceptable to the Company and the Executive, with all premiums being
paid by the Company.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">G.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Dues</u>. The Company shall pay for the Executive&#146;s dues for one country club
and for all appropriate professional or business associations to which he may
belong.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Other Employee Benefits</u>.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Welfare Benefit Plans</u>.&#160;
During the Term and any Renewal Term, the Executive and/or the
Executive&#146;s family, as the case may be, shall be eligible to participate in and
shall receive all benefits under all welfare benefit plans, practices, policies
and programs provided by the Company (including, without limitation, disability,
group life, accidental death) to the extent applicable generally to other
executives of the Company.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-autospace:none;text-indent:31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Profit Sharing Plan</u>.&#160;
During the Term and any Renewal Term, the Executive shall be entitled to
participate in the Company&#146;s 401 (k) Profit Sharing Plan or any other similar
plan, program, policy or practice generally made available to other executives
of the Company.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Health Insurance</u>.&#160;
During the Term and any Renewal Term, the Company shall provide the
Executive and his wife, as the case may be, major medical and health insurance
coverage consistent with that provided to other employees of the Company. All
premiums shall be paid by the Company.</p>

<p style="margin:0in 0in .0001pt .55in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Vacation.</u>&#160; the Executive shall be awarded
paid time off (PTO) consistent with the Company&#146;s then established policy.&#160; The Executive shall consult with the
Chairman of the Board prior to scheduling PTO days.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination of Employment</u>.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination Due to Death</u>.&#160; In
the event of the Executive&#146;s death during the Term or any Renewal Term, the
Executive&#146;s estate or his beneficiaries, as the case may be, shall be entitled
to receive:</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Base Salary through the date of death;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any pro rata annual bonus for the year in
which the Executive&#146;s death occurs, based, at a minimum, on the Target Bonus (as
defined in any Incentive Compensation Plan maintained by the Company at that
time) but calculated as provided for in the Plan and subject to and payable in
accordance with the customary practices of the Company for other executives;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The balance of any annual or long-term cash
incentive awards, if any, earned but not yet paid pursuant to any Long Term
Incentive Compensation Plan maintained by the Company in which the Executive
participated at the time of his death, subject to and payable in accordance
with the plan and the customary practices of the Company for other executives;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All outstanding stock option, restricted
stock or other equity based award at the time of death shall be governed by the
applicable plan or agreement maintained by the Company;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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<font size="3" face="Arial" style="font-family:Arial;font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All accrued vacation or PTO pay due to the
Executive; and</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any other benefits or payments due to the
Executive under and subject to applicable plans or programs maintained by the
Company in which the Executive participated at the time of his death, including
without limitation, any benefits due under the Supplemental Benefit Plan.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination Due to Disability</u>.&#160; If
the Executive shall become disabled (as defined by law) during the Term or any
Renewal Term, he shall be entitled to the payment of his Base Salary and
benefits being paid or provided at the time of the commencement of such
disability and such shall continue for the duration of such disability but in
no event for a period longer than six (6) consecutive months or an aggregate of
six (6) months in any 12-month period.&#160;
If such disability continues for a period of six (6) consecutive months,
the Company, at its option, may thereafter, upon written notice to the
Executive or his personal representative, terminate his employment.&#160; For purposes of this Agreement, &#147;disability&#148;
shall mean a mental or physical illness or condition rendering the Executive
incapable of performing his normal duties with the Company and cannot be
reasonably accommodated.&#160; If a
termination occurs on account of a disability, the Executive shall be entitled
to receive:</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Base Salary through the date of termination;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A pro rata annual bonus for the year in
which the Executive&#146;s termination occurs, based, at a minimum, on the Target
Bonus (as defined in any Incentive Compensation Plan maintained by the Company
at that time) but calculated as provided for in the Plan and subject to and
payable in accordance with the customary practices of the Company for other
executives;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The balance of any annual or long-term cash
incentive awards, if any, earned but not yet paid pursuant to any Long Term
Incentive Compensation Plan maintained by the Company in which the Executive
participated at the time of his termination subject to and payable in
accordance with the Plan and the customary practices of the Company for other
executives;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All outstanding stock option, restricted
stock or other equity based award at the time of termination shall be governed
by the applicable plan or agreement maintained by the Company;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All accrued vacation or PTO pay due to the
Executive; and</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any other benefits or payments due to the
Executive under and subject to applicable plans or programs maintained by the
Company, including without limitation, any benefits due under the Supplemental
Benefit Plan.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination for Cause</u>.&#160;
The Company may terminate the Executive&#146;s employment during the Term or
any Renewal Term for cause.&#160; For
purposes of this Agreement, &#147;Cause&#148; shall mean:&#160; (i) the willful and continued failure of the Executive to perform
substantially the duties of president and chief executive officer (other than
any such failure resulting from incapacity due to disability), after a written
demand for substantial performance improvement is delivered to the Executive by
the Chairman of the Board which specifically identifies the manner in which the
Board believes that the Executive has not substantially performed the duties of
president and chief executive officer, or (ii) the willful engaging by the
Executive in illegal conduct or gross misconduct which is materially and
demonstrably injurious to the business or reputation of the Company.&#160;&#160; For purposes of this paragraph, no act or
failure to act, on the part of the Executive , shall be considered &#147;willful&#148;
unless it is done, or omitted to be done, by the Executive in bad faith or
without reasonable belief that the Executive&#146;s action or omission was in the
best interests of the Company. Any act, or failure to act, based upon specific
authority given pursuant to a resolution duly adopted by the Board or upon
instructions of the Chairman of the Board or based upon the advice of counsel
of the Company which the Executive honestly believes is within such counsel&#146;s
competence shall be conclusively presumed to be done, or omitted to be done, by
the Executive in good faith and in the best interests of the Company. In the
event the Company terminates the Executive for cause, he shall be entitled to
receive:</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Base Salary through the date of termination;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The balance of any annual or long term
awards, if any, earned but not yet paid pursuant to any Long Term Incentive
Compensation Plan maintained by the Company in which the Executive participated
at the time of his termination subject to and payable in accordance with the
Plan and the customary practices of the Company for other executives; and</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any other benefits or payments due to the
Executive under and subject to applicable plans or programs maintained by the
Company in which the Executive participated at the time of termination,
including without limitation, any benefits due under the Supplemental Benefit
Plan.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination Without Cause or By Constructive
Termination.</u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination Without Cause</u>.&#160;
The Company may terminate the Executive&#146;s employment with the Company,
other than pursuant to Paragraphs 5.A, 5.B, or C, or through non-renewal of the
Agreement under Paragraph 2, and such termination shall be deemed a termination
&#147;without cause.&#148;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Constructive Termination.</u>&#160; The
Executive may, in his sole discretion, terminate his employment with the
Company by virtue of the Company&#146;s Constructive Termination of his
employment.&#160; For purposes of the
Agreement, &#147;Constructive Termination&#148; shall mean:&#160; (i) The assignment to the Executive of any duties inconsistent in
any material respect with those of the president and chief executive officer
(including</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">status, office, title and reporting
requirements), or the authority, duties or responsibilities as contemplated by
Paragraph 1 of this Agreement, or any other diminution in any material respect
in such position, authority, duties or responsibilities unless agreed to by the
Executive; (ii) the Company&#146;s requiring the Executive to be based at any office
or location other than as provided in Paragraph 1 hereof; (iii) reduction of
Base Salary or material reduction of other compensation or perquisites
described in Paragraph 3; (iv) a reduction in the Executive&#146;s Other Employee
Benefits including incentive opportunities, benefits or perquisites described
in Paragraph 4 unless other senior executives suffer a comparable reduction;
and (v) any purported termination of the Executive&#146;s employment under this
Agreement by the Company for other than pursuant to Paragraphs 5.A, 5.B or 5.C
or through non-renewal of the Agreement under Paragraph 2.&#160; Prior to the Executive&#146;s right to terminate
this Agreement, he shall give written notice to the Company of his intention to
terminate his employment on account of a Constructive Termination.&#160; Such notice shall state in detail the
particular act or acts of the failure or failures to act that constitute the grounds
on which the Executive&#146;s Constructive Termination is based and such notice
shall be given within six (6) months of the occurrence of the act or acts or
the failure or failures to act which constitute the grounds for the
Constructive Termination.&#160; The Company
shall have sixty (60) days upon receipt of the notice in which to cure such
conduct, to the extent such cure is possible</font>.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severance Benefits Due Upon Termination
Without Cause or Constructive Termination.</u>&#160; In the event the Executive&#146;s
employment is terminated by the Company without Cause, other than due to
Disability or death, or in the event there is a Constructive Termination, the
Executive shall be entitled to the following benefits and payments (the
&#147;Severance Benefits&#148;):</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Base Salary, at the monthly rate in effect
on the date of termination of the Executive&#146;s employment (or in the event a
reduction in Base Salary is the basis for a Constructive Termination, then the
Base Salary in effect immediately prior to such reduction), payable each month
in arrears for a period of thirty-six (36) months following the date of
termination (the &#147;Severance Period&#148;); provided, however, the Company may pay
him the present value of such salary continuation payments in a lump sum using,
as the discount rate, the federal rate for short-term Treasury obligations as
published by the Internal Revenue Service for the month in which such
termination occurs;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any pro rata annual bonus for the year in
which the Executive&#146;s termination occurs, based, at a minimum, on the Target
Bonus (as defined in an Incentive Compensation Plan maintained by the Company
at that time) but calculated as provided for in the Plan and subject to and
payable in accordance with the Plan and the customary practices of the Company
for other executives;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>An amount equal to one-twelfth (1/12) of the
greater of (i) any Target Bonus amount for the year in which the termination
occurs or the highest annual bonus paid to the Executive within the past three
years of employment with the Company which shall be payable each month over the
Severance Period, provided that</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Company may pay him the present value of
such bonus amount in a lump sum using, as the discount rate, the federal rate
for short-term Treasury obligations as published by the Internal Revenue
Service for the month in which such termination occurs;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The balance of any annual or long-term cash
incentive awards, if any, earned (but not yet paid) subject to and pursuant to
the terms of the applicable plan or program maintained by the Company and in
which the Executive participated at the time of the termination;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any outstanding stock option, restricted
stock or other similar equity based award shall be governed by the applicable
plan or agreement maintained by the Company;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Continued participation in all life
insurance coverage and in other employee benefits described in Paragraph 4,
above in which the Executive participated from the date of termination until
the end of the Severance Period; provided however, the Company&#146;s obligation
under this Paragraph 5.D.(3).f. shall be reduced or eliminated, as applicable,
to the extent that the Executive receives similar coverage and/or benefits
under plans and programs of a subsequent employer; and provided, further, that
if the Executive is precluded, by operation of law, from continuing his
participation in any employee benefit plan or program as provided in this
Paragraph 5.D.(3).f, he shall be provided with the after-tax economic
equivalent of the benefits provided under the plan or program in which he is
unable to participate;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">g.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any other benefit or perquisite made
available to him by the Company as of the date of termination with such benefit
or perquisite continuing to be provided to the Executive during the first year
subject to the terms and conditions thereof; and</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">h.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All benefits due under any Supplemental
Benefit Plan which benefits, subject to the terms and conditions of the Plan,
shall be paid commencing upon the ending date of the Severance Period and the
benefits calculated as though the Executive had been employed by the Company
during the Severance Period.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination of Employment Following a Change
of Control.</u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If, within two (2) years following a Change
of Control in the Company, as that term is defined below, the Company
terminates his employment without Cause (other than due to death or Disability)
or there is a Constructive Termination, the Executive shall be entitled to the
Severance Benefits set forth in Paragraph 5.D., above, provided that all cash
payments due to the Executive shall be paid in a lump sum without any
discount.&#160; All accrued benefits and
payments under such plans and programs shall be paid as a lump-sum cash
payment.&#160; Said payment shall be made
within thirty (30) days following the date of termination under this Paragraph
5.E.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Definition.</u>&#160; For
purposes of this Agreement, a Change in Control</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall be deemed to have occurred
on the happening of the first of the following events (the &#147;Effective Date&#148;):</font></p>

<p style="margin:0in 0in .0001pt 69.75pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">excluding
entities owned by Richard L. Duchossois and/or his immediate family members,
the acquisition by any individual, entity or group (within the meaning of
Section 13 (d) (3) or 14 (d) (2) of the Securities&#160; Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;)) (a
&#147;Person&#148;) of beneficial ownership (within the meaning of&#160;&#160;&#160; Rule 13d-3 promulgated under the Exchange
Act) of 20% or more of either the then outstanding voting securities of the
Company (the &#147;Outstanding Company Common Stock&#148;) or the combined voting power
of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the &#147;Outstanding Company Voting
Securities&#148;);</font></p>

<p style="margin:0in 0in .0001pt 105.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">individuals
who, as of the date of this Agreement, constitute the Board (the &#147;Incumbent
Board&#148;) cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the
date of this Agreement whose election, or nomination for election by the
Company&#146;s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though
such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result an actual or threatened election contest with respect to the election or
removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or</font></p>

<p style="margin:0in 0in .0001pt 105.75pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">consummation
of a reorganization, merger or consolidation or sale or other disposition of
all or substantially all of the assets of the Company or the acquisition of
assets of another entity (a &#147;Corporate Transaction), in each case, unless,
immediately following such Corporate Transaction, (a) all or substantially all
of the individuals and entities who were the beneficial owners, respectively,
of the Outstanding Company Common Stock and Outstanding Voting Securities immediately
prior to such Corporate Transaction beneficially own, directly or indirectly,
more than 60% of, respectively, the then outstanding shares of common stock and
the combined voting power of the then outstanding voting securities entitled to
vote generally in the election of</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">directors, as the
case may be, of the corporation resulting from such Corporate Transaction
(including, without limitation, a corporation which as a result of such
transaction owns the company or all or substantially all of the Company&#146;s
assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership, immediately prior to such Corporate
Transaction of the Outstanding Company Common Stock and outstanding Company
Voting Securities, as the case may be, (b) no Person (excluding any employee
benefit plan (or related trust) of the Company or such corporation resulting
from such Corporate Transaction) beneficially owns, directly or indirectly, 20%
or more of, respectively, the then Outstanding Shares of Common Stock of the
Company resulting from such Corporate Transaction or the Outstanding Voting
Securities of the Company except to the extent that such ownership existed
prior to the Corporate Transaction and (c) at least a majority of the members
of the Board of Directors of the Company resulting from such Corporate
Transaction were members of the Incumbent Board at the time of the execution of
the initial plan or of the action of the Board, providing for such Corporate
Transaction; or</font></p>

<p style="margin:0in 0in .0001pt 105.75pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">approval by
the shareholders of the Company of a complete liquidation or dissolution of the
Company.</font></p>

<p style="margin:0in 0in .0001pt 105.75pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the foregoing, actions taken in compliance with the Shareholder&#146;s Agreement
dated as of September 8, 2000, among the Company, Duchossois Industries, Inc.
and subsequent signatories thereto, as amended from time to time, shall not be
deemed a Change in Control.</font></p>

<p style="margin:0in 0in .0001pt 2.5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Gross Up Payment.</u>&#160; In
the event this Agreement is terminated by the Executive, the Company terminates
the Agreement without Cause or there is a Constructive Termination within two
(2) years following a Change of Control, as defined above, and all Severance
Benefits made or provided to the Executive under this Paragraph 6 and under all
other plans and programs of the Company (the &#147;Aggregate Payment&#148;) is determined
to constitute a Parachute Payment, as such term is defined in Section
280G(b)(2) of the Internal Revenue Code, as amended, the Company shall pay to
the Executive, prior to the time any excise tax imposed by section 4999 of the
Internal Revenue Code (the &#147;Excise Tax&#148;) is payable with respect to such
Aggregate Payment, an additional amount which, after the imposition of all
federal, state and local income and excise taxes thereon, is equal to the
Excise Tax on the Aggregate Payment.&#160;
The determination of whether the Aggregate Payment constitutes a
Parachute Payment and, if so, the amount to be paid to the Executive and the
time of payment pursuant to this Paragraph 5.E. shall be made by an independent
auditor (the</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Auditor&#148;) jointly selected by the Company
and the Executive and paid by the Company. The Auditor shall be a nationally
recognized United States public accounting firm which has not acted in any way
on behalf of the Company.&#160; If the
Executive and Company cannot agree on the firm to serve as the Auditor, then
the Executive and the Company shall each select one accounting firm and those
firms shall jointly select the accounting firm to serve as the Auditor.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Retirement by The Executive</u>.&#160;
During the Term of this Agreement and any Renewal Term, the Executive
may, on his own initiative, elect to retire by giving the Company not less than
ninety (90) days prior written notice of the effective date of his
retirement.&#160; Any such retirement shall
not be deemed to be a breach by the Executive of this Agreement.&#160; In such event, the Executive shall be
entitled to receive:</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Base Salary through the date of retirement;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any pro rata annual bonus for the year in
which the Executive&#146;s retirement occurs, based, at a minimum, on the Target
Bonus (as defined in any Incentive Compensation Plan maintained by the Company
at that time) but calculated as provided for in the Plan and subject to and
payable in accordance with the Plan and the customary practices of the Company
for other executives;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The balance of any annual or long-term cash
incentive awards, if any, earned but not yet paid pursuant to any Long Term
Incentive Compensation Plan maintained by the Company in which the Executive
participated at the time of retirement, payable in accordance with the Plan and
the customary practices of the Company for other executives;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All outstanding restricted stock, stock option
or other equity based award at the time of retirement shall be governed by the
applicable plan or agreement maintained by the Company;</p>

<p style="margin:0in 0in .0001pt 5.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All accrued vacation or PTO pay due to the
Executive;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All benefits due under and subject to the
Supplemental Retirement Plan maintained by the Company; and</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any other benefits or payments due to
retirees under and subject to applicable plans or programs maintained by the
Company in which the Executive participated at the time of his retirement.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">G.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Obligation to Mitigate; No Right to
Offset</u>.&#160; In the event of any termination of
employment under the this Paragraph 5, the Executive shall be under no
obligation to seek other employment and, except as specifically provided
herein, there shall be no offset against amounts due to the Executive under
this Agreement on account of any remuneration attributable to any subsequent
employment that he may</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">obtain or for any claims the Company may have
against the Executive except claims for breach or violation of Paragraphs 8 or
9 of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Nature of Severance Benefits.</u>&#160; All
Severance Benefits due and payable under this Agreement are considered to be
reasonable by the Company and are not in the nature of a penalty.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Stock Options</u>.&#160;
The Company and the Executive acknowledge that the Company intends to
amend the Company&#146;s 1997 Stock Option Plan, as currently amended, subject to
the approval of the Company&#146;s shareholders.&#160;
The Company shall submit a proposed amended stock option plan to the
Company&#146;s shareholders at the 2003 shareholder&#146;s annual meeting.&#160; The proposed stock option plan shall contain
provisions that allow the Executive to exercise his options upon retirement
subject to applicable laws, so long as there are no adverse financial
consequences to the Company.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exclusivity of Severance Benefits.</u>&#160;
Upon the termination of the Executive&#146;s employment, he shall not be
entitled to any other severance or other payments or severance or other
benefits from the Company, other than as provided under the terms of this
Agreement. Nor shall the Executive have any right to any payments by the
Company on account of any claim by him of wrongful termination, including
claims under any federal, state or local human and civil rights or labor laws,
other than the payments and benefits provided under this Agreement, it being
the intention of the parties that such payments and benefits shall be the
Executive&#146;s sole and exclusive remedy.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Release of Claims.</u>&#160; As
a condition of the Executive&#146;s entitlement to Severance Benefits under this
Agreement, the Executive shall, on the date of his termination, execute a
release of claims substantially in the form set forth in Exhibit B, attached
hereto.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination at Will.</u>&#160; Notwithstanding
anything herein to the contrary, the Executive&#146;s employment with the Company is
terminable at will with or without Cause or notice; provided, however, that a
termination of the Executive&#146;s employment shall be governed by the terms and
conditions of this Agreement.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Restrictive Covenants.</u>&#160; For
and in consideration of the compensation and benefits to be provided by the
Company hereunder, and further in consideration of the Executive&#146;s exposure to
and knowledge of the proprietary information of the Company, the Executive
agrees that he shall not, during the Term or Renewal Term and for a period of
two (2) years following any termination of employment, engage in any of the
activities or take any action inconsistent with the provisions set forth below.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Non Competition.</u>&#160; For
any reason, without the express written approval of the Board of Directors of
the Company, the Executive shall not, directly or indirectly, own, manage,
operate, join, control, be employed by, or participate in the ownership,</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='11',FILE='C:\C2\creyer\0603_3\t_1507164\j0603_ex10da.htm',USER='tchan',CD='May 13 05:56 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">management, operation or control of or be
connected or associated in any manner, including, but not limited to, holding
the positions of officer, director, manager, shareholder, consultant,
independent contractor, employee, partner, or investor, with any Competing
Enterprise; provided, however, that the Executive may invest in stocks, bonds,
or other securities of any corporation or other entity (but without
participating in the business thereof) if such stocks, bonds, or other
securities are listed for trading on a national stock exchange and the
Executive&#146;s investment does not exceed 5% of the issued and outstanding shares
of capital stock, or in the case of bonds or other securities, 5% of the aggregate
principal amount thereof issued and outstanding.&#160; &#147;Competing Enterprise &#147; shall mean and be limited to any entity
whose principal business involves the operation of a pari-mutuel or casino
gaming business within the continental United States.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Nonsolicitation.</u>&#160; For
any reason, without the express written approval of the Board of Directors of
the Company, the Executive shall not (i) directly or indirectly, in on or a
series of transactions, recruit, solicit or otherwise induce or influence any
employee of the Company to terminate his or her employment with the Company or,
(ii) employ or seek to employ or cause any Competing Enterprise to employ or
seek to employ any employee of the Company.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Confidential Information</u>.&#160;&#160;
At no time shall the Executive divulge or furnish to anyone (other than
the Company or any persons employed by or designated by the Company) any
knowledge or information of any type whatsoever of a confidential or
proprietary nature obtained by the Executive during his employment with the
Company, including, without limitation, all types of trade secrets, contractual
information or non-public financial or other information regarding the Company.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Attorneys&#146; Fees</u>.&#160; In
the event any person or entity causes or attempts to cause the Company to
refuse to comply with its obligations under this Agreement, or may cause or
attempt to cause the Company to institute litigation seeking to have this
Agreement declared unenforceable, or take, or attempt to take, any action to
deny the Executive the benefits intended under this Agreement, then, in such
event, the Company irrevocably authorizes the Executive to retain counsel of
his choice at the sole expense of the Company to represent the Executive in
connection with the initiation or defense of any litigation or other legal
action in connection with the enforcement of the terms of this Agreement.&#160; All expenses shall be fully paid by the
Company if the Executive prevails in the final, binding, non-appealable outcome
of the litigation or other legal action.&#160;
The Company agrees to reimburse the Executive for his expenses under
this Paragraph 10 on a regular basis upon presentation by the Executive of a
statement prepared by such counsel in accordance with the customary practices,
up to a maximum aggregate amount of $500,000.&#160;
The Executive agrees to repay all reimbursed expenses under this
Paragraph 10 in the event the Company prevails in the final, binding,
non-appealable outcome of the litigation or other legal action.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='12',FILE='C:\C2\creyer\0603_3\t_1507164\j0603_ex10da.htm',USER='tchan',CD='May 13 05:56 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Successors; Binding Agreement</u>.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>To the Company.</u> The Company may assign this Agreement and
shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, by agreement in form and substance reasonably
satisfactory to the Executive, to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>To the Executive.</u> This Agreement is personal to the Executive
and may not be assigned by the Executive.&#160;
All rights of the Executive hereunder shall inure to the benefit of and
be enforceable by the Executive&#146;s personal or legal representatives, executors,
administrators, successors, heirs, distributes, devisees and legatees. If the
Executive should die while any amounts would still be payable to him hereunder
if he had continued to live, all such amounts, unless other otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to the
Executive&#146;s devisee, legatee, or other designee designated by the Executive and
communicated to the Company or, if there be no such designee, to the
Executive&#146;s estate.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notices</u>.&#160;&#160; All notices, requests, demands and other
communications provided for by this Agreement shall be in writing and shall be
sufficiently given if and when mailed in the continental United States by
registered or certified mail or personally delivered to the party entitled
thereto at the address stated below or to such changed address as the addressee
may have given by a similar notice:</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="font-family:Arial;">
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.8%;">
  <h1 style="font-size:1.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;">&nbsp;</h1>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.42%;">
  <h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To
  the Company:</font></h1>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.78%;">
  <h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Churchill
  Downs Incorporated</font></h1>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; General Counsel</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>
  </td>
 </tr>
 <tr style="font-family:Arial;">
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.8%;">
  <h2 style="font-size:1.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;">&nbsp;</h2>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.42%;">
  <h2 style="font-size:1.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;">&nbsp;</h2>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.78%;">
  <h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville,
  Kentucky 40208</font></h2>
  </td>
 </tr>
 <tr style="font-family:Arial;">
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.8%;">
  <h2 style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;">&nbsp;</h2>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.42%;">
  <h2 style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;">&nbsp;</h2>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.78%;">
  <h2 style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;">&nbsp;</h2>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the Executive:</font></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas H. Meeker</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1110 Red Fox Road</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky 40205</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amendment
or Modification; Waiver</u>.&#160; No
provision of this Agreement may be amended, modified or waived unless such amendment,
modification or waiver shall be authorized by the Board of Directors of the
Company or any authorized committee of the Board of Directors and shall be
agreed to in writing, and signed by the Executive and by a duly authorized
officer of the Company.&#160; Except as
otherwise specifically provided in this Agreement, no waiver by either party
hereto of any breach by the other party hereto of any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of
a subsequent breach of such condition or provision or a waiver of a similar or
dissimilar provision or condition at the same or at any prior or subsequent
time.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability</u>.&#160; In the event that any provision or portion
of this Agreement shall be determined to be invalid or unenforceable for any
reason, the remaining provisions and portions of this agreement shall be
unaffected thereby and shall remain in full force and effect to the fullest
extent permitted by law.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Survival</u>.&#160; The respective rights and obligations of the
parties to this Agreement shall survive any termination of the Executive&#146;s
employment to the extent necessary to the intended preservation of such rights
and obligations.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Applicable
Law</u>.&#160; This Agreement shall be
governed by and construed in accordance with the laws of the Common&#173;wealth of
Kentucky.&#160; The parties agree that any
litigation involving this Agreement shall be brought in Jefferson County,
Kentucky Circuit Court or the United States District Court, Western District of
Kentucky and hereby waive any objection to the jurisdiction or venue of such
courts.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties have executed
this Agreement the day and year first above written.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.74%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHURCHILL DOWNS INCORPORATED</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.04%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.74%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:22.3%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/Craig J. Duchossois</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.04%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.04%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXECUTIVE</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.04%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.04%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.04%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/Thomas H. Meeker</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:26.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas H. Meeker</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="334" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="161" style="border:none;"></td>
  <td width="200" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


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<DOCUMENT>
<TYPE>EX-10.B
<SEQUENCE>6
<FILENAME>j0603_ex10db.htm
<DESCRIPTION>EX-10.B
<TEXT>
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<head>



<title>  </title>



</head>



<body>



<div style="font-family:'Times New Roman';">



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit

10(b)</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CREDIT

AGREEMENT</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement, dated as of April 3, 2003, is among

CHURCHILL DOWNS INCORPORATED, the GUARANTORS party hereto, the LENDERS party

hereto and BANK ONE, KENTUCKY, NA, a national banking association having its

principal office in Louisville, Kentucky, as AGENT.&#160; The parties hereto agree as follows:</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

I</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DEFINITIONS</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in this Agreement:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Acquisition&#148; means any transaction, or any series of

related transactions, consummated on or after the date of this Agreement, by

which the Borrower or any other Loan Party (i) acquires any going business or

all or substantially all of the assets of any Person, or division thereof,

whether through purchase of assets, merger or otherwise or (ii) directly or

indirectly acquires (in one transaction or as the most recent transaction in a

series of transactions) at least a majority (in number of votes) of the

securities of a corporation which have ordinary voting power for the election

of directors (other than securities having such power only by reason of the

happening of a contingency) or a majority (by percentage or voting power) of

the outstanding ownership interests of a partnership or limited liability

company.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Acquisition Compliance Certificate&#148; has the meaning

given it in Section 6.13.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Adjusted EBITDA&#148; of any Person or any period means

the EBITDA for that Person for that period adjusted on a pro forma basis for

the EBITDA of acquired or divested operations.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Advance&#148; means a borrowing hereunder, (i) made by the

Lenders on the same Borrowing Date, or (ii) converted or continued by the

Lenders on the same date of conversion or continuation, consisting, in either

case, of the aggregate amount of the several Loans of the same Type and, in the

case of Eurodollar Loans, for the same Interest Period.&#160; The term &#147;Advance&#148; shall include Swing Line

Loans unless otherwise expressly provided.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Affected Lender&#148; has the meaning given it in Section

2.21.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Affiliate&#148; of any Person means any other Person

directly or indirectly controlling, controlled by or under common control with

such Person.&#160; A Person shall be deemed

to control another Person if the controlling Person owns 10% or more of any

class of voting securities (or other ownership interests) of the controlled

Person or possesses, directly or indirectly, the power to direct or cause the

direction of the management or policies of the controlled Person, whether

through ownership of stock, by contract or otherwise.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Agent&#148; means Bank One in its capacity as contractual

representative of the Lenders pursuant to Article X, and not in its individual

capacity as a Lender, and any successor Agent appointed pursuant to Article X.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Aggregate Commitment&#148; means the aggregate of the

Commitments of all the Lenders, as reduced or increased from time to time

pursuant to the terms hereof.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Aggregate Outstanding Credit Exposure&#148; means, at any

time, the aggregate of the Outstanding Credit Exposure of all the Lenders.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Agreement&#148; means this Credit Agreement, as it may be

amended or modified and in effect from time to time.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Agreement Accounting Principles&#148; means generally

accepted accounting principles as in effect from time to time, applied in a

manner consistent with that used in preparing the financial statements referred

to in Section 5.4.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Alternate Base Rate&#148; means, for any day, a rate of

interest per annum equal to the higher of (i) the Prime Rate for such day or

(ii) the sum of the Federal Funds Effective Rate for such day plus 1/2% per

annum.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Applicable Fee Rate&#148; means, at any time, the

percentage rate per annum at which the Commitment Fee is accruing on the unused

portion of the Aggregate Commitment at such time as set forth in the Pricing

Schedule.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Applicable Margin&#148; means, with respect to Advances of

any Type at any time, the percentage rate per annum which is applicable at such

time with respect to Advances of such Type as set forth in the Pricing

Schedule.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Approved Fund&#148; means any Fund that is administered or

managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an

Affiliate of an entity that administers or manages a Lender.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Arranger&#148; means, collectively, Banc One Capital

Markets, Inc., a Delaware corporation, and its successors, and PNC Capital

Markets, Inc., a Pennsylvania corporation, and its successors, in their

capacity as Co-Lead Arrangers and Joint Book Runners.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Assignment of Patents, Trademarks and Copyrights&#148;

shall mean the Assignment of Patents, Trademarks and Copyrights, dated as of

the date of this Agreement, executed by the Loan Parties in favor of the

Collateral Agent.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Article&#148; means an article of this Agreement unless

another document is specifically referenced.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Authorized Officer&#148; means any of the chief executive

officer, chief financial officer, any executive vice president, any senior vice

president, the treasurer, and any other officer designated as such by the board

of directors of the Borrower, acting singly.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Available Aggregate Commitment&#148; means, at any time,

the Aggregate Commitment then in effect minus the Aggregate Outstanding Credit

Exposure at such time.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Bank One&#148; means Bank One, Kentucky, NA, a national

banking association having its principal office in Louisville, Kentucky, in its

individual capacity, and its successors.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Benefit Arrangement&#148; shall mean at any time an

&#147;employee benefit plan,&#148; within the meaning of Section&nbsp;3(3) of ERISA,

which is neither a Plan nor a Multiemployer Plan and which is maintained,

sponsored or otherwise contributed to by any member of the Controlled Group.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Borrower&#148; means Churchill Downs Incorporated, a

Kentucky corporation, and its successors and assigns.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Borrowing Date&#148; means a date on which an Advance is

made hereunder.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Borrowing Notice&#148; is defined in Section 2.10, and

shall be in a form satisfactory to the Agent, generally in the form of <u>Exhibit

R</u>.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Business Day&#148; means (i) with respect to any

borrowing, payment or rate selection of Eurodollar Advances, a day (other than

a Saturday or Sunday) on which banks generally are open in Louisville and New

York City for the conduct of substantially all of their commercial lending

activities, interbank wire transfers can be made on the Fedwire system and

dealings in United States dollars are carried on in the London interbank market

and (ii) for all other purposes, a day (other than a Saturday or Sunday) on

which banks generally are open in Louisville for the conduct of substantially

all of their commercial lending activities and interbank wire transfers can be

made on the Fedwire system.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;CDMC&#148; shall mean Churchill Downs Management Company,

a Kentucky corporation, and wholly owned subsidiary of the Borrower.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Calder&#148; means Calder

Race Course, Inc., a Florida corporation.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Calder Financing

Statements&#148; is defined in Section 6.21.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Calder Mortgage&#148; means

the Mortgage executed by Calder in favor of the Collateral Agent with respect

to the Real Property owned by Calder.&#160;

Calder shall execute the Calder Mortgage and deliver such Calder

Mortgage to the Agent on the Closing Date in a form sufficient for recordation

and the Agent may thereafter record such Mortgage at any time pursuant to

Section 6.21.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Capital Expenditures&#148; means, without duplication, any

expenditures for any purchase or other acquisition of any asset which would be

classified as a fixed or capital asset or a Capitalized Lease Obligation on a

consolidated balance sheet of the Borrower and its Subsidiaries prepared in

accordance with Agreement Accounting Principles, including without limitation those

expenditures under the Master Plan for Capital Expenditures.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Capitalized Lease&#148; of a Person means any lease of

Property by such Person as lessee which would be capitalized on a balance sheet

of such Person prepared in accordance with Agreement Accounting Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Capitalized Lease Obligations&#148; of a Person means the

amount of the obligations of such Person under Capitalized Leases which would

be shown as a liability on a balance sheet of such Person prepared in

accordance with Agreement Accounting Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Cash Equivalent Investments&#148; means (i) short-term

obligations of, or fully guaranteed by, the United States of America, (ii)

commercial paper rated A-1 or better by S&amp;P or P-1 or better by Moody&#146;s,

(iii) demand deposit accounts maintained in the ordinary course of business,

and (iv) certificates of deposit issued by and time deposits with commercial

banks (whether domestic or foreign) having capital and surplus in excess of

$100,000,000; <i><font style="font-style:italic;">provided</font></i> in each

case that the same provides for payment of both principal and interest (and not

principal alone or interest alone) and is not subject to any contingency

regarding the payment of principal or interest.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Change in Control&#148; means the occurrence of any of the

following:&#160; Any person (as such term is

used in Section&nbsp;13(d) and Section&nbsp;14(d)(2) of the Exchange Act as in

effect on the date of the Closing Date) or related Persons constituting a group

(as such term is used in Rule&nbsp;13d-5 under the Exchange Act), other than a

group including, and under the general supervision of, the Excluded Group:&#160; (i) become the &#147;beneficial owners&#148; (as such

term is used in Rule&nbsp;13d-3 under the Exchange Act as in effect on the date

of the Closing Date), directly or indirectly, of more than 50% of the total

voting power of all classes then outstanding of the voting stock or membership

or other equity interests of the Borrower, or (ii) acquire after the date of

the Closing Date (x) the power to elect, appoint or cause the election or

appointment of at least a majority of the members of the board of directors of

the Borrower, through beneficial ownership of the capital stock of the Borrower

or otherwise, or (y) all or substantially all of the properties and assets of

the Borrower.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Change&#148; has the meaning given it in Section 3.2.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Closing Date&#148; means the Business Day on which the

first Loan shall be made, which shall be April 3, 2003.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Code&#148; means the Internal Revenue Code of 1986, as

amended, reformed or otherwise modified from time to time.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Collateral&#148; means and includes, collectively but

without limitation, all property and assets in which the Loan Parties grant the

Collateral Agent for the benefit of the Lenders an interest as collateral or

other security for all or any of the Secured Obligations, whether real or personal

property, whether granted directly or indirectly, whether granted now or in the

future, and whether granted in the form of a security interest, mortgage, deed

of trust, assignment, pledge, chattel mortgage, chattel trust, factor&#146;s lien,

equipment trust, conditional sale, trust receipt, lien, charge, lien or title

retention, contract, lease or consignment agreement intended as a security

device, or any other security or lien interest whatsoever, whether created by

law, contract or otherwise and is intended to and shall include all real and

personal property, tangible and intangible, of the Loan Parties; <i><font style="font-style:italic;">provided, however</font></i>, the term Collateral

shall not include (i) the Horseman&#146;s Account, (ii) the bond issued under the

Master Plan Bond Transaction and payments owed by one Loan Party to another

Loan Party in connection with the Master Plan Bond Transaction, (iii) ownership

interests of any</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Party in any (a) Excluded Subsidiary, (b) any Excluded Entity, and

(c) those Persons listed on <u>Schedule 3</u> hereto in which, as of the

Closing Date, a Loan Party directly or indirectly owns less than 100% of the

outstanding interest of such Person and in which the organizational agreements

governing such Person prohibit the applicable Loan Party from granting a

security interest in such ownership interest, and (iv) any chattel paper,

contract rights or other general intangibles which are now held or hereafter

acquired by any Loan Party to the extent that such chattel paper, contract

rights or other general intangibles (including, but not limited to, licenses)

are not assignable or capable of being encumbered (a) as a matter of law or (b)

under the terms of any agreement applicable thereto (but solely to the extent

that any such restriction is enforceable and not ineffective under applicable

law) without the consent of the other party to such agreement where such

consent has not been obtained after the applicable Loan Party has made a

reasonably diligent effort satisfactory to the Agent to obtain such consent.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Collateral Agent&#148; means Bank One in its capacity as

contractual representative of the Lenders and the Term Note Purchasers as

Collateral Agent under the Collateral Sharing Agreement, and not in its

individual capacity as a Lender, and any successor Collateral Agent appointed

under the Collateral Sharing Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Collateral Documents&#148; means, collectively, all of the

instruments, documents and agreements by which any Person grants a security

interest in Collateral, including without limitation, those documents

referenced in Section 6.25 of this Agreement, which in turn includes without

limitation, the Pledge and Security Agreement, the Mortgages, the<b><font style="font-weight:bold;">  </font></b>Negative Pledge Agreement, the Assignment

of Patents, Trademarks and Copyrights, the Intercompany Subordination

Agreement, the Collateral Sharing Agreement and all other documents or

instruments executed as security for the Secured Obligations from time to time.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Collateral Sharing Agreement&#148; means that certain

Collateral Sharing Agreement dated as of April 3, 2003, with Bank One as

Collateral Agent, in the form of <u>Exhibit G</u>, as it may be amended or

supplemented from time to time.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Collateral Shortfall Amount&#148; is defined in Section

8.1.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Commitment&#148; means, for each Lender, the obligation of

such Lender to make Revolving Loans to, and participate in Facility LCs issued

upon the application of, the Borrower in an aggregate amount not exceeding the

amount set forth opposite its signature below, as it may be modified as a result

of any assignment that has become effective pursuant to Section 12.3.2 or as

otherwise modified from time to time pursuant to the terms hereof.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Commitment Fee&#148; is defined in Section 2.7.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Capital Expenditures&#148; means, with

reference to any period, the Capital Expenditures of the Loan Parties

calculated on a consolidated basis for such period in accordance with Agreement

Accounting Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Adjusted

EBITDA&#148;<b><font style="font-weight:bold;">  </font></b>for any Period means the

consolidated Adjusted EBITDA of all of the Loan Parties for that period,

consolidated in accordance with Agreement Accounting Principles.&#160; The EBITDA of the Excluded Subsidiaries

shall not be included in Consolidated Adjusted EBITDA.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Fixed

Charges&#148; means for any period of determination the consolidated Fixed Charges

of all of the Loan Parties for that period, consolidated in accordance with

Agreement Accounting Principles.&#160; The

Fixed Charges of the Excluded Subsidiaries shall not be included in

Consolidated Fixed Charges.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Funded Indebtedness&#148; means at any time

the aggregate dollar amount of Consolidated Indebtedness which has actually

been funded and is outstanding at such time, whether or not such amount is due

or payable at such time.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Indebtedness&#148; means at any time the

Indebtedness of the Loan Parties calculated on a consolidated basis as of such

time in accordance with Agreement Accounting Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Interest Expense&#148; means, with reference

to any period, the interest expense of the Loan Parties calculated on a

consolidated basis for such period in accordance with Agreement Accounting

Principles.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Net Income&#148; means, with reference to any

period, the net income (or loss) of all of the Loan Parties calculated on a

consolidated basis for such period in accordance with Agreement Accounting

Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Net Worth&#148; means as of any date of

determination total stockholders&#146; equity of all of the Loan Parties as of such

date determined and consolidated in accordance with Agreement Accounting

Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Rentals&#148; means, with reference to any

period, the Rentals of the Loan Parties calculated on a consolidated basis for

such period in accordance with Agreement Accounting Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Contingent Obligation&#148; of a Person means any

agreement, undertaking or arrangement by which such Person assumes, guarantees,

endorses, contingently agrees to purchase or provide funds for the payment of,

or otherwise becomes or is contingently liable upon, the obligation or

liability of any other Person, or agrees to maintain the net worth or working

capital or other financial condition of any other Person, or otherwise assures

any creditor of such other Person against loss, including, without limitation,

any guaranty, comfort letter, operating agreement, take-or-pay contract or the

obligations of any such Person as general partner of a partnership with respect

to the liabilities of the partnership.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Controlled Group&#148; means all members of a controlled

group of corporations or other business entities and all trades or businesses

(whether or not incorporated) under common control which, together with the

Borrower or any of its Subsidiaries, are treated as a single employer under Section

414 of the Code.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Conversion/Continuation Notice&#148; is defined in Section

2.11, and shall be in a form satisfactory to this Agent, generally in the form

of <u>Exhibit S</u>.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Credit Extension&#148; means the making of an Advance or

the issuance of a Facility LC hereunder.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Credit Extension Date&#148; means the Borrowing Date for

an Advance or the issuance date for a Facility LC.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Current Fields of Enterprise&#148; means those fields of

enterprise that each Loan Party is engaged in as of the date of this Agreement,

and activities related thereto, including, but not limited to the acquisition

of Persons that provide wagering platforms, and shall <u>not</u> include any

mode of gambling other than pari-mutuel wagering on horse racing and Permitted

Alternative Gaming which, in each case, is conducted in full compliance with

applicable law.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Default&#148; means one or more of the events described in

Article VII.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;EBITDA&#148; for any Person

for any period of determination means<b><font style="font-weight:bold;">  </font></b>that

Person&#146;s net income <i><font style="font-style:italic;">plus</font></i>, to the

extent deducted from revenues in determining net income, (i) interest expense,

(ii) expense for taxes paid or accrued, (iii) depreciation, (iv) amortization,

(v) extraordinary losses incurred other than in the ordinary course of

business, and (vi) the impairment charge deducted from the net income of Ellis

Park Race Course, Inc. with respect to the fourth fiscal quarter 2002 <i><font style="font-style:italic;">minus,</font></i> to the extent included in net

income, that Person&#146;s extraordinary gains realized other than in the ordinary

course of business, in each case for such period determined in accordance with

Agreement Accounting Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Environmental Laws&#148; means all applicable federal,

provincial, state and local laws, rules, regulations, reported and publicly

available orders, reported judicial determinations, and reported and publicly

available decisions of an executive body or any governmental or

quasi-governmental entity, whether in the past, the present or the future,

pertaining to health and/or the environment in effect in any and all

jurisdictions in which the Borrowers are at any time leasing equipment pursuant

to a Lease or otherwise doing business. The Environmental Laws shall include,

but shall not be limited to, the following: (1) the Comprehensive Environmental

Response, Compensation, and Liability Act, 42 U.S.C. Sections 9601, <u>et seq</u>.;

the Superfund Amendments and Reauthorization Act, Public Law 99-499, 100 Stat.

1613; the Resource Conservation and Recovery Act, 42 U.S.C. Sections 6901, <u>et

seq</u>.; the National Environmental Policy Act, 42 U.S.C. Section 4321; the Safe

Drinking Water Act, 42 U.S.C. Sections 300F, <u>et seq</u>.; the Toxic

Substances Control Act, 15 U.S.C. Section 2601; the Hazardous Materials

Transportation Act, 49 U.S.C. Section 1801; the Federal Water Pollution Control

Act, 33 U.S.C. Sections 1251; <u>et seq</u>.; the Clean Air Act, 42 U.S.C.

Section 7401, <u>et seq</u>.; and the regulations promulgated in connection

therewith; and (2) Environmental Protection Agency regulations</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">pertaining to asbestos (including 40 C.F.R. Part 61, Subpart M);

Occupational Safety and Health Administration regulations pertaining to

asbestos (including 29 C.F.R. Sections 1910.1001 and 1926.58); and any state,

province and local laws and regulations pertaining to Hazardous Materials and/or

asbestos.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;ERISA&#148; means the Employee Retirement Income Security

Act of 1974, as amended from time to time, and any rule or regulation issued

thereunder.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Eurodollar Advance&#148; means an Advance which, except as

otherwise provided in Section 2.13, bears interest at the applicable Eurodollar

Rate.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Eurodollar Base Rate&#148; means, with respect to a

Eurodollar Advance for the relevant Interest Period, the applicable British

Bankers&#146; Association LIBOR rate for deposits in U.S. dollars as reported by any

generally recognized financial information service as of 11:00 a.m. (London

time) two Business Days prior to the first day of such Interest Period, and

having a maturity equal to such Interest Period, <i><font style="font-style:italic;">provided</font></i> that, if no such British Bankers&#146; Association LIBOR

rate is available to the Agent, the applicable Eurodollar Base Rate for the

relevant Interest Period shall instead be the rate determined by the Agent to

be the rate at which Bank One, N.A. or one of its Affiliate banks offers to

place deposits in U.S. dollars with first-class banks in the London interbank

market at approximately 11:00 a.m. (London time) two Business Days prior to the

first day of such Interest Period, in the approximate amount of Bank One,

N.A.&#146;s relevant Eurodollar Loan and having a maturity equal to such Interest

Period.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Eurodollar Loan&#148; means a Loan which, except as

otherwise provided in Section 2.13, bears interest at the applicable Eurodollar

Rate.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Eurodollar Rate&#148; means, with respect to a Eurodollar

Advance for the relevant Interest Period, the sum of (i) the quotient of (a)

the Eurodollar Base Rate applicable to such Interest Period, divided by (b) one

minus the Reserve Requirement (expressed as a decimal) applicable to such

Interest Period, plus (ii) the Applicable Margin.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Exchange Act&#148; means the Securities Exchange Act of

1934.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Excluded Entities&#148; means

any corporation, partnership, limited liability company or other Person in

which the Loan Parties hold an ownership interest, either directly or

indirectly, and which is not a Loan Party.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Excluded Group&#148; means and includes Duchossois

Industries, Inc. and its Affiliates and Brad M. Kelly and his Affiliates.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Excluded Subsidiaries&#148; means any Excluded Entity

which is a Subsidiary of the Borrower.&#160;

The Excluded Subsidiaries on the Closing Date are Hoosier Park, L.P.,

Charlson Broadcast Technologies LLC, Churchill Downs California Food Services

Company, Tracknet, LLC, and Anderson Park, Inc.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Excluded

Taxes&#148; means, in the case of each Lender or applicable Lending Installation and

the Agent, taxes imposed on its overall net income, and franchise taxes imposed

on it, by (i) the jurisdiction under the laws of which such Lender or the Agent

is incorporated or organized or (ii) the jurisdiction in which the Agent&#146;s or

such Lender&#146;s principal executive office or such Lender&#146;s applicable Lending

Installation is located.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Exhibit&#148; refers to an exhibit to this Agreement,

unless another document is specifically referenced.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Facility LC&#148; is defined in Section 2.3.1.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Facility LC Application&#148; is defined in Section 2.3.3.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Facility LC Collateral Account&#148; is defined in Section

2.3.11.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Facility Termination Date&#148; means March 31, 2008, or

any earlier date on which the Aggregate Commitment is reduced to zero or

otherwise terminated pursuant to the terms hereof.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Federal Funds Effective Rate&#148; means, for any day, an

interest rate per annum equal to the weighted average of the rates on overnight

Federal funds transactions with members of the Federal Reserve System arranged

by Federal funds brokers on such day, as published for such day (or, if such

day is not a Business Day, for the immediately preceding Business Day) by the

Federal Reserve Bank of New York, or, if such rate is not so published for any

day which is a Business Day, the average of the quotations at approximately

10:00 a.m. (Louisville time) on such day on such transactions received by the

Agent from three Federal funds brokers of recognized standing selected by the

Agent in its sole discretion.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Financial Contract&#148; of a Person means (i) any

exchange-traded or over-the-counter futures, forward, swap or option contract

or other financial instrument with similar characteristics, and/or (ii) any

Rate Management Transaction.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Fixed Charge Coverage

Ratio&#148; means, as of any date of calculation, the ratio of Consolidated Adjusted

EBITDA to Consolidated Fixed Charges, in each instance computed as provided in

Section 6.24.1 and in accordance with Agreement Accounting Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Fixed Charges&#148; means for any period of determination,

the sum of interest expense, income tax expenses, scheduled principal

installments on Indebtedness with maturities greater than one year (as adjusted

for prepayments), dividend payments, scheduled payments under Capitalized

Leases and Capital Expenditures (excluding (a) Capital Expenditures consisting

solely of consideration paid or payable for Permitted Acquisitions, and (b)

Capital Expenditures expended under and in compliance with the Master Plan for

Capital Expenditures)&#160; for such period.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Floating Rate&#148; means, for any day, a rate per annum

equal to (i) the Alternate Base Rate for such day plus (ii) the Applicable

Margin, in each case changing when and as the Alternate Base Rate changes.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Floating Rate Advance&#148; means an Advance which, except

as otherwise provided in Section 2.13, bears interest at the Floating Rate.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Floating Rate Loan&#148; means a Loan which, except as

otherwise provided in Section 2.13, bears interest at the Floating Rate.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Fund&#148; means any Person (other than a natural person)

that is (or will be) engaged in making, purchasing, holding or otherwise

investing in commercial loans and similar extensions of credit in the ordinary

course of its business.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Guarantor Joinder&#148; is defined in Section 9.14.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Guarantors&#148; means, subject to Section 6.12(iii)

collectively, Churchill Downs Management Company, Churchill Downs Investment

Company, Racing Corporation of America, Calder Race Course, Inc., Tropical

Park, Inc., Churchill Downs California Company, Churchill Downs California Fall

Operating Company, Arlington Park Racecourse, LLC, Arlington Management

Services, LLC, Arlington OTB Corp., Quad City Downs, Inc., CDIP, LLC, CDIP

Holdings, LLC, and Ellis Park Race Course, Inc., any Person who becomes a

Guarantor under Section 9.14, and the successors and assigns of any of them,

and &#147;Guarantor&#148; means any one or more of these.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Guaranty&#148; means that certain Guaranty dated as of the

date of this Agreement, executed by the Guarantors in favor of the Collateral

Agent, entered into pursuant to this Agreement, as it may be amended or

modified and in effect from time to time.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Hazardous Materials&#148; means any substance, chemical,

wastes (medical or otherwise), or contaminants, including, without limitation,

asbestos, polychlorinated biphenyls (&#147;PCBs&#148;), paint containing lead, gasoline

or other petroleum products, radioactive material, urea formaldehyde foam

insulation, and discharges of sewage or effluent that is designated or defined

(either by inclusion in a list of materials or by reference to exhibited

characteristics) as hazardous, toxic or dangerous, or as a designated or

prohibited substance, in any federal, state, provincial, municipal or local

law, by-law, code having the force of law, or ordinance, including, without limitation,

the applicable Environmental Laws, now existing or hereafter in effect, and all

rules having the force of law and regulations promulgated thereunder.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Horseman&#146;s Account&#148; means refundable deposits and

amounts held by a Loan Party for the benefit of horsemen, ownership of which

deposits and amounts is vested in such horsemen.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Indebtedness&#148; of a Person means such Person&#146;s (i)

obligations for borrowed money, (ii) obligations representing the deferred

purchase price of Property or services (other than accounts payable arising in

the ordinary course of such Person&#146;s business payable on terms customary in the

trade), (iii) obligations, whether or not assumed, secured by Liens or payable

out of the proceeds or production from Property now or hereafter owned or

acquired by such Person, (iv) obligations which are evidenced by notes,

acceptances, or other instruments, (v) obligations of such Person to purchase

securities or other Property arising out of or in connection with the sale of

the same or substantially similar securities or Property, (vi) Capitalized

Lease Obligations, (vii) LC Obligations, (viii) aggregate undrawn stated amount

under Letters of Credit that are not Facility LCs, plus the aggregate amount of

all reimbursement obligations in connection therewith, and (ix) any other

obligation for borrowed money or other financial accommodation which in

accordance with Agreement Accounting Principles would be shown as a liability

on the consolidated balance sheet of such Person, but the term &#147;Indebtedness&#148;

does not include trade payables and accrued expenses, deferred revenue related

to the annual running of the Kentucky Derby, deferred revenue from the leasing

or licensing of personal seat licenses, and obligations not exceeding

$3,000,000 under outstanding pari-mutuel tickets that are payable with respect

to races run not more than one year prior to the date of determination which

were incurred in the ordinary course of business, which are not represented by

a promissory note or other evidence of indebtedness and (other than pari-mutuel

tickets) which are not more than thirty (30) days past due, all determined in

accordance with Agreement Accounting Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Indemnity Agreement&#148; shall mean the Environmental

Indemnity Agreement, dated as of April 3, 2003, among the Agent, the Borrower

and the Guarantors.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Intercompany Subordination Agreement&#148; shall mean a

subordination agreement among the Loan Parties in the form attached hereto as <u>Exhibit

H</u>.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Interest Period&#148; means, with respect to a Eurodollar

Advance, a period of one, two, three or six months commencing on a Business Day

selected by the Borrower pursuant to this Agreement.&#160; Such Interest Period shall end on the day which corresponds

numerically to such date one, two, three or six months thereafter, <i><font style="font-style:italic;">provided, however,</font></i> that if there is no

such numerically corresponding day in such next, second, third or sixth

succeeding month, such Interest Period shall end on the last Business Day of

such next, second, third or sixth succeeding month.&#160; If an Interest Period would otherwise end on a day which is not a

Business Day, such Interest Period shall end on the next succeeding Business

Day, <i><font style="font-style:italic;">provided, however,</font></i> that if

said next succeeding Business Day falls in a new calendar month, such Interest

Period shall end on the immediately preceding Business Day.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Investment&#148; of a Person means any loan, advance

(other than commission, travel and similar advances to officers and employees

made in the ordinary course of business), extension of credit (other than

accounts receivable arising in the ordinary course of business on terms

customary in the trade) or contribution of capital by such Person; stocks,

bonds, mutual funds, partnership interests, notes, debentures or other

securities owned by such Person; any deposit accounts and certificate of

deposit owned by such Person; and structured notes, derivative financial

instruments and other similar instruments or contracts owned by&#160; such Person.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;LC Fee&#148; is defined in Section 2.3.4.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;LC Issuer&#148; means PNC Bank (or any subsidiary or

affiliate of PNC Bank designated by PNC Bank) in its capacity as issuer of

Facility LCs hereunder.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Investment Compliance Certifcate&#148; is defined in

Section 6.13(ii)(c).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;LC Obligations&#148; means, at any time, the sum, without

duplication, of (i) the aggregate undrawn stated amount under all Facility LCs

outstanding at such time (including without limitation increases, if any, in

the stated amount provided in any Facility LC, whether or not the time for such

increase has occurred) plus (ii) the aggregate unpaid amount at such time of

all Reimbursement Obligations.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;LC Payment Date&#148; is defined in Section 2.3.5.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;LC Reimbursement Agreement&#148; is defined in Section

2.3.3.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Lenders&#148; means the lending institutions listed on the

signature pages of this Agreement and their respective successors and assigns,

together with any lending institution that becomes a Lender under Section

12.3.&#160; Unless otherwise specified, the

term &#147;Lenders&#148; includes PNC Bank in its capacity as Swing Line Lender.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Lending Installation&#148; means, with respect to a Lender

or the Agent, the office, branch, subsidiary or Affiliate of such Lender or the

Agent listed on the signature pages hereof or on a Schedule or otherwise

selected by such Lender or the Agent pursuant to Section 2.19.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Letter of Credit&#148; of a Person means a letter of

credit or similar instrument which is issued upon the application of such

Person or upon which such Person is an account party or for which such Person

is in any way liable.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Leverage Ratio&#148; means, as of any date of calculation,

the ratio of (i) Consolidated Funded Indebtedness outstanding on such date to

(ii) Consolidated Adjusted EBITDA, in each instance computed in accordance with

Section 6.24.2 and Agreement Accounting Principles.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Lien&#148; means any lien (statutory or other), mortgage,

pledge, hypothecation, assignment, deposit arrangement, encumbrance or

preference, priority or other security agreement or preferential arrangement of

any kind or nature whatsoever (including, without limitation, the interest of a

vendor or lessor under any conditional sale, Capitalized Lease or other title

retention agreement).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Loan&#148; means a Revolving Loan or a Swing Line Loan.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Loan Documents&#148; means this Agreement, the Facility LC

Applications, the LC Reimbursement Agreement, any Notes issued pursuant to

Section 2.15, the Collateral Documents, the Guaranty, and all other documents

(excluding the Working Cash Sweep Rider) and/or instruments executed and

delivered pursuant to and/or in connection with this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Loan Parties&#148; means the Borrower and the Guarantors

from time to time.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Master Plan Bond Rentals&#148; means rentals payable under

the Master Plan Bond Transaction.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Master Plan Bond Transaction&#148; means the transaction

through which the City of Louisville, Kentucky (n/k/a Louisville/Jefferson

County Metro Government) Taxable Industrial Building Revenue Bond, Series 2002

(Churchill Downs Incorporated Project) was issued.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Master Plan for Capital Expenditures&#148; means those

certain plans, specifications and cost summaries of the Borrower which provide

for the renovation and improvement of certain portions of the Borrower&#146;s

Property located generally on Central Avenue in Louisville, Kentucky, and known

as the Churchill Downs racetrack facility, together with contiguous parcels

used in connection with that racetrack facility, including, without limitation,

the renovation of the clubhouse, grandstands and the Jockey Club, the addition

of approximately 66 new corporate suites, the installation of certain new

elevators, a mechanical system upgrade, and the addition of new space for

catered functions.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Material Adverse Effect&#148; means a material adverse

effect on (i) the business, Property, condition (financial or otherwise),

results of operations, or prospects, of the Loan Parties taken as a whole, (ii)

the ability of the Borrower to perform its obligations under the Loan Documents

to which it is a party, or (iii) the validity or enforceability of any of the

Loan Documents or the rights or remedies of the Agent, the LC Issuer, the

Collateral Agent or the Lenders thereunder.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Material Indebtedness&#148; means Indebtedness in an outstanding

principal amount of $3,000,000.00<b><font style="font-weight:bold;">  </font></b>or

more in the aggregate (or the equivalent thereof in any currency other than

U.S. dollars).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Material Indebtedness Agreement&#148; means any agreement

under which any Material Indebtedness was created or is governed or which

provides for the incurrence of Indebtedness in an amount which would constitute

Material Indebtedness (whether or not an amount of Indebtedness constituting

Material Indebtedness is outstanding thereunder).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Modify&#148; and &#147;Modification&#148; are defined in Section

2.3.1.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Moody&#146;s&#148; means Moody&#146;s Investors Service, Inc.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Mortgages&#148; shall mean the Mortgages and Deeds of

Trust in substantially the form of collective <u>Exhibit I</u> executed and

delivered by each of the applicable Loan Parties with respect to each of the

parcels of Real Property Collateral to the Collateral Agent for the benefit of

the Lenders, subject to the terms of the Collateral Sharing Agreement.&#160; The Calder Mortgage with respect to the Real

Property in Florida will not be recorded on the Closing Date, but the Agent may

cause the Collateral Agent to record the Calder Mortgage at any time pursuant

to Section 6.21.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Multiemployer Plan&#148; means a Plan maintained pursuant

to a collective bargaining agreement or any other arrangement to which the Borrower

or any member of the Controlled Group is a party to which more than one

employer is obligated to make contributions.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Negative Pledge Agreement&#148; means that certain

Negative Pledge Agreement in substantially the form of <u>Exhibit J</u>

executed and delivered by Calder and all the Loan Parties in favor of the Agent

with respect to all interest of the Loan Parties in any Property of Calder,

including without limitation any Property subject to the Calder Mortgage and/or

any Calder Financing Statements.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Non-U.S. Lender&#148; is defined in Section 3.5(iv).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Note&#148; is defined in Section 2.15(iv).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Note Purchase Agreement&#148; means, collectively, the

Note Purchase Agreements each dated April 3, 2003, among the Borrower and the

Term Note Purchasers.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Notice of Acquisition&#148; is defined in Section

6.13(iii)(b).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Obligations&#148; means, collectively,&#160; all unpaid principal of and accrued and

unpaid interest on the Loans, all obligations, contingent or otherwise, under

and/or in connection with any Notes and/or to or for the benefit of any Lender

and/or the LC Issuer under and/or in connection with the other Loan Documents,

all Reimbursement Obligations, all accrued and unpaid fees and all expenses,

reimbursements, indemnities and other obligations of the Borrower to the Lenders

or to any Lender, the Agent, the Collateral Agent for the benefit of any Lender

or the LC Issuer, the LC Issuer or any indemnified party arising under the Loan

Documents, whether they exist on the date of this Agreement, or arise or are

created or acquired after the date of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Off-Balance Sheet Liability&#148; of a Person means (i)

any repurchase obligation or liability of such Person with respect to accounts

or notes receivable sold by such Person, (ii) any liability under any Sale and

Leaseback Transaction which is not a Capitalized Lease, (iii) any liability

under any so-called &#147;synthetic lease&#148; transaction entered into by such Person,

or (iv) any obligation arising with respect to any other transaction which is

the functional equivalent of or takes the place of borrowing but which does not

constitute a liability on the balance sheets of such Person, but excluding from

this clause (iv) Operating Leases.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Operating Lease&#148; of a Person means any lease of

Property (other than a Capitalized Lease) by such Person as lessee which has an

original term (including any required renewals and any renewals effective at

the option of the lessor) of one year or more.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Other Taxes&#148; is defined in Section 3.5(ii).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Outstanding Credit Exposure&#148; means, as to any Lender

at any time, the sum of (i) the aggregate principal amount of its Loans

outstanding at such time, plus (ii) an amount equal to its Pro Rata Share of

the LC Obligations at such time, plus (iii) an amount equal to its Pro Rata

Share of the aggregate principal amount of Swing Line Loans outstanding at such

time.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Participants&#148; is defined in Section 12.2.1.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Payment Date&#148; means the last day of each calendar

quarter.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;PBGC&#148; means the Pension Benefit Guaranty Corporation,

or any successor thereto.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Permitted Acquisitions&#148; has the meaning given it in

Section 6.13(iii).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Permitted Alternative Gaming&#148; means slot machines

and/or video lottery terminals and/or electronic gaming machines operated by

one or more of the Loan Parties at a facility owned or leased by, and operated

by one or more of the Loan Parties, and at which either (1) live horse racing

is underway at that facility and pari-mutuel wagering is being conducted with

respect to those races; and/or (2) live horse racing is being simulcast at that

facility and pari-mutuel wagering is being conducted with respect to those

races.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Permitted Liens&#148; is defined in Section 6.16.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Permitted Secured Rate Management Transaction&#148; has

the meaning given it in Section 6.16(vii).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Person&#148; means any natural person, corporation, firm,

joint venture, partnership, limited liability company, association, enterprise,

trust or other entity or organization, or any government or political

subdivision or any agency, department or instrumentality thereof.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Plan&#148; means an employee pension benefit plan which is

covered by Title IV of ERISA or subject to the minimum funding standards under

Section 412 of the Code as to which the Borrower or any member of the

Controlled Group may have any liability.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Pledge and Security Agreement&#148; means the Pledge and

Security Agreement in substantially the form of <u>Exhibit K</u> executed and

delivered by each of the applicable Loan Parties to the Collateral Agent for

the ratable benefit of the Lenders, subject to the provisions of the Collateral

Sharing Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;PNC Bank&#148; means PNC Bank, National Association, a

national banking association having its principal office in Pittsburgh,

Pennsylvania, and having an office in Louisville, Kentucky, in its individual

capacity, and its successors.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Pricing Schedule&#148; means the Schedule attached hereto

identified as such.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Prime Rate&#148; means a rate per annum equal to the prime

rate of interest announced from time to time by Bank One or its parent (which is

not necessarily the lowest rate charged to any customer), changing when and as

said prime rate changes.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Prior Credit Facility&#148; means the credit facility

provided to the Borrower under, and all of the obligations of the Borrower and

all or any of the Guarantors, under that certain Credit Agreement dated as of

April 23, 1999, among the Borrower, the Guarantors (as such term is defined

therein) party thereto, the Banks, (as such term is defined therein) party

thereto, and PNC Bank, in its capacity as Agent for the Banks thereunder, as

amended, modified and/or supplemented through the date of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Prohibited Transaction&#148; shall mean any prohibited

transaction as defined in Section&nbsp;4975 of the Internal Revenue Code or

Section&nbsp;406 of ERISA for which neither an individual nor a class exemption

has been issued by the United States Department of Labor.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Pro Rata Share&#148; means, with respect to a Lender, a

portion equal to a fraction the numerator of which is such Lender&#146;s Commitment

and the denominator of which is the Aggregate Commitment.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Property&#148; of a Person means any and all property,

whether real, personal, tangible, intangible, or mixed, of such Person, or

other assets owned, leased or operated by such Person.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Purchasers&#148; is defined in Section 12.3.1.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Rate Management Obligations&#148; of a Person means any

and all obligations of such Person, whether absolute or contingent and

howsoever and whensoever created, arising, evidenced or acquired (including all

renewals, extensions and modifications thereof and substitutions therefor),

under (i) any and all Rate Management Transactions, and (ii) any and all

cancellations, buy backs, reversals, terminations or assignments of any Rate

Management Transactions.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Rate Management

Transaction&#148; means any transaction (including an agreement with respect

thereto) now existing including, without limitation, those transactions

described on <u>Schedule 6.22</u> or hereafter entered by the Borrower which is

a rate swap, basis swap, forward rate transaction, commodity swap, commodity

option, equity or equity index swap, equity or equity index option, bond

option, interest rate option, foreign exchange transaction, cap transaction,

floor transaction, collar transaction, forward transaction, currency swap

transaction, cross-currency rate swap transaction, currency option or any other

similar transaction (including any option with respect to any of these

transactions) or any combination thereof, whether linked to one or more interest

rates, foreign currencies, commodity prices, equity prices or other financial

measures.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Real Property&#148; means, collectively, each of the

parcels of owned and/or leased real property of any of the Loan Parties, all of

which is listed on <u>Schedule 5.23</u>.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Real Property Collateral&#148; means each of the parcels

of owned Real Property listed on <u>Schedule 5.23</u> except as set forth on

such Schedule.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Recorded Mortgages&#148; means each of the Mortgages,

except for the Calder Mortgage, but if the Calder Mortgage is subsequently

recorded in accordance with Section 6.21, Recorded Mortgage shall include such

Calder Mortgage on and after the date of such recordation.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Regulation D&#148; means Regulation D of the Board of

Governors of the Federal Reserve System as from time to time in effect and any

successor thereto or other regulation or official interpretation of said Board

of Governors relating to reserve requirements applicable to member banks of the

Federal Reserve System.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Regulation U&#148; means Regulation U, T, G or X of the

Board of Governors of the Federal Reserve System as from time to time in effect

and any successor or other regulation or official interpretation of said Board

of Governors relating to the extension of credit by banks for the purpose of

purchasing or carrying margin stocks applicable to member banks of the Federal

Reserve System.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reimbursement Obligations&#148; means, at any time, the

aggregate of all obligations of the Borrower then outstanding under Section 2.3

to reimburse the LC Issuer for amounts paid by the LC Issuer in respect of any

one or more drawings under Facility LCs.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Rentals&#148; of a Person means the aggregate fixed

amounts payable by such Person under any Operating Lease but shall not include

Master Plan Bond Rentals or Tote Rentals.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reportable Event&#148; means a reportable event as defined

in Section 4043 of ERISA and the regulations issued under such section, with

respect to a Plan, excluding, however, such events as to which the PBGC has by

regulation waived the requirement of Section 4043(a) of ERISA that it be

notified within 30 days of the occurrence of such event, <i><font style="font-style:italic;">provided, however,</font></i> that a failure to meet

the minimum funding standard of Section 412 of the Code and of Section 302 of

ERISA shall be a Reportable Event regardless of the issuance of any such waiver

of the notice requirement in accordance with either Section 4043(a) of ERISA or

Section 412(d) of the Code.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reports&#148; is defined in Section 9.6.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Required Lenders&#148; means

Lenders in the aggregate having at least fifty-one percent (51%) of the

Aggregate Outstanding Credit Exposure, or if the Aggregate Commitment has been

terminated, Lenders in the aggregate holding at least fifty-one percent (51%)

of the aggregate principal amount of all of the Loans plus all of the LC

Obligations.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reserve Requirement&#148; means, with respect to an

Interest Period, the maximum aggregate reserve requirement (including all

basic, supplemental, marginal and other reserves) which is imposed under

Regulation D on Eurocurrency liabilities.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Restricted Assets&#148; has the meaning given it in

Section 6.13.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Revolving Loan&#148; means, with respect to a Lender, such

Lender&#146;s Loan made pursuant to its Commitment to lend set forth in Section 2.1

(or any conversion or continuation thereof).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Risk-Based Capital Guidelines&#148; has the meaning given

it in Section 3.2</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;S&amp;P&#148; means Standard and Poor&#146;s Ratings Services,

a division of The McGraw Hill Companies, Inc.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Sale and Leaseback Transaction&#148; means any sale or

other transfer of Property by any Person with the intent to lease such Property

as lessee.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Schedule&#148; refers to a specific schedule to this

Agreement, unless another document is specifically referenced.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Seasonal Borrowing Needs

Adjustment&#148; means the reduction of the Consolidated Funded Indebtedness as of

the end of (i) the first fiscal quarter of the Borrower&#146;s fiscal year 2004 by

$20,000,000, and (ii) the first fiscal quarter of the Borrower&#146;s fiscal year

2005 by $20,000,000.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Section&#148; means a numbered section of this Agreement,

unless another document is specifically referenced.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Secured Obligations&#148; means, collectively, (i) all

Obligations, (ii) all Rate Management Obligations owing to one or more Lenders,

and (iii) any and all other indebtedness and/or obligations to or for the

benefit of the Agent and/or one or more Lenders and/or the LC Issuer secured by

and/or in all or any of the Collateral Documents, in each case whether they

exist on the date of this Agreement, or arise or are created or acquired after

the date of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Single Employer Plan&#148; means a Plan maintained by the

Borrower or any member of the Controlled Group for employees of the Borrower or

any member of the Controlled Group.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Subsidiary&#148; of a Person means (i) any corporation

more than 50% of the outstanding securities having ordinary voting power of

which shall at the time be owned or controlled, directly or indirectly, by such

Person or by one or more of its direct or indirect Subsidiaries or by such

Person and one or more of its direct or indirect Subsidiaries, or (ii) any

partnership, limited liability company, association, joint venture or similar

business organization more than 50% of the ownership interests having ordinary

voting power of which shall at the time be so owned or controlled.&#160; Unless otherwise expressly provided, all

references herein to a &#147;Subsidiary&#148; shall mean a Subsidiary of the Borrower.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Swing Line Borrowing Notice&#148; is defined in Section

2.2.2.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Swing Line Commitment&#148;

means the obligation of the Swing Line Lender in Section 2.2 to make Swing Line

Loans up to a maximum principal amount of $15,000,000.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Swing Line Lender&#148; means PNC Bank, or such other

Lender which may succeed to its rights and obligations as Swing Line Lender

pursuant to the terms of this Agreement.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Swing Line Loan&#148; means a

Loan made available to the Borrower by the Swing Line Lender pursuant to

Section 2.2.3.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Taxes&#148; means any and all present or future taxes,

duties, levies, imposts, deductions, charges or withholdings, and any and all

liabilities with respect to the foregoing, but <i><font style="font-style:italic;">excluding</font></i>

Excluded Taxes and Other Taxes.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Term Note Purchasers&#148; means the holders of the Term

Notes from time to time, and their successors and assigns.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Term Notes&#148; means the Floating Rate Senior Secured

Notes due March 31, 2010, issued by the Borrower under the Note Purchase

Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Term Substantial Portion&#148; means, with respect to the

Property of the Borrower and the other Loan Parties, collectively, Property which

represents 20% or more of Consolidated Net Worth or Property which is

responsible for 20% of the Consolidated Net Income, in each case, as would be

shown in the consolidated financial statements of the Loan Parties as at the

end of the fiscal month next preceding the Closing Date (or if financial

statements have not been delivered hereunder for that month, then the financial

statements delivered hereunder for the quarter ending immediately prior to that

month).&#160; For purposes of determining

Term Substantial Portion of the Property of the Borrower and the other Loan

Parties, the value of any Property of Ellis Park Race Course, Inc. and/or

Racing Corporation of America sold, transferred or otherwise disposed of in

connection with the sale, transfer or other disposition of Ellis Park Race

Course, Inc. or Racing Corporation of America in compliance with this Agreement

shall not be considered.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Title Insurer&#148; is defined in Section 4.1.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Tote Rentals&#148; means all amounts paid by a Person for

rental of equipment and/or the provision of services under any agreement

between such Person and a totalisator company.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Transferee&#148; is defined in Section 12.4.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Twelve Month Substantial Portion&#148; means, with respect

to the Property of the Borrower and the other Loan Parties, collectively,

Property which represents 10% or more of Consolidated Net Worth or Property

which is responsible for 10% of the Consolidated Net Income, in each case, as

would be shown in the consolidated financial statements of the Loan Parties as

at the beginning of the twelve-month period ending with the month in which such

determination is made (or if financial statements have not been delivered

hereunder for that month which begins the twelve-month period, then the

financial statements delivered hereunder for the quarter ending immediately

prior to that month).&#160; For purposes of

determining Twelve Month Substantial Portion of the Property of the Borrower

and the other Loan Parties, the value of any Property of Ellis Park Race

Course, Inc., and/or Racing Corporation of America sold, transferred or

otherwise disposed of in connection with the sale, transfer or other

disposition of Ellis Park Race Course, Inc. or Racing Corporation of America,

in compliance with this Agreement shall not be considered.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Type&#148; means, with respect to any Advance, its nature

as a Floating Rate Advance or a Eurodollar Advance and with respect to any

Loan, its nature as a Floating Rate Loan or a Eurodollar Loan.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Unfunded Liabilities&#148; means the amount (if any) by

which the present value of all vested and unvested accrued benefits under all

Single Employer Plans exceeds the fair market value of all such Plan assets

allocable to such benefits, all determined as of the then most recent valuation

date for such Plans using PBGC actuarial assumptions for single employer plan

terminations.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Unmatured Default&#148; means an event which but for the

lapse of time or the giving of notice, or both, would constitute a Default.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Wholly-Owned Subsidiary&#148; of a Person means (i) any

Subsidiary all of the outstanding voting securities of which shall at the time

be owned or controlled, directly or indirectly, by such Person or one or more

Wholly-Owned Subsidiaries of such Person, or by such Person and one or more

Wholly-Owned Subsidiaries of such Person, or (ii) any</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">partnership, limited liability company, association, joint venture or

similar business organization 100% of the ownership interests having ordinary

voting power of which shall at the time be so owned or controlled.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Working Cash Sweep Rider&#148; is defined in Section

2.2.5.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing definitions shall be equally applicable

to both the singular and plural forms of the defined terms.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

II</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE

CREDITS</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Revolving

Loan Commitment</u>.&#160; From and including

the date of this Agreement and prior to the Facility Termination Date, each

Lender severally agrees, on the terms and conditions set forth in this

Agreement, to make Loans to the Borrower from time to time in amounts not to

exceed in the aggregate at any one time outstanding the amount of its

Commitment.&#160; On the date of this

Agreement, the amount of the Aggregate Commitment is $200,000,000.&#160; Subject to the terms of this Agreement, the

Borrower may borrow, repay and reborrow at any time prior to the Facility

Termination Date.&#160; The Commitments to

lend hereunder shall expire on the Facility Termination Date.&#160; The Aggregate Commitment may be increased up

to a total of $250,000,000 upon compliance with Section 2.22 below.&#160; No Lender shall have any obligation to

increase its Commitment; any such increase shall be at the sole discretion of

such Lender.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Swing

Line Loans</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amount

of Swing Line Loans</u>.&#160; Upon the

satisfaction of the conditions precedent set forth in Section 4.2 and, if such

Swing Line Loan is to be made on the date of the initial Advance hereunder, the

satisfaction of the conditions precedent set forth in Section 4.1 as well, from

and including the date of this Agreement and prior to the Facility Termination

Date, the Swing Line Lender agrees, on the terms and conditions set forth in

this Agreement, to make Swing Line Loans to the Borrower from time to time in

an aggregate principal amount not to exceed the Swing Line Commitment, <i><font style="font-style:italic;">provided</font></i> that the Aggregate Outstanding

Credit Exposure (including without limitation Swing Line Loans) shall not at

any time exceed the Aggregate Commitment, and <i><font style="font-style:italic;">provided

further</font></i> that at no time shall the sum of (i) the Swing Line Lender&#146;s

Pro Rata Share of the Swing Line Loans, <i><font style="font-style:italic;">plus</font></i>

(ii) the outstanding Revolving Loans made by the Swing Line Lender pursuant to

Section 2.1, exceed the Swing Line Lender&#146;s Commitment at such time.&#160; Subject to the terms of this Agreement, the

Borrower may borrow, repay and reborrow Swing Line Loans at any time prior to

the Facility Termination Date.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Borrowing

Notice</u>.&#160; The Borrower shall deliver

to the Agent and the Swing Line Lender irrevocable notice (a &#147;Swing Line

Borrowing Notice&#148;) not later than noon (Louisville time) on the Borrowing Date

of each Swing Line Loan, specifying (i) the applicable Borrowing Date (which

date shall be a Business Day), and (ii) the aggregate amount of the requested

Swing Line Loan which shall be an amount not less than $100,000.&#160; The Swing Line Loans shall bear interest at

a rate per annum equal to the prime rate of interest announced by the Swing

Line Lender from time to time, plus the Applicable Margin set forth in the

Pricing Schedule for the Floating Rate at that time.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Making

of Swing Line Loans</u>.&#160; Promptly after

receipt of a Swing Line Borrowing Notice, the Agent shall notify each Lender by

fax, or other similar form of transmission, of the requested Swing Line

Loan.&#160; Not later than 2:00 p.m.

(Louisville time) on the applicable Borrowing Date, the Swing Line Lender shall

make available the Swing Line Loan, in funds immediately available in

Louisville, to the Agent at its address specified pursuant to Article

XIII.&#160; The Agent will promptly make the

funds so received from the Swing Line Lender available to the Borrower on the

Borrowing Date at the Agent&#146;s aforesaid address.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Repayment

of Swing Line Loans</u>.&#160; Each Swing

Line Loan shall be paid in full by the Borrower on or before the fifth (5th)

Business Day after the Borrowing Date for such Swing Line Loan.&#160; In addition, the Swing Line Lender (i) may

at any time in its sole discretion with respect to any outstanding Swing Line

Loan,</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or (ii) shall, except

when a Working Cash Sweep Rider is in effect, on the fifth (5th) Business Day

after the Borrowing Date of any Swing Line Loan, require each Lender (including

the Swing Line Lender) to make a Revolving Loan in the amount of such Lender&#146;s

Pro Rata Share of such Swing Line Loan (including, without limitation, any

interest accrued and unpaid thereon), for the purpose of repaying such Swing

Line Loan.&#160; Not later than noon

(Louisville time) on the date of any notice received pursuant to this Section

2.2.4, each Lender shall make available its required Revolving Loan, in funds

immediately available in Louisville to the Agent at its address specified

pursuant to Article XIII.&#160; Revolving

Loans made pursuant to this Section 2.2.4 shall initially be Floating Rate

Loans and thereafter may be continued as Floating Rate Loans or converted into

Eurodollar Loans in the manner provided in Section 2.11 and subject to the

other conditions and limitations set forth in this Article II.&#160; Unless a Lender shall have notified the

Swing Line Lender, prior to its making any Swing Line Loan, that any applicable

condition precedent set forth in Sections 4.1 or 4.2 had not then been

satisfied, such Lender&#146;s obligation to make Revolving Loans pursuant to this

Section 2.2.4 to repay Swing Line Loans shall be unconditional, continuing,

irrevocable and absolute and shall not be affected by any circumstance,

including, without limitation, (a) any setoff, counterclaim, recoupment,

defense or other right which such Lender may have against the Agent, the Swing

Line Lender or any other Person, (b) the occurrence or continuance of a Default

or Unmatured Default, (c) any adverse change in the condition (financial or

otherwise) of the Borrower, or (d) any other circumstance, happening or event

whatsoever.&#160; In the event that any

Lender fails to make payment to the Agent of any amount due under this

Section&nbsp;2.2.4, the Agent shall be entitled to receive, retain and apply

against such obligation the principal and interest otherwise payable to such

Lender hereunder until the Agent receives such payment from such Lender or such

obligation is otherwise fully satisfied.&#160;

In addition to the foregoing, if for any reason any Lender fails to make

payment to the Agent of any amount due under this Section 2.2.4, such Lender

shall be deemed, at the option of the Agent, to have unconditionally and

irrevocably purchased from the Swing Line Lender, without recourse or warranty,

an undivided interest and participation in the applicable Swing Line Loan in

the amount of such Revolving Loan, and such interest and participation may be

recovered from such Lender together with interest thereon at the Federal Funds

Effective Rate for each day during the period commencing on the date of demand

and ending on the date such amount is received.&#160; On the Facility Termination Date, the Borrower shall repay in full

the outstanding principal balance of the Swing Line Loans.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Working

Cash Sweep Rider</u>.&#160; Any provision of

this Section 2.2 to the contrary notwithstanding, the Agent and each Lender

acknowledges that, at the request of the Borrower, the Swing Line Lender has

linked the Swing Line Loans to the Borrower&#146;s demand deposit account with the

Swing Line Lender.&#160; The Agent and the

Lenders further acknowledge that the Borrower has entered into a Working Cash,

Line of Credit, Investment Sweep Rider (&#147;Working Cash Sweep Rider&#148;) with the

Swing Line Lender, pursuant to which certain cash management activities,

including the making of Swing Line Loans, will occur automatically in amounts

that may be less than the stated minimum Swing Line Loan set forth in Section 2.2.2

above, and without the need for a Swing Line Borrowing Notice. Each Lender

agrees that it shall be obligated, pursuant to and in accordance with the third

and fourth sentences of Section 2.2.4,&#160;

to fund such Lender&#146;s Pro Rata Share of any such automatically-made

Swing Line Loans on the fifth (5<sup>th</sup>) Business Day following the day

such advances are made, unless the Agent

shall have given the Swing Line Lender written notice prior to the date the

Swing Line Loan was made that any applicable condition precedent set forth in

Sections 4.1 or 4.2 had not then been satisfied, and the Swing Line Lender has

had a reasonable amount of time, not to exceed two (2) Business Days from such

notice, within which to act.&#160; In the event

of termination of the Working Cash Sweep Rider by either the Borrower or the

Swing Line Lender, the Swing Line Lender will promptly notify the Agent of such

termination.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Letter

of Credit Subfacility.</u></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Issuance.</u>

The LC Issuer hereby agrees, on the terms and conditions set forth in this

Agreement, to issue standby and commercial letters of credit (each, a &#147;Facility

LC&#148;) and to renew, extend, increase, decrease or otherwise modify each Facility

LC (&#147;Modify,&#148; and each such action a &#147;Modification&#148;), from time to time from

and including the date of this Agreement and prior to the Facility Termination

Date upon the request of the Borrower; <i><font style="font-style:italic;">provided</font></i>

that immediately after each such Facility LC is issued or Modified, (i) the

aggregate amount of the outstanding LC Obligations shall not exceed $15,000,000

and (ii) the Aggregate Outstanding Credit Exposure shall not exceed the

Aggregate Commitment.&#160; No Facility LC

shall have an expiry date later than the earlier of (x) the fifth Business Day

prior to the Facility Termination Date</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and (y) one year after

its issuance; <i><font style="font-style:italic;">provided</font></i> that any

Facility LC with an expiry date one year after issuance may provide for the

renewal thereof for additional one-year periods (which shall in no event extend

beyond the date referred to in clause (x) above).&#160; The Borrower and the Guarantors represent and warrant that the

Letters of Credit described and listed on <u>Schedule 2.3.1</u> constitute all

the Letters of Credit issued by the LC Issuer for and on behalf of the Borrower

and the Guarantors under the Prior Credit Facility; and all parties to this

Agreement agree that on the Closing Date those Letters of Credit shall become

Facility LCs.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Participations</u>.&#160; Upon the issuance or Modification by the LC

Issuer of a Facility LC in accordance with this Section 2.3, the LC Issuer

shall be deemed, without further action by any party hereto, to have

unconditionally and irrevocably sold to each Lender, and each Lender shall be

deemed, without further action by any party hereto, to have unconditionally and

irrevocably purchased from the LC Issuer, a participation in such Facility LC

(and each Modification thereof) and the related LC Obligations in proportion to

its Pro Rata Share.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notice</u>.&#160; Subject to Section 2.3.1, the Borrower shall

give the LC Issuer and the Agent notice prior to 10:00 a.m. (Louisville time)

at least three Business Days, or such shorter period of time as may be

acceptable to the LC Issuer in its discretion, prior to the proposed date of

issuance or Modification of each Facility LC, specifying the beneficiary, the

proposed date of issuance (or Modification) and the expiry date of such

Facility LC, and describing the proposed terms of such Facility LC and the

nature of the transactions proposed to be supported thereby.&#160; Upon Agent&#146;s receipt of such notice, the

Agent shall promptly notify the LC Issuer if the proposed amount of such

Facility LC will cause the Aggregate Outstanding Credit Exposure to equal or

exceed the Aggregate Commitment. The issuance or Modification by the LC Issuer

of any Facility LC shall, in addition to the conditions precedent set forth in

Article IV (the satisfaction of which the LC Issuer shall have no duty to

ascertain), be subject to the conditions precedent that such Facility LC shall

be satisfactory to the LC Issuer and that the Borrower shall have executed and

delivered a Reimbursement Agreement (&#147;LC Reimbursement Agreement&#148;) in the form

of <u>Exhibit Q</u>, and such application agreement and/or such other

instruments and agreements relating to such Facility LC as the LC Issuer shall

have reasonably requested (each, a &#147;Facility LC Application&#148;).&#160; The terms of the LC Reimbursement Agreement

and Facility LC Application shall supplement the terms of this Agreement, but

in the event of any conflict between the terms of this Agreement and the terms

of any LC Reimbursement Agreement and/or any Facility LC Application, the terms

of this Agreement shall control.&#160; On the

date of issuance or Modification by the LC Issuer of any Facility LC, the LC Issuer

shall notify the Agent, and the Agent shall promptly notify each Lender of the

issuance or Modification of each Facility LC, specifying the beneficiary, the

date of issuance (or Modification) and the expiry date of such Facility LC, the

terms of the Facility LC and the nature of the transactions supported by the

Facility LC.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>LC Fees</u>.&#160; The Borrower shall pay to the Agent, for the

account of the Lenders ratably in accordance with their respective Pro Rata

Shares, with respect to each Facility LC, a letter of credit fee at a per annum

rate equal to the Applicable Margin for Eurodollar Loans in effect from time to

time on the average daily undrawn stated amount under such Facility LC, such

fee to be payable in arrears on each Payment Date, and such fee to be payable

on the date of such issuance or increase (each such fee described in this

sentence an &#147;LC Fee&#148;).&#160; The Borrower

shall also pay to the LC Issuer for its own account (x) at the time of issuance

of each Facility LC, a fronting fee equal to 0.125% of the face amount of each

Facility LC, and (y) documentary and processing charges in connection with the

issuance or Modification of and draws under Facility LCs in accordance with the

LC Issuer&#146;s standard schedule for such charges as in effect from time to time.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Administration;

Reimbursement by Lenders</u>.&#160; Upon

receipt from the beneficiary of any Facility LC of any demand for payment under

such Facility LC, the LC Issuer shall notify the Agent and the Agent shall

promptly notify the Borrower and each other Lender as to the amount to be paid

by the LC Issuer as a result of such demand and the proposed payment date (the

&#147;LC Payment Date&#148;).&#160; The responsibility

of the LC Issuer to the Borrower and each Lender shall be only to determine

that the documents (including each demand for payment) delivered under each

Facility LC in connection with such presentment shall be in conformity in all

material respects with such Facility LC.&#160;

The LC Issuer shall endeavor to exercise the same care in the issuance

and administration of the Facility LCs as it does with respect to letters of

credit in which no participations are granted, it being understood that in the

absence of any gross negligence or willful misconduct by the LC Issuer, each

Lender shall be unconditionally and irrevocably liable without regard to the</p>



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</font></div>



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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">occurrence of any Default

or any condition precedent whatsoever, to reimburse the LC Issuer on demand for

(i) such Lender&#146;s Pro Rata Share of the amount of each payment made by the LC

Issuer under each Facility LC to the extent such amount is not reimbursed by

the Borrower pursuant to Section 2.3.6 below, plus (ii) interest on the

foregoing amount to be reimbursed by such Lender, for each day from the date of

the LC Issuer&#146;s demand for such reimbursement (or, if such demand is made after

11:00 a.m. (Louisville time) on such date, from the next succeeding Business

Day) to the date on which such Lender pays the amount to be reimbursed by it,

at a rate of interest per annum equal to the Federal Funds Effective Rate for

the first three days and, thereafter, at a rate of interest equal to the rate

applicable to Floating Rate Advances.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reimbursement

by Borrower</u>.&#160; The Borrower shall be

irrevocably and unconditionally obligated to reimburse the LC Issuer on or

before the applicable LC Payment Date for any amounts to be paid by the LC

Issuer upon any drawing under any Facility LC, without presentment, demand,

protest or other formalities of any kind; <i><font style="font-style:italic;">provided</font></i>

that neither the Borrower nor any Lender shall hereby be precluded from

asserting any claim for direct (but not consequential) damages suffered by the

Borrower or such Lender to the extent, but only to the extent, caused by (i)

the willful misconduct or gross negligence of the LC Issuer in determining

whether a request presented under any Facility LC issued by it complied with

the terms of such Facility LC or (ii) the LC Issuer&#146;s failure to pay under any

Facility LC issued by it after the presentation to it of a request strictly

complying with the terms and conditions of such Facility LC.&#160; All such amounts paid by the LC Issuer and

remaining unpaid by the Borrower shall bear interest, payable on demand, for

each day until paid at a rate per annum equal to (x) the rate applicable to

Floating Rate Advances for such day if such day falls on or before the

applicable LC Payment Date and (y) the sum of 2% plus the rate applicable to

Floating Rate Advances for such day if such day falls after such LC Payment

Date.&#160; The LC Issuer will pay to each

Lender ratably in accordance with its Pro Rata Share all amounts received by it

from the Borrower for application in payment, in whole or in part, of the

Reimbursement Obligation in respect of any Facility LC issued by the LC Issuer,

but only to the extent such Lender has made payment to the LC Issuer in respect

of such Facility LC pursuant to Section 2.3.5.&#160;

Subject to the terms and conditions of this Agreement (including without

limitation the submission of a Borrowing Notice in compliance with Section 2.10

and the satisfaction of the applicable conditions precedent set forth in

Article IV), the Borrower may request an Advance hereunder for the purpose of

satisfying any Reimbursement Obligation.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Obligations

Absolute</u>.&#160; The Borrower&#146;s

obligations under this Section 2.3.7 shall be absolute and unconditional under

any and all circumstances and irrespective of any setoff, counterclaim or

defense to payment which the Borrower may have or have had against the LC

Issuer, any Lender or any beneficiary of a Facility LC.&#160; The Borrower further agrees with the LC

Issuer and the Lenders that the LC Issuer and the Lenders shall not be

responsible for, and the Borrower&#146;s Reimbursement Obligation in respect of any

Facility LC shall not be affected by, among other things, the validity or

genuineness of documents or of any endorsements thereon, even if such documents

should in fact prove to be in any or all respects invalid, fraudulent or

forged, or any dispute between or among the Borrower, any of its Affiliates,

the beneficiary of any Facility LC or any financing institution or other party

to whom any Facility LC may be transferred or any claims or defenses whatsoever

of the Borrower or of any of its Affiliates against the beneficiary of any

Facility LC or any such transferee.&#160; The

LC Issuer shall not be liable for any error, omission, interruption or delay in

transmission, dispatch or delivery of any message or advice, however

transmitted, in connection with any Facility LC.&#160; The Borrower agrees that any action taken or omitted by the LC

Issuer or any Lender under or in connection with each Facility LC and the

related drafts and documents, if done without gross negligence or willful

misconduct, shall be binding upon the Borrower and shall not put the LC Issuer

or any Lender under any liability to the Borrower.&#160; Nothing in this Section 2.3.7 is intended to limit the right of

the Borrower to make a claim against the LC Issuer for damages as contemplated

by the proviso to the first sentence of Section 2.3.6.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Actions

of LC Issuer</u>.&#160; The LC Issuer shall

be entitled to rely, and shall be fully protected in relying, upon any Facility

LC, draft, writing, resolution, notice, consent, certificate, affidavit,

letter, cablegram, telegram, telecopy, telex or teletype message, statement,

order or other document believed by it to be genuine and correct and to have

been signed, sent or made by the proper Person or Persons, and upon advice and

statements of legal counsel, independent accountants and other experts selected

by the LC Issuer.&#160; The LC Issuer shall

be fully justified in failing or refusing to take any action under this

Agreement unless it shall first have received such advice or concurrence of the

Required Lenders as it reasonably deems appropriate or it</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>





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</font></div>



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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall first be

indemnified to its reasonable satisfaction by the Lenders against any and all

liability and expense which may be incurred by it by reason of taking or

continuing to take any such action. Notwithstanding any other provision of this

Section 2.3, the LC Issuer shall in all cases be fully protected in acting, or

in refraining from acting, under this Agreement in accordance with a request of

the Required Lenders, and such request and any action taken or failure to act

pursuant thereto shall be binding upon the Lenders and any future holders of a

participation in any Facility LC.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indemnification</u>.&#160; The Borrower hereby agrees to indemnify and

hold harmless each Lender, the LC Issuer and the Agent, and their respective

directors, officers, agents and employees from and against any and all claims

and damages, losses, liabilities, costs or expenses which such Lender, the LC

Issuer or the Agent may incur (or which may be claimed against such Lender, the

LC Issuer or the Agent by any Person whatsoever) by reason of or in connection

with the issuance, execution and delivery or transfer of or payment or failure

to pay under any Facility LC or any actual or proposed use of any Facility LC,

including, without limitation, any claims, damages, losses, liabilities, costs

or expenses which the LC Issuer may incur by reason of or in connection with

(i)&nbsp;the failure of any other Lender to fulfill or comply with its

obligations to the LC Issuer hereunder (but nothing herein contained shall

affect any rights the Borrower may have against any defaulting Lender) or

(ii)&nbsp;by reason of or on account of the LC Issuer issuing any Facility LC

which specifies that the term &#147;Beneficiary&#148; included therein includes any

successor by operation of law of the named Beneficiary, but which Facility LC

does not require that any drawing by any such successor Beneficiary be

accompanied by a copy of a legal document, satisfactory to the LC Issuer,

evidencing the appointment of such successor Beneficiary; <i><font style="font-style:italic;">provided</font></i> that the Borrower shall not be

required to indemnify any Lender, the LC Issuer or the Agent for any claims,

damages, losses, liabilities, costs or expenses to the extent, but only to the

extent, caused by (x) the willful misconduct or gross negligence of the LC

Issuer in determining whether a request presented under any Facility LC

complied with the terms of such Facility LC or (y) the LC Issuer&#146;s failure to

pay under any Facility LC after the presentation to it of a request strictly

complying with the terms and conditions of such Facility LC. Nothing in this<b><font style="font-weight:bold;">  </font></b>Section 2.3.9 is intended to limit the

obligations of the Borrower under any other provision of this Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Lenders&#146;

Indemnification</u>.&#160; Each Lender shall,

ratably in accordance with its Pro Rata Share, indemnify the LC Issuer, its

affiliates and their respective directors, officers, agents and employees (to

the extent not reimbursed by the Borrower) against any cost, expense (including

reasonable counsel fees and disbursements), claim, demand, action, loss or

liability (except such as result from such indemnitees&#146; gross negligence or

willful misconduct or the LC Issuer&#146;s failure to pay under any Facility LC

after the presentation to it of a request strictly complying with the terms and

conditions of the Facility LC) that such indemnitees may suffer or incur in

connection with this Section 2.3 or any action taken or omitted by such

indemnitees hereunder.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Facility LC

Collateral Account</u>.&#160; The Borrower

agrees that it will, upon the request of the Agent or the Required Lenders and

until the final expiration date of any Facility LC and thereafter as long as

any amount is payable to the LC Issuer or the Lenders in respect of any

Facility LC, maintain a special collateral account pursuant to arrangements

satisfactory to the Agent (the &#147;Facility LC Collateral Account&#148;) at the Agent&#146;s

office at the address specified pursuant to Article XIII, in the name of the

Borrower but under the sole dominion and control of the Agent, for the benefit

of the Lenders and the LC Issuer and in which the Borrower shall have no

interest other than as set forth in Section 8.1.&#160; The Borrower hereby pledges, assigns and grants to the Agent, on

behalf of and for the ratable benefit of the Lenders, and the LC Issuer, a

security interest in all of the Borrower&#146;s right, title and interest in and to

all funds which may from time to time be on deposit in the Facility LC

Collateral Account to secure the prompt and complete payment and performance of

the Obligations.&#160; The Agent will invest

any funds on deposit from time to time in the Facility LC Collateral Account in

certificates of deposit of Bank One having a maturity not exceeding 30 days.&#160; Nothing in this Section 2.3.11 shall either

obligate the Agent to require the Borrower to deposit any funds in the Facility

LC Collateral Account or limit the right of the Agent to release any funds held

in the Facility LC Collateral Account in each case other than as required by

Section 8.1.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Rights as a

Lender</u>.&#160; In its capacity as a

Lender, the LC Issuer shall have the same rights and obligations as any other

Lender.</p>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Required

Payments; Termination</u>.&#160; Any

outstanding Advances and all other unpaid Obligations shall be paid in full by

the Borrower on the Facility Termination Date.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ratable

Loans</u>.&#160; Each Advance hereunder shall

consist of Loans made from the several Lenders ratably according to their Pro

Rata Shares.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Types

and Number of Eurodollar Advances</u>.&#160;

The Advances may be Floating Rate Advances or Eurodollar Advances, or a

combination thereof, selected by the Borrower in accordance with Sections 2.10

and 2.11, or Swing Line Loans selected by Borrower in accordance with Section

2.2.&#160; The Borrower may have no more than

six (6) Eurodollar Advances outstanding at any one time.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Commitment

Fee; Reductions in Aggregate Commitment</u>.&#160;

The Borrower agrees to pay to the Agent for the account of each Lender

according to its Pro Rata Share a commitment fee (the &#147;Commitment Fee&#148;) in

arrears at a per annum rate equal to the Applicable Fee Rate in effect from

time to time on the average daily Available Aggregate Commitment of such Lender

from the date hereof to and including the Facility Termination Date, payable on

each Payment Date hereafter and on the Facility Termination Date.&#160; Swing Line Loans shall not count as usage of

any Lender&#146;s Commitment for the purpose of calculating the commitment fee due

hereunder.&#160; The Borrower may permanently

reduce the Aggregate Commitment in whole, or in part ratably among the Lenders

in integral multiples of $5,000,000, upon at least one Business Days&#146; written

notice to the Agent, which notice shall specify the amount of any such

reduction, <i><font style="font-style:italic;">provided, however,</font></i> that

the amount of the Aggregate Commitment may not be reduced below the Aggregate

Outstanding Credit Exposure.&#160; All

accrued Commitment Fees shall be payable on the effective date of any

termination of the obligations of the Lenders to make Credit Extensions

hereunder.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Minimum

Amount of Each Advance</u>.&#160; Each

Eurodollar Advance shall be in the minimum amount of $500,000 (and in multiples

of $100,000 if in excess thereof), and each Floating Rate Advance (other than

an advance to repay Swing Line Loans) shall be in the minimum amount of

$500,000 (and in multiples of $100,000 if in excess thereof), <i><font style="font-style:italic;">provided, however,</font></i> that any Floating Rate

Advance may be in the amount of the Available Aggregate Commitment.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Optional

Principal Payments</u>.&#160; The Borrower

may from time to time pay, without penalty or premium, all outstanding Floating

Rate Advances (other than Swing Line Loans), or, in a minimum aggregate amount

of $1,000,000 or any integral multiple of $1,000,000 in excess thereof, any

portion of the outstanding Floating Rate Advances (other than Swing Line Loans)

upon one Business Day&#146;s prior notice to the Agent.&#160; The Borrower may at any time pay, without penalty or premium, all

outstanding Swing Line Loans, or, in a minimum amount of $100,000 and

increments of $50,000 in excess thereof, any portion of the outstanding Swing

Line Loans, with notice to the Agent and the Swing Line Lender by 11:00 a.m.

(Louisville Time) on the date of repayment.&#160;

The Borrower may from time to time pay, subject to the payment of any funding

indemnification amounts required by Section 3.4 but without penalty or premium,

all outstanding Eurodollar Advances or any portion of the outstanding

Eurodollar Advances upon three (3) Business Days&#146; prior notice to the Agent.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Method

of Selecting Types and Interest Periods for New Advances</u>.&#160; Each Type of Advance shall bear interest

according to its Type, from the date the Advance is made until it is

repaid.&#160; The Borrower shall select the

Type of Advance and, in the case of each Eurodollar Advance, the Interest

Period applicable thereto from time to time.&#160;

The Borrower shall give the Agent irrevocable notice (a &#147;Borrowing

Notice&#148;) not later than 11:00 a.m. (Louisville time) at least one Business Day

before the Borrowing Date of each Floating Rate Advance and three Business Days

before the Borrowing Date for each Eurodollar Advance, specifying:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 73.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the

Borrowing Date, which shall be a Business Day, of such Advance,</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 73.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the

aggregate amount of such Advance,</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 73.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the

Type of Advance selected, and</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 73.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the

case of each Eurodollar Advance, the Interest Period applicable thereto.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not later than 1:00 p.m.

(Louisville time) on each Borrowing Date, each Lender shall make available its

Loan or Loans in funds immediately available in Louisville to the Agent at its

address specified pursuant to Article XIII.&#160;

The Agent will make the funds so received from the Lenders available to

the Borrower at the Agent&#146;s aforesaid address.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Conversion

and Continuation of Outstanding Advances</u>.&#160;

Floating Rate Advances (other than Swing Line Loans) shall continue as

Floating Rate Advances unless and until such Floating Rate Advances are

converted into Eurodollar Advances pursuant to this Section 2.11 or are repaid

in accordance with Section 2.9.&#160; Each

Eurodollar Advance shall continue as a Eurodollar Advance until the end of the

then applicable Interest Period therefor, at which time such Eurodollar Advance

shall be automatically converted into a Floating Rate Advance unless (x) such

Eurodollar Advance is or was repaid in accordance with Section 2.9 or (y) the

Borrower shall have given the Agent a Conversion/Continuation Notice (as

defined below) requesting that, at the end of such Interest Period, such

Eurodollar Advance continue as a Eurodollar Advance for the same or another

Interest Period.&#160; Subject to the terms

of&#160; Section 2.10, the Borrower may elect

from time to time to convert all or any part of a Floating Rate Advance (other

than a Swing Line Loan) into a Eurodollar Advance.&#160; The Borrower shall give the Agent irrevocable notice (a

&#147;Conversion/Continuation Notice&#148;) of each conversion of a Floating Rate Advance

into a Eurodollar Advance or continuation of a Eurodollar Advance not later

than 11:00 a.m. (Louisville time) at least three Business Days prior to the

date of the requested conversion or continuation, specifying:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the

requested date, which shall be a Business Day, of such conversion or

continuation,</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the

aggregate amount and Type of the Advance which is to be converted or continued,

and</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the

amount of such Advance which is to be converted into or continued as a

Eurodollar Advance and the duration of the Interest Period applicable thereto.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Changes

in Interest Rate, etc.</u> Each Floating Rate Advance (other than a Swing Line

Loan) shall bear interest on the outstanding principal amount thereof, for each

day from and including the date such Advance is made or is automatically

converted from a Eurodollar Advance into a Floating Rate Advance pursuant to

Section 2.11, to but excluding the date it is paid or is converted into a

Eurodollar Advance pursuant to Section 2.11 hereof, at a rate per annum equal

to the Floating Rate for such day.&#160; Each

Swing Line Loan shall bear interest on the outstanding principal amount

thereof, for each day from and including the day such Swing Line Loan is made

to but excluding the date it is paid, at a rate per annum equal to the Floating

Rate for such day.&#160; Changes in the rate

of interest on that portion of any Advance maintained as a Floating Rate

Advance will take effect simultaneously with each change in the Alternate Base

Rate.&#160; Each Eurodollar Advance shall

bear interest on the outstanding principal amount thereof from and including

the first day of the Interest Period applicable thereto to (but not including)

the last day of such Interest Period at the interest rate determined by the

Agent as applicable to such Eurodollar Advance based upon the Borrower&#146;s

selections under Sections 2.10 and 2.11 and otherwise in accordance with the

terms hereof.&#160; No Interest Period may

end after the Facility Termination Date.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.13</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Rates

Applicable After Default</u>.&#160;

Notwithstanding anything to the contrary contained in Section 2.10, 2.11

or 2.12, during the continuance of a Default or Unmatured Default the Required

Lenders may, at their option, by notice to the Borrower (which notice may be

revoked at the option of the Required Lenders notwithstanding any provision of

Section 8.2 requiring unanimous consent of the Lenders to changes in interest

rates), declare that no Advance may be made as, converted into or continued as

a Eurodollar Advance.&#160; During the

continuance of a Default the Required Lenders may, at their option, by notice

to the Borrower (which notice may be revoked at the option of the Required

Lenders notwithstanding any provision of Section 8.2 requiring unanimous

consent of the Lenders to changes in interest rates), declare that (i) each

Eurodollar Advance shall bear interest for the remainder of the applicable Interest

Period at the rate otherwise applicable to such Interest Period plus 2% per

annum, and (ii) each Floating Rate Advance shall bear interest at a rate per

annum equal to the Floating Rate in effect from time to time plus 2% per annum

and (iii) the LC Fee shall be increased by 2% per annum, <i><font style="font-style:italic;">provided</font></i> that, during the continuance of a

Default under Section 7.6 or 7.7, the interest rates set forth in clauses (i)

and (ii) above and the increase in the LC Fee set forth in clause (iii) above

shall be applicable to all Credit Extensions without any election or action on

the part of the Agent or any Lender.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.14</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Method

of Payment</u>.&#160; All payments of the

Obligations hereunder shall be made, without setoff, deduction, or

counterclaim, in immediately available funds to the Agent at the Agent&#146;s

address specified pursuant to Article XIII, or at any other Lending

Installation of the Agent specified in writing by the Agent to the Borrower, by</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">noon (local time) on the

date when due and shall (except with respect to repayments of Swing Line Loans,

and in the case of Reimbursement Obligations for which the LC Issuer has not

been fully indemnified by the Lenders, or as otherwise specifically required

hereunder) be applied ratably by the Agent among the Lenders.&#160; Each payment delivered to the Agent for the

account of any Lender shall be delivered promptly by the Agent to such Lender,

in the same type of funds that the Agent received, at such Lender&#146;s address

specified pursuant to Article XIII or at any Lending Installation specified in

a notice received by the Agent from such Lender.&#160; The Agent is hereby authorized to charge the account of the

Borrower maintained with Bank One for each payment of principal, interest

Reimbursement Obligations and fees as it becomes due hereunder. Each reference

to the Agent in this Section 2.14 shall also be deemed to refer, and shall

apply equally, to the LC Issuer, in the case of payments required to be made by

the Borrower to the LC Issuer pursuant to Section 2.3.6.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.15</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Noteless

Agreement; Evidence of Indebtedness</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-33.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each

Lender shall maintain in accordance with its usual practice an account or

accounts evidencing the indebtedness of the Borrower to such Lender resulting

from each Loan made by such Lender from time to time, including the amounts of

principal and interest payable and paid to such Lender from time to time

hereunder.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-33.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Agent shall also maintain accounts in which it will record (a) the amount of

each Loan made hereunder, the Type thereof and the Interest Period (if

applicable) with respect thereto, (b) the amount of any principal or interest

due and payable or to become due and payable from the Borrower to each Lender

hereunder, (c) the original stated amount of each Facility LC and the amount of

LC Obligations outstanding at any time, and (d) the amount of any sum received

by the Agent hereunder from the Borrower and each Lender&#146;s share thereof.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-33.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

entries maintained in the accounts maintained pursuant to paragraphs (i) and

(ii) above shall be <i><font style="font-style:italic;">prima facie</font></i>

evidence of the existence and amounts of the Obligations therein recorded; <i><font style="font-style:italic;">provided, however, </font></i>that the failure of the

Agent or any Lender to maintain such accounts or any error therein shall not in

any manner affect the obligation of the Borrower to repay the Obligations in

accordance with their terms.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-33.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any

Lender may request that its Loans be evidenced by a promissory note or, in the

case of the Swing Line Lender, promissory notes representing its Revolving Loans

and Swing Line Loans, respectively, substantially in the form of <u>Exhibit E</u>,

with appropriate changes for notes evidencing Swing Line Loans (each, a

&#147;Note&#148;).&#160; In such event, the Agent shall

prepare and forward to the Borrower for execution and delivery to such Lender a

Note or Notes payable to the order of such Lender.&#160; Thereafter, the Loans evidenced by each such Note and interest

thereon shall at all times (prior to any assignment pursuant to Section 12.3)

be represented by one or more Notes payable to the order of the payee named

therein, except to the extent that any such Lender subsequently returns any

such Note for cancellation and requests that such Loans once again be evidenced

as described in paragraphs (i) and (ii) above.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.16</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Telephonic

Notices</u>.&#160; The Borrower hereby

authorizes the Lenders and the Agent to extend, convert or continue Advances,

effect selections of Types of Advances and to transfer funds based on

telephonic notices made by any person or persons the Agent or any Lender in

good faith believes to be acting on behalf of the Borrower, it being understood

that the foregoing authorization is specifically intended to allow Borrowing

Notices and Conversion/Continuation Notices to be given telephonically.&#160; The Borrower agrees to deliver promptly to

the Agent a written confirmation signed by an Authorized Officer, if such

confirmation is requested by the Agent or any Lender, of each telephonic

notice.&#160; If the written confirmation

differs in any material respect from the action taken by the Agent and the

Lenders, the records of the Agent and the Lenders shall govern absent manifest

error.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.17</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Interest

Payment Dates; Interest and Fee Basis</u>.&#160;

Interest accrued on each Floating Rate Advance shall be payable on each

Payment Date, commencing with the first such date to occur after the date

hereof, on each date set forth in the Working Cash Sweep Rider, on any date on

which the Floating Rate Advance is prepaid, whether due to acceleration or

otherwise, and on the Facility Termination Date.&#160; Interest accrued on that portion of the outstanding principal

amount of any Floating Rate Advance converted into a Eurodollar Advance on a

day other than a Payment</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date shall be payable on

the date of conversion.&#160; Interest

accrued on each Eurodollar Advance shall be payable on the last day of its

applicable Interest Period, on any date on which the Eurodollar Advance is

prepaid, whether by acceleration or otherwise, and on the Facility Termination

Date.&#160; Interest accrued on each

Eurodollar Advance having an Interest Period longer than three months shall

also be payable on the last day of each three-month interval during such

Interest Period.&#160; Interest, Commitment

Fees and LC Fees shall be calculated for actual days elapsed on the basis of a

360-day year, except for interest payable on Advances at the Alternate Base

Rate which shall accrue on the basis of the actual number of days elapsed over

a year of 365 or 366 days, as appropriate.&#160;

Interest shall be payable for the day an Advance is made but not for the

day of any payment on the amount paid if payment is received prior to noon

(local time) at the place of payment.&#160;

If any payment of principal of or interest on an Advance shall become

due on a day which is not a Business Day, such payment shall be made on the

next succeeding Business Day and, in the case of a principal payment, such

extension of time shall be included in computing interest in connection with

such payment.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.18</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notification

of Advances, Interest Rates, Prepayments and Commitment Reductions</u>.&#160; Promptly after receipt thereof, the Agent

will notify each Lender of the contents of each Aggregate Commitment reduction

notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice

received by it hereunder. Promptly after notice from the LC Issuer, the Agent

will notify each Lender of the contents of each request for issuance of a

Facility LC hereunder.&#160; The Agent will

notify each Lender of the interest rate applicable to each Eurodollar Advance

promptly upon determination of such interest rate and will give each Lender

prompt notice of each change in the Alternate Base Rate.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.19</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Lending

Installations</u>.&#160; Each Lender may book

its Loans and its participation in any LC Obligations and the LC Issuer may

book the Facility LCs at any Lending Installation selected by such Lender or

the LC Issuer, as the case may be, and may change its Lending Installation from

time to time.&#160; All terms of this

Agreement shall apply to any such Lending Installation and the Loans, Facility

LCs, participations in LC Obligations and any Notes issued hereunder shall be

deemed held by each Lender or the LC Issuer, as the case may be,&#160; for the benefit of any such Lending

Installation.&#160; Each Lender and the LC

Issuer may, by written notice to the Agent and the Borrower in accordance with

Article XIII, designate replacement or additional Lending Installations through

which Loans will be made by it or Facility LCs will be issued by it and for

whose account Loan payments or payments with respect to Facility LCs are to be

made.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.20</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Non-Receipt

of Funds by the Agent</u>.&#160; Unless the

Borrower or a Lender, as the case may be, notifies the Agent prior to the date

on which it is scheduled to make payment to the Agent of (i) in the case of a Lender,

the proceeds of a Loan or (ii) in the case of the Borrower, a payment of

principal, interest or fees to the Agent for the account of the Lenders, that

it does not intend to make such payment, the Agent may assume that such payment

has been made.&#160; The Agent may, but shall

not be obligated to, make the amount of such payment available to the intended

recipient in reliance upon such assumption.&#160;

If such Lender or the Borrower, as the case may be, has not in fact made

such payment to the Agent, the recipient of such payment shall, on demand by

the Agent, repay to the Agent the amount so made available together with

interest thereon in respect of each day during the period commencing on the

date such amount was so made available by the Agent until the date the Agent

recovers such amount at a rate per annum equal to (x) in the case of payment by

a Lender, the Federal Funds Effective Rate for such day for the first three

days and, thereafter, the interest rate applicable to the relevant Loan or (y)

in the case of payment by the Borrower, the interest rate applicable to the

relevant Loan.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.21</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Replacement

of Lender</u>.&#160; If the Borrower is

required pursuant to Section 3.1, 3.2 or 3.5 to make any additional payment to

any Lender or if any Lender&#146;s obligation to make or continue, or to convert

Floating Rate Advances into, Eurodollar Advances shall be suspended pursuant to

Section 3.3 (any Lender so affected an &#147;Affected Lender&#148;), the Borrower may

elect, if such amounts continue to be charged or such suspension is still

effective, to replace such Affected Lender as a Lender party to this Agreement,

<i><font style="font-style:italic;">provided</font></i> that no Default or

Unmatured Default shall have occurred and be continuing at the time of such

replacement, and <i><font style="font-style:italic;">provided further</font></i>

that, concurrently with such replacement, (i) another bank or other entity

which is reasonably satisfactory to the Borrower and the Agent shall agree, as

of such date, to purchase for cash the Advances and other Obligations due to

the Affected Lender pursuant to an assignment substantially in the form of <u>Exhibit

C</u> and to become a Lender for all purposes under this Agreement and to

assume all obligations of the Affected Lender to be terminated as of such date

and to comply with the requirements of Section 12.3 applicable to assignments,

and (ii) the Borrower shall pay to such Affected Lender in same day funds on

the day of such replacement (A) all interest, fees and other amounts then

accrued but unpaid to such Affected Lender by the Borrower hereunder to and

including the date of termination, including without limitation payments due</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to such Affected Lender

under Sections 3.1, 3.2 and 3.5, and (B) an amount, if any, equal to the

payment which would have been due to such Lender on the day of such replacement

under Section 3.4 had the Loans of such Affected Lender been prepaid on such

date rather than sold to the replacement Lender.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.22</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Increase

in Commitments</u>.<u>  </u></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:38.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.22.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amount of

Increase in Commitments</u>.&#160; The

Borrower may at any time, with the consent of the Agent but without the consent

of the Lenders except as provided in Sections 2.22.2 and 2.22.5.1, increase the

Aggregate Commitment up to an amount not to exceed $250,000,000, subject to

satisfaction of each and all of the requirements contained in this

Section&nbsp;2.22.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:38.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.22.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Eligibility</u>.&#160; Each Lender who provides an increase in the

Aggregate Commitment (each a &#147;New Commitment Provider&#148;) shall be either an

existing Lender at the time of the increase (each an &#147;Existing Lender&#148;) or a

financial institution reasonably acceptable to the Agent and the Borrower (and

the Borrower&#146;s acceptance shall not be unreasonably withheld) that is not then

currently a Lender (each a &#147;New Lender&#148;) provided, that the Borrower shall

first offer any increase in the Commitments to the Existing Lenders by giving

notice thereof to each of the Existing Lenders and fifteen (15) Business Days

to respond to such notice (failure to respond on a timely basis shall be deemed

a rejection).&#160; Any notice given

hereunder shall not be deemed to be a request for, or requirement of, consent

from any Existing Lender who is not a New Commitment Provider to the increase

in the Aggregate Commitment.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:38.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.22.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notice</u>.&#160; The Borrower and the Agent jointly shall

notify the Lenders at least fifteen (15) Business Days before the date

(&#147;Commitment Increase Effective Date&#148;) any increase in the Aggregate Commitment

shall become effective.&#160; Such notice

shall state the amount of the increase in the Aggregate Commitment, the names

of the Lenders providing the additional Commitments and the Commitment Increase

Effective Date.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:38.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.22.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Minimum Amount</u>.&#160; Any increase in the Aggregate Commitment

provided by any individual Lender shall be in an amount not less than

$5,000,000 and integral multiples of $1,000,000 in excess thereof.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:38.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.22.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Implementation

of Increase</u>.&#160; On the Commitment

Increase Effective Date:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Joinder</u>.&#160; Each New Commitment Provider shall execute

and deliver to the Agent two Business Days prior to the Commitment Increase

Effective Date a Joinder in the form attached as <u>Exhibit L</u> (&#147;Lender

Joinder&#148;), which shall become effective on the Commitment Increase Effective

Date. The Lender Joinder shall set forth the Commitment provided by the New

Commitment Provider if it is a New Lender and the new amount of the Commitment

and the increase in the Commitment to be provided if it is an Existing Lender.

If the New Commitment Provider is a New Lender it shall on the Effective Date

join and become a party to this Agreement and the other Loan Documents as a Lender

for all purposes hereunder and thereunder, subject to the provisions of this

Section 2.22, having a Commitment as set forth in the Lender Joinder tendered

by the same.&#160; Any Lender whose

Commitment shall remain unaffected shall be deemed to have consented and agreed

to such Lender Joinder.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Floating

Rate Loans</u>.&#160; Each New Commitment

Provider shall (i) purchase from the other Lenders such New Commitment

Provider&#146;s Pro Rata Share in any Floating Rate Loans outstanding on the

Commitment Increase Effective Date, and (ii) share ratably in all Floating Rate

Loans borrowed by the Borrower after the Commitment Increase Effective Date.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Eurodollar

Rate Loans</u>.&#160; Each New Commitment

Provider shall (a)&nbsp;purchase from the other Lenders such New Commitment Provider&#146;s

Pro Rata Share in each outstanding Eurodollar Loan on the date on which the

Borrower either renews its Eurodollar Loan election with respect to the

Eurodollar Loan in question or converts such Eurodollar Loan to a Floating Rate

Loan, <i><font style="font-style:italic;">provided </font></i>that the New

Commitment Providers shall not</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt 2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">purchase an interest in

such Loans from the other Lenders on the Commitment Increase Effective Date

(unless the Commitment Increase Effective Date is a renewal or conversion date,

as applicable, in which case the preceding sentence shall apply), and (b) shall

participate in all new Eurodollar Loans borrowed by the Borrower on and after

the Commitment Increase Effective Date.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Facility

LCs</u>.&#160; Each New Commitment Provider

shall participate in all Facility LCs outstanding on the Commitment Increase

Effective Date according to its Pro Rata Share and in accordance with the terms

of this Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Limit

on Amount</u>.&#160; Any increase in the

Commitments pursuant to this Section 2.22 may not cause the total amount of the

Commitments to exceed $250,000,000.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No

Default or Unmatured Default; Representations and Warranties</u>.&#160; There shall exist no Default or Unmatured

Default on the Commitment Increase Effective Date.&#160; Without limiting that sentence, the representations and

warranties contained in Article V must be true and correct in all material

respects as of such Commitment Increase Effective Date except to the extent any

such representation is stated to relate solely to an earlier date, in which

case such representation shall have been true and correct on and as of such

earlier date.&#160; If a Default or Unmatured

Default exists on such Commitment Increase Effective Date, or such representations

and warranties are not true and correct to the extent and as required in the

second sentence of this Section 2.22.5(vi), the Borrower shall not request an

increase of, and may not increase, the Aggregate Commitment.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No

Obligation</u>.&#160; No Existing Lender

shall be required to increase its Commitment in the event that the Borrower

asks such Existing Lender to provide all or a portion of any increase in the

Aggregate Commitment desired by the Borrower.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

III</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">YIELD

PROTECTION; TAXES</font></u></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Yield

Protection</u>.&#160; If, on or after the

date of this Agreement, the adoption of any law or any governmental or

quasi-governmental rule, regulation, policy, guideline or directive (whether or

not having the force of law), or any change in the interpretation or

administration thereof by any governmental or quasi-governmental authority,

central bank or comparable agency charged with the interpretation or

administration thereof, or compliance by any Lender or applicable Lending

Installation or the LC Issuer with any request or directive (whether or not

having the force of law) of any such authority, central bank or comparable

agency:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>subjects

any Lender or any applicable Lending Installation or the LC Issuer to any

Taxes, or changes the basis of taxation of payments (other than with respect to

Excluded Taxes) to any Lender or the LC Issuer in respect of its Eurodollar

Loans, Facility LCs or participations therein, or</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>imposes

or increases or deems applicable any reserve, assessment, insurance charge,

special deposit or similar requirement against assets of, deposits with or for

the account of, or credit extended by, any Lender or any applicable Lending

Installation or the LC Issuer (other than reserves and assessments taken into

account in determining the interest rate applicable to Eurodollar Advances), or</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>imposes

any other condition the result of which is to increase the cost to any Lender

or any applicable Lending Installation or the LC Issuer of making, funding or

maintaining its</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eurodollar Loans, or of

issuing or participating in Facility LCs,&#160;

or reduces any amount receivable by any Lender or any applicable Lending

Installation or the LC Issuer in connection with its Eurodollar Loans, Facility

LCs or participations therein, or requires any Lender or any applicable Lending

Installation or the LC Issuer to make any payment calculated by reference to

the amount of Eurodollar Loans, Facility LCs or participations therein held or

interest received by it, by an amount deemed material by such Lender or the LC

Issuer, as the case may be,</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and the result of any of

the foregoing is to increase the cost to such Lender or applicable Lending

Installation Lender or the LC Issuer, as the case may be, of making or

maintaining its Eurodollar Loans or Commitment or of issuing or participating

in Facility LCs or to reduce the return received by such Lender or applicable

Lending Installation or the LC Issuer, as the case may be, in connection with

such Eurodollar Loans, Commitment, Facility LCs or participations therein,

then, within 15 days of demand by such Lender or the LC Issuer, as the case may

be, the Borrower shall pay such Lender or the LC Issuer, as the case may be,

such additional amount or amounts as will compensate such Lender, or the LC Issuer,

as the case may be, for such increased cost or reduction in amount received.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Changes

in Capital Adequacy Regulations</u>.&#160; If

a Lender or the LC Issuer determines the amount of capital required or expected

to be maintained by such Lender or the LC Issuer, any Lending Installation of

such Lender or the LC Issuer or any corporation controlling such Lender or the

LC Issuer is increased as a result of a Change, then, within 15 days of demand

by such Lender or the LC Issuer, the Borrower shall pay such Lender or the LC

Issuer the amount necessary to compensate for any shortfall in the rate of

return on the portion of such increased capital which such Lender or the LC

Issuer determines is attributable to this Agreement, its Outstanding Credit

Exposure or its Commitment to make Loans and issue or participate in Facility

LCs, as the case may be, hereunder (after taking into account such Lender or

the LC Issuer&#146;s policies as to capital adequacy).&#160; &#147;Change&#148; means (i) any change after the date of this Agreement in

the Risk-Based Capital Guidelines or (ii) any adoption of or change in any

other law, governmental or quasi-governmental rule, regulation, policy,

guideline, interpretation, or directive (whether or not having the force of

law) after the date of this Agreement which affects the amount of capital

required or expected to be maintained by any Lender or the LC Issuer or any

Lending Installation or any corporation controlling any Lender or the LC

Issuer.&#160; &#147;Risk-Based Capital Guidelines&#148;

means (i) the risk-based capital guidelines in effect in the United States on

the date of this Agreement, including transition rules, and (ii) the

corresponding capital regulations promulgated by regulatory authorities outside

the United States implementing the July 1988 report of the Basle Committee on

Banking Regulation and Supervisory Practices Entitled &#147;International

Convergence of Capital Measurements and Capital Standards,&#148; including

transition rules, and any amendments to such regulations adopted prior to the

date of this Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Availability

of Types of Advances</u>.&#160; If any Lender

determines that maintenance of its Eurodollar Loans at a suitable Lending

Installation would violate any applicable law, rule, regulation, or directive,

whether or not having the force of law, or if the Required Lenders determine

that (i) deposits of a type and maturity appropriate to match fund Eurodollar

Advances are not available or (ii) the interest rate applicable to Eurodollar

Advances does not accurately reflect the cost of making or maintaining

Eurodollar Advances, then the Agent shall suspend the availability of

Eurodollar Advances and require any affected Eurodollar Advances to be repaid

or converted to Floating Rate Advances, subject to the payment of any funding

indemnification amounts required by Section 3.4.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Funding

Indemnification</u>.&#160; If any payment of

a Eurodollar Advance occurs on a date which is not the last day of the

applicable Interest Period, whether because of acceleration, prepayment or

otherwise, or a Eurodollar Advance is not made on the date specified by the

Borrower for any reason other than default by the Lenders, the Borrower will

indemnify each Lender for any loss or cost incurred by it resulting therefrom,

including, without limitation, any loss or cost in liquidating or employing

deposits acquired to fund or maintain such Eurodollar Advance.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Taxes</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All

payments by the Borrower to or for the account of any Lender, the LC Issuer or

the Agent hereunder or under any Note or Facility LC Application shall be made

free and clear of and without deduction for any and all Taxes.&#160; If the Borrower shall be required by law to

deduct any Taxes from or in respect of any sum payable hereunder to any Lender,

the LC Issuer or the</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agent, (a) the sum

payable shall be increased as necessary so that after making all required

deductions (including deductions applicable to additional sums payable under

this Section 3.5) such Lender, the LC Issuer or the Agent (as the case may be)

receives an amount equal to the sum it would have received had no such

deductions been made, (b) the Borrower shall make such deductions, (c) the

Borrower shall pay the full amount deducted to the relevant authority in

accordance with applicable law and (d) the Borrower shall furnish to the Agent

the original copy of a receipt evidencing payment thereof within 30 days after

such payment is made.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In

addition, the Borrower hereby agrees to pay any present or future stamp or

documentary taxes and any other excise or property taxes, charges or similar

levies which arise from any payment made hereunder or under any Note or

Facility LC Application or from the execution or delivery of, or otherwise with

respect to, this Agreement or any Note or any Facility LC Application&#160; (&#147;Other Taxes&#148;).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower hereby agrees to indemnify the Agent, the LC Issuer and each Lender

for the full amount of Taxes or Other Taxes (including, without limitation, any

Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by

the Agent, the LC Issuer or such Lender as a result of its Commitment, any

Loans made by it hereunder, or otherwise in connection with its participation

in this Agreement and any liability (including penalties, interest and expenses)

arising therefrom or with respect thereto.&#160;

Payments due under this indemnification shall be made within 30 days of

the date the Agent, the LC Issuer or such Lender makes demand therefor pursuant

to Section 3.6.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each

Lender that is not incorporated under the laws of the United States of America

or a state thereof (each a &#147;Non-U.S. Lender&#148;) agrees that it will, not more

than ten Business Days after the date of this Agreement, (i) deliver to the

Agent two duly completed copies of United States Internal Revenue Service Form

W-8BEN or W-8ECI, certifying in either case that such Lender is entitled to

receive payments under this Agreement without deduction or withholding of any

United States federal income taxes, and (ii) deliver to the Agent a United

States Internal Revenue Form W-8 or W-9, as the case may be, and certify that

it is entitled to an exemption from United States backup withholding tax.&#160; Each Non-U.S. Lender further undertakes to

deliver to each of the Borrower and the Agent (x) renewals or additional copies

of such form (or any successor form) on or before the date that such form

expires or becomes obsolete, and (y) after the occurrence of any event

requiring a change in the most recent forms so delivered by it, such additional

forms or amendments thereto as may be reasonably requested by the Borrower or

the Agent.&#160; All forms or amendments

described in the preceding sentence shall certify that such Lender is entitled

to receive payments under this Agreement without deduction or withholding of

any United States federal income taxes, <i><font style="font-style:italic;">unless</font></i>

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 renders all such forms inapplicable or which would prevent such

Lender from duly completing and delivering any such form or amendment with

respect to it and such Lender advises the Borrower and the Agent that it is not

capable of receiving payments without any deduction or withholding of United

States federal income tax.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For

any period during which a Non-U.S. Lender has failed to provide the Borrower

with an appropriate form pursuant to clause (iv), above (unless such failure is

due to a change in treaty, law or regulation, or any change in the

interpretation or administration thereof by any governmental authority,

occurring subsequent to the date on which a form originally was required to be

provided), such Non-U.S. Lender shall not be entitled to indemnification under

this Section 3.5 with respect to Taxes imposed by the United States; <i><font style="font-style:italic;">provided</font></i> that, should a Non-U.S. Lender

which is otherwise exempt from or subject to a reduced rate of withholding tax

become subject to Taxes because of its failure to deliver a form required under

clause (iv), above, the Borrower shall take such steps as such Non-U.S. Lender

shall reasonably request to assist such Non-U.S. Lender to recover such Taxes.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>





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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any

Lender that is entitled to an exemption from or reduction of withholding tax

with respect to payments under this Agreement or any Note pursuant to the law

of any relevant jurisdiction or any treaty shall deliver to the Borrower (with

a copy to the Agent), at the time or times prescribed by applicable law, such

properly completed and executed documentation prescribed by applicable law as

will permit such payments to be made without withholding or at a reduced rate.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the

U.S. Internal Revenue Service or any other governmental authority of the United

States or any other country or any political subdivision thereof asserts a

claim that the Agent did not properly withhold tax from amounts paid to or for

the account of any Lender (because the appropriate form was not delivered or

properly completed, because such Lender failed to notify the Agent of a change

in circumstances which rendered its exemption from withholding ineffective, or

for any other reason), such Lender shall indemnify the Agent fully for all

amounts paid, directly or indirectly, by the Agent as tax, withholding

therefor, or otherwise, including penalties and interest, and including taxes

imposed by any jurisdiction on amounts payable to the Agent under this

subsection, together with all costs and expenses related thereto (including

attorneys fees and time charges of attorneys for the Agent, which attorneys may

be employees of the Agent).&#160; The

obligations of the Lenders under this Section 3.5(vii) shall survive the

payment of the Obligations and termination of this Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Lender

Statements; Survival of Indemnity</u>. To the extent reasonably possible, each

Lender shall designate an alternate Lending Installation with respect to its

Eurodollar Loans to reduce any liability of the Borrower to such Lender under

Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of Eurodollar Advances

under Section 3.3, so long as such designation is not, in the judgment of such

Lender, disadvantageous to such Lender.&#160;

Each Lender shall deliver a written statement of such Lender to the Borrower

(with a copy to the Agent) as to the amount due, if any, under Section 3.1,

3.2, 3.4 or 3.5.&#160; Such written statement

shall set forth in reasonable detail the calculations upon which such Lender

determined such amount and shall be final, conclusive and binding on the

Borrower in the absence of manifest error.&#160;

Determination of amounts payable under such Sections in connection with

a Eurodollar Loan shall be calculated as though each Lender funded its

Eurodollar Loan through the purchase of a deposit of the type and maturity

corresponding to the deposit used as a reference in determining the Eurodollar

Rate applicable to such Loan, whether in fact that is the case or not.&#160; Unless otherwise provided herein, the amount

specified in the written statement of any Lender shall be payable on demand

after receipt by the Borrower of such written statement.&#160; The obligations of the Borrower under

Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination

of this Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

IV</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDITIONS

PRECEDENT</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Initial

Credit Extension</u>.&#160; The Lenders shall

not be required to make the initial Credit Extension hereunder unless:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the

Borrower has furnished to the Agent, with sufficient copies for the Lenders,

the following, in each case satisfactory to the Agent, in its discretion, and

its counsel:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Copies

of the articles or certificate of incorporation of the Borrower and each other

Loan Party, together with all amendments, and a certificate of good standing

(or comparable certificate in the case of those governmental offices which do

not issue good standing certificates), each certified by the appropriate

governmental officer in its jurisdiction of incorporation or formation.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Copies,

certified by the Secretary or Assistant Secretary (or Person serving an

equivalent function) of the Borrower and each other Loan Party, of its by-laws

or operating agreement, as applicable, and of its board of directors&#146;

resolutions and of resolutions or actions of any other body authorizing the

execution of the Loan Documents to which the Borrower and each other Loan Party

is a party.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>An

incumbency certificate, executed by the Secretary or Assistant Secretary (or

Person serving an equivalent function) of, as applicable, the Borrower and each

other Loan Party, which shall identify by name and title and bear the

signatures of the Authorized Officers and any other officers or Persons of the

Borrower and each other Loan Party authorized to sign the Loan Documents to

which, as applicable, the Borrower and each other Loan Party is a party, upon

which certificate the Agent and the Lenders shall be entitled to rely until

informed of any change in writing by the Borrower and each other Loan Party.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A

certificate, signed by the chief financial officer of the Borrower, in the form

of <u>Exhibit P</u> stating that on the initial Credit Extension Date no

Default or Unmatured Default has occurred and is continuing.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A

written opinion of the Borrower&#146;s and the Guarantors&#146; counsel, addressed to the

Lenders in substantially the form of <u>Exhibit A</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any

Notes requested by a Lender pursuant to Section 2.15 payable to the order of

each such requesting Lender.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Written

money transfer instructions from the Borrower, in substantially the form of <u>Exhibit

D</u>, addressed to the Agent and signed by an Authorized Officer, together

with such other related money transfer authorizations as the Agent may have

reasonably requested.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If

the initial Credit Extension will be the issuance of a Facility LC, a properly

completed Facility LC Application.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All

Collateral Documents and other Loan Documents executed by the Borrower or the

Guarantors, as the case may be, including without limitation the Pledge and

Security Agreement, the Guaranty, the Mortgages, the<b><font style="font-weight:bold;">  </font></b>Negative Pledge Agreement, the Indemnity Agreement, the

Assignment of Patents, Trademarks and Copyrights, the Intercompany

Subordination Agreement and the Collateral Sharing Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evidence

satisfactory to the Agent (including without limitation copies of executed

originals of the Note Purchase Agreement and all documents and instruments

related thereto, certified by the Borrower to be true, correct and complete)

that the closing contemplated in Section 3 of the Note Purchase Agreement has

occurred and Term Note Purchasers have purchased and scheduled to fund not less

than $75,000,000 in Term Notes.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Sufficient

originals of the Collateral Sharing Agreement for each Lender executed and

delivered by the Collateral Agent, the Agent on behalf of the Lenders and all

of the Term Note Purchasers.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Title

insurance policies or an irrevocable commitment to issue policies in the form

of Lender approved pro-forma policies, in favor of the Collateral Agent for the

benefit of the Lenders, in ALTA 1992 Form B Loan Policy form without creditor&#146;s

rights exceptions, and in amounts agreed upon and acceptable to the Agent, with

premiums paid thereon (except in the case of the Calder Mortgage), delivered by

the Loan</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt 2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parties, issued by

Commonwealth Land Title Insurance Company (the &#147;Title Insurer&#148;) and insuring

the Recorded Mortgages as valid first priority Liens upon the applicable Loan

Parties&#146; fee simple title to, or leasehold interest in, the Real Property

Collateral and all improvements and all appurtenances thereto (including such

easements and appurtenances as may be required by the Agent), free and clear of

any and all defects and encumbrances whatsoever, subject only to such

exceptions as may be approved in writing by the Agent, with endorsements

thereto as to such matters as the Agent may designate, purchased by the Loan

Parties on the Closing Date for each of the Mortgages except for the Calder

Mortgage.&#160; The Loan Parties shall

purchase title insurance for the Calder Mortgage in accordance with Section

6.21.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower shall deliver surveys of the properties listed on <u>Schedule

4.1(i)(m)</u> not later than three (3) days prior to the Closing Date.&#160; Such surveys shall be prepared by surveyors

listed on such <u>Schedule 4.1(i)(m)</u>.&#160;

Such surveys shall be reasonably satisfactory to the Agent and shall be

certified to the Collateral Agent, each Lender and the Title Insurer.&#160; Each survey shall evidence to the

satisfaction of the Agent that all of the Real Property Collateral included in

the applicable Mortgage is owned by the applicable Loan Party free and clear of

defects of title, obstructions or hindrances, except for Permitted Liens, and

be sufficient to allow the Title Insurer to issue loan policies without survey

exceptions.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

insurance certificate described in Section 5.20 and 6.6(ii).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Existing

Environmental audits and/or Phase I Environmental assessments performed on each

parcel of Real Property Collateral listed on <u>Schedule 4.1(i)(o)</u>, with

the results of such environmental audits and/or assessments satisfactory to the

Agent in its discretion.&#160; In the event

Phase II assessments, contamination assessment reports or remediation action

plans have been prepared for any Real Property Collateral, such plans,

assessments and reports, including recent updates and data submissions, shall

be provided to Agent and must be satisfactory to Agent in its discretion.&#160; Without limiting the foregoing, such

assessments and/or audits shall be performed in accordance with ASTM 1527 E

standards for environmental assessments and shall determine whether there are

any Recognized Environmental Conditions (as defined in such standards) on the

Real Property Collateral, provide the historical ownership and use of the Real

Property Collateral, describe the current use of the Real Property Collateral,

provide any information available in EPA records and state EPA records on

previous investigations and litigation, describe any adjacent properties which

have been or could be potential hazards, and locations of equipment containing

PCBs and provide a conclusion and recommendation statement.&#160; If any of the Real Property Collateral

contains any Hazardous Materials (other than materials used by the Loan Parties

from time to time in the ordinary course of business), that might be

potentially Hazardous Materials if not handled, stored, and/or used in

accordance with all relevant Environmental Laws, rules and/or regulations

dealing with Hazardous Materials or potentially Hazardous Materials, but only

to the extent it is actually handled, stored and used in connection with all

such Laws, rules and/or regulations) or, in the Agent&#146;s discretion the Real

Property Collateral has been adversely affected by any Hazardous Materials or

substances, the Lenders shall be excused from any obligation to provide the

Credit Extensions.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Reports

of searches of personal property of records from the appropriate reporting

agencies listed on <u>Schedule 4.1(i)(p)</u>.&#160;

The Agent may obtain such reports but the Borrower shall pay all costs

associated with obtaining them.&#160; The

reports of searches of the personal property of records shall not disclose any

security interest in the Loan Parties&#146; personal property prior to the Collateral

Agent&#146;s security interest therein other than Permitted Liens.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



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</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All

material third-party consents required to effectuate the transactions under the

Loan Documents, including without limitation those described on <u>Schedule

4.1(i)(q)</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evidence

satisfactory to the Agent that no action, proceeding, investigation, regulation

or legislation shall have been instituted, threatened or proposed before any

court, governmental agency or legislative body to enjoin, restrain or prohibit,

or to obtain damages in respect of, this Agreement, the other Loan Documents or

the consummation of the transactions contemplated hereby or thereby or which,

in the Agent&#146;s sole discretion, would make it inadvisable to consummate the

transactions contemplated by this Agreement or any of the other Loan Documents.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evidence

satisfactory to the Agent with respect to the proper perfection and priority of

all of the Liens created in favor of the Collateral Agent securing all of the

Secured Obligations including such consents, approvals and agreements as the

Agent may require from the Louisville/Jefferson County Metro Government with

respect to the Borrower&#146;s property subject to the Master Plan Bond Transaction.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evidence

satisfactory to the Agent that prior to, or simultaneously with the closing of

the transactions described herein, the Borrower has paid all of the outstanding

loans, interest and other obligations under the Prior Credit Facility (except

in the case of the Letters of Credit described in Section 2.3.1) and shall have

delivered to the Agent a copy of a payoff letter, in a form satisfactory to the

Agent, in its discretion, signed by PNC Bank, as agent under the Prior Credit

Facility and evidencing the payoff and termination of such Prior Credit

Facility, as well as termination of any Liens in connection therewith.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;">[Reserved]</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Unqualified

audited financial statements for the Borrower dated as of December 31, 2002.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A

certificate in the form of <u>Exhibit P</u> signed by the chief financial

officer of the Borrower stating that at the initial Credit Extension no

Material Adverse Effect has occurred since December 31, 2002 or is occurring,

and all of the representations and warranties made by or on behalf of any of

the Loan Parties relating to this Agreement and/or any of the other Loan

Documents remain true, correct and complete.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Payment

or reimbursement of expenses as and to the extent required under Section 9.6

and payment of fees under Section 10.13.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Such

other documents as the Agent, any Lender or their counsel may have reasonably

requested.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Agent and the Lenders shall have determined to their satisfaction:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There

exists no Default or Unmatured Default.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No

Material Adverse Effect shall have occurred since December 31, 2002.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Loan Parties have complied with all applicable requirements of Regulation U.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All

legal and regulatory matters (including those relating to taxes) are

satisfactory.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



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</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No

injunctions or temporary restraining orders against any Loan Party exist which

would prohibit a Credit Extension.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No

existing or potential environmental liability with respect to any Loan Party

and/or any Collateral exists that would have a Material Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Each

Credit Extension</u>.&#160; The Lenders shall

not be required to make any Credit Extension unless on the applicable Credit

Extension Date:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There

exists no Default or Unmatured Default.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

representations and warranties contained in Article V are true and correct in

all material respects as of such Credit Extension Date except to the extent any

such representation or warranty is stated to relate solely to an earlier date,

in which case such representation or warranty shall have been true and correct

on and as of such earlier date.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All

legal matters incident to the making of such Credit Extension shall be

satisfactory to the Lenders and their counsel.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Borrowing Notice or request for issuance of a

Facility LC with respect to each such Credit Extension shall constitute a

representation and warranty by the Borrower that the conditions contained in

Sections 4.2(i) and (ii) have been satisfied.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

V</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REPRESENTATIONS

AND WARRANTIES</font></u></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Loan Parties jointly and severally represent and

warrant to the Agent and the Lenders that:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Existence

and Standing</u>.&#160; Each of the Loan

Parties and its Subsidiaries is a corporation, partnership (in the case of

Subsidiaries only) or limited liability company duly and properly incorporated

or organized, as the case may be, validly existing and (to the extent such

concept applies to such entity) in good standing under the laws of its

jurisdiction of incorporation or organization and has all requisite authority to

conduct its respective business in each jurisdiction in which its respective

business is conducted and where the failure to do so would cause a Material

Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Authorization

and Validity</u>.&#160; Each Loan Party has

the power and authority and legal right to execute and deliver the Loan

Documents to which it is a party and to perform its obligations

thereunder.&#160; The execution and delivery

by the Loan Party of the Loan Documents to which it is a party and the performance

of its obligations thereunder have been duly authorized by proper corporate

proceedings, and the Loan Documents to which the Loan Party is a party

constitute legal, valid and binding obligations of the applicable Loan Party

enforceable against the applicable Loan Party in accordance with their terms,

except as enforceability may be limited by bankruptcy, insolvency or similar

laws affecting the enforcement of creditors&#146; rights generally.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No

Conflict; Government Consent</u>.&#160;

Neither the execution and delivery by a Loan Party of the Loan Documents

to which it is a party, nor the consummation by it of the transactions therein

contemplated, nor compliance with the provisions thereof by it will violate (i)

any law, rule, regulation, order, writ, judgment, injunction, decree or award

binding on any such Loan Party or (ii) any such Loan Party&#146;s articles or

certificate of incorporation, partnership agreement, certificate of

partnership, articles or certificate of organization, by-laws, or operating or

other management agreement, as the case may be, or (iii) the provisions of any

indenture, instrument or agreement to which any such Loan Party is a party or

is subject, or by which it, or its Property, is bound, or conflict with or

constitute a default thereunder, or except for the Liens required by the terms

of Loan Documents, result in, or require, the creation or imposition of any

Lien in, of or on the Property of any such Loan Party pursuant to the terms of

any such indenture, instrument or agreement.&#160;

Except for the recordation of any applicable Collateral Documents with

any applicable</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">governmental authority, no order, consent, adjudication, approval,

license, authorization, or validation of, or filing, recording or registration

with, or exemption by, or other action in respect of any governmental or public

body or authority, or any subdivision thereof, which has not been obtained by

any Loan Party, is required to be obtained by any Loan Party in connection with

the execution and delivery of the Loan Documents, the borrowings under this

Agreement, the payment and performance by the Borrower of the Obligations or

the legality, validity, binding effect or enforceability of any of the Loan

Documents.&#160; Notwithstanding anything in

this Agreement or the other Loan Documents to the contrary, the parties to this

Agreement and the other Loan Documents acknowledge that (i) the transfer,

assignment, change of ownership or interest, foreclosure or realization on any

of the Collateral or the stock of Churchill Downs Management Company or (ii)

any transfer, assignment, or change of ownership or interest in any pari-mutuel

permits or licenses must comply with applicable law, which may require prior

approval by the Florida Division of Pari-Mutuel Wagering or comparable

governmental authority in the applicable State.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Financial

Statements</u>.&#160; The December 31, 2002

consolidated financial statements of the Loan Parties heretofore delivered to

the Lenders were prepared in accordance with generally accepted accounting

principles in effect on the date such statements were prepared and fairly

present the consolidated financial condition and operations of the Loan Parties

at such date and the consolidated results of their operations for the period

then ended.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Material

Adverse Change</u>.&#160; Since December 31,

2002 there has been no change in the business, Property, prospects, condition

(financial or otherwise) or results of operations of the Loan Parties taken as

a whole, which could reasonably be expected to have a Material Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Taxes</u>.&#160; Each Loan Party has filed all United States

federal tax returns and all other tax returns which are required to be filed

and has paid all taxes due pursuant to said returns or pursuant to any

assessment received by such Loan Party, except such taxes, if any, as are being

contested in good faith and as to which adequate reserves have been provided in

accordance with Agreement Accounting Principles and as to which no Lien

exists.&#160; The United States income tax

returns of each Loan Party and the other Loan Parties have been audited by the

Internal Revenue Service through the fiscal year ended December 31, 1998.&#160; No tax liens have been filed and no claims

are being asserted with respect to any such taxes.&#160; The charges, accruals and reserves on the books of each Loan

Party in respect of any taxes or other governmental charges are adequate.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Litigation

and Contingent Obligations</u>.&#160; There

is no litigation, arbitration, governmental investigation, proceeding or

inquiry pending or, to the knowledge of any of their officers, threatened

against or affecting any Loan Party which could reasonably be expected to have

a Material Adverse Effect or which seeks to prevent, enjoin or delay the making

of any Credit Extensions. Other than any liability incident to any litigation,

arbitration or proceeding which could not reasonably be expected to have a

Material Adverse Effect, the Loan Parties have no material contingent

obligations not provided for or disclosed in the financial statements referred

to in Section 5.4.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Subsidiaries</u>.&#160; <u>Schedule 1</u> contains an accurate list

of all Subsidiaries of the Loan Parties as of the date of this Agreement,

setting forth their respective jurisdictions of organization and the percentage

of their respective capital stock or other ownership interests owned by each

Loan Party.&#160; All of the issued and

outstanding shares of capital stock or other ownership interests of such

Subsidiaries have been (to the extent such concepts are relevant with respect

to such ownership interests) duly authorized and issued and are fully paid and

non-assessable.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>ERISA</u>.&#160; Except for any Multiemployer Plan, none of

the Loan Parties sponsors or contributes to a Plan that is covered by Title IV

of ERISA or that is subject to the minimum funding standards under Section 412

of the Code.&#160; Neither any Loan Party nor

any other member of the Controlled Group has incurred, or is reasonably

expected to incur, any withdrawal liability to Multiemployer Plans in excess of

$10,000,000.00 in the aggregate.&#160; No

Loan Party has any knowledge that any Plan fails to comply in all material

respects with all applicable requirements of law and regulation.&#160; Neither the Borrower nor any other member of

the Controlled Group has withdrawn from any Plan or initiated steps to do so,

and no steps have been taken to reorganize or terminate any Plan.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Accuracy

of Information</u>.&#160; No information,

exhibit or report furnished by the Borrower or any of the other Loan Parties to

the Agent or to any Lender in connection with the negotiation of, or compliance

with, the Loan Documents contained any misstatement of material fact or omitted

to state a material fact necessary to make the statements contained therein not

misleading.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Regulation

U</u>.&#160; Margin stock (as defined in

Regulation U) constitutes less than 25% of the value of those assets of the

Loan Parties which are subject to any limitation on sale, pledge, or other

restriction hereunder.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Material

Agreements</u>.&#160; Neither the Borrower

nor any Subsidiary is a party to any agreement or instrument or subject to any

charter or other corporate restriction which could reasonably be expected to

have a Material Adverse Effect.&#160; Neither

the Borrower nor any Subsidiary is in default in the performance, observance or

fulfillment of any of the obligations, covenants or conditions contained in (i)

any agreement to which it is a party, which default could reasonably be

expected to have a Material Adverse Effect or (ii) any agreement or instrument

evidencing or governing Indebtedness.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.13</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Compliance

With Laws</u>.&#160; The Loan Parties have

complied with all applicable statutes, rules, regulations, orders and

restrictions of any domestic or foreign government or any instrumentality or agency

thereof having jurisdiction over the conduct of their respective businesses or

the ownership of their respective Property except for any failure to comply

with any of the foregoing which could not reasonably be expected to have a

Material Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.14</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ownership

of Properties</u>.&#160; Except as set forth

on <u>Schedule 2</u>, on the date of this Agreement, the Loan Parties will have

good title, free of all Liens other than Permitted Liens, to all of the

Property and assets reflected in the Borrower&#146;s most recent consolidated

financial statements provided to the Agent as owned by the Loan Parties.

Subject to the terms of the Collateral Sharing Agreement and except for the

Permitted Liens, liens granted to the Collateral Agent for the benefit of the

Lenders pursuant to the Mortgages will constitute valid first priority Liens

under applicable law.&#160; Borrower will

take all such action as will be necessary or advisable to establish such Lien

of the Collateral Agent and its priority as described in the preceding sentence

at or prior to the time required for such purpose, and there will be as of the

date of execution and delivery of the Mortgages no necessity for any further

action in order to protect, preserve and continue such Lien and such priority

except for (i) the filing of continuation statements to continue financing

statements (filed as fixture filings) upon the expiration thereof and (ii) for

the recordation of the Calder Mortgage and for the recording of the Mortgages

(other than the Calder Mortgage) all of which recordation of such Mortgages

(other than the Calder Mortgage) shall have occurred on the Closing Date (or

within one Business Day following the Closing Date <i><font style="font-style:italic;">provided</font></i> that the title insurance policy relating to such

Mortgages (other than the Calder Mortgage) provides coverage as of the Closing

Date based on pro forma policies delivered and accepted on or before the

Closing Date).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.15</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Plan

Assets; Prohibited Transactions</u>.&#160;

The Borrower (a) is not an entity deemed to hold &#147;plan assets&#148; within

the meaning of 29 C.F.R. &#167; 2510.3-101 of an employee benefit plan (as defined

in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan

(within the meaning of Section 4975 of the Code), and assuming the source of

the Loans does not in any case include the assets of any employee benefit plan,

neither the execution of this Agreement nor the making of Credit Extensions

hereunder gives rise to a prohibited transaction within the meaning of Section

406 of ERISA or Section 4975 of the Code, and (b) the Borrower is an &#147;operating

company&#148; as defined in 29 C.F.R 2510-101 (c) or &#147;benefit plan investors&#148; (as

defined in 29 C.F.R. &#167; 2510.3-101(f)) do not own 25% or more of the value of

any class of equity interests in the Borrower.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.16</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Environmental

Matters.</u> In the ordinary course of its business, the officers of the

Borrower consider the effect of Environmental Laws on the business of the Loan

Parties, in the course of which they identify and evaluate potential risks and

liabilities accruing to the Borrower due to Environmental Laws.&#160; On the basis of this consideration, the

Borrower has concluded that Environmental Laws cannot reasonably be expected to

have a Material Adverse Effect.&#160; Neither

the Borrower nor any Subsidiary has received any notice to the effect that its

operations are not in material compliance with any of the requirements of

applicable Environmental Laws or are the subject of any federal or state

investigation evaluating whether any remedial action is needed to respond to a

release of any toxic or hazardous waste or substance into the environment,

which non-compliance or remedial action could reasonably be expected to have a

Material Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.17</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Investment

Company Act</u>.&#160; Neither the Borrower

nor any Subsidiary is an &#147;investment company&#148; or a company &#147;controlled&#148; by an

&#147;investment company&#148;, within the meaning of the Investment Company Act of 1940,

as amended.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.18</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Public

Utility Holding Company Act</u>.&#160;

Neither the Borrower nor any Subsidiary is a &#147;holding company&#148; or a

&#147;subsidiary company&#148; of a &#147;holding company&#148;, or an &#147;affiliate&#148; of a &#147;holding

company&#148; or of a &#147;subsidiary company&#148; of a &#147;holding company&#148;, within the

meaning of the Public Utility Holding Company Act of 1935, as amended.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.19</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Post-Retirement

Benefits</u>.&#160; The present value of the

expected cost of post-retirement medical and insurance benefits payable by the

Loan Parties to their employees and former employees, as estimated by the

Borrower in accordance with procedures and assumptions deemed reasonable by the

Required Lenders, does not exceed $10,000,000.00.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.20</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Insurance</u>.&#160; The certificate signed by the President or

chief financial officer of the Borrower, that attests to the existence and

adequacy of, and summarizes, the property and casualty insurance program

carried by the Borrower with respect to itself and the other Loan Parties and

that has been furnished by the Borrower to the Agent and the Lenders, is

complete and accurate.&#160; This summary

includes the insurer&#146;s or insurers&#146; name(s), policy number(s), expiration

date(s), amount(s) of coverage, type(s) of coverage, exclusion(s), and

deductibles.&#160; This summary also includes

similar information, and describes any reserves, relating to any self-insurance

program that is in effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.21</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Solvency</u>.&#160; (i) Immediately after the consummation of

the transactions to occur on the date hereof and immediately following the

making of each Loan, if any, made on the date hereof and after giving effect to

the application of the proceeds of such Loans, (a) the fair value of the assets

of the Loan Parties on a consolidated basis, at a fair valuation, will exceed

the debts and liabilities, subordinated, contingent or otherwise, of the Loan

Parties on a consolidated basis; (b) the present fair saleable value of the

Property of the Loan Parties on a consolidated basis will be greater than the

amount that will be required to pay the probable liability of the Loan Parties

on a consolidated basis on their debts and other liabilities, subordinated, contingent

or otherwise, as such debts and other liabilities become absolute and matured;

(c) the Loan Parties on a consolidated basis will be able to pay their debts

and liabilities, subordinated, contingent or otherwise, as such debts and

liabilities become absolute and matured; and (d) the Loan Parties on a

consolidated basis will not have unreasonably small capital with which to

conduct the businesses in which they are engaged as such businesses are now

conducted and are proposed to be conducted after the date hereof.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower does not intend to, or to permit any of the other Loan Parties to, and

does not believe that it or any of the other Loan Parties will, incur debts

beyond such Person&#146;s ability to pay such debts as they mature, taking into account

the timing of and amounts of cash to be received by it or any such Loan Party

and the timing of the amounts of cash to be payable on or in respect of its

Indebtedness or the Indebtedness of any such Loan Party.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.22</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Intellectual

Property</u>. <u>Schedule 5.22</u> sets forth a true and complete list,

differentiated by each Loan Party, of all of the patents, trademarks, licenses

not included in Schedule 5.25, copyrights and other intellectual property owned

by any of the Loan Parties or which any of them has an interest.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.23</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Properties</u>.

<u>Schedule 5.23</u> sets forth a true and complete list, differentiated by

each Loan Party, of the addresses of all Real Property.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.24</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Operating

Locations</u>. <u>Schedule 5.24</u> sets forth a true and complete list,

differentiated by each Loan Party, of the street addresses of each of the Loan

Parties&#146; operating locations.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.25</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Certain

Licenses</u>. <u>Schedule 5.25</u> sets forth a true and complete list,

differentiated by each Loan Party of all licenses or other authorities under

which any Loan Party is a licensee from any racing commission or authority or

holder of other racing rights.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.26</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Predecessor

Entities of the Loan Parties</u>.&#160; <u>Schedule

5.26</u> sets forth a list of any and all predecessors and/or prior names of

any Loan Party within the past five (5) years, including any entity or entities

which may no longer exist, whether by reason of merger, acquisition,

consolidation, sale of its material assets, dissolution, bankruptcy,

reorganization, which may have or had an interest in the Collateral or any part

thereof, together with such predecessor&#146;s (1) state of incorporation, (2) the

jurisdictional location of all of such entities offices and locations and (3)

all jurisdictional locations where any Collateral may have been kept.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

VI</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COVENANTS</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From and after the date of this Agreement, unless the

Required Lenders shall otherwise consent in writing:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Financial

Reporting</u>.&#160; The Borrower will

maintain, for itself and each Subsidiary, a system of accounting established

and administered in accordance with Agreement Accounting Principles, and

furnish to the Lenders:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Within

ninety (90) days after the close of each of Borrower&#146;s fiscal years, an

unqualified (except for qualifications relating to changes in Agreement

Accounting Principles or practices reflecting changes in generally accepted

accounting principles and required or approved by the Borrower&#146;s independent

certified public accountants) audit report certified by PriceWaterhouseCoopers

or such other independent certified public accountants acceptable to the

required Lenders, prepared in accordance with Agreement Accounting Principles

on a consolidated basis for itself and the other Loan Parties, including

consolidated balance sheets as of the end of such period, related consolidated

profit and loss and reconciliation of surplus statements, and a consolidated

statement of cash flows, accompanied by any management letter prepared by said

accountants, <i><font style="font-style:italic;">provided</font></i> that

satisfaction of the requirements of this Section 6.1(i) shall be deemed to have

been met by delivery within the time frame specified above of (a) copies of the

Borrower&#146;s Annual Report on Form 10-K for such fiscal year prepared in

accordance with the requirements therefor and filed with the Securities and

Exchange Commission, and (b) the financial statements and reports otherwise

required in this Section 6.1(i), consolidated as to the Borrower and the other

Loan Parties, except that such financial statements and reports need not be audited

and may be internally prepared.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Within

forty-five (45) days after the close of the first three quarterly periods of

each of its fiscal years, for itself and the other Loan Parties, consolidated

unaudited balance sheets as at the close of each such period and consolidated

profit and loss statements and a consolidated statement of cash flows for the

period from the beginning of such fiscal year to the end of such quarter, all

certified by its chief financial officer, <i><font style="font-style:italic;">provided</font></i>

that satisfaction of the requirements of this Section 6.1(ii) shall be deemed

to have been met by delivery within the time frame specified above of copies of

(a) the Borrower&#146;s Quarterly Report on Form 10-Q prepared in accordance with

the requirements therefor and filed with the Securities and Exchange

Commission, and (b) the financial statements and reports otherwise required in

this Section 6.1(ii), consolidated as to the Borrower and the other Loan

Parties.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As

soon as available, but in any event within ninety (90) days after the beginning

of each fiscal year of the Borrower, a copy of the plan and budget (including,

at a minimum, a projected consolidated balance sheet for the following fiscal

year end and projected quarterly income statements) of the Borrower and the other

Loan Parties for such fiscal year.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Together

with the financial statements required under Sections 6.1(i) and (ii), a

compliance certificate in substantially the form of <u>Exhibit B</u> signed by

its chief financial officer or treasurer showing the calculations necessary to

determine compliance with this Agreement and stating that no Default or

Unmatured Default exists, or if any Default or Unmatured Default exists,

stating the nature and status thereof.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Within

two hundred seventy (270) days after the close of each fiscal year, a statement

of the Unfunded Liabilities of each Single Employer Plan, if any, certified as

correct by an actuary enrolled under ERISA.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If

the Borrower has established a Plan, as soon as possible and in any event

within 10 days after the Borrower knows that any Reportable Event has occurred

with respect to any Plan, a statement, signed by the chief financial officer of

the Borrower, describing said Reportable Event and the action which the

Borrower proposes to take with respect thereto.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As soon

as possible and in any event within 10 days after receipt by the Borrower, a

copy of (a) any notice or claim to the effect that the Borrower or any of the

other Loan Parties is or may be liable to any Person as a result of the release

by the Borrower, any of the other Loan Parties, or any other Person of any

Hazardous Materials into the environment, and (b) any notice alleging any

violation of any Environmental Laws by the Borrower or any of the other Loan

Parties, which, in either case, could reasonably be expected to have a Material

Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Promptly

upon the furnishing thereof to the shareholders of the Borrower, copies of all

annual reports to shareholders (including without limitation annual reports to

shareholders, if any, prepared pursuant to Rule 14a-3 under the Exchange Act),

financial statements, reports and proxy statements so furnished.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Promptly

upon the filing thereof, copies of all registration statements and annual,

quarterly, monthly or other regular reports which any of the Loan Parties files

with the Securities and Exchange Commission.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Such

other information (including non-financial information) as the Agent or any

Lender may from time to time reasonably request.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Use

of Proceeds</u>.&#160; The Borrower and each

other Loan Party will, and will cause each Subsidiary to, use the proceeds of

the Credit Extensions to (a) refinance the Prior Credit Facility and (b) for

general corporate purposes, including for working capital and Acquisition

needs.&#160; The Borrower will not, nor will

it permit any Subsidiary to, use any of the proceeds of the Advances to

purchase or carry any &#147;margin stock&#148; (as defined in Regulation U).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notice

of Default</u>.&#160; The Borrower and each

other Loan Party will give prompt notice in writing to the Agent of the

occurrence of any Default or Unmatured Default and of any other development,

financial or otherwise, which could reasonably be expected to have a Material

Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Conduct

of Business</u>.&#160; The Borrower and each

other Loan Party will, and will cause each Subsidiary (other than the Excluded

Subsidiaries) to, carry on and conduct its respective business in substantially

the same manner and in substantially the Current Fields of Enterprise and do

all things necessary to remain duly incorporated or organized, validly existing

and (to the extent such concept applies to such entity) in good standing as a

domestic corporation, partnership or limited liability company in its

jurisdiction of incorporation or organization, as the case may be, and maintain

all requisite authority to conduct its business in each jurisdiction in which

its respective business is conducted in each case in which the failure to so

maintain such authority would have a Material Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Taxes</u>.&#160; The Borrower and each other Loan Party will,

and will cause each Subsidiary to, timely file complete and correct United

States federal and applicable foreign, state and local tax returns required by

law and pay when due all taxes, assessments and governmental charges and levies

upon such Loan Party or such Loan Party&#146;s income, profits or Property, except

those which are being contested in good faith by appropriate proceedings and

with respect to which adequate reserves have been set aside in accordance with

Agreement Accounting Principles.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Insurance</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower and each other Loan Party will, and will cause each Subsidiary to,

maintain with financially sound and reputable insurance companies insurance on

all their Property in such amounts and covering such risks as is consistent

with sound business practice, and the Borrower will furnish to any Lender upon

request full information as to the insurance carried.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All

insurance which the Loan Parties are required to maintain shall be satisfactory

to the Agent in form, amount and insurer.&#160;

Such insurance shall provide that any loss thereunder shall be payable

notwithstanding any action, inaction, breach of warranty or condition, breach

of declarations, misrepresentation or negligence of any of the Loan

Parties.&#160; Each policy shall contain an

agreement by the insurer that, notwithstanding lapse of a policy for any

reason, or right of cancellation by the insurer or any cancellation by any Loan

Party such policy shall continue in full force for the benefit of the

Collateral Agent for at least thirty (30) days after written notice thereof to

the Agent and the applicable Loan Party, and no alteration in any such policy

shall be made except upon thirty (30) days written notice of such proposed

alteration to the Agent and the applicable Loan Party and written approval by

the Agent.&#160; At or before the making of

the first Credit Extension, each Loan Party shall provide the Agent with

certificates evidencing its due compliance with the requirements of this

Section.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Compliance

with Laws</u>.&#160; The Borrower and each

other Loan Party will, and will cause each Subsidiary to, comply with all laws,

rules, regulations, orders, writs, judgments, injunctions, decrees or awards to

which such party may be subject including, without limitation, all

Environmental Laws, <i><font style="font-style:italic;">provided</font></i> that

it shall not be deemed to be a violation of this Section&nbsp;6.7 if any

failure to comply with any law would not result in fines, penalties,

remediation costs, other similar liabilities or injunctive relief which in the

aggregate would constitute a Material Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Maintenance

of Properties</u>.&#160; The Borrower and

each other Loan Party will, and will cause each Subsidiary (other than the

Excluded Subsidiaries) to, do all things necessary to maintain, preserve,

protect and keep its Property in good repair, working order and condition,

normal wear and tear excepted and taking into account the age and condition of

such Property and make all necessary and proper repairs, renewals and

replacements so that its business carried on in connection therewith may be

properly conducted at all times.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Inspection</u>.&#160; The Borrower and each other Loan Party will,

and will cause each Subsidiary to, permit the Agent, the Collateral Agent and

the Lenders, by their respective representatives and agents, to inspect any of

the Property, books and financial records of the Borrower and each Subsidiary,

to examine and make copies of the books of accounts and other financial records

of the Borrower and each Subsidiary, and to discuss the affairs, finances and

accounts of the Borrower and each Subsidiary with, and to be advised as to the

same by, their respective officers at such reasonable times and intervals as

the Agent, the Collateral Agent or any Lender may designate; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,

so long as no Default or Unmatured Default has occurred or is continuing, no

such inspections, examinations, or discussions shall occur during the two week

period preceding, or on the day of, the running of the [i] Kentucky Derby or

[ii] Breeder&#146;s Cup, if the Breeder&#146;s Cup is to be held at Churchill Downs.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indebtedness</u>.&#160; The Borrower and the other Loan Parties will

not, nor will they permit any Subsidiary (other than Excluded Subsidiaries) to,

create, incur or suffer to exist any Indebtedness, except:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Loans and the Reimbursement Obligations.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indebtedness

existing on the date hereof and described in <u>Schedule 2</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indebtedness

arising under Rate Management Transactions related to the Loans to the extent

permitted under Section 6.22.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indebtedness

secured by any purchase money security interests not exceeding $5,000,000;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Capitalized

Lease Obligations in an amount not exceeding $5,000,000;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indebtedness

to sellers in connection with Permitted Acquisitions in an aggregate amount not

to exceed $10,000,000 <i><font style="font-style:italic;">provided</font></i>

that such Indebtedness is subordinated to the Indebtedness hereunder pursuant

to subordination provisions acceptable to the Required Lenders in the Required

Lenders&#146; reasonable discretion;</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='38',FILE='C:\C2\rreeve\0603_3\t_1507228\j0603_ex10db.htm',USER='rreeve',CD='May 13 06:22 2003' -->
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indebtedness

secured by any Lien permitted pursuant to Section 6.16;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indebtedness

of not greater than $100,000,000 in principal, plus accrued interest not yet

due and payable, under the Term Notes;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indebtedness

of not greater than $153,000,000 under the Master Plan Bond Transaction;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indebtedness

permitted under Section 6.15, reduced by the amounts of Indebtedness actually

outstanding at any time that is described in or subject to clauses (iv), (v)

and/or (vi) of this Section 6.10.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Merger</u>.&#160; Without the consent of the Required Lenders,

the Borrower will not, nor will it permit any Subsidiary (other than the

Excluded Subsidiaries) to, merge or consolidate with or into any other Person,

except that a Loan Party may merge into the Borrower or a Wholly-Owned

Subsidiary that is or becomes a Loan Party <i><font style="font-style:italic;">provided</font></i>

that at least ten (10) Business Days before the date of such consolidation or

merger, the applicable parties shall have delivered to the Agent all of the new

Mortgages, amendments to Mortgages, financing statements, amendments thereto

and other amendments to the Loan Documents and the schedules thereto required

to reflect such consolidation or merger and to perfect or confirm the Liens of

the Collateral Agent for the benefit of the Lenders in the assets of the Loan

Parties which are parties thereto.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Sale

of Assets</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower will not, nor will it permit any Subsidiary (other than the Excluded

Subsidiaries) to, lease, sell or otherwise dispose of its Property to any other

Person, except:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Sales

of inventory in the ordinary course of business (subject to subsection (ii)

below).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Leases,

sales or other dispositions of its Property (including ownership interests in

Guarantors described in Subsection 6.12(iii)(a) and/or (b)) that, together with

all other Property of the Loan Parties previously leased, sold or disposed of

(other than inventory in the ordinary course of business) as permitted by this

Section, in the aggregate, (1) during the twelve-month period ending with the

month in which any such lease, sale or other disposition occurs, do not

constitute a Twelve Month Substantial Portion of the Property of the Loan

Parties, or (2) from and after the Closing Date does not constitute a Term

Substantial Portion of the Property of the Loan Parties, in each case (subject

to subsection (ii) below); <i><font style="font-style:italic;">provided</font></i>

that prior to and upon completion of such lease, sale or other disposition no

Default or Unmatured Default would exist, including after giving effect to such

sale, transfer or other disposition.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Without

regard to, and in addition to the limits of Section 6.12(i)(b), the sale,

transfer or other disposition of the assets of, or ownership interests in,

Ellis Park Race Course and/or Racing Corporation of America, <i><font style="font-style:italic;">provided</font></i> that prior to and upon completion

of such sale, transfer or other disposition no Default or Unmatured Default

would exist, including after giving effect to such sale, transfer or other

disposition, and <i><font style="font-style:italic;">provided further</font></i>

that the full amount of the cash proceeds realized on such sale, transfer or

other disposition are applied to reduce the Aggregate Outstanding Credit

Exposure.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

sales of assets permitted under (i) (a), and (b) above would be permitted only

on the condition that for leases, sales or other dispositions that, in any

single transaction or related series of transactions, generate $1,000,000 or

more of lease, sale or disposition proceeds, immediately upon completion of the

sale the full amount of the proceeds realized on the lease, sale or other

disposition are applied to reduce the Aggregate Outstanding Credit Exposure.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(a)<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon the sale of

Property permitted under and in accordance with Subsection 6.12(i)(c) above,

the Agent is hereby authorized by the Lenders to instruct the Collateral Agent

to cause Racing Corporation of America and Ellis Park Race Course, Inc. to be

released from their obligations under the Guaranty without the need for any

further authorization from the Lenders, to the extent the Agent may do so

under, and subject to the terms of, the Collateral Sharing Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon

consummation of the sale or other disposition of Property that (1) consists of

(A) all of the interests of all Loan Parties in a Guarantor, including, without

limitation, all of the capital stock, LLC or partnership (as applicable) and

other equity interests in that Guarantor, or (B) all of the Property of a

Guarantor, and (2) is permitted under and consummated in accordance with

Subsections 6.12(i)(b) and (ii) above, the Agent is hereby authorized by the

Lenders instruct the Collateral Agent to cause that particular Guarantor to be

released from its obligations under the Guaranty without the need for any

further authorization from the Lenders, to the extent the Agent may do so

under, and subject to the terms of, the Collateral Sharing Agreement, <i><font style="font-style:italic;">provided</font></i> that no Default or Unmatured

Default shall exist and be continuing or result from that sale or other

disposition of that Property and/or the release of that Guarantor from its

obligations under the Guaranty, and <i><font style="font-style:italic;">provided</font></i>

further that Guarantor is simultaneously released from any and all guaranty

and/or other obligations with respect to the Term Notes and/or the Note

Purchase Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing provisions of this Section 6.12, nothing

contained in this Section 6.12 or this Agreement shall prevent the Borrower nor

any other Loan Party or any Subsidiary from conducting its revenue producing

activities in the ordinary course of its respective business, including, but

not limited to, the (a) leasing or licensing of parking facilities, banquet

facilities, boxes, suites or other facilities to the patrons of the Borrower,

each Loan Party and each Subsidiary (collectively, the &#147;Patrons&#148;), (b) granting

of personal suite licenses to Patrons, (c) granting of licenses to Patrons to

use space in the &#147;marquee village&#148; and other similar facilities, and (d) the

license or use for a fee of simulcast signals, trademarks, copyrights, and

other similar assets, and (e) prepaying and/or forgiving any amounts owed under

or canceling the bond or the Lease issued or entered into in connection with

the Master Plan Bond Transaction.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.13</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Investments

and Acquisitions</u>.&#160; The Borrower will

not, nor will it permit any other Loan Party to, make or suffer to exist any

Investments (including without limitation, loans and advances to, and other

Investments in, Subsidiaries), or commitments therefor, or to create any

Subsidiary or to become or remain a partner in any partnership or joint

venture, or to make any Acquisition of any Person, except:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cash

Equivalent Investments.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any

Investment (a) in existence on the date hereof (including without limitation

existing Investments in Subsidiaries) and described in <u>Schedule 1</u>, (b)

in any Subsidiary that is a Loan Party if such Investment is not an Acquisition,

and (c) so long as no Default or Unmatured Default has occurred and is

continuing, in an Excluded Entity that is not an Acquisition if, but only if,

the aggregate amount of all Investments in all Excluded Entities under this

clause (ii)(c) after the date of this Agreement, when aggregated with all of

the Acquisitions and/or Investments under clauses (iii)(d)(4), (iii)(e) and

(iii)(f) of this Section 6.13 made after the date of this Agreement (including

such proposed Investment), shall not exceed 20% of Consolidated Net Worth at

the time of the proposed Investment in such Excluded Entity.&#160; The Loan Parties shall demonstrate,

including in appropriate circumstances determined by and acceptable to the

Agent, through representations by the Loan Parties, that they shall be in

compliance with all provisions of this Agreement after giving effect to any

Investment permitted by this clause 6.13 (ii)(c) by delivering, at least five

(5) Business Days prior to making or closing such Investment a certificate in

the form of <u>Exhibit O</u> (each an &#147;Investment Compliance Certificate&#148;)

evidencing such compliance.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower or any Loan Party may effect an Acquisition through a merger,

consolidation or by purchase, lease or otherwise of the capital stock or

ownership interest of another Person, or of Property of another Person (each a

&#147;Permitted Acquisition&#148;), to the extent, but only to the extent, such Loan

Party shall have complied with all of the applicable following provisions:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In

the case of a Permitted Acquisition by the Borrower, the Borrower shall be the

surviving entity in any merger or consolidation.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>At

least thirty (30) Business Days before the date of the proposed Acquisition,

the Borrower shall have delivered to the Agent a notice of acquisition

substantially in the form of <u>Exhibit F</u> attached hereto (a &#147;Notice of

Acquisition&#148;) describing in detail the proposed Acquisition.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(1)

Such Person is either (A) an existing Guarantor or (B) has executed a Guarantor

Joinder to join this Agreement as a Guarantor pursuant to Section 9.14, or

shall have done so on or before the date of such Permitted Acquisition, or, (2)

in the alternative, upon request provided in the Notice of Acquisition of the

Loan Party acquiring such Person, on or before the date of closing of such

Permitted Acquisition, the Required Lenders shall have consented, in their

discretion, in writing, to permit such acquired Person to be an Excluded

Entity.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If

the Person to be acquired is not to be an Excluded Entity, then clauses (1),

(2), (3) and (4) of this subsection apply:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Loan Party which acquires such ownership interest in such Person shall pledge

such ownership interests to the Collateral Agent pursuant to the Pledge and

Security Agreement and Section 9.14 on or before the date of the closing of

such Permitted Acquisition, except as provided in clauses (iii)(d)(3) or

(iii)(e) below; and such Person shall, on or before the date of the closing of

such Permitted Acquisition execute and deliver a Guarantor Joinder and

otherwise comply with the requirements of Section 9.14;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No

Default or Unmatured Default shall exist prior to and/or after giving effect to

such Permitted Acquisition;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If

such Person is engaged in a Current Field of Enterprise and applicable laws

relating to horse racing or gaming prohibit the pledge of the ownership

interests of such Person or the grant of Liens in one or more assets of such

Person (such stock and assets, collectively, the &#147;Restricted Assets&#148;), such

Person and its owners shall not be obliged to grant Liens in the Restricted

Assets, <i><font style="font-style:italic;">provided</font></i> that the Loan

Parties shall use their best efforts with respect to the matters within their

respective control to obtain, within ninety (90) days after the date of such

Permitted Acquisition (A) the consent of the applicable regulatory authority to

the pledge or grant of first and prior Liens in the Restricted Assets of such

Person to the Collateral Agent, or (B) the acknowledgement by such regulatory authority

that such a pledge or grant of security interests does not require such

consent; and the applicable Loan Parties shall within ten (10) days after

receiving any such acknowledgement or consent take all steps necessary or

appropriate to pledge and grant first and prior Liens, other than Permitted

Liens, in favor of the Collateral Agent in, as applicable, the Restricted

Assets pursuant to the Pledge and Security Agreement and any other applicable

Collateral Documents, other Loan Documents, and/or other documents in the form

of the Collateral Documents except for the name of the applicable Loan Party

and the description of the Property; and</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If

such Person is not engaged in a Current Field of Enterprise, the aggregate

consideration paid for the Acquisition of and Investment in that Person,

together with all other Acquisitions under this clause (iii)(d)(4) previous to

the Acquisition in question, when aggregated with all of the Investments under clause(ii)(c)

and Acquisitions under clauses (iii)(e) and (iii)(f) of this Section 6.13,

shall not exceed 20% of Consolidated Net Worth at the time of the proposed

Acquisition of such Person.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If

the acquired Person is to be an Excluded Entity, then clauses (1), (2), (3) and

(4) of this subsection apply:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

board of directors or other equivalent governing body of such Person shall have

approved such Permitted Acquisition and, if the Loan Parties shall use any

portion of the Loans to fund such Permitted Acquisition, the Loan Parties shall

also have delivered to the Lenders written evidence of the approval of the

board of directors (or equivalent body) of such Person for such Permitted

Acquisition;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No

Default or Unmatured Default shall exist prior to and/or after giving effect to

such Permitted Acquisition;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Loan Parties shall have delivered to the Agent at least five (5) Business Days

before such Permitted Acquisition copies of any agreements entered into or

proposed to be entered into by such Loan Parties in connection with such

Permitted Acquisition and shall deliver to the Agent for its review such other

information about such Person or its Property as the Agent may reasonably

require; and</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

aggregate consideration paid for the Acquisition of and Investment in all

Persons pursuant to this clause (iii)(e) of this Section 6.13, when aggregated

with all other consideration paid for the Acquisition of and Investments in any

Person under this clause (iii)(e) and when aggregated with all Investments

under clause (ii)(c) and all Acquisitions under clauses (iii)(d)(4) and

(iii)(f) of this Section, shall not exceed 20% of Consolidated Net Worth at the

time of the Proposed Acquisition of such Person.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If

the Permitted Acquisition is through purchase, lease or other acquisition of

Property of a Person by a Loan Party, then clauses (1), (2) and (3) of this

subsection apply:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No

Default or Unmatured Default shall exist prior to and/or after giving effect to

such Permitted Acquisition.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That

Loan Party shall pledge such Property pursuant to the Pledge and Security

Agreement and/or Mortgage(s), as appropriate, and Section 6.29, unless such

Loan Party is engaged in a Current Field of Enterprise and applicable laws

relating to horse racing or gaming cause the Property, or some part of it,

being acquired to be Restricted Assets, in which case such Loan Party shall not

be obliged to grant Liens in the Restricted Assets, <i><font style="font-style:italic;">provided</font></i> that the Loan Parties shall use their best efforts

with respect to the matters within their respective control to obtain, within

ninety (90) after the date of such Permitted Acquisition (A) the consent of the

applicable regulatory authority to the pledge or grant of first and prior

Liens, other than Permitted Liens, in the Restricted Assets of such Loan Party

to the Collateral Agent, or (B) the acknowledgement by such regulatory

authority that such a pledge or</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">grant of security

interests does not require such consent, and that Loan Party shall within ten

(10) days after receiving any such acknowledgement or consent take all steps

necessary or appropriate to pledge and grant first and prior Liens, other than

Permitted Liens, in favor of the Collateral Agent in, as applicable, the

Restricted Assets pursuant to the Pledge and Security Agreement and any other

applicable Collateral Documents, other Loan Documents, and/or documents

consistent with the Collateral Documents.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If

that Loan Party is not engaged in a Current Field of Enterprise both before and

after the Permitted Acquisition, the aggregate consideration paid for the

Acquisition of Property of such Person by such Loan Party pursuant to this

clause (iii)(f) of this Section 6.13, when aggregated with all other consideration

paid for the Investment in any Person under clause (ii)(c) and when further

aggregated with all other Acquisitions and Investments under clauses

(iii)(d)(4) and (iii)(e) of this Section, shall not exceed 20% of Consolidated

Net Worth at the time of the proposed Acquisition of such Property.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Loan Parties shall demonstrate, including, in appropriate circumstances

determined by and acceptable to the Agent, through representations by the Loan

Parties, that they shall be in compliance with (i) the covenants contained in

Sections 6.10, 6.11, 6.12, 6.13, 6.14, 6.15,&#160;

6.16, 6.17, 6.18, 6.19, 6.23, 6.24, 6.25, 6.26, 6.30, 6.32, 6.33 and

6.34 (including in such computation Indebtedness, Contingent Obligations, Sale

and Leaseback Transactions and all other liabilities and/or obligations assumed

or incurred by a Loan Party or such Person in connection with such Permitted

Acquisition), and (ii) all other provisions of this Agreement after giving

effect to any Permitted Acquisition, by delivering at least five (5) Business

Days prior to such Permitted Acquisition a certificate in the form of <u>Exhibit

M</u> (each an &#147;Acquisition Compliance Certificate&#148;) evidencing such

compliance.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.14</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Subsidiaries</u>.&#160; Each Loan Party shall not, and shall not

permit any of its Subsidiaries to, own or create, directly or indirectly, any

Subsidiaries other than (a) any Subsidiary on the Closing Date, and (b) any

Subsidiary formed or acquired after the Closing under this Agreement pursuant

to a Permitted Acquisition.&#160; Unless the

Subsidiary so acquired is an Excluded Entity with respect to which the Loan

Parties have complied with Section 6.13, such newly formed or acquired

Subsidiary and the applicable Loan Party, as applicable, shall grant and cause

to be perfected first and prior Liens (other than Permitted Liens) in favor of

the Collateral Agent in the assets held by, and stock of or other ownership

interest in, such Subsidiary, subject to Section 6.13(iii)(d)(3).&#160; Except as otherwise permitted under Section

6.13 of this Agreement, each of the Loan Parties shall not become or agree to

become (1) a general or limited partner in any general or limited partnership,

except that Loan Parties may be general or limited partners in other Loan

Parties, (2) become a member or manager of, or hold a limited liability company

interest in, a limited liability company, except that the Loan Parties may be

members or managers of, or hold limited liability company interest in, other

Loan Parties, or (3) become a joint venturer or hold a joint venture interest

in any joint venture.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.15</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Certain

Transactions</u>. Except for the Sale and Leaseback Transaction that is a part

of the Master Plan Bond Transaction, the Borrower and the other Loan Parties

collectively, in the aggregate, may not incur Indebtedness under Sections

6.10(x) or Off Balance Sheet Liabilities under Section 6.23 (ii), which, at any

one time, aggregate for the Borrower and all of the other Loan Parties,

collectively, in an amount more than $40,000,000.00.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.16</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Liens</u>.&#160; The Borrower will not, nor will it permit

any Subsidiary to, create, incur, or suffer to exist any Lien in, of or on the

Property of the Borrower or any of its Subsidiaries, except (collectively,

&#147;Permitted Liens&#148;):</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens

for taxes, assessments or governmental charges or levies on such Loan Party&#146;s

Property if the same shall not at the time be delinquent or thereafter can be

paid without penalty, or are being contested in good faith and by appropriate

proceedings and for which adequate reserves</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in accordance with

Agreement Accounting Principles shall have been set aside on such Loan Party&#146;s

books.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens

imposed by law, such as carriers&#146;, warehousemen&#146;s and mechanics&#146; liens and

other similar Liens arising in the ordinary course of business which secure

payment of obligations not more than sixty (60) days past due or which are

being contested in good faith by appropriate proceedings and for which adequate

reserves in accordance with Agreement Accounting Principles shall have been set

aside on such Loan Party&#146;s books.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens

arising out of pledges or deposits under worker&#146;s compensation laws,

unemployment insurance, old age pensions, or other social security or

retirement benefits, or similar legislation.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Utility

easements, building restrictions and such other encumbrances or charges against

real property as are of a nature generally existing with respect to properties

of a similar character and which do not in any material way affect the

marketability of the same or interfere with the use thereof in the business of

the Borrower or its Subsidiaries.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens

existing on the date hereof and described in <u>Schedule 2</u> and any Lien

filed or which arises, at any time solely against Property of any Excluded

Subsidiary.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens

in favor of the Collateral Agent, for the benefit of the Lenders and subject to

the terms of the Collateral Sharing Agreement, granted pursuant to any

Collateral Document.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens,

security interests and mortgages for the benefit of any individual Lender which

provides a Rate Management Transaction permitted under Section 6.22 (each a

&#147;Permitted Secured Lender Rate Management Transaction&#148;) between one or more of

the Loan Parties and such Lender, <i><font style="font-style:italic;">provided</font></i>

that any such Liens shall be pari passu with the Liens securing the other

Secured Obligations hereunder and be subject to the collateral sharing

provisions contained in the Collateral Sharing Agreement.&#160; The parties to a &#147;Permitted Secured Rate Management

Transaction&#148; shall state in the documentation governing such agreement that

such agreement is intended to be a &#147;Permitted Secured Rate Management

Transaction&#148; hereunder, and upon doing so such agreement shall be treated as a

&#147;Permitted Secured Rate Management Transaction&#148; for all purposes hereunder and

under each of the other Loan Documents and such agreement shall be entitled to

share in the Collateral as more fully provided for herein and therein.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens

created in connection with assets leased under Capitalized Leases described in

and permitted under Section 6.10(v).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Purchase

money security interests described in and permitted under Section 6.10(iv).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>So

long as, (A)&nbsp; the validity or amount thereof is being contested in good

faith by appropriate and lawful proceedings diligently conducted and so long as

levy and execution thereon have been stayed and continue to be stayed or

(B)&nbsp;if a final judgment is entered, such judgment is discharged within

thirty (30) days of entry, and in either case they do not in the aggregate, materially

impair the ability of the Borrower to perform its Obligations hereunder and

under the other Loan Documents, then the following:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Claims

or Liens for taxes, assessments or charges due and payable and subject to

interest or penalty, <i><font style="font-style:italic;">provided</font></i> that

the applicable Loan Party maintains such reserves or other appropriate

provisions as shall be required by Agreement Accounting Principles and pays all

such taxes, assessments or charges forthwith upon the commencement of

proceedings to foreclose any such Lien <i><font style="font-style:italic;">provided</font></i>

that, notwithstanding any such reserves, the Loan Parties shall pay any Liens

related to recording or related taxes</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt 2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(including documentary

stamp taxes or intangible taxes), immediately upon the existence of any Default

or immediately upon the request of the Agent if the Collateral Agent has

recorded or is recording a Mortgage with respect to such realty;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Claims,

Liens or encumbrances upon, and defects of title to, real or personal property

other than the Collateral, including any attachment of personal or real

property or other legal process prior to adjudication of a dispute on the

merits;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Claims

or Liens of mechanics, materialmen, warehousemen, carriers, or other statutory

nonconsensual Liens; or</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Claims

or Liens resulting from judgments or orders which, in the aggregate, do not

exceed $5,000,000.00.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens

permitted under the title policies referred to in Section 4.1(i) hereof.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.17</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Capital

Expenditures</u>.&#160; The Borrower will

not, nor will it permit any Subsidiary to, expend, or be committed to expend,

funds for Capital Expenditures under the Borrower&#146;s Master Plan for Capital

Expenditures in an amount exceeding $125,000,000.00 for the Borrower and its

Subsidiaries in the aggregate.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.18</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Rentals</u>.&#160; The Borrower will not, nor will it permit

any Loan Party to, create, incur or suffer to exist obligations for

Consolidated Rentals in excess of $10,000,000.00 in any one fiscal year for the

Borrower and its Subsidiaries in the aggregate.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.19</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Affiliates</u>.&#160; The Borrower will not, and will not permit

any Subsidiary to, enter into any transaction (including, without limitation,

the purchase or sale of any Property or service) with, or make any payment or

transfer to, any Affiliate except (i) in the ordinary course of business and

pursuant to the reasonable requirements of the Borrower&#146;s or such Subsidiary&#146;s

business and (ii) upon fair and reasonable terms no less favorable to the

Borrower or such Subsidiary than the Borrower or such Subsidiary would obtain

in a comparable arms-length transaction.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.20</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No

Prepayment of Material Indebtedness</u>. The Loan Parties shall not, nor will

any of them permit any Subsidiary to, prepay, anticipate, defease, purchase,

redeem or acquire any Material Indebtedness (other than Obligations hereunder),

either in whole or in part, directly or indirectly, prior to the scheduled

maturity thereof, except for payment of regularly scheduled installments of

principal and/or interest thereon as and when those installments come due in

the regular course, and not by acceleration thereof, provided that nothing in

this Section 6.20 shall prohibit an Excluded Subsidiary to prepay any

Indebtedness with respect to which it, but not any Loan Party, is obligated.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.21</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Recordation

of Calder Mortgage</u>.&#160; The Agent may,

and at the direction of the Required Lenders shall, direct the Collateral Agent

to record the Calder Mortgage; and appropriate UCC fixture filings.&#160; The other financing statements for filing in

Florida (the &#147;Calder Financing Statements&#148;) will be filed concurrently with the

Closing. The Loan Parties shall take all such steps as the Agent, the

Collateral Agent or the Required Lenders request and shall otherwise cooperate

in connection with the recordation of the Calder Mortgage, and related

documents pursuant to the preceding sentence, including (i) obtaining title

insurance for the benefit of the Collateral Agent and the Lenders in an amount

not less than the appraised value of the property covered by such Calder Mortgage&#160; (which the Loan Parties shall be required to

pay for) and (ii) if a Default exists at the time of such recordation or if a

Default should occur following such recordation, the Loan Parties shall pay (or

reimburse the Agent for) all documentary stamp taxes, intangible asset taxes or

other fees and expenses associated with such recordation.&#160; The Calder Mortgage shall be treated as a

&#147;Recorded Mortgage&#148; for purposes of this Agreement including the warranty in Section

5.14 relating to the Recorded Mortgages.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.22</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Financial

Contracts</u>.&#160; The Borrower has entered

into the transactions of the type described in the definition of &#147;Rate

Management Transactions&#148; described on <u>Schedule 6.22</u>, and may enter into

one or more transactions of the type described in the definition of &#147;Rate

Management Transactions&#148; with one or more of the Lenders after the date of this

Agreement, but the Borrower shall not, nor will it permit any Subsidiary to

enter into or remain liable under any Financial Contract that is speculative in

nature.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.23</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Sale

and Leaseback Transactions and other Off-Balance Sheet Liabilities</u>.&#160; The Borrower will not, nor will it permit

any Subsidiary to, enter into or suffer to exist any (i) Sale and Leaseback

Transaction except the Sale and Leaseback Transaction that is a part of the

Master Plan Bond Transaction or (ii) any other transaction pursuant to which it

incurs or has incurred Off-Balance Sheet Liabilities, except for (a) Rate

Management Obligations permitted to be incurred under the terms of Section 6.22

and (b) as provided in Section 6.15.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.24</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Financial

Covenants</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.24.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Fixed Charge

Coverage Ratio</u>.&#160; The Borrower will

not permit the Fixed Charge Coverage Ratio, determined as of the end of each of

its fiscal quarters for the then most-recently ended four fiscal quarters of

(i) Consolidated Adjusted EBITDA to (ii) Consolidated Fixed Charges, all

calculated for the Loan Parties on a consolidated basis, to be less than 1.35

to 1.0.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.24.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Leverage Ratio</u>.&#160; The Borrower will not permit the Leverage

Ratio, determined as of the end of each of its fiscal quarters, of (i)

Consolidated Funded Indebtedness, as adjusted by the Seasonal Borrowing Needs

Adjustment in appropriate fiscal quarters, to (ii) Consolidated Adjusted EBITDA

for the then most-recently ended four fiscal quarters to be greater than:</p>



<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="70%" style="border-collapse:collapse;margin-left:1.0in;width:70.0%;">

 <tr>

  <td width="45%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:45.8%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Leverage Ratio</font></b></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.14%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:49.82%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:45.8%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.8%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5 to 1.0</font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.14%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="49%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing Date through

  June 29, 2005</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.8%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.0 to 1.0</font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.14%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="49%" valign="bottom" style="padding:0in 0in 0in 0in;width:49.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June 30, 2005 through

  June 29, 2006</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.8%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5 to 1.0</font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.14%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="49%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June 30, 2006 and

  thereafter</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.24.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Minimum Net

Worth</u>. The Borrower will at all times maintain Consolidated Net Worth of

not less than (a) $195,000,000 as of the Closing Date, and (b) beginning with

Borrower&#146;s fiscal year ending December 31, 2003, the sum of (i) $195,000,000

plus (ii) 50% of Consolidated Net Income earned in each fiscal year (without

deduction for losses), plus (iii) 100% of the proceeds from any public and/or

private offering and/or sale of any common and/or preferred stock and/or other

equity security, and/or any note, debenture, or other security convertible, in

whole or in part, to common and/or preferred stock and/or other equity

security, net of reasonable expenses, commissions and fees associates with such

sale, from and after the date of this Agreement.</p>



<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.25</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Loan

Parties shall enter into Collateral Documents</u>.&#160; The Borrower and each of the other Loan Parties shall grant to

the Collateral Agent, for the benefit of the Lenders, subject to the terms of

the Collateral Sharing Agreement, a first priority perfected security interest

in all of the Property of the Borrower and each of the Loan Parties, <i><font style="font-style:italic;">provided</font></i> that (i) recordation of the

Calder Mortgage and UCC fixture filings for filing in Florida may be delayed

pursuant to and in accordance with Section 6.21, and (ii) Racing Corporation of

America and Ellis Park Race Course, Inc. shall not be required to execute or

deliver any Collateral Document other than the Guaranty.&#160; To that end, each of the Loan Parties shall

duly authorize, execute and promptly deliver the Guaranty to the Agent and

deliver to the Collateral Agent the Mortgages, the Pledge and Security

Agreement, the Assignments of Patents, Trademarks and Copyrights, the

Collateral Sharing Agreement, the Intercompany Subordination Agreement and any

and all other Collateral Documents, including without limitation all documents

or instruments necessary or appropriate to create and/or perfect or otherwise

protect the Liens in the Collateral in favor of the Collateral Agent for the

benefit of the Lenders, subject to the terms of the Collateral Sharing

Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.26</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Maintenance

of Patents, Trademarks, Etc</u>.&#160; Each

Loan Party shall, and shall cause each of its Subsidiaries&#160; (except for the Excluded Subsidiaries) to,

maintain in full force and effect all patents, trademarks, service marks, trade

names, copyrights, licenses, franchises, permits and other authorizations

necessary for the ownership and operation of its properties and business if the

failure so to maintain the same would constitute a Material Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.27</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Plans

and Benefit Arrangements</u>.&#160; The

Borrower shall, and shall cause each other member of the Controlled Group to,

comply with ERISA, the Code and other applicable Laws applicable to Plans, or

Benefit</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='46',FILE='C:\C2\rreeve\0603_3\t_1507228\j0603_ex10db.htm',USER='rreeve',CD='May 13 06:22 2003' -->
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arrangements except where such failure, alone or in conjunction with

any other failure, would not result in a Material Adverse Effect.&#160; Without limiting the generality of the

foregoing, the Borrower shall make, and cause each member of the Controlled

Group to make, in a timely manner, all contributions due to Plans, Benefit

Arrangements and Multiemployer Plans.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.28</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Compliance

with Laws</u>.&#160; Each Loan Party shall,

and shall cause each of its Subsidiaries to, comply with all applicable all

applicable statutes, rules, regulations, orders and restrictions of any

domestic or foreign government or any instrumentality or agency thereof having

jurisdiction over the conduct of their respective businesses or the ownership

of their respective Property, including all Environmental Laws, in all

respects, <i><font style="font-style:italic;">provided</font></i> that it shall

not be deemed to be a violation of this Section&nbsp;6.28 if any failure to

comply with any of the foregoing would not result in fines, penalties,

remediation costs, other similar liabilities or injunctive relief which in the

aggregate would constitute a Material Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.29</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Further

Assurances</u>.&#160; Each Loan Party shall,

from time to time, at its expense, (i) take such steps as may be necessary

and/or appropriate to faithfully preserve and protect the Lien in favor of the

Collateral Agent, for the benefit of the Lenders pursuant to and subject to the

terms of the Collateral Sharing Agreement, on and security interest in the

Collateral more fully described in the Collateral Documents as a continuing

first priority perfected Lien, subject only to Permitted Liens, (ii) shall do

such other acts and things as the Agent in its sole discretion may deem

necessary or advisable from time to time in order to preserve, perfect and

protect the Liens granted under the Loan Documents and to exercise and enforce

its rights and remedies thereunder with respect to the Collateral, and (iii) as

Property is acquired and as required by the other provisions of this Agreement,

enter into additional documents from time to time in the form of the Collateral

Documents (except as to the applicable Loan Party and the Property subject

thereto) and take such other steps to grant and perfect first priority Liens on

those assets to the Collateral Agent, for the benefit of the Lenders pursuant

to and subject to the Collateral Sharing Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.30</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Subordination

of Intercompany Loans</u>.&#160; Each Loan

Party shall cause any intercompany Indebtedness, and loans or advances owed by

any Loan Party to any other Loan Party to be subordinated pursuant to the terms

of the Intercompany Subordination Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.31</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Plans

and Benefit Arrangements</u>.&#160; Each of

the Loan Parties shall not, and shall not permit any of its Subsidiaries to:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>engage

in a Prohibited Transaction with any Plan, Benefit Arrangement or Multiemployer

Plan which, alone or in conjunction with any other circumstances or set of

circumstances resulting in liability under ERISA, would constitute a Material

Adverse Effect;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>fail

to make when due any contribution to any Multiemployer Plan that the Borrower

or any member of the Controlled Group may be required to make under any

agreement relating to such Multiemployer Plan, or any Law pertaining thereto;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>withdraw

(completely or partially) from any Multiemployer Plan where any such withdrawal

is likely to result in a material liability under Section 4063 of ERISA of the

Borrower or any member of the Controlled Group that would constitute a Material

Adverse Effect;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>terminate,

or institute proceedings to terminate, any Plan, where such termination is

likely to result in a material liability to the Borrower or any member of the

Controlled Group that would constitute a Material Adverse Effect;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make

any amendment to any Plan with respect to which security is required under

Section&nbsp;307 of ERISA;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>fail

to give any and all notices and make all disclosures and governmental filings

required under ERISA or the Code, where such failure is likely to result in a

Material Adverse Effect; or</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>create

or enter into any Plan subject to the minimum funding requirements of ERISA,

without the prior written consent of the Required Lenders.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.32</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Issuance

of Stock</u>. Except as may be permitted in Section 6.13, each of the Loan

Parties other than the Borrower shall not issue any additional shares of such

Loan Party&#146;s capital stock or any options, warrants or other rights in respect

thereof to any Person not a Loan Party, <i><font style="font-style:italic;">provided</font></i>

that the Borrower shall deliver stock powers and the original certificates

evidencing such new shares in such Loan Party and shall take any other steps

necessary to grant security interests in such shares in favor of the Collateral

Agent prior to issuing such shares.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.33</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Changes

in Organizational Documents</u>.&#160; Except

as provided in the next sentence, each of the Loan Parties shall not, and shall

not permit any of its Subsidiaries to, amend in any respect its certificate of

incorporation (including any provisions or resolutions relating to capital

stock), by-laws, certificate of limited partnership, partnership agreement,

articles or certificate of formation, limited liability company agreement or

other organizational documents without providing at least ten (10) calendar

days&#146; prior written notice to the Agent and, in the event such change would be

materially adverse to the Lenders as determined by the Agent in its sole

discretion, obtaining the prior written consent of the Required Lenders.&#160; The Borrower may amend its articles of

incorporation to do any or all of the following:&#160; (1) in connection with a public offering of shares of its capital

stock to provide for an increase in the number of authorized shares of such

stock or (2) in connection with such a public offering to increase the total number

of shares issuable as Series 1998 Preferred Stock to reflect the increase in

the number of shares of the Borrower&#146;s common stock outstanding, and (3) delete

any provisions related to cumulative voting by shareholders in the election or

removal of directors.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.34</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Contingent

Obligations</u>.&#160; The Borrower will not,

nor will it permit any Subsidiary (except for the Excluded Subsidiaries) to,

make or suffer to exist any Contingent Obligation (including, without

limitation, any Contingent Obligation with respect to the obligations of a

Subsidiary), except (i) by endorsement of instruments for deposit or collection

in the ordinary course of business, (ii) the Reimbursement Obligations, (iii)

for the Guaranty; and (iv) guaranties of the obligations of Loan Parties not to

exceed $10,000,000 at any one time in the aggregate for all such guaranties.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.35</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Other

Agreements</u>.&#160; The Loan Parties will

not enter into any agreement containing any provision which would be violated

or breached by the performance of their obligations hereunder or under any

instrument or document delivered or to be delivered by them hereunder or in

connection herewith.&#160; In addition, the

Loan Parties covenant that they shall not, and shall not cause or permit any

Subsidiary to, deliver any guaranty or any other collateral, in each case,

securing or with respect to obligations of the Borrower or any other Subsidiary

in respect of the Note Purchase Agreement unless any such guaranty or

additional collateral is in favor of the Collateral Agent under the Collateral

Sharing Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.36</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Preservation

of Existence</u>. Each Loan Party shall, and shall cause each of its

Subsidiaries (other than the Excluded Subsidiaries) to maintain its legal

existence as a corporation, limited partnership or limited liability company

and its license or qualification and good standing in each jurisdiction in

which its ownership or lease of property or the nature of its business makes

such license or qualification necessary, except (i) as otherwise may be

expressly be permitted in Sections 6.11, 6.12. 6.13 and/or 6.14, (ii) upon a

sale of Ellis Park Race Course, Inc., Racing Corporation of America, or their

respective assets as contemplated in Section 6.12(i)(c), Racing Corporation of

America and/or Ellis Park Race Course, Inc. would no longer be subject to the

requirements and/or limitations of this Section 6.36, and (iii) where such

failure to do so shall not have a Material Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

VII</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DEFAULTS</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The occurrence of any one or more of the following

events shall constitute a Default:</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any

representation or warranty made or deemed made by or on behalf of the Loan

Parties to the Lenders or the Agent under or in connection with this Agreement,

any Credit Extension, or any certificate or information delivered in connection

with this Agreement or any other Loan Document shall be materially false on the

date as of which made.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Nonpayment

of principal of any Loan when due, or nonpayment of any Reimbursement Obligation

in or of any interest upon any Loan or Reimbursement Obligation within one

Business Day after the same becomes due, or of any commitment fee, LC Fee or

other obligations under any of the Loan Documents within five days after the

same becomes due.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

breach by the Borrower and/or any Loan Party of any of the terms or provisions

of Sections 6.2, 6.3, 6.10, 6.11, 6.12, 6.13, 6.14, 6.15, 6.16, 6.17, 6.18,

6.19, 6.20, 6.22, 6.23, 6.24, 6.25, 6.26, 6.27, 6.28, 6.29, 6.30, 6.31, 6.32,

6.33, 6.34, 6.35 and/or 6.36.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

breach by the Borrower and/or any Loan Party (other than a breach which

constitutes a Default under another Section of this Article VII) of any of the

terms or provisions of this Agreement and/or any other Loan Document which is not

remedied within five days after written notice from the Agent or any Lender.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Failure

of the Borrower or any of the other Loan Parties to pay when due any Material

Indebtedness; or the default by the Borrower or any of the other Loan Parties

in the performance (beyond the applicable grace period with respect thereto, if

any) of any term, provision or condition contained in any Material Indebtedness

Agreement, or any other event shall occur or condition exist, the effect of

which default, event or condition is to cause, or to permit the holder(s) of

such Material Indebtedness or the lender(s) under any Material Indebtedness

Agreement to cause, such Material Indebtedness to become due prior to its

stated maturity or any commitment to lend under any Material Indebtedness

Agreement to be terminated prior to its stated expiration date; or any Material

Indebtedness of the Borrower or any of the other Loan Parties shall be declared

to be due and payable or required to be prepaid or repurchased (other than by a

regularly scheduled payment) prior to the stated maturity thereof; or the

Borrower or any of its Subsidiaries or any Guarantor shall not pay, or admit in

writing its inability to pay, its debts generally as they become due.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower or any of the other Loan Parties shall (i) have an order for relief

entered with respect to it under the Federal bankruptcy laws as now or

hereafter in effect, (ii) make an assignment for the benefit of creditors,

(iii) apply for, seek, consent to, or acquiesce in, the appointment of a

receiver, custodian, trustee, examiner, liquidator or similar official for it

or any Term Substantial Portion or Twelve Month Substantial Portion of its

Property, (iv) institute any proceeding seeking an order for relief under the

Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate

it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation,

reorganization, arrangement, adjustment or composition of it or its debts under

any law relating to bankruptcy, insolvency or reorganization or relief of

debtors or fail to file an answer or other pleading denying the material

allegations of any such proceeding filed against it, (v) take any corporate or

partnership action to authorize or effect any of the foregoing actions set

forth in this Section 7.6 or (vi) fail to contest in good faith any appointment

or proceeding described in Section 7.7.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Without

the application, approval or consent of the Borrower or any of the other Loan

Parties, a receiver, trustee, examiner, liquidator or similar official shall be

appointed for the Borrower or any of the other Loan Parties or any Term

Substantial Portion or Twelve Month Substantial Portion of its Property, or a

proceeding described in Section 7.6(iv) shall be instituted against the

Borrower or any of the other Loan Parties and such appointment continues

undischarged or such proceeding continues undismissed or unstayed for a period

of 60 consecutive days.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any

court, government or governmental agency shall condemn, seize or otherwise

appropriate, or take custody or control of, all or any portion of the Property

of any of the Loan Parties which, when taken together with all other Property

of the Loan Parties so condemned, seized, appropriated, or taken custody or

control of, during the twelve-month period ending with the month in which any

such action occurs, constitutes a Term Substantial Portion or Twelve Month

Substantial Portion.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower or any of the other Loan Parties shall fail within thirty (30) days to

pay, bond or otherwise discharge one or more (i) judgments or orders for the

payment of money in excess of $5,000,000.00 (or the</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">equivalent thereof in

currencies other than U.S. Dollars) in the aggregate, or (ii) nonmonetary

judgments or orders which, individually or in the aggregate, could reasonably

be expected to have a Material Adverse Effect, which judgment(s), in any such

case, is/are not stayed on appeal or otherwise being appropriately contested in

good faith.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Nonpayment

by the Borrower or any Loan Party of any Rate Management Obligation when due or

the breach by the Borrower or any Subsidiary of any term, provision or

condition contained in any Rate Management Transaction or any transaction of

the type described in the definition of &#147;Rate Management Transactions,&#148; whether

or not any Lender or Affiliate of a Lender is a party thereto.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any

Change in Control shall occur.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower or any other member of the Controlled Group shall have been notified

by the sponsor of a Multiemployer Plan that it has incurred withdrawal

liability to such Multiemployer Plan in an amount which, when aggregated with

all other amounts required to be paid to Multiemployer Plans by the Borrower or

any other member of the Controlled Group as withdrawal liability (determined as

of the date of such notification), exceeds $10,000,000.00 or requires payments

exceeding $10,000,000.00 per annum.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.13</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower or any other member of the Controlled Group shall have been notified

by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in

reorganization or is being terminated, within the meaning of Title IV of ERISA,

if as a result of such reorganization or termination the aggregate annual

contributions of the Borrower and the other members of the Controlled Group

(taken as a whole) to all Multiemployer Plans which are then in reorganization

or being terminated have been or will be increased over the amounts contributed

to such Multiemployer Plans for the respective plan years of each such

Multiemployer Plan immediately preceding the plan year in which the

reorganization or termination occurs by an amount exceeding $10,000,000.00.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.14</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower or any of the other Loan Parties shall (i) be the subject of any

proceeding or investigation pertaining to the release by the Borrower, any of

the other Loan Parties or any other Person of any toxic or hazardous waste or

substance into the environment, or (ii) violate any Environmental Law, which,

in the case of an event described in clause (i) or clause (ii), could

reasonably be expected to have a Material Adverse Effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.15</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

occurrence of any &#147;default,&#148; as defined in any Loan Document (other than this

Agreement) or the breach of any of the terms or provisions of any Loan Document

(other than this Agreement), which default or breach continues beyond any

period of grace therein provided.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.16</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any

Guaranty shall fail to remain in full force or effect or any action shall be

taken to discontinue or to assert the invalidity or unenforceability of any

Guaranty, or any Guarantor shall fail to comply with any of the terms or

provisions of any Guaranty to which it is a party, or any Guarantor shall deny

that it has any further liability under any Guaranty to which it is a party, or

shall give notice to such effect.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.17</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any

Collateral Document shall for any reason fail to create a valid and perfected

first priority security interest in any Collateral purported to be covered

thereby, except as permitted by the terms of any Collateral Document, or any

Collateral Document shall fail to remain in full force or effect or any action

shall be taken to discontinue or to assert the invalidity or unenforceability

of any Collateral Document, or the Borrower shall fail to comply with any of

the terms or provisions of any Collateral Document.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.18</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

representations and warranties set forth in Section 5.15 (Plan Assets;

Prohibited Transactions) shall at any time not be true and correct.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.19</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower or any Loan Party shall fail to pay when due any Operating Lease

Obligation, obligation with respect to a Letter of Credit, obligation under a

Sale and Leaseback Transaction or Contingent Obligation which in any of those

cases involves a Material Indebtedness.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.20</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

occurrence of any &#147;Default&#148; or &#147;Event of Default, &#147; as defined in the Note

Purchase Agreement, or the breach of any of the terms or provisions of the Note

Purchase Agreement beyond any period of grace therein provided.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.21</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

occurrence of any default under or breach of any of the terms or provisions of

the applicable documents in the Master Plan Bond Transaction, which default or

breach continues beyond any period of grace therein provided.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

VIII</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ACCELERATION,

WAIVERS, AMENDMENTS AND REMEDIES</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Acceleration;

Facility LC Collateral Account</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If

any Default described in Section 7.6 or 7.7 occurs with respect to the

Borrower, the obligations of the Lenders to make Loans hereunder and the

obligation and power of the LC Issuer to issue Facility LCs shall automatically

terminate and the Obligations shall immediately become due and payable without

any election or action on the part of the Agent, the Collateral Agent, the LC

Issuer or any Lender and the Borrower will be and become thereby

unconditionally obligated, without any further notice, act or demand, to pay to

the Collateral Agent an amount in immediately available funds, which funds

shall be held in the Facility LC Collateral Account, equal to the difference of

(x) an amount equal to the <i><font style="font-style:italic;">lesser</font></i>

of (1) $30,000,000.00, or (2) the quotient of (A) the amount of LC Obligations

at such time divided by (B) the aggregate of the Pro Rata Obligation Shares of

all of the Lenders under the Collateral Sharing Agreement at the time of the

determination, less (y) the amount on deposit in the Facility LC Collateral

Account at such time which is free and clear of all rights and claims of third

parties and has not been applied against the Obligations (such difference, the

&#147;Collateral Shortfall Amount&#148;).&#160; If any

other Default occurs, the Required Lenders (or the Agent with the consent of

the Required Lenders) may (a) terminate or suspend the obligations of the Lenders

to make Loans hereunder and the obligation and power of the LC Issuer to issue

Facility LCs, or declare the Obligations to be due and payable, or both,

whereupon the Obligations shall become immediately due and payable, without

presentment, demand, protest or notice of any kind, all of which the Borrower

hereby expressly waives, and (b) upon notice to the Borrower and in addition to

the continuing right to demand payment of all amounts payable under this

Agreement, make demand on the Borrower to pay, and the Borrower will, forthwith

upon such demand and without any further notice or act, pay to the Collateral

Agent the Collateral Shortfall Amount, which funds shall be deposited in the

Facility LC Collateral Account.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If

at any time while any Default is continuing, the Agent determines that the

Collateral Shortfall Amount at such time is greater than zero, the Agent may

make demand on the Borrower to pay, and the Borrower will, forthwith upon such

demand and without any further notice or act, pay to the Collateral Agent the

Collateral Shortfall Amount, which funds shall be deposited in the Facility LC

Collateral Account.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Collateral Agent may at any time or from time to time after funds are deposited

in the Facility LC Collateral Account, apply such funds to the payment of the

Obligations and any other amounts as shall from time to time have become due

and payable by the Borrower to the Lenders or the LC Issuer pursuant to and in

accordance with the Collateral Sharing Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>At

any time while any Default is continuing, neither the Borrower nor any Person

claiming on behalf of or through the Borrower shall have any right to withdraw

any of the funds held in the Facility LC Collateral Account.&#160; After all of the Obligations have been indefeasibly

paid in full and the Aggregate Commitment has been terminated, any funds

remaining in the Facility LC Collateral Account shall be distributed in

accordance with Section 9 of the Collateral Sharing Agreement.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If,

within 30 days after acceleration of the maturity of the Obligations or

termination of the obligations of the Lenders to make Loans and the obligation

and power of the LC Issuer to issue Facility LCs hereunder as a result of any

Default (other than any Default as described in Section 7.6 or 7.7 with respect

to the Borrower) and before any judgment or decree for the payment of the

Obligations due shall have been obtained or entered, the Required Lenders (in

their sole discretion) shall so direct, the Agent shall, by notice to the

Borrower, rescind and annul such acceleration and/or termination.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Collateral Agent shall have the right to exercise the remedies and other rights

with respect to the Collateral provided in and subject to the Collateral

Documents.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amendments</u>.&#160; Subject to the provisions of this Section

8.2 and the Collateral Sharing Agreement, the Required Lenders (or the Agent

with the consent in writing of the Required Lenders) and the Borrower may enter

into agreements supplemental hereto for the purpose of adding or modifying any

provisions to the Loan Documents or changing in any manner the rights of the

Lenders or the Borrower hereunder or waiving any Default hereunder; <i><font style="font-style:italic;">provided, however,</font></i> that no such

supplemental agreement shall, without the consent of all of the Lenders:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Extend

the final maturity of any Loan, or extend the expiry date of any Facility LC to

a date after the Facility Termination Date or postpone any regularly scheduled

payment of principal of any Loan or forgive all or any portion of the principal

amount thereof or any Reimbursement Obligation related thereto, or reduce the

rate or extend the time of payment of interest or fees thereon or Reimbursement

Obligation related thereto.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Reduce

the percentage specified in the definition of Required Lenders.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Extend

the Facility Termination Date, or reduce the amount or extend the payment date

for, the mandatory payments required under Section 2.4, or increase the amount

of the Aggregate Commitment, except as provided in Section 2.22, or of the

Commitment of any Lender hereunder or the commitment to issue Facility LCs, or

permit the Borrower to assign its rights under this Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amend

this Section 8.2.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Release

any Guarantor except as provided in Section 6.12(iii) or, except as provided in

the Collateral Sharing Agreement and/or the other Collateral Documents, agree

to subordinate the Lenders&#146; Liens with respect to all or substantially all of

the Collateral.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Release

substantially all of the Collateral, <i><font style="font-style:italic;">provided</font></i>

that the Lenders acknowledge that the Agent may alone instruct the Collateral

Agent to release any Collateral as and to the extent provided in Section 10.16,

and to the extent the Agent may do so under, and subject to the terms of, the

Collateral Sharing Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No amendment of any

provision of this Agreement relating to the Agent shall be effective without

the written consent of the Agent, and no amendment of any provision relating to

the LC Issuer shall be effective without the written consent of the LC

Issuer.&#160; The Agent may (i) waive payment

of the fee required under Section 12.3.3 and (ii) implement any flex pricing

provisions contained in the fee letter described in Section 10.13 or any

commitment letter delivered in connection with the transaction which is the

subject of this Agreement without obtaining the consent of any other party to

this Agreement so long as, in the case of any implementation of any

flex-pricing provisions, the Agent&#146;s actions would not require consent of all

of the Lenders pursuant to the foregoing provisions of this Section.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Preservation

of Rights</u>.&#160; No delay or omission of

the Lenders, the LC Issurer, the Agent or the Collateral Agent to exercise any

right under the Loan Documents shall impair such right or be construed to be a

waiver of any Default or an acquiescence therein, and the making of a Credit

Extension notwithstanding the existence of a Default or the inability of the

Borrower to satisfy the conditions precedent to such Credit Extension shall not

constitute any waiver or acquiescence.&#160;

Any single or partial exercise of any such right shall not preclude

other or further exercise</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">thereof or the exercise of any other right, and no waiver, amendment or

other variation of the terms, conditions or provisions of the Loan Documents

whatsoever shall be valid unless in writing signed by the Lenders required

pursuant to Section 8.2, and then only to the extent in such writing

specifically set forth.&#160; All remedies

contained in the Loan Documents or by law afforded shall be cumulative and all

shall be available to the Agent, the LC Issuer, the Lenders and the Collateral

Agent until the Secured Obligations have been paid in full.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

IX</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GENERAL

PROVISIONS</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Survival

of Representations</u>.&#160; All

representations and warranties of the Borrower contained in this Agreement

shall survive the making of the Credit Extensions herein contemplated.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governmental

Regulation</u>.&#160; Anything contained in

this Agreement to the contrary notwithstanding, neither the LC Issuer nor any

Lender shall be obligated to extend credit to the Borrower in violation of any

limitation or prohibition provided by any applicable statute or regulation.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Headings</u>.&#160; Section headings in the Loan Documents are

for convenience of reference only, and shall not govern the interpretation of

any of the provisions of the Loan Documents.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Entire

Agreement</u>.&#160; The Loan Documents

embody the entire agreement and understanding among the Borrower, the Agent,

the LC Issuer and the Lenders and supersede all prior agreements and

understandings among the Borrower, the Agent, the LC Issuer and the Lenders

relating to the subject matter thereof other than those contained in the fee

letter described in Section 10.13 and any flex pricing provisions contained in

any commitment letter entered into in connection with the transactions that are

the subject of this Agreement, all of which survives and remains in full force

and effect during the term of this Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Several

Obligations; Benefits of this Agreement</u>.&#160;

The respective obligations of the Lenders hereunder are several and not

joint and no Lender shall be the partner or agent of any other (except to the

extent to which the Agent is authorized to act as such).&#160; The failure of any Lender to perform any of

its obligations hereunder shall not relieve any other Lender from any of its

obligations hereunder.&#160; This Agreement

shall not be construed so as to confer any right or benefit upon any Person

other than the parties to this Agreement and their respective successors and

assigns, <i><font style="font-style:italic;">provided, however,</font></i> that

the parties hereto expressly agree that the Arranger shall enjoy the benefits

of the provisions of Sections 9.6, 9.10 and 10.11 to the extent specifically

set forth therein and shall have the right to enforce such provisions on its

own behalf and in its own name to the same extent as if it were a party to this

Agreement.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Expenses;

Indemnification</u>.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower shall reimburse the Agent and Banc One Capital Markets, Inc. for any

costs, internal charges and out-of-pocket expenses (including reasonable

attorneys&#146; fees and time charges of attorneys for the Agent, which attorneys

may be employees of the Agent) paid or incurred by the Agent or the Arranger in

connection with the preparation, negotiation, execution, delivery, syndication,

distribution (including, without limitation, via the internet), review,

amendment, modification, and administration of the Loan Documents.&#160; The Borrower also agrees to reimburse the

Agent, Banc One Capital Markets, Inc., the LC Issuer and the Lenders for any

costs, internal charges and out-of-pocket expenses (including reasonable

attorneys&#146; fees and time charges of attorneys for the Agent, Banc One Capital

Markets, Inc., the LC Issuer and the Lenders, which attorneys may be employees

of the Agent, Banc One Capital Markets, Inc., or the Lenders) paid or incurred

by the Agent, Banc One Capital Markets, Inc., the LC Issuer or any Lender in connection

with the collection and enforcement of the Loan Documents.&#160; Expenses being reimbursed by the Borrower

under this Section include, without limitation, the cost and expense of

obtaining an appraisal, if any, of any parcel of real property or interest in

real property described in any relevant Collateral Documents which appraisal,

if any, shall be in conformity with the applicable requirements of any law or

any governmental rule, regulation, policy, guideline or directive (whether or

not having the force of law), or any interpretation thereof, including, without

limitation, the provisions of Title XI of the Financial Institutions Reform,

Recovery and Enforcement Act of 1989, as amended, reformed or otherwise

modified from time to time, and any rules promulgated to implement such

provisions and costs and expenses incurred in connection with the Reports

described in the following sentence.&#160;

The Borrower acknowledges that from time to time the Agent may prepare

and may distribute to the Lenders (but shall have no obligation or duty to

prepare or to distribute to the Lenders) certain audit reports (the &#147;Reports&#148;)

and/or the Collateral Agent may prepare and distribute Reports to the Agent

(but the Collateral Agent shall have no obligation or duty to prepare or

distribute such Reports, nor shall the Agent have any obligation or duty to

distribute such Reports to the Lenders as it may receive from the Collateral

Agent) pertaining to the Borrower&#146;s Property for internal use by the Agent from

information furnished to it by or on behalf of the Borrower, after the Agent or

the Collateral Agent has exercised its rights of inspection pursuant to this

Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Borrower hereby further agrees to indemnify the Agent, the Arranger, the LC

Issuer and each Lender, their respective affiliates, and each of their

directors, officers and employees against all losses, claims, damages,

penalties, judgments, liabilities and expenses (including, without limitation,

all expenses of litigation or preparation therefor whether or not the Agent,

the Arranger, the LC Issuer any Lender or any affiliate is a party thereto)

which any of them may pay or incur arising out of or relating to this

Agreement, the other Loan Documents, the transactions contemplated hereby or

the direct or indirect application or proposed application of the proceeds of

any Credit Extension hereunder except to the extent that they are determined in

a final non-appealable judgment by a court of competent jurisdiction to have

resulted from the gross negligence or willful misconduct of the party seeking

indemnification.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The

Agent and the Lenders shall not be liable for, and the Loan Parties agree that

they shall immediately pay to the Agent and the Lenders when incurred and shall

indemnify, defend and hold the Lenders harmless from and against, all loss,

cost, liability, damage and expense (including, without limitation, reasonable

attorneys&#146; fees and costs incurred in the investigation, defense and settlement

of claims) that the Agent or the Lenders may suffer or incur as mortgagees as a

result of, or in connection in any way with any applicable Environmental Laws

(including the assertion that any lien existing pursuant to the Environmental

Laws takes priority over the lien or security interests of the Collateral Agent

or Lenders), or any environmental assessment or study from time to time

reasonably undertaken or requested by the Agent or any Lenders or breach of any

covenant or undertaking by the</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Parties.&#160; The obligations of the Loan Parties under

this Section 9.6 shall survive the termination of this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Numbers

of Documents</u>.&#160; All statements,

notices, closing documents, and requests hereunder shall be furnished to the

Agent with sufficient counterparts so that the Agent may furnish one to each of

the Lenders.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Accounting</u>.&#160; Except as provided to the contrary herein,

all accounting terms used herein shall be interpreted and all accounting

determinations hereunder shall be made in accordance with Agreement Accounting

Principles, except that any calculation or determination which is to be made on

a consolidated basis shall be made for the Borrower and the other Loan Parties.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability

of Provisions</u>.&#160; Any provision in any

Loan Document that is held to be inoperative, unenforceable, or invalid in any

jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or

invalid without affecting the remaining provisions in that jurisdiction or the

operation, enforceability, or validity of that provision in any other

jurisdiction, and to this end the provisions of all Loan Documents are declared

to be severable.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Nonliability

of Lenders</u>.&#160; The relationship

between the Borrower on the one hand and the Lenders, the LC Issuer and the

Agent on the other hand shall be solely that of borrower and lender.&#160; Neither the Agent, the Arranger, the LC

Issuer nor any Lender shall have any fiduciary responsibilities to the

Borrower.&#160; Neither the Agent, the

Arranger, the LC Issuer nor any Lender undertakes any responsibility to the

Borrower to review or inform the Borrower of any matter in connection with any

phase of the Borrower&#146;s business or operations.&#160; The Borrower agrees that neither the Agent, the Arranger, the LC

Issuer nor any Lender shall have liability to the Borrower (whether sounding in

tort, contract or otherwise) for losses suffered by the Borrower in connection

with, arising out of, or in any way related to, the transactions contemplated

and the relationship established by the Loan Documents, or any act, omission or

event occurring in connection therewith, unless it is determined in a final

nonappealable judgment by a court of competent jurisdiction that such losses

resulted from the gross negligence or willful misconduct of the party from

which recovery is sought.&#160; Neither the

Agent, the Arranger, the LC Issuer nor any Lender shall have any liability with

respect to, and the Borrower hereby waives, releases and agrees not to sue for,

any special, indirect, consequential or punitive damages suffered by the

Borrower in connection with, arising out of, or in any way related to the Loan

Documents or the transactions contemplated thereby.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Confidentiality</u>.&#160; Each Lender agrees to, and to cause its

Affiliates to, hold any confidential information which it may receive from the

Borrower pursuant to this Agreement in confidence, except for disclosure (i) to

its Affiliates and to other Lenders and their respective Affiliates, (ii) to

legal counsel, accountants, and other professional advisors to such Lender or

to a Transferee, (iii) to regulatory officials, (iv) to any Person as requested

pursuant to or as required by law or regulation, (v) to any Person in

connection with any legal proceeding to which such Lender is a party, to the extent

required by law or legal process, <i><font style="font-style:italic;">provided

that</font></i> such Lender shall have used its best reasonable efforts to

provide notice to the Borrower of the legal process requesting disclosure of

such confidential information prior to disclosure, (vi) to such Lender&#146;s direct

or indirect contractual counterparties in swap agreements or to legal counsel,

accountants and other professional advisors to such counterparties, <i><font style="font-style:italic;">provided</font></i>  <i><font style="font-style:italic;">that</font></i>

such Lender is a party to a Rate Management Transaction with the Borrower,

(vii) permitted by Section 12.4, and (viii) to rating agencies if requested or

required by such agencies in connection with a rating relating to the Advances

hereunder.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Nonreliance</u>.&#160; 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

Credit Extensions provided for herein.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.13</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Disclosure</u>.&#160; The Borrower and each Lender hereby

acknowledge and agree that the Agent and/or its Affiliates from time to time

may hold investments in, make other loans to or have other relationships with

the Borrower and its Affiliates.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.14</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Joinder

of Guarantors</u>.&#160; If a Subsidiary is

required to join this Agreement as a Guarantor pursuant to Section 6.14

(regarding Subsidiaries) and/or 6.13 (regarding Permitted Acquisitions) then

(a) such Subsidiary shall execute and deliver to the Agent (1) a Guarantor

Joinder in substantially the form attached hereto as <u>Exhibit N</u> (a

&#147;Guarantor Joinder&#148;) pursuant to which it shall join as a Guarantor each of the

documents to which the Guarantors are</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">parties; (2) documents in the forms described in Section 4.1 modified

as appropriate to relate to such Subsidiary, including opinions of counsel with

respect to each Subsidiary; (3) documents necessary to grant and perfect first

and prior Liens (other than Permitted Liens) in favor of the Collateral Agent

in all property and assets held by such Subsidiary and in the ownership

interests in such Subsidiary, and (b) to the extent required under this

Agreement, the Loan Party which holds the ownership interest in such Subsidiary

shall take such steps as are necessary to pledge such interests pursuant to the

Pledge and Security Agreement and grant to the Collateral Agent first and prior

Liens (other than Permitted Liens) therein, except to the extent such grant of

security interests is excused or delayed under Section 6.13(iii)(d)(3) of this

Agreement.&#160; In the case of any

Subsidiary formed after the date of this Agreement, the Loan Parties shall

deliver such Guarantor Joinder and related documents to the Agent within five

(5) business days after the date of the filing of such Subsidiary&#146;s Articles of

Incorporation if the Subsidiary is a corporation, the date of the filing of its

certificate of limited partnership if it is a limited partnership, or the date

of its organization if it is an entity other than a limited partnership or

corporation, or the closing date of the acquisition agreement in the case of a

Permitted Acquisition.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.15</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Business

Days</u>. Except as provided in the definition of &#147;Interest Period&#148; in Article

I above, if any provision of this Agreement or any of the other Loan Documents

requires that the Borrower perform any act (other than to make a payment) on a

day that is not a Business Day, then the action shall be deemed to be due on

the first day thereafter that is a Business Day; and in the case of a payment,

shall be due on the last Business Day prior to the date that is not a Business

Day but upon which the payment is due.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.16</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No

Course of Dealing</u>. No course of dealing between the Borrower and the

Lenders, the Agent or the Collateral Agent shall operate as a waiver of any of

the rights of the Lenders, the Agent and the Collateral Agent under any of the

Loan Documents.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.17</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Waivers

by the Borrower</u>. The Borrower hereby waives, to the extent permitted by

applicable law, (a)&nbsp;all presentments, demands for performances, notices of

nonperformance (except to the extent specifically required by this Agreement or

any other of the Loan Documents), protests, notices of protest and notices of

dishonor in connection with this Agreement or any Notes, (b)&nbsp;any

requirement of diligence or promptness on the part of any Lender in enforcement

of rights under the provisions of any of the Loan Documents, and (c)&nbsp;any

requirement of marshaling assets or proceeding against Persons or assets in any

particular order.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.18</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Incorporation

by Reference</u>. All schedules, annexes or other attachments to this Agreement

are incorporated into this Agreement as if set out in full at the first place

in this Agreement that reference is made thereto.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

X</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE

AGENT</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Appointment;

Nature of Relationship</u>.&#160; Bank One is

hereby appointed by each of the Lenders as its contractual representative

(herein referred to as the &#147;Agent&#148;) hereunder and under each other Loan

Document, and each of the Lenders irrevocably authorizes the Agent to act as

the contractual representative of such Lender with the rights and duties

expressly set forth herein and in the other Loan Documents.&#160; The Agent agrees to act as such contractual

representative upon the express conditions contained in this Article X.&#160; Notwithstanding the use of the defined term

&#147;Agent,&#148; it is expressly understood and agreed that the Agent shall not have

any fiduciary responsibilities to any Lender by reason of this Agreement or any

other Loan Document and that the Agent is merely acting as the contractual

representative of the Lenders with only those duties as are expressly set forth

in this Agreement and the other Loan Documents.&#160; In its capacity as the Lenders&#146; contractual representative, the

Agent (i) does not hereby assume any fiduciary duties to any of the Lenders,

and (ii) is acting as an independent contractor, the rights and duties of which

are limited to those expressly set forth in this Agreement and the other Loan

Documents.&#160; Each of the Lenders hereby

agrees to assert no claim against the Agent on any agency theory or any other

theory of liability for breach of fiduciary duty, all of which claims each

Lender hereby waives.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Powers</u>.&#160; The Agent shall have and may exercise such

powers under the Loan Documents as are specifically delegated to the Agent by

the terms of each thereof, together with such powers as are reasonably

incidental</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">thereto, subject to the terms of the Collateral Sharing Agreement.&#160; The Agent shall have no implied duties to

the Lenders, or any obligation to the Lenders to take any action thereunder

except any action specifically provided by the Loan Documents to be taken by

the Agent.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>General

Immunity</u>.&#160; Neither the Agent nor any

of its directors, officers, agents or employees shall be liable to the Borrower,

the Lenders or any Lender for any action taken or omitted to be taken by it or

them hereunder or under any other Loan Document or in connection herewith or

therewith except to the extent such action or inaction is determined in a final

non-appealable judgment by a court of competent jurisdiction to have arisen

from the gross negligence or willful misconduct of such Person.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No

Responsibility for Loans, Recitals, etc</u> Neither the Agent nor any of its

directors, officers, agents or employees shall be responsible for or have any

duty to ascertain, inquire into, or verify (a) any statement, warranty or

representation made in connection with any Loan Document or any borrowing

hereunder; (b) the performance or observance of any of the covenants or agreements

of any obligor under any Loan Document, including, without limitation, any

agreement by an obligor to furnish information directly to each Lender; (c) the

satisfaction of any condition specified in Article IV, except receipt of items

required to be delivered solely to the Agent; (d) the existence or possible

existence of any Default or Unmatured Default; (e) the validity,

enforceability, effectiveness, sufficiency or genuineness of any Loan Document

or any other instrument or writing furnished in connection therewith; (f) the

value, sufficiency, creation, perfection or priority of any Lien in any

collateral security; or (g) the financial condition of the Borrower or any

Guarantor of any of the Obligations or of any of the Borrower&#146;s or any such

Guarantor&#146;s respective Subsidiaries.&#160;

The Agent shall have no duty to disclose to the Lenders information that

is not required to be furnished by the Borrower to the Agent at such time, but

is voluntarily furnished by the Borrower to the Agent (either in its capacity

as Agent, or as Collateral Agent, or in its individual capacity).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Action

on Instructions of Lenders</u>.&#160; The

Agent shall in all cases be fully protected in acting, or in refraining from

acting, hereunder and under any other Loan Document in accordance with written

instructions signed by the Required Lenders, and such instructions and any

action taken or failure to act pursuant thereto shall be binding on all of the

Lenders.&#160; The Lenders hereby acknowledge

that the Agent shall be under no duty to take any discretionary action

permitted to be taken by it pursuant to the provisions of this Agreement or any

other Loan Document unless it shall be requested in writing to do so by the

Required Lenders.&#160; The Agent shall be

fully justified in failing or refusing to take any action hereunder and under

any other Loan Document unless it shall first be indemnified to its

satisfaction by the Lenders pro rata against any and all liability, cost and

expense that it may incur by reason of taking or continuing to take any such

action.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Employment

of Agents and Counsel</u>.&#160; The Agent

may execute any of its duties as Agent hereunder and under any other Loan

Document by or through employees, agents, and attorneys-in-fact and shall not

be answerable to the Lenders, except as to money or securities received by it

or its authorized agents, for the default or misconduct of any such agents or

attorneys-in-fact selected by it with reasonable care.&#160; The Agent shall be entitled to advice of counsel

concerning the contractual arrangement between the Agent and the Lenders and

all matters pertaining to the Agent&#146;s duties hereunder and under any other Loan

Document.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reliance

on Documents; Counsel</u>.&#160; The Agent

shall be entitled to rely upon any Note, notice, consent, certificate, affidavit,

letter, telegram, statement, paper or document believed by it to be genuine and

correct and to have been signed or sent by the proper person or persons, and,

in respect to legal matters, upon the opinion of counsel selected by the Agent,

which counsel may be employees of the Agent.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Agent&#146;s

Reimbursement and Indemnification</u>.&#160;

The Lenders agree to reimburse and indemnify the Agent ratably in

proportion to their respective Commitments (or, if the Commitments have been

terminated, in proportion to their Commitments immediately prior to such

termination) (i) for any amounts not reimbursed by the Borrower for which the

Agent is entitled to reimbursement by the Borrower under the Loan Documents,

(ii) for any other expenses incurred by the Agent on behalf of the Lenders, in

connection with the preparation, execution, delivery, administration and

enforcement of the Loan Documents (including, without limitation, for any

expenses incurred by the Agent in connection with any dispute between the Agent

and any Lender or between two or more of the Lenders) and (iii) for any

liabilities, obligations, losses, damages, penalties, actions, judgments,

suits, costs, expenses or disbursements of any kind and nature whatsoever which

may be imposed on, incurred by or asserted against the Agent</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in any way relating to or arising out of the Loan Documents or any

other document delivered in connection therewith or the transactions

contemplated thereby (including, without limitation, for any such amounts

incurred by or asserted against the Agent in connection with any dispute

between the Agent and any Lender or between two or more of the Lenders), or the

enforcement of any of the terms of the Loan Documents or of any such other

documents, <i><font style="font-style:italic;">provided</font></i> that (i) no

Lender shall be liable for any of the foregoing to the extent any of the

foregoing is found in a final non-appealable judgment by a court of competent

jurisdiction to have resulted from the gross negligence or willful misconduct

of the Agent and (ii) any indemnification required pursuant to Section 3.5(vii)

shall, notwithstanding the provisions of this Section 10.8, be paid by the

relevant Lender in accordance with the provisions thereof.&#160; The obligations of the Lenders under this

Section 10.8 shall survive payment of the Obligations and termination of this

Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notice

of Default</u>.&#160; The Agent shall not be

deemed to have knowledge or notice of the occurrence of any Default or

Unmatured Default hereunder unless the Agent has received written notice from a

Lender or the Borrower referring to this Agreement describing such Default or

Unmatured Default and stating that such notice is a &#147;notice of default&#148;.&#160; In the event that the Agent receives such a

notice, the Agent shall give prompt notice thereof to the Lenders.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Rights as a Lender</u>.&#160; In the event the Agent is a Lender, the

Agent shall have the same rights and powers hereunder and under any other Loan

Document with respect to its Commitment and its Loans as any Lender and may

exercise the same as though it were not the Agent, and the term &#147;Lender&#148; or

&#147;Lenders&#148; shall, at any time when the Agent is a Lender, unless the context

otherwise indicates, include the Agent in its individual capacity.&#160; The Agent and its Affiliates may accept

deposits from, lend money to, and generally engage in any kind of trust, debt,

equity or other transaction, in addition to those contemplated by this

Agreement or any other Loan Document, with the Borrower or any of its

Subsidiaries in which the Borrower or such Subsidiary is not restricted hereby

from engaging with any other Person.&#160;

The Agent, in its individual capacity, is not obligated to be remain a

Lender.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Lender Credit Decision</u>.&#160; Each Lender acknowledges that it has, independently

and without reliance upon the Agent, the Arranger or any other Lender and based

on the financial statements prepared by the Borrower and such other documents

and information as it has deemed appropriate, made its own credit analysis and

decision to enter into this Agreement and the other Loan Documents.&#160; Each Lender also acknowledges that it will,

independently and without reliance upon the Agent, the Arranger or any other

Lender and based on such documents and information as it shall deem appropriate

at the time, continue to make its own credit decisions in taking or not taking

action under this Agreement and the other Loan Documents.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Successor Agent</u>.&#160; The Agent may resign at any time by giving

written notice thereof to the Lenders and the Borrower, such resignation to be

effective upon the appointment of a successor Agent or, if no successor Agent

has been appointed, forty-five days after the retiring Agent gives notice of

its intention to resign.&#160; The Agent may

be removed at any time with or without cause by written notice received by the

Agent from the Required Lenders, such removal to be effective on the date

specified by the Required Lenders.&#160; Upon

any such resignation or removal, the Required Lenders shall have the right to

appoint, on behalf of the Borrower and the Lenders, a successor Agent.&#160; If no successor Agent shall have been so

appointed by the Required Lenders within thirty days after the resigning

Agent&#146;s giving notice of its intention to resign, then the resigning Agent may

appoint, on behalf of the Borrower and the Lenders, a successor Agent.&#160; Notwithstanding the previous sentence, the

Agent may at any time without the consent of the Borrower or any Lender,

appoint any of its Affiliates which is a commercial bank as a successor Agent

hereunder.&#160; If the Agent has resigned or

been removed and no successor Agent has been appointed, the Lenders may perform

all the duties of the Agent hereunder and the Borrower shall make all payments

in respect of the Obligations to the applicable Lender and for all other

purposes shall deal directly with the Lenders.&#160;

No successor Agent shall be deemed to be appointed hereunder until such

successor Agent has accepted the appointment.&#160;

Any such successor Agent shall be a commercial bank having capital and

retained earnings of at least $100,000,000.&#160;

Upon the acceptance of any appointment as Agent hereunder by a successor

Agent, such successor Agent shall thereupon succeed to and become vested with

all the rights, powers, privileges and duties of the resigning or removed

Agent.&#160; Upon the effectiveness of the

resignation or removal of the Agent, the resigning or removed Agent shall be

discharged from its duties and obligations hereunder and under the Loan

Documents.&#160; After the effectiveness of

the resignation or removal of an Agent, the provisions of this Article X shall

continue in effect for the benefit of such Agent in respect of any actions

taken or omitted to be taken by it while it was acting as the Agent hereunder

and under the other Loan Documents.&#160; In</p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</font></p>





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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the event that there is a successor to the Agent by merger, or the

Agent assigns its duties and obligations to an Affiliate pursuant to this

Section 10.12, then the term &#147;Prime Rate&#148; as used in this Agreement shall mean

the prime rate, base rate or other analogous rate of the new Agent.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.13</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Agent and Arranger Fees</u>.&#160; The Borrower agrees to pay to the Agent and

the Arranger, for their respective accounts, the fees agreed to by the

Borrower, the Agent and the Arranger pursuant to that certain letter agreement

dated February 7, 2003, or as otherwise agreed from time to time.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.14</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Delegation to Affiliates</u>.&#160; The Borrower and the Lenders agree that the

Agent may delegate any of its duties under this Agreement to any of its

Affiliates.&#160; Any such Affiliate (and

such Affiliate&#146;s directors, officers, agents and employees) which performs

duties in connection with this Agreement shall be entitled to the same benefits

of the indemnification, waiver and other protective provisions to which the

Agent is entitled under Articles IX and X.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.15</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Execution of Collateral

Documents</u>.&#160; The Lenders hereby

empower and authorize the Agent to cause the Collateral Agent, to the extent

the Agent may do so under, and subject to the terms of, the Collateral Sharing

Agreement, to execute and deliver to the Borrower on their behalf the Security

Agreement(s) and all related financing statements and any financing statements,

agreements, documents or instruments as shall be necessary or appropriate to

effect the purposes of the Security Agreement(s).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.16</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Collateral Releases</u>.&#160; The Lenders acknowledge that the Collateral

Agent is authorized, pursuant and subject to the terms of, the Collateral

Sharing Agreement (including, without limitation, any required consent or

authorization, in certain circumstances, of the &#147;Requisite Creditors&#148; as

defined in the Collateral Sharing Agreement), to execute and deliver to the

Borrower on their behalf any agreements, documents or instruments as shall be

necessary or appropriate to effect any releases of Collateral which shall be

permitted by the terms of this Agreement (including, for example, lease, sale

or other disposition of Property permitted in Section 6.12) or of any other

Loan Document or which shall otherwise have been approved by the Required

Lenders (or, if required by the terms of Section 8.2, all of the Lenders, or,

if required by the Collateral Sharing Agreement, the Requisite Creditors) in

writing (or as otherwise provided in the Collateral Sharing Agreement), without

further authorization or consent from the Lenders; and without limiting any

other consents or authorizations provided by the Lenders, the Lenders hereby

consent to the Collateral Agent having and exercising that authority.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.17</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Co-Agents, Documentation Agent,

Syndication Agent, etc.</u>&#160; Neither any

of the Lenders identified in this Agreement as a &#147;co-agent&#148; nor the

Documentation Agent or the Syndication Agent shall have any right, power,

obligation, liability, responsibility or duty under this Agreement other than

those applicable to all Lenders as such.&#160;

Without limiting the foregoing, none of such Lenders shall have or be

deemed to have a fiduciary relationship with any Lender.&#160; Each Lender hereby makes the same

acknowledgments with respect to such Lenders as it makes with respect to the

Agent in Section 10.11.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.18</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Collateral Sharing Agreement</u>.&#160; The Lenders acknowledge that Bank One is

entering into the Collateral Sharing Agreement as the Collateral Agent to act

as the contractual representative of the Lenders and the Term Note Purchasers

as provided in, and with the rights and duties expressly set forth in, the

Collateral Sharing Agreement.&#160; The

Lenders consent to Bank One entering into that Collateral Sharing Agreement and

to Bank One having and exercising such powers and duties under the Collateral

Sharing Agreement and the other Loan Documents as are specifically delegated to

Bank One as Collateral Agent by the terms of each thereof, together with such

powers as are reasonably incidental thereto.&#160;

Bank One shall have no implied duties to the Lenders, or any obligation

to the Lenders to take any action thereunder, except any action specifically

provided by the Collateral Sharing Agreement.&#160;

The Agent shall have no duty to take, or refrain from taking, any action

under this Agreement if such action or restraint by the Agent would require

action by the Collateral Agent under the Collateral Sharing Agreement which the

Collateral Agent is not authorized to take.&#160;

To the extent of any conflict between the Collateral Sharing Agreement

and this Agreement, the Collateral Sharing Agreement shall prevail and control.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>





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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

XI</font></b></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SETOFF;

RATABLE PAYMENTS</font></u></b></p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Setoff</u>.&#160; In addition to, and without limitation of,

any rights of the Lenders under applicable law, if the Borrower becomes

insolvent, however evidenced, or any Default occurs, any and all deposits

(including all account balances, whether provisional or final and whether or not

collected or available, but not including funds held by a Loan Party which are

held by that Loan Party only as custodian or trustee (and in which that Loan

Party does not have a beneficial interest) such as, (by way of example and not

limitation), Horseman&#146;s Accounts, and which are clearly labeled to indicate

that such funds are so held by the Loan Party) and any other Indebtedness at

any time held or owing by any Lender or any Affiliate of any Lender to or for

the credit or account of the Borrower may be offset and applied toward the

payment of the Obligations owing to such Lender, whether or not the

Obligations, or any part thereof, shall then be due.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ratable Payments</u>.&#160; If any Lender, whether by setoff or

otherwise, has payment made to it upon its Outstanding Credit Exposure (other

than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5) in a greater

proportion than that received by any other Lender, such Lender agrees, promptly

upon demand, to purchase a portion of the Aggregate Outstanding Credit Exposure

held by the other Lenders so that after such purchase each Lender will hold its

Pro Rata Share of the Aggregate Outstanding Credit Exposure.&#160; If any Lender, whether in connection with

setoff or amounts which might be subject to setoff or otherwise, receives

collateral or other protection for its Obligations or such amounts which may be

subject to setoff, such Lender agrees, promptly upon demand, to take such

action necessary such that all Lenders share in the benefits of such collateral

ratably in proportion to their respective Pro Rata Shares of the Aggregate

Outstanding Credit Exposure.&#160; In case

any such payment is disturbed by legal process, or otherwise, appropriate

further adjustments shall be made.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

XII</font></b></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BENEFIT

OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Successors

and Assigns</u>.&#160; The terms and

provisions of the Loan Documents shall be binding upon and inure to the benefit

of the Borrower, each other Loan Party and the Lenders and their respective

successors and assigns permitted hereby, except that (i) the Borrower shall not

have the right to assign its rights or obligations under the Loan Documents

without the prior written consent of each Lender, (ii) any assignment by any

Lender must be made in compliance with Section 12.3, and (iii) any transfer by

Participation must be made in compliance with Section 12.2.&#160; Any attempted assignment or transfer by any

party not made in compliance with this Section 12.1 shall be null and void,

unless such attempted assignment or transfer is treated as a participation in

accordance with Section 12.3.3.&#160; The

parties to this Agreement acknowledge that clause (ii) of this Section 12.1

relates only to absolute assignments and this Section 12.1 does not prohibit

assignments creating security interests, including, without limitation, (x) any

pledge or assignment by any Lender of all or any portion of its rights under

this Agreement and any Note to a Federal Reserve Bank or (y) in the case of a

Lender which is a Fund, any pledge or assignment of all or any portion of its

rights under this Agreement and any Note to its trustee in support of its

obligations to its trustee; <i><font style="font-style:italic;">provided,

however, </font></i>that no such pledge or assignment creating a security

interest shall release the transferor Lender from its obligations hereunder

unless and until the parties thereto have complied with the provisions of

Section 12.3.&#160; The Agent may treat the

Person which made any Loan or which holds any Note as the owner thereof for all

purposes hereof unless and until such Person complies with Section 12.3; <i><font style="font-style:italic;">provided, however,</font></i> that the Agent may in

its discretion (but shall not be required to) follow instructions from the

Person which made any Loan or which holds any Note to direct payments relating

to such Loan or Note to another Person.&#160;

Any assignee of the rights to any Loan or any Note agrees by acceptance

of such assignment to be bound by all the terms and provisions of the Loan

Documents.&#160; Any request, authority or

consent of any Person, who at the time of making such request or giving such

authority or consent is the owner of the rights to any Loan (whether or not a

Note has been issued in evidence thereof), shall be conclusive and binding on

any subsequent holder or assignee of the rights to such Loan.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>





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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Participations</u>.</p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Permitted

Participants; Effect</u>.&#160; Any Lender

may at any time sell to one or more banks or other entities (&#147;Participants&#148;)

participating interests in any Outstanding Credit Exposure of such Lender, any

Note held by such Lender, any Commitment of such Lender or any other interest

of such Lender under the Loan Documents.&#160;

In the event of any such sale by a Lender of participating interests to

a Participant, such Lender&#146;s obligations under the Loan Documents shall remain

unchanged, such Lender shall remain solely responsible to the other parties

hereto for the performance of such obligations, such Lender shall remain the

owner of its Outstanding Credit Exposure and the holder of any Note issued to

it in evidence thereof for all purposes under the Loan Documents, all amounts

payable by the Borrower under this Agreement shall be determined as if such

Lender had not sold such participating interests, and the Borrower, the Agent

and the Collateral Agent shall continue to deal solely and directly with such

Lender in connection with such Lender&#146;s rights and obligations under the Loan

Documents.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Voting Rights</u>.&#160; Each Lender shall retain the sole right to

approve, without the consent of any Participant, any amendment, modification or

waiver of any provision of the Loan Documents other than any amendment,

modification or waiver with respect to any Credit Extension or Commitment in

which such Participant has an interest which would require consent of all of the

Lenders pursuant to the terms of Section 8.2 or of any other Loan Document.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Benefit of

Certain Provisions</u>.&#160; The Borrower

agrees that each Participant shall be deemed to have the right of setoff

provided in Section 11.1 in respect of its participating interest in amounts

owing under the Loan Documents to the same extent as if the amount of its

participating interest were owing directly to it as a Lender under the Loan

Documents, <i><font style="font-style:italic;">provided</font></i> that each

Lender shall retain the right of setoff provided in Section 11.1 with respect

to the amount of participating interests sold to each Participant.&#160; The Lenders agree to share with each

Participant, and each Participant, by exercising the right of setoff provided

in Section 11.1, agrees to share with each Lender, any amount received pursuant

to the exercise of its right of setoff, such amounts to be shared in accordance

with Section 11.2 as if each Participant were a Lender.&#160; The Borrower further agrees that each

Participant shall be entitled to the benefits of and bound by the provisions of

Section 2.21 and Sections 3.1, 3.2, 3.4 and 3.5 to the same extent as if it

were a Lender and had acquired its interest by assignment pursuant to Section

12.3, <i><font style="font-style:italic;">provided</font></i> that (i) a

Participant shall not be entitled to receive any greater payment under Section

3.1, 3.2 or 3.5 than the Lender who sold the participating interest to such

Participant would have received had it retained such interest for its own

account, unless the sale of such interest to such Participant is made with the

prior written consent of the Borrower, and (ii) any Participant not

incorporated under the laws of the United States of America or any State

thereof agrees to comply with the provisions of Section 3.5 to the same extent

as if it were a Lender.</p>



<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Assignments</u>.</p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Permitted

Assignments</u>.&#160; Any Lender may at any

time assign to one or more banks or other entities (&#147;Purchasers&#148;) all or any

part of its rights and obligations under the Loan Documents.&#160; Such assignment shall be substantially in

the form of <u>Exhibit C</u> or in such other form as may be agreed to by the

parties thereto.&#160; Each such assignment

with respect to a Purchaser which is not a Lender or an Affiliate of a Lender

or an Approved Fund shall either be in an amount equal to the entire applicable

Commitment and Loans of the assigning Lender or&#160; (unless each of the Borrower and the Agent otherwise consents) be

in an aggregate amount not less than $5,000,000.&#160; The amount of the assignment shall be based on the Commitment or

outstanding Loans (if the Commitment has been terminated) subject to the

assignment, determined as of the date of such assignment or as of the &#147;Trade

Date,&#148; if the &#147;Trade Date&#148; is specified in the assignment.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Consents</u>.&#160; The consent of the Borrower and the Agent

shall be required prior to an assignment becoming effective unless the

Purchaser is a Lender, an Affiliate of a Lender or an Approved Fund, <i><font style="font-style:italic;">provided</font></i> that the consent of the Borrower

shall not be required if a Default has occurred and is continuing.&#160; The consent of the Agent shall be required

prior to an assignment becoming effective unless the Purchaser is a Lender, an

Affiliate of a Lender or an Approved Fund.&#160;

Any consent required under this Section 12.3.2 shall not be unreasonably

withheld or delayed.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Effect;

Effective Date</u>.&#160; Upon (i) delivery

to the Agent of an assignment, together with any consents required by Sections

12.3.1 and 12.3.2, and (ii) payment of a $3,500 fee to the Agent (payable by a

party other than a Loan Party) for processing such assignment (unless such fee

is waived by the Agent), such assignment shall become effective on the

effective date specified in such assignment.&#160;

The assignment shall contain a representation by the Purchaser to the

effect that none of the consideration used to make the purchase of the

Commitment and Outstanding Credit Exposure under the applicable assignment

agreement constitutes &#147;plan assets&#148; as defined under ERISA and that the rights

and interests of the Purchaser in and under the Loan Documents will not be

&#147;plan assets&#148; under ERISA.&#160; On and after

the effective date of such assignment, such Purchaser shall for all purposes be

a Lender party to this Agreement and any other Loan Document executed by or on

behalf of the Lenders and shall have all the rights and obligations of a Lender

under the Loan Documents, to the same extent as if it were an original party

thereto, and the transferor Lender shall be released with respect to the

Commitment and Outstanding Credit Exposure assigned to such Purchaser without

any further consent or action by the Borrower, the Lenders or the Agent.&#160; In the case of an assignment covering all of

the assigning Lender&#146;s rights and obligations under this Agreement, such Lender

shall cease to be a Lender hereunder but shall continue to be entitled to the

benefits of, and subject to, those provisions of this Agreement and the other

Loan Documents which survive payment of the Obligations and termination of the

applicable agreement.&#160; Any assignment or

transfer by a Lender of rights or obligations under this Agreement that does

not comply with this Section 12.3 shall be treated for purposes of this

Agreement as a sale by such Lender of a participation in such rights and

obligations in accordance with Section 12.2.&#160;

Upon the consummation of any assignment to a Purchaser pursuant to this

Section 12.3.3, the transferor Lender, the Agent and the Borrower shall, if the

transferor Lender or the Purchaser desires that its Loans be evidenced by

Notes, make appropriate arrangements so that new Notes or, as appropriate,

replacement Notes are issued to such transferor Lender and new Notes or, as

appropriate, replacement Notes, are issued to such Purchaser, in each case in

principal amounts reflecting their respective Commitments, as adjusted pursuant

to such assignment.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Register</u>.&#160; The Agent, acting solely for this purpose as

an agent of the Borrower, shall maintain at one of its offices in Louisville,

Kentucky a copy of each Assignment and Assumption delivered to it and a

register for the recordation of the names and addresses of the Lenders, and the

Commitments of, and principal amounts of the Loans owing to, each Lender

pursuant to the terms hereof from time to time (the &#147;Register&#148;).&#160; The entries in the Register shall be

conclusive, and the Borrower, the Agent and the Lenders may treat each Person

whose name is recorded in the Register pursuant to the terms hereof as a Lender

hereunder for all purposes of this Agreement, notwithstanding notice to the

contrary.&#160; The Register shall be

available for inspection by the Borrower and any Lender, at any reasonable time

and from time to time upon reasonable prior notice.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Dissemination

of Information</u>.&#160; The Borrower

authorizes each Lender to disclose to any Participant or Purchaser or any other

Person acquiring an interest in the Loan Documents by operation of law (each a

&#147;Transferee&#148;) and any prospective Transferee any and all information in such

Lender&#146;s possession concerning the creditworthiness of the Borrower and its

Subsidiaries, including without limitation any information contained in any

Reports; <i><font style="font-style:italic;">provided</font></i> that each

Transferee and prospective Transferee agrees to be bound by Section 9.11 of

this Agreement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Tax

Treatment</u>.&#160; If any interest in any

Loan Document is transferred to any Transferee which is not incorporated under

the laws of the United States or any State thereof, the transferor Lender shall

cause such Transferee, concurrently with the effectiveness of such transfer, to

comply with the provisions of Section 3.5(iv).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

XIII</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTICES</font></u></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notices</u>.&#160; Except as otherwise permitted by Section

2.10 with respect to borrowing notices, all notices, requests and other

communications to any party hereunder shall be in writing (including electronic

transmission,</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">facsimile transmission or similar writing) and shall be given to such

party: (x) in the case of the Borrower, any other Loan Party, or the Agent, at

the address of Borrower or facsimile number of Borrower set forth on the

signature pages hereof, (y) in the case of any Lender, at its address or

facsimile number set forth below its signature hereto, or (z) in the case of

any party, at such other address or facsimile number as such party may

hereafter specify for the purpose by notice to the Agent and the Borrower in

accordance with the provisions of this Section 13.1.&#160; Each such notice, request or other communication shall be

effective (i) if given by facsimile transmission, when transmitted to the

facsimile number specified in this Section and confirmation of receipt is

received, (ii) if given by mail, 72 hours after such communication is deposited

in the mails with first class postage prepaid, addressed as aforesaid, or (iii)

if given by any other means, when delivered (or, in the case of electronic

transmission, received) at the address specified in this Section; <i><font style="font-style:italic;">provided</font></i> that notices to the Agent under

Article II shall not be effective until received.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Change

of Address</u>.&#160; The Borrower, any other

Loan Party, the Agent and any Lender may each change the address for service of

notice upon it by a notice in writing to the other parties hereto.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

XIV</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COUNTERPARTS</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be executed in any number of

counterparts, all of which taken together shall constitute one agreement, and

any of the parties hereto may execute this Agreement by signing any such

counterpart.&#160; This Agreement shall be

effective when it has been executed by the Borrower, the Loan Parties, the

Agent, the LC Issuer and the Lenders and each party has notified the Agent by

facsimile transmission or telephone that it has taken such action.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE

XV</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHOICE

OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">15.1</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font style="font-weight:bold;">CHOICE OF

LAW</font></u>.&#160; THE LOAN DOCUMENTS (OTHER

THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE

CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT

OF LAWS PROVISIONS) OF THE COMMONWEALTH OF KENTUCKY, BUT GIVING EFFECT TO

FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.</b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">15.2</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font style="font-weight:bold;">CONSENT

TO JURISDICTION</font></u>.&#160; THE

BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY

UNITED STATES FEDERAL OR COMMONWEALTH OF KENTUCKY COURT SITTING IN LOUISVILLE,

KENTUCKY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN

DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT

OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND

IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE

OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH

COURT IS AN INCONVENIENT FORUM.&#160; NOTHING

HEREIN SHALL LIMIT THE RIGHT OF THE AGENT, THE COLLATERAL AGENT, THE LC ISSUER

OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY

OTHER JURISDICTION.&#160; ANY JUDICIAL

PROCEEDING BY THE BORROWER AGAINST THE AGENT, THE LC ISSUER OR ANY LENDER OR

ANY AFFILIATE OF THE AGENT, THE LC ISSUER OR ANY LENDER INVOLVING, DIRECTLY OR

INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH

ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN LOUISVILLE, KENTUCKY.</b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">15.3</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font style="font-weight:bold;">WAIVER OF

JURY TRIAL</font></u>.&#160; THE BORROWER,

THE AGENT, THE LC ISSUER AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY

JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER

SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO,

OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.</b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[THE

BALANCE OF THIS PAGE IS BLANK</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND

SIGNATURES BEGIN ON THE FOLLOWING PAGE.]</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>





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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Borrower, the Lenders, the LC

Issuer and the Agent have executed this Agreement as of the date first above

written.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL

  DOWNS INCORPORATED</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:2.66%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="3%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:3.84%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="1%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; General Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GUARANTORS:</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL

  DOWNS MANAGEMENT<br>

  COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL

  DOWNS INVESTMENT<br>

  COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RACING

  CORPORATION OF AMERICA</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr height="0">

  <td width="325" style="border:none;"></td>

  <td width="18" style="border:none;"></td>

  <td width="1" style="border:none;"></td>

  <td width="12" style="border:none;"></td>

  <td width="1" style="border:none;"></td>

  <td width="1" style="border:none;"></td>

  <td width="14" style="border:none;"></td>

  <td width="85" style="border:none;"></td>

  <td width="130" style="border:none;"></td>

  <td width="134" style="border:none;"></td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='65',FILE='C:\C2\rreeve\0603_3\t_1507228\j0603_ex10db.htm',USER='rreeve',CD='May 13 06:22 2003' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CALDER

  RACE COURSE, INC.</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TROPICAL

  PARK, INC.</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL

  DOWNS CALIFORNIA<br>

  COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL

  DOWNS CALIFORNIA<br>

  FALL OPERATING COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66</font></p>





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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARLINGTON

  PARK RACECOURSE, LLC</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARLINGTON

  MANAGEMENT SERVICES,<br>

  LLC</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARLINGTON

  OTB CORP.</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mary Ann Guenther</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">QUAD

  CITY DOWNS, INC.</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mary Ann Guenther</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr height="0">

  <td width="325" style="border:none;"></td>

  <td width="17" style="border:none;"></td>

  <td width="13" style="border:none;"></td>

  <td width="17" style="border:none;"></td>

  <td width="85" style="border:none;"></td>

  <td width="130" style="border:none;"></td>

  <td width="134" style="border:none;"></td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='67',FILE='C:\C2\rreeve\0603_3\t_1507228\j0603_ex10db.htm',USER='rreeve',CD='May 13 06:22 2003' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CDIP,

  LLC</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CDIP

  HOLDINGS, LLC</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ELLIS

  PARK RACE COURSE, INC.</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rebecca C. Reed</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville, Kentucky

  40208</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General

  Counsel</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4429</font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4439</font></p>

  </td>

 </tr>

 <tr height="0">

  <td width="325" style="border:none;"></td>

  <td width="17" style="border:none;"></td>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.22%;">

  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitment</font></u></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$30,000,000.00</font></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BANK

  ONE, KENTUCKY, NA as Agent,<br>

  </font></b>Individually, as a Lender and as Agent</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ H. Joseph Brenner</font></p>

  </td>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.94%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H. Joseph Brenner</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Vice President</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">416 W. Jefferson Street</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville,

  Kentucky&#160; 40202</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; H. Joseph Brenner</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 566-2789</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 566-8339</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a copy to:</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frost Brown Todd LLC</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite 3200</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400 W. Market Street</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville,

  Kentucky&#160; 40202</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Charles R.

  Keeton, Esq.</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 568-0257</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 581-1087</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.22%;">

  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitment</font></u></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$30,000,000.00</font></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PNC

  BANK, NATIONAL ASSOCIATION<br>

  </font></b>As a Lender, as LC Issuer and as Syndication Agent</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.48%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Richard M. Ellis</font></p>

  </td>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.94%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard M. Ellis</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">500 West Jefferson

  Street</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<sup>nd</sup> Floor</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville,

  Kentucky&#160; 40296</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Shelly Stephenson, Vice President</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 581-4522</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 581-3355</font></p>

  </td>

 </tr>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>





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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.22%;">

  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitment</font></u></p>

  </td>

  <td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.56%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.56%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$25,000,000.00</font></p>

  </td>

  <td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.56%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.22%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NATIONAL

  CITY BANK OF KENTUCKY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="59%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:59.8%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a Lender and as

  Documentation Agent</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:2.52%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.56%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kevin L. Anderson</font></p>

  </td>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kevin L. Anderson</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101 South Fifth Street</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37<sup>th</sup> Floor</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville,

  Kentucky&#160; 40202</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Kevin L. Anderson</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 581-7894</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 581-4424</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.22%;">

  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitment</font></u></p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$22,500,000.00</font></p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FIFTH

  THIRD BANK, KENTUCKY, INC.</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:2.52%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.56%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Edward B. Martin</font></p>

  </td>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Edward B. Martin</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">401 South 4<sup>th</sup>

  Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville,

  Kentucky&#160; 40202-3411</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Edward B. Martin</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 562-5536</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 562-5540</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.22%;">

  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitment</font></u></p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$18,500,000.00</font></p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BRANCH

  BANKING &amp; TRUST COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.56%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Frank R. Eckerd</font></p>

  </td>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank R. Eckerd</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">500 West Broadway</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7<sup>th</sup> Floor</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville,

  Kentucky&#160; 40202</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Frank R. Eckerd</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 562-5877</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.96%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 562-6990</font></p>

  </td>

 </tr>

 <tr height="0">

  <td width="44" style="border:none;"></td>

  <td width="196" style="border:none;"></td>

  <td width="50" style="border:none;"></td>

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  <td width="94" style="border:none;"></td>

  <td width="158" style="border:none;"></td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='70',FILE='C:\C2\rreeve\0603_3\t_1507228\j0603_ex10db.htm',USER='rreeve',CD='May 13 06:22 2003' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.24%;">

  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitment</font></u></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$18,500,000.00</font></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMERICA

  BANK</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.72%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kathleen Kasperek</font></p>

  </td>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.98%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kathleen Kasperek</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">500 Woodward Avenue</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MC 3269 &#150; 9<sup>th</sup>

  Floor</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Detroit, Michigan&#160; 48214</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Kathleen Kasperek</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(313) 222-3808</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(313) 222-9516</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.24%;">

  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitment</font></u></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$18,500,000.00</font></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">U.S.

  BANK NATIONAL ASSOCIATION</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.72%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David Wombwell</font></p>

  </td>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.98%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David Wombwell</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Financial Square</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Louisville,

  Kentucky&#160; 40202-3322</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; David Wombwell</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 565-6685</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 565-6460</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.24%;">

  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitment</font></u></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$18,500,000.00</font></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SUN

  TRUST BANK</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.72%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Scott Corely</font></p>

  </td>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.98%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scott Corley</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">201 4<sup>th</sup>

  Avenue N.</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<sup>rd</sup> Floor</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nashville,

  Tennessee&#160; 37219</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Scott Corley</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(615) 748-5715</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(615) 748-5269</font></p>

  </td>

 </tr>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.24%;">

  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitment</font></u></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$18,500,000.00</font></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BANK

  OF AMERICA</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:4.72%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="26%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Bryan Hulker</font></p>

  </td>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.98%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bryan Hulker</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">414 Union Street</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TN1-100-04-01 &#150; 4<sup>th</sup>

  Floor</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nashville,

  Tennessee&#160; 37239</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="55%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Bryan Hulker</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font></p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(615) 749-3001</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX:</font></p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(615) 749-4762</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.24%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total&nbsp;&nbsp;&nbsp;&nbsp;$200,000,000.00</font></p>

  </td>

  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr height="0">

  <td width="44" style="border:none;"></td>

  <td width="196" style="border:none;"></td>

  <td width="83" style="border:none;"></td>

  <td width="17" style="border:none;"></td>

  <td width="34" style="border:none;"></td>

  <td width="95" style="border:none;"></td>

  <td width="94" style="border:none;"></td>

  <td width="158" style="border:none;"></td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The other schedules and other attachments to this agreement, which

disclose certain information responsive to provisions of the agreement or

reflect the terms of the agreement, have been omitted because they are

duplicative of information contained in the agreement and/or are not material.

The registrant agrees to furnish supplementally a copy of any such omitted

schedules or other attachments to the Commission upon request.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='72',FILE='C:\C2\rreeve\0603_3\t_1507228\j0603_ex10db.htm',USER='rreeve',CD='May 13 06:22 2003' -->
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRICING SCHEDULE</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="41%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:41.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">APPLICABLE MARGIN</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">LEVEL I<br>

  STATUS</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">LEVEL II<br>

  STATUS</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">LEVEL III<br>

  STATUS</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">LEVEL IV<br>

  STATUS</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="41%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:41.0%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Eurodollar Rate</font></i></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.25</font></i></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.50</font></i></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.75</font></i></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2.25</font></i></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

 </tr>

 <tr>

  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Floating Rate</font></i></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0</font></i></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0</font></i></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.25</font></i></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in .7pt 0in;width:2.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.75</font></i></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="41%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:41.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">APPLICABLE FEE RATE</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">LEVEL I<br>

  STATUS</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">LEVEL II<br>

  STATUS</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">LEVEL III<br>

  STATUS</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">LEVEL IV<br>

  STATUS</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="41%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:41.0%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Commitment Fee</font></i></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.25</font></i></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.30</font></i></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.375</font></i></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in .7pt 0in;width:2.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.5%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.50</font></i></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes of this Schedule, the following terms

have the following meanings, subject to the final paragraph of this Schedule:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Financials&#148; means the annual or quarterly financial

statements of the Borrower delivered pursuant to Section 6.1(i) or (ii).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Level I Status&#148; exists at any date if, as of the last

day of the fiscal quarter of the Borrower referred to in the most recent

Financials, the Leverage Ratio is less than 2.00 to 1.00.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Level II Status&#148; exists at any date if, as of the

last day of the fiscal quarter of the Borrower referred to in the most recent

Financials, (i) the Borrower has not qualified for Level I Status and (ii) the

Leverage Ratio is less than 2.50 to 1.00.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Level III Status&#148; exists at any date if, as of the

last day of the fiscal quarter of the Borrower referred to in the most recent

Financials, (i) the Borrower has not qualified for Level I Status or Level II

Status and (ii) the Leverage Ratio is less than 3.00 to 1.00.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Level IV Status&#148; exists at any date if the Borrower

has not qualified for Level I Status, Level II Status or Level III Status.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Status&#148; means either Level I Status, Level II Status,

Level III Status or Level IV Status.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Applicable Margin and Applicable Fee Rate shall be

determined in accordance with the foregoing table based on the Borrower&#146;s

Status, adjusted quarterly and measured on the most recent four fiscal quarters

ending on the determination date as reflected in the then most recent

Financials.&#160; Adjustments, if any, to the

Applicable Margin or Applicable Fee Rate shall be effective five Business Days

after the Agent has received the applicable Financials.&#160; If the Borrower fails to deliver the

Financials to the Agent at the time required pursuant to Section 6.1, then the

Applicable Margin and Applicable Fee Rate shall be the highest Applicable

Margin and Applicable Fee Rate set forth in the foregoing table until five days

after such Financials are so delivered.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>7
<FILENAME>j0603_ex99da.htm
<DESCRIPTION>EX-99.A
<TEXT>
<html>

<head>

<title>  </title>

</head>

<body>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99(a)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certification of CEO and CFO Pursuant to</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">18 U.S.C. Section 1350,</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As Adopted Pursuant to</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 906 of the Sarbanes-Oxley Act of 2002</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Quarterly Report on Form 10-Q of Churchill Downs
Incorporated (the &#147;Company&#148;) for the quarterly period ended March 31, 2003 as
filed with the Securities and Exchange Commission on the date hereof (the
&#147;Report&#148;), Thomas H. Meeker, as President and Chief Executive Officer of the
Company, and Michael E. Miller, as Executive Vice President and Chief Financial
Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. &#167; 1350, as
adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, to the best of his
knowledge, that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Report fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
information contained in the Report fairly presents, in all material respects,
the financial condition and result of operations of the Company.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:28.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Thomas H. Meeker</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas H. Meeker</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 14, 2003</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:28.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Michael E. Miller</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael E. Miller</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President and Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 14, 2003</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This certification accompanies the Report pursuant to &#167; 906 of the
Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the
Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of&#160; &#167; 18 of the Securities Exchange Act of 1934,
as amended.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A signed original of this written statement required by Section 906 has
been provided to Churchill Downs Incorporated and will be retained by Churchill
Downs Incorporated and furnished to the Securities and Exchange Commission or
its staff upon request.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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