<SUBMISSION>
<ACCESSION-NUMBER>0000012355-06-000211
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20061113
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20061115
<DATE-OF-FILING-DATE-CHANGE>20061115
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BLACK & DECKER CORP
<CIK>0000012355
<ASSIGNED-SIC>3540
<IRS-NUMBER>520248090
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1205
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>333-03593
<FILM-NUMBER>061220133
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>701 E JOPPA RD
<CITY>TOWSON
<STATE>MD
<ZIP>21286
<PHONE>4107163900
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>701 EAST JOPPA ROAD
<STREET2>MAIL STOP TW 290
<CITY>TOWSON
<STATE>MD
<ZIP>21286
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BLACK & DECKER MANUFACTURING CO
<DATE-CHANGED>19850206
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k11152006a.htm
<DESCRIPTION>FORM 8-K FILED NOVEMBER 15, 2006
<TEXT>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>UNITED STATES<BR>SECURITIES AND
EXCHANGE COMMISSION<BR>Washington, D.C. 20549 </FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 8-K </FONT></H1>


<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>CURRENT REPORT<BR>Pursuant to Section 13
or 15(d) of<BR>The Securities
Exchange Act of 1934 </FONT></H1>
<BR><BR>
<P ALIGN="Center"><FONT FACE="Times New Roman" SIZE="2"><B>Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;November 13, 2006
<BR><BR><BR><BR>
THE BLACK &amp; DECKER CORPORATION<BR>(Exact name of registrant as specified in its charter)</B></FONT></P>
<BR><BR>


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<TR VALIGN="BOTTOM">
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="2"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="2"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER" WIDTH="37%"><FONT FACE="Times New Roman" SIZE="2"><B>Maryland <BR>
(State or other jurisdiction<BR>
&nbsp;&nbsp;of incorporation)
</B></FONT></TD>
     <TD ALIGN="CENTER" WIDTH="26%"><FONT FACE="Times New Roman" SIZE="2"><B>1-1553       <BR>
(Commission File Number)</B>
</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="37%"><FONT FACE="Times New Roman" SIZE="2"><B>52-0248090     <BR>
(IRS Employer<BR>
&nbsp;Identification No.)</B>
</FONT></TD></TR>
</TABLE>
<BR><BR>

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<TR VALIGN="BOTTOM">
     <TH ALIGN="CENTER"></TH>
     <TH ALIGN="CENTER"></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%" ALIGN="CENTER">&nbsp;&nbsp;<FONT FACE="Times New Roman" SIZE="2"><B>701 East Joppa Road, Towson, Maryland   <BR>
(Address of principal executive offices)</B></FONT>
</TD>
     <TD WIDTH="50%" ALIGN="Center">&nbsp;&nbsp;<FONT FACE="Times New Roman" SIZE="2"><B>21286   <BR>
(Zip Code)</B></FONT>
</TD></TR>
</TABLE>

<BR><BR>
<P ALIGN="Center"><FONT FACE="Times New Roman" SIZE="2"><B>Registrant's telephone number, including area code&nbsp;&nbsp;&nbsp;410-716-3900</B></FONT></P>
<BR>
<P ALIGN="Center"><FONT FACE="Times New Roman" SIZE="2"><B>Not Applicable<BR>(Former name or former address, if changed since last report.)</B></FONT></P>



<P><FONT FACE="Times" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to  simultaneously  satisfy the filing  obligation
of the registrant under any of the following provisions:</FONT></P>

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<TR VALIGN="TOP">
     <TD WIDTH="3%"><FONT FACE="Times New Roman" SIZE="2">[ ]<BR>
[ ]<BR>
[ ]<BR>
[ ]
</FONT></TD>
     <TD WIDTH="97%"><FONT FACE="Times New Roman" SIZE="2">&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR>
&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
&nbsp;(17 CFR 240.14d-2(b))<BR>
&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
&nbsp;&nbsp;(17 CFR 240.13e-4(c))
</FONT></TD></TR>
</TABLE>

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<A NAME=A010></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2-</FONT></P>

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<A NAME=A001></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 8.01 OTHER EVENTS. </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On November 13, 2006, The Black &amp;
Decker Corporation (the Corporation) entered into an Underwriting Agreement with Banc of
America Securities LLC, Citigroup Global Markets Inc., and J.P. Morgan Securities Inc., as
representatives of the underwriters named in Schedule II thereto, with respect to the
Corporation&#146;s issuance and sale of $300,000,000 5.750% Senior Notes due 2016 (the
&#147;Notes&#148;). The Corporation registered the Notes under the Securities Act of 1933
pursuant to a shelf registration statement on Form S-3ASR (File No. 333-138604) (the
&#147;Registration Statement&#148;). The Underwriting Agreement is filed as an exhibit to
this Current Report on Form 8-K and shall be incorporated by reference into the
Registration Statement. </FONT></P>





<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 9.01 FINANCIAL
STATEMENTS AND EXHIBITS. </FONT></H1>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 1.1       Underwriting  Agreement,  dated  November  13,  2006,  by and among The Black &amp; Decker  Corporation,  Banc of America
Securities LLC,  Citigroup  Global Markets Inc., and J.P. Morgan  Securities  Inc., as  representatives  of the  underwriters  named in
Schedule II thereto. </FONT></P>


<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3-</FONT></P>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<A NAME=A005></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE BLACK &amp; DECKER
CORPORATION </FONT></H1>

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<A NAME=A006></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S I G N A T U R E S </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 hereunto duly authorized. </FONT></P>


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     <TD WIDTH="50%"><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman" SIZE="2">THE BLACK &amp; DECKER CORPORATION<BR>
<BR>
<BR>
By:<U> /s/ CHRISTINA M. MCMULLEN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christina M. McMullen<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller<BR>

</FONT></TD></TR>
</TABLE>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: November 15, 2006 </FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>form8k11152006b.htm
<DESCRIPTION>EXHIBIT 1.1 FILED NOVEMBER 15, 2006
<TEXT>
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<A NAME=A001></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Black &amp; Decker
Corporation </FONT></P>

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<A NAME=A002></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$300,000,000 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A003></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.750% Senior Notes Due
2016 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A004></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Underwriting Agreement </FONT></P>

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<A NAME=A005></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, New York<BR>November
13, 2006 </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the Representatives named in <BR>&nbsp;&nbsp;&nbsp;&nbsp;Schedule&nbsp;I hereto of the several <BR>&nbsp;&nbsp;&nbsp;&nbsp;Underwriters named in
<BR>&nbsp;&nbsp;&nbsp;&nbsp;Schedule&nbsp;II hereto</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A006></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Black &amp; Decker Corporation, a corporation organized under the laws of Maryland (the
&#147;Company&#148;), proposes to sell to the several underwriters named in
Schedule&nbsp;II hereto (the &#147;Underwriters&#148;), for whom you (the
&#147;Representatives&#148;) are acting as representatives, the principal amount of its
securities identified in Schedule&nbsp;I hereto (the &#147;Securities&#148;), to be issued
under an indenture, dated as of November 16, 2006, between the Company and The Bank of New
York, as trustee (the &#147;Trustee&#148;), as supplemented by the First Supplemental
Indenture , dated as of November 16, 2006, between the Company and the Trustee (the
&#147;Indenture&#148;). To the extent there are no additional Underwriters listed on
Schedule&nbsp;I other than you, the term Representatives as used herein shall mean you, as
Underwriters, and the terms Representatives and Underwriters shall mean either the
singular or plural as the context requires. Any reference herein to the Registration
Statement, the Base Prospectus, any Preliminary Prospectus or the Final Prospectus shall
be deemed to refer to and include the documents incorporated by reference therein pursuant
to Item&nbsp;12 of Form&nbsp;S-3 which were filed under the Exchange Act on or before the
Effective Date of the Registration Statement or the issue date of the Base Prospectus, any
Preliminary Prospectus or the Final Prospectus, as the case may be; and any reference
herein to the terms &#147;amend,&#148; &#147;amendment&#148; or &#147;supplement&#148;
with respect to the Registration Statement, the Base Prospectus, any Preliminary
Prospectus or the Final Prospectus shall be deemed to refer to and include the filing of
any document under the Exchange Act after the Effective Date of the Registration Statement
or the issue date of the Base Prospectus, any Preliminary Prospectus or the Final
Prospectus, as the case may be, deemed to be incorporated therein by reference. Certain
terms used herein are defined in Section&nbsp;20 hereof. </FONT></P>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Representations and Warranties</U>. The Company represents and warrants to,
          and agrees with, each Underwriter as set forth below in this Section&nbsp;1. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company meets the requirements for use of Form&nbsp;S-3 under the Act and
          has prepared and filed with the Commission an automatic shelf registration
          statement, as defined in Rule 405 (the file number of which is set forth in
          Schedule&nbsp;I hereto) on Form&nbsp;S-3, including a related Base Prospectus,
          for registration under the Act of the offering and sale of the Securities. Such
          Registration Statement, including any </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>



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<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
amendments thereto filed prior to the
          Execution Time, became effective upon filing. The Company may have filed with
          the Commission, as part of an amendment to the Registration Statement or
          pursuant to Rule 424(b), one or more preliminary prospectus supplements relating
          to the Securities, each of which has previously been furnished to you. The
          Company will file with the Commission a final prospectus supplement relating to
          the Securities in accordance with Rule 424(b). As filed, such final prospectus
          supplement shall contain all information required by the Act and the rules
          thereunder, and, except to the extent the Representatives shall agree in writing
          to a modification, shall be in all substantive respects in the form furnished to
          you prior to the Execution Time or, to the extent not completed at the Execution
          Time, shall contain only such specific additional information and other changes
          (beyond that contained in the Base Prospectus and any Preliminary Prospectus) as
          the Company has advised you, prior to the Execution Time, will be included or
          made therein. The Registration Statement, at the Execution Time, meets the
          requirements set forth in Rule&nbsp;415(a)(1)(x). </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          On each Effective Date, the Registration Statement did, and when the Final
          Prospectus is first filed in accordance with Rule&nbsp;424(b) and on the Closing
          Date (as defined herein), the Final Prospectus (and any supplement thereto)
          will, comply in all material respects with the applicable requirements of the
          Act, the Exchange Act and the Trust Indenture Act and the respective rules
          thereunder; on each Effective Date and at the Execution Time, the Registration
          Statement did not and will not contain any untrue statement of a material fact
          or omit to state any material fact required to be stated therein or necessary in
          order to make the statements therein not misleading; on the Effective Date and
          on the Closing Date the Indenture did or will comply in all material respects
          with the applicable requirements of the Trust Indenture Act and the rules
          thereunder; and on the date of any filing pursuant to Rule&nbsp;424(b) and on
          the Closing Date, the Final Prospectus (together with any supplement thereto)
          will not include any untrue statement of a material fact or omit to state a
          material fact necessary in order to make the statements therein, in the light of
          the circumstances under which they were made, not misleading; <U>provided</U>,
          however, that the Company makes no representations or warranties as to
          (i)&nbsp;that part of the Registration Statement which shall constitute the
          Statement of Eligibility and Qualification (Form T-1) under the Trust Indenture
          Act of the Trustee or (ii)&nbsp;the information contained in or omitted from the
          Registration Statement or the Final Prospectus (or any supplement thereto) in
          reliance upon and in conformity with information furnished in writing to the
          Company by or on behalf of any Underwriter through the Representatives
          specifically for inclusion in the Registration Statement or the Final Prospectus
          (or any supplement thereto), it being understood and agreed that the only such
          information furnished by or on behalf of any Underwriter consists of the
          information described as such in Section 8 hereof. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Disclosure Package does not contain any untrue statement of a material fact
          or omit to state any material fact necessary in order to make the statements
          therein, in the light of the circumstances under which they were made, not
          misleading. The preceding sentence does not apply to statements in or omissions
          from the Disclosure Package based upon and in conformity with written
          information furnished to the Company by any Underwriter through the
          Representatives specifically for use therein, it </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>2</FONT></P>
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<DIV STYLE="page-break-after:always"></DIV>


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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
being understood and agreed
          that the only such information furnished by or on behalf of any Underwriter
          consists of the information described as such in Section 8 hereof. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          (i) At the time of filing the Registration Statement, (ii) at the time of the
          most recent amendment thereto for the purposes of complying with Section
          10(a)(3) of the Act (whether such amendment was by post-effective amendment,
          incorporated report filed pursuant to Sections 13 or 15(d) of the Exchange Act
          or form of prospectus), (iii) at the time the Company or any person acting on
          its behalf (within the meaning, for this clause only, of Rule 163(c)) made any
          offer relating to the Securities in reliance on the exemption in Rule 163, and
          (iv) at the Execution Time (with such date being used as the determination date
          for purposes of this clause (iv)) the Company was or is (as the case may be) a
          &#147;well-known seasoned issuer&#148; as defined in Rule 405. The Company
          agrees to pay the fees required by the Commission relating to the Securities
          within the time required by Rule 456(b)(1) without regard to the proviso therein
          and otherwise in accordance with Rules 456(b) and 457(r). </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          (i) At the earliest time after the filing of the Registration Statement that the
          Company or another offering participant made a <I>bona fide</I> offer (within
          the meaning of Rule 164(h)(2)) of the Securities and (ii) as of the Execution
          Time (with such date being used as the determination date for purposes of this
          clause (ii)) the Company was not and is not an Ineligible Issuer (as defined in
          Rule 405), without taking account of any determination by the Commission
          pursuant to Rule 405 that it is not necessary that the Company be considered an
          Ineligible Issuer. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Each Issuer Free Writing Prospectus and the final term sheet prepared and filed
          pursuant to Section 5(b) hereto does not include any information that conflicts
          with the information contained in the Registration Statement, the Base
          Prospectus, the Preliminary Prospectus or the Final Prospectus, including any
          document incorporated therein by reference, that has not been superseded or
          modified. The foregoing sentence does not apply to statements in or omissions
          from any Issuer Free Writing Prospectus based upon and in conformity with
          written information furnished to the Company by any Underwriter through the
          Representatives specifically for use therein, it being understood and agreed
          that the only such information furnished by or on behalf of any Underwriter
          consists of the information described as such in Section 8 hereof. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company and each of its<B> </B>material subsidiaries has been duly
          incorporated and is validly existing and in good standing under the laws of its
          respective jurisdictions of incorporation, is duly qualified to do business and
          is in good standing as a foreign corporation in each jurisdiction in which its
          respective ownership or lease of property or the conduct of its respective
          business requires such qualification, and has all the power and authority
          necessary to own or hold its respective properties and to conduct the respective
          business in which it is engaged, except where the failure to so qualify or have
          such power or authority would not, singularly or in the aggregate, have a
          material adverse effect on the condition (financial or otherwise), results of
          operations or business of the Company and its subsidiaries taken as a whole (a
          &#147;Material Adverse Effect&#148;). </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>3</FONT></P>
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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          All of the outstanding shares of capital stock of the Company have been duly and
          validly authorized and issued and are fully paid and non-assessable. All of the
          outstanding shares of capital stock of each material subsidiary of the Company
          have been duly and validly authorized and issued, are fully paid and
          non-assessable and are owned directly or indirectly by the Company, free and
          clear of any lien, charge, encumbrance, security interest, restriction upon
          voting or transfer or any other claim of any third party (except for such liens,
          charges, encumbrances, security interests, restrictions or claims that could not
          reasonably be expected to have a Material Adverse Effect). </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company has the full right, power and authority to execute and deliver this
          Agreement, the Indenture and the Securities (collectively, the &#147;Transaction
          Documents&#148;) and to perform its obligations hereunder and thereunder; and
          all corporate action required to be taken for the due and proper authorization,
          execution and delivery of each of the Transaction Documents and the consummation
          of the transactions contemplated thereby have been duly and validly taken. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(j) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          This Agreement has been duly authorized, executed and delivered by the Company
          and<B> </B>constitutes a valid and legally binding agreement of the Company. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(k) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Indenture has been duly authorized by the Company and, when duly executed
          and delivered in accordance with its terms by the Trustee, will constitute a
          valid and legally binding agreement of the Company enforceable against the
          Company in accordance with its terms, except to the extent that such
          enforceability may be limited by applicable bankruptcy, insolvency, fraudulent
          conveyance, reorganization, moratorium and other similar laws affecting
          creditors&#146; rights generally and by general equitable principles (whether
          considered in a proceeding in equity or at law). On the Closing Date (as herein
          defined), the Indenture will conform in all material respects to the
          requirements of the Trust Indenture Act and the rules and regulations of the
          Commission applicable to an indenture that is qualified thereunder. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(l) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Securities have been duly authorized by the Company and, when duly executed,
          authenticated, issued and delivered as provided in the Indenture and paid for as
          provided herein, will be duly and validly issued and outstanding and will
          constitute valid and legally binding obligations of the Company, entitled to the
          benefits of the Indenture and enforceable against the Company in accordance with
          their terms, except to the extent that such enforceability may be limited by
          applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
          moratorium and other similar laws affecting creditors&#146; rights generally and
          by general equitable principles (whether considered in a proceeding in equity or
          at law). </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(m) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Securities conform in all material respects to the description thereof
          contained in the Disclosure Package and the Final Prospectus. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(n) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The execution, delivery and performance by the Company of each of the
          Transaction Documents, the issuance, authentication, sale and delivery of the
          Securities and compliance by the Company with the terms thereof and the
          consummation of the transactions contemplated by the Transaction Documents do
          not and will not (i) conflict </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>



<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>4</FONT></P>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
with or result in a breach or violation of any of
          the terms or provisions of, or constitute a default under, or result in the
          creation or imposition of any lien, charge or encumbrance upon any property or
          assets of the Company or any of its subsidiaries pursuant to any material
          indenture, mortgage, deed of trust, loan agreement or other material agreement
          or instrument to which the Company or any of its subsidiaries is a party or by
          which the Company or any of its subsidiaries is bound or to which any of the
          property or assets of the Company or any of its subsidiaries is subject, (ii)
          result in any violation of the provisions of the charter or by-laws (or any
          other comparable organizational documents) of the Company or any of its material
          subsidiaries or (iii) result in the violation of any statute or any judgment,
          order, decree, rule or regulation of any court or arbitrator or governmental
          agency or body having jurisdiction over the Company or any of its subsidiaries
          or any of their properties or assets, except for any violation set forth in this
          clause (iii) which would not be material to the Company and its subsidiaries
          taken as a whole and which would not adversely affect the consummation of the
          transactions contemplated hereby; and<B> </B>except for such consents,
          approvals, authorizations, filings, registrations or qualifications which shall
          have been obtained or made prior to the Closing Date or as may be required to be
          obtained or made under applicable state securities laws, no consent, approval,
          authorization or order of, or filing or registration with, any such court or
          arbitrator or governmental agency or body under any such statute, judgment,
          order, decree, rule or regulation is required for the execution, delivery and
          performance by the Company of each of the Transaction Documents, the issuance,
          authentication, sale and delivery of the Securities and compliance by the
          Company with the terms thereof and the consummation of the transactions
          contemplated by the Transaction Documents. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(o) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Ernst &amp; Young LLP is a firm of independent certified public accountants with
          respect to the Company and its subsidiaries (i) as required by the Act and the
          rules and regulations thereunder adopted by the Commission and the rules adopted
          by the Public Company Accounting Oversight Board and (ii) within the meaning of
          Rule 101 of the Code of Professional Conduct of the American Institute of
          Certified Public Accountants (&#147;AICPA&#148;) and its interpretations and
          rulings thereunder. The historical financial statements (including the related
          notes and supporting schedules) contained or incorporated by reference in the
          Registration Statement, the Preliminary Prospectus and the Final Prospectus
          comply as to form in all material respects with the applicable requirements
          under the Act and the Exchange Act; such financial statements have been prepared
          in accordance with generally accepted accounting principles consistently applied
          throughout the periods covered thereby and fairly present the financial position
          of the entities purported to be covered thereby at the respective dates
          indicated and the results of their operations and their cash flows for the
          respective periods indicated; and the financial information contained or
          incorporated by reference in the Registration Statement, the Preliminary
          Prospectus and the Final Prospectus is derived from the accounting records of
          the Company and its subsidiaries and fairly present the information purported to
          be shown thereby. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(p) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Except as described in the Disclosure Package and the Final Prospectus, there
          are no legal or governmental proceedings pending to which the Company or any of
          its subsidiaries is a party or of which any property or assets of the Company or
          any of its </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>5</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
subsidiaries is the subject which, singularly or in the aggregate, if
          determined adversely to the Company or any of its subsidiaries, could reasonably
          be expected to have a Material Adverse Effect, and, to the best knowledge of the
          Company, no such proceedings are threatened or contemplated by governmental
          authorities or threatened by others. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(q) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Neither the Company nor any of its material subsidiaries is (i) in violation of
          its charter or by-laws (or other comparable organizational documents), (ii) in
          default in any material respect, and no event has occurred which, with notice or
          lapse of time or both, would constitute such a default, in the due performance
          or observance of any term, covenant or condition contained in any material
          indenture, mortgage, deed of trust, loan agreement or other material agreement
          or instrument to which it is a party or by which it is bound or to which any of
          its property or assets is subject or (iii) in violation in any material respect
          of any law, ordinance, governmental rule, regulation or court decree to which it
          or its property or assets may be subject or has failed to obtain any material
          license, permit, certificate, franchise or other governmental authorization or
          permit necessary to the ownership of its property or conduct of its business,
          except in the case of clauses (ii) and (iii) for such defaults or violations
          which would not, either individually or in the aggregate, have a Material
          Adverse Effect. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(r) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company and each of its subsidiaries owns or possesses adequate rights to
          use all material patents, patent applications, trademarks, service marks, trade
          names, trademark registrations, service mark registrations, copyrights, licenses
          and know-how (including trade secrets and other unpatented and/or unpatentable
          proprietary or confidential information, systems or procedures) necessary for
          the conduct of their respective businesses, except where the failure to so own
          or possess such rights or to use such patents, patent applications, trademarks,
          service marks, trade names, trademark registrations, service mark registrations,
          copyrights, licenses and know-how would not, singularly or in the aggregate,
          have a Material Adverse Effect; and the conduct of their respective businesses
          will not conflict in any material respect with, and the Company and its
          subsidiaries have not received any notice of any claim of conflict with any such
          rights of others which could have a Material Adverse Effect. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(s) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company and each of its subsidiaries has good and marketable title in fee
          simple to, or have valid rights to lease or otherwise use, all items of real and
          personal property which are material to the business of the Company and its
          subsidiaries, in each case free and clear of all liens, encumbrances, claims and
          defects and imperfections of title except such as do not materially interfere
          with the use made and proposed to be made of such property by the Company and
          its subsidiaries or could not reasonably be expected to have a Material Adverse
          Effect. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(t) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Except as described in the Disclosure Package and the Final Prospectus, there
          has been no storage, generation, transportation, handling, treatment, disposal,
          discharge, emission or other release of any kind of toxic or other wastes or
          other hazardous substances by, due to or caused by the Company or any of its
          subsidiaries (or, to the best knowledge of the Company, any other entity
          (including any predecessor) for whose acts or omissions the Company or any of
          its subsidiaries is or could reasonably be </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>6</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
expected to be liable) upon any of
          the property now or previously owned or leased by the Company or any of its
          subsidiaries in violation of any statute or any ordinance, rule (including rule
          of common law), regulation, order, judgment, decree or permit, or which would,
          under any statute or any ordinance, rule (including rule of common law),
          regulation, order, judgment, decree or permit, give rise to any liability that
          (taking into account, among other things, the reasonable likelihood of an
          adverse determination and the availability of contributions from other
          potentially responsible parties) could reasonably be expected to have,
          singularly or in the aggregate with all such violations and liabilities, a
          Material Adverse Effect; and there has been no disposal, discharge, emission or
          other release of any kind onto such property or into the environment surrounding
          such property of any toxic or other wastes or other hazardous substances with
          respect to which the Company or any of its subsidiaries has any knowledge that
          (taking into account, among other things, the reasonable likelihood of an
          adverse determination and the availability of contributions from other
          potentially responsible parties) could reasonably be expected to have,
          singularly or in the aggregate with all such discharges and other releases, a
          Material Adverse Effect. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(u) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Neither the Company nor any of its affiliates has taken and will not take,
          directly or indirectly, any action designed to or that could reasonably be
          expected to cause or result in any stabilization or manipulation of the price of
          the Securities. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(v) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          No forward-looking statement (within the meaning of Section 27A of the Act and
          Section 21E of the Exchange Act) contained in the Disclosure Package and the
          Final Prospectus has been made or reaffirmed without a reasonable basis or has
          been disclosed other than in good faith. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(w) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Since the date as of which information is given in the Disclosure Package and
          the Final Prospectus (exclusive of amendments or supplements after the date
          hereof), except as otherwise stated therein, (i) there has been no material
          adverse change or any development involving a prospective material adverse
          change in the condition, financial or otherwise, or in the earnings, business
          affairs, management or business prospects of the Company and its subsidiaries,
          whether or not arising in the ordinary course of business, (ii) none of the
          Company or any of its subsidiaries has incurred any material loss, liability or
          obligation, direct or contingent, other than in the ordinary course of business,
          (iii) none of the Company or any of its subsidiaries has entered into any
          material transaction other than in the ordinary course of business and (iv)
          there has not been any change in the capital stock (except for transactions
          relating to share-based compensation plans) or any increase greater than $25
          million in the aggregate principal amount of long-term debt of the Company and
          any of its subsidiaries (including current maturities), or any dividend or
          distribution of any kind declared, paid or made by the Company or any of its
          subsidiaries on any class of its capital stock, or any redemption in respect
          thereof. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(x) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company is in compliance in all material respects with the applicable
          provisions of the Sarbanes-Oxley Act of 2002 that are effective and the rules
          and regulations of the Commission that have been adopted and are effective
          thereunder. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>



<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>7</FONT></P>
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<DIV STYLE="page-break-after:always"></DIV>


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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(y) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company and each of its subsidiaries maintain a system of internal
          accounting controls sufficient to provide reasonable assurance that (i)
          transactions are executed in accordance with management&#146;s general or
          specific authorizations; (ii) transactions are recorded as necessary to permit
          preparation of financial statements in conformity with generally accepted
          accounting principles and to maintain asset accountability; (iii) access to
          assets is permitted only in accordance with management&#146;s general or
          specific authorization; and (iv) the recorded accountability for assets is
          compared with the existing assets at reasonable intervals and appropriate action
          is taken with respect to any differences. The Company and its subsidiaries&#146;
          internal controls over financial reporting are effective and the Company and its
          subsidiaries are not aware of any material weakness in their internal controls
          over financial reporting. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(z) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company and its subsidiaries maintain &#147;disclosure controls and
          procedures&#148; (as such term is defined in Rule 13a-15(e) under the Exchange
          Act); such disclosure controls and procedures are effective. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
certificate signed by any officer of the Company and delivered to the Representatives or
counsel for the Underwriters in connection with the offering of the Securities shall be
deemed a representation and warranty by the Company, as to matters covered thereby, to
each Underwriter. </FONT></P>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Purchase and Sale</U>. Subject to the terms and conditions and in reliance
               upon the representations and warranties herein set forth, the Company agrees to
               sell to each Underwriter, and each Underwriter agrees, severally and not
               jointly, to purchase from the Company, at the purchase price set forth in
               Schedule&nbsp;I hereto the principal amount of the Securities set forth opposite
               such Underwriter&#146;s name in Schedule&nbsp;II hereto. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Delivery and Payment</U>. Delivery of and payment for the Securities shall be
               made on the date and at the time specified in Schedule&nbsp;I hereto or at such
               time on such later date not more than three Business Days after the foregoing
               date as the Representatives shall designate, which date and time may be
               postponed by agreement between the Representatives and the Company or as
               provided in Section&nbsp;9&nbsp;hereof (such date and time of delivery and
               payment for the Securities being herein called the &#147;Closing Date&#148;).
               Delivery of the Securities shall be made to the Representatives for the
               respective accounts of the several Underwriters against payment by the several
               Underwriters through the Representatives of the purchase price thereof to or
               upon the order of the Company by wire transfer payable in same-day funds to an
               account specified by the Company. Delivery of the Securities shall be made
               through the facilities of The Depository Trust Company unless the
               Representatives shall otherwise instruct. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Offering by Underwriters</U>. It is understood that the several Underwriters
               propose to offer the Securities for sale to the public as set forth in the Final
               Prospectus. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Agreements</U>. The Company agrees with the several Underwriters that: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Prior to the termination of the offering of the Securities, the Company will not
               file any amendment of the Registration Statement or supplement (including the
               Final Prospectus or any Preliminary Prospectus) to the Base Prospectus unless
               the Company </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>



<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>8</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
has furnished you a copy for your review prior to filing and will
               not file any such proposed amendment or supplement to which you reasonably
               object. The Company will cause any Preliminary Prospectus and the Final
               Prospectus, properly completed, and any supplement thereto to be filed in a form
               approved by the Representatives with the Commission pursuant to the applicable
               paragraph of Rule&nbsp;424(b) within the time period prescribed and will provide
               evidence satisfactory to the Representatives of such timely filing. The Company
               will promptly advise the Representatives (i) when any Preliminary Prospectus and
               the Final Prospectus, and any supplement thereto, shall have been filed (if
               required) with the Commission pursuant to Rule&nbsp;424(b), (ii)&nbsp;when,
               prior to termination of the offering of the Securities, any amendment to the
               Registration Statement shall have been filed or become effective, (iii)&nbsp;of
               any request by the Commission or its staff for any amendment of the Registration
               Statement, or for any supplement to the Final Prospectus or for any additional
               information, (iv)&nbsp;of the issuance by the Commission of any stop order
               suspending the effectiveness of the Registration Statement or of any notice
               objecting to its use or the institution or threatening of any proceeding for
               that purpose and (v)&nbsp;of the receipt by the Company of any notification with
               respect to the suspension of the qualification of the Securities for sale in any
               jurisdiction or the institution or threatening of any proceeding for such
               purpose. The Company will use its best efforts to prevent the issuance of any
               such stop order or the occurrence of any such suspension or objection to the use
               of the Registration Statement and, upon such issuance, occurrence or notice of
               objection, to obtain as soon as possible the withdrawal of such stop order or
               relief from such occurrence or objection, including, if necessary, by filing an
               amendment to the Registration Statement or a new registration statement and
               using its best efforts to have such amendment or new registration statement
               declared effective as soon as practicable. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company will prepare a final term sheet, containing solely a description of
               final terms of the Securities and the offering thereof, in the form approved by
               you and attached as Schedule IV hereto and to file such term sheet pursuant to
               Rule 433(d) within the time required by such Rule. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               If, at any time prior to the filing of the Final Prospectus pursuant to Rule
               424(b), any event occurs as a result of which the Disclosure Package would
               include any untrue statement of a material fact or omit to state any material
               fact necessary to make the statements therein in the light of the circumstances
               under which they were made or the circumstances then prevailing not misleading,
               the Company will (i) notify promptly the Representatives so that any use of the
               Disclosure Package may cease until it is amended or supplemented; (ii) amend or
               supplement the Disclosure Package to correct such statement or omission; and
               (iii) supply any amendment or supplement to you in such quantities as you may
               reasonably request. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               If, at any time when a prospectus relating to the Securities is required to be
               delivered under the Act (including in circumstances where such requirement may
               be satisfied pursuant to Rule 172), any event occurs as a result of which the
               Final Prospectus as then supplemented would include any untrue statement of a
               material fact or omit to state any material fact necessary to make the
               statements therein in the light of the circumstances under which they were made
               at such time not misleading, or if it shall be necessary to amend the
               Registration Statement, file a new registration statement or </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>9</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

supplement the
               Final Prospectus to comply with the Act or the Exchange Act or the respective
               rules thereunder, including in connection with use or delivery of the Final
               Prospectus, the Company promptly will (i)&nbsp;notify the Representatives of any
               such event, (ii)&nbsp;prepare and file with the Commission, subject to the
               second sentence of paragraph (a) of this Section&nbsp;5, an amendment or
               supplement or new registration statement which will correct such statement or
               omission or effect such compliance, (iii) use its best efforts to have any
               amendment to the Registration Statement or new registration statement declared
               effective as soon as practicable in order to avoid any disruption in use of the
               Final Prospectus and (iv)&nbsp;supply any supplemented Final Prospectus to you
               in such quantities as you may reasonably request. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               As soon as practicable, the Company will make generally available to its
               security holders and to the Representatives an earnings statement or statements
               of the Company and its subsidiaries which will satisfy the provisions of
               Section&nbsp;11(a) of the Act and Rule&nbsp;158. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company will furnish to the Representatives and counsel for the
               Underwriters, without charge, signed copies of the Registration Statement
               (including exhibits thereto) and to each other Underwriter a copy of the
               Registration Statement (without exhibits thereto) and, so long as delivery of a
               prospectus by an Underwriter or dealer may be required by the Act (including in
               circumstances where such requirement may be satisfied pursuant to Rule 172), as
               many copies of each Preliminary Prospectus, the Final Prospectus and each Issuer
               Free Writing Prospectus and any supplement thereto as the Representatives may
               reasonably request. The Company will pay the expenses of printing or other
               production of all documents relating to the offering. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company will arrange, if necessary, for the qualification of the Securities
               for sale under the laws of such jurisdictions as the Representatives may
               designate and will maintain such qualifications in effect so long as required
               for the distribution of the Securities; provided that in no event shall the
               Company be obligated to qualify to do business in any jurisdiction where it is
               not now so qualified or to take any action that would subject it to service of
               process in suits, other than those arising out of the offering or sale of the
               Securities, in any jurisdiction where it is not now so subject. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company agrees that, unless it has or shall have obtained the prior written
               consent of the Representatives, and each Underwriter, severally and not jointly,
               agrees with the Company that, unless it has or shall have obtained, as the case
               may be, the prior written consent of the Company, it has not made and will not
               make any offer relating to the Securities that would constitute an Issuer Free
               Writing Prospectus or that would otherwise constitute a &#147;free writing
               prospectus&#148; (as defined in Rule 405) required to be filed by the Company
               with the Commission or retained by the Company under Rule 433, other than a free
               writing prospectus containing the information contained in the final term sheet
               prepared and filed pursuant to Section 5(b) hereto; provided that the prior
               written consent of the parties hereto shall be deemed to have been given in
               respect of the Free Writing Prospectuses included in Schedule III hereto. Any
               such free writing prospectus consented to by the Representatives or the Company
               is hereinafter referred to as a &#147;Permitted Free Writing Prospectus.&#148;
               The Company agrees that (x) it has treated and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>10</FONT></P>
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<DIV STYLE="page-break-after:always"></DIV>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
will treat, as the case may be,
               each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and
               (y) it has complied and will comply, as the case may be, with the requirements
               of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus,
               including in respect of timely filing with the Commission, legending and record
               keeping. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company will not, without the prior written consent of the Representatives,
               offer, sell, contract to sell, pledge, or otherwise dispose of (or enter into
               any transaction which is designed to, or might reasonably be expected to, result
               in the disposition (whether by actual disposition or effective economic
               disposition due to cash settlement or otherwise) by the Company or any affiliate
               of the Company or any person in privity with the Company or any affiliate of the
               Company), directly or indirectly, including the filing (or participation in the
               filing) of a registration statement with the Commission in respect of, or
               establish or increase a put equivalent position or liquidate or decrease a call
               equivalent position within the meaning of Section 16 of the Exchange Act, any
               debt securities issued or guaranteed by the Company that would mature more than
               one year after the Business Day set forth on Schedule I hereto and that are
               substantially similar to the Securities or publicly announce an intention to
               effect any such transaction, until the Business Day set forth on Schedule&nbsp;I
               hereto. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(j) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company will not take, directly or indirectly, any action designed to or
               that would constitute or that might reasonably be expected to cause or result
               in, under the Exchange Act or otherwise, stabilization or manipulation of the
               price of any security of the Company to facilitate the sale or resale of the
               Securities. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(k) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company agrees to pay the costs and expenses relating to the following
               matters: (i)&nbsp;the preparation, printing or reproduction and filing with the
               Commission of the Registration Statement (including financial statements and
               exhibits thereto), each Preliminary Prospectus, the Final Prospectus and each
               Issuer Free Writing Prospectus, and each amendment or supplement to any of them;
               (ii)&nbsp;the printing (or reproduction) and delivery (including postage, air
               freight charges and charges for counting and packaging) of such copies of the
               Registration Statement, each Preliminary Prospectus, the Final Prospectus and
               each Issuer Free Writing Prospectus, and all amendments or supplements to any of
               them, as may, in each case, be reasonably requested for use in connection with
               the offering and sale of the Securities; (iii)&nbsp;the preparation, printing,
               authentication, issuance and delivery of certificates for the Securities,
               including any stamp or transfer taxes in connection with the original issuance
               and sale of the Securities; (iv)&nbsp;the printing (or reproduction) and
               delivery of this Agreement, any blue sky memorandum and all other agreements or
               documents printed (or reproduced) and delivered in connection with the offering
               of the Securities; (v)&nbsp;any registration or qualification of the Securities
               for offer and sale under the securities or blue sky laws of the several states
               (including filing fees and the reasonable fees and expenses of counsel for the
               Underwriters relating to such registration and qualification); (vi)&nbsp;any
               filings required to be made with the NASD, Inc. (including filing fees and the
               reasonable fees and expenses of counsel for the Underwriters relating to such
               filings); (vii)&nbsp;the fees and expenses of the Company&#146;s accountants and
               the fees and expenses of counsel (including local and special counsel) for the
               Company; and (x)&nbsp;all other costs and expenses incident to the performance
               by the Company of its obligations hereunder. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>11</FONT></P>
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<DIV STYLE="page-break-after:always"></DIV>


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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Conditions to the Obligations of the Underwriters</U>. The obligations of the
               Underwriters to purchase the Securities shall be subject to the accuracy of the
               representations and warranties on the part of the Company contained herein as of
               the Execution Time and the Closing Date, to the accuracy of the statements of
               the Company made in any certificates pursuant to the provisions hereof, to the
               performance by the Company of its obligations hereunder and to the following
               additional conditions: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Preliminary Prospectus and the Final Prospectus, and any supplement thereto,
               have been filed in the manner and within the time period required by
               Rule&nbsp;424(b); the final term sheet contemplated by Section 5(b) hereto, and
               any other material required to be filed by the Company pursuant to Rule 433(d)
               under the Act, shall have been filed with the Commission within the applicable
               time periods prescribed for such filings by Rule 433; and no stop order
               suspending the effectiveness of the Registration Statement or any notice
               objecting to its use shall have been issued and no proceedings for that purpose
               shall have been instituted or threatened. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company shall have requested and caused Miles &amp; Stockbridge P.C.,
               counsel for the Company, to have furnished to the Representatives their opinion,
               dated the Closing Date and addressed to the Representatives, to the effect that: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company and each of the subsidiaries listed on Schedule A to such opinion
               (the &#147;Major Subsidiaries&#148;) have been duly incorporated and are validly
               existing as corporations in good standing under the laws of their respective
               jurisdictions of incorporation, are duly qualified to do business and are in
               good standing as foreign corporations in each jurisdiction in which their
               respective ownership or lease of property or the conduct of their respective
               businesses requires such qualification (other than those jurisdictions in which
               the failure to so qualify could not reasonably be expected to have a Material
               Adverse Effect), and have all corporate power necessary to own or hold their
               respective properties and conduct the businesses in which they are engaged; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company has the full corporate power to conduct its business as described in
               the Disclosure Package and the Final Prospectus; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               All of the issued shares of stock of each Major Subsidiary are owned directly or
               indirectly by the Company, free and clear of all liens, encumbrances, equities
               or claims, except for such liens, encumbrances, equities or claims as could not
               reasonably be expected to have a Material Adverse Effect; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company has the requisite corporate power to issue and deliver the
               Securities. The Securities have been duly authorized, executed and delivered by
               the Company and, assuming that the Securities have been authenticated by the
               Trustee in accordance with the terms of the Indenture and delivered to and paid
               for by the Underwriters in accordance with the terms of this Agreement,
               constitute legal, valid and binding obligations of the Company, entitled to the
               benefits provided by the Indenture and enforceable against the Company in
               accordance with their terms; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>12</FONT></P>
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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company has the requisite corporate power to execute, deliver and perform
               its obligations under the Indenture. The Indenture has been duly authorized,
               executed and delivered by the Company and has been duly qualified under the
               Trust Indenture Act and, assuming due authorization, execution and delivery by
               the Trustee, is the legal, valid and binding agreement of the Company,
               enforceable against the Company in accordance with its terms. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company has the requisite corporate power to execute, deliver and perform
               its obligations under this Agreement. This Agreement has been duly authorized,
               executed and delivered by the Company; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The issuance, sale and delivery of the Securities, the execution, delivery and
               performance of the Transaction Documents, the compliance by the Company with the
               terms therein and the consummation by the Company of the transactions
               contemplated hereby and thereby will not (i) to such counsel&#146;s knowledge,
               conflict with or result in a breach or violation of any of the terms or
               provisions of, or constitute a default under, any material indenture, mortgage,
               deed of trust, loan agreement or other material agreement or instrument to which
               the Company or any of its subsidiaries is a party or by which the Company or any
               of its subsidiaries is bound or to which any of the property or assets of the
               Company or any of its subsidiaries is subject, (ii) result in any violation of
               the provisions of the charter or by-laws of the Company or any of the Major
               Subsidiaries or (iii) to such counsel&#146;s knowledge, result in any violation
               of any statute or any judgment, order, decree, rule or regulation of any court
               or governmental agency or body having jurisdiction over the Company or any of
               the Major Subsidiaries or any of their properties or assets, which violation, in
               the case of clause (iii), could reasonably be expected to have a Material
               Adverse Effect or would adversely affect the consummation of the transactions
               contemplated by the Transaction Documents; and to such counsel&#146;s knowledge
               no consent, approval, authorization or order of, or filing, registration or
               qualification with, any such court or governmental agency or body is required
               for the issuance, authentication, sale and delivery of the Securities or the
               authorization, execution, delivery and performance of each of the Transaction
               Documents by the Company and the consummation of the transactions contemplated
               thereby, except for such consents, approvals, authorizations, filings, orders,
               filings, registrations or qualifications (i) which have been obtained or made
               prior to the Closing Date and (ii) as may be required to be obtained or made
               under applicable state securities laws; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               To the knowledge of such counsel, there is no pending or threatened action, suit
               or proceeding by or before any court or governmental agency, authority or body
               or any arbitrator involving the Company or any of its subsidiaries or its or
               their property, of a character required to be disclosed in the Registration
               Statement which is not adequately disclosed in any Preliminary Prospectus and
               the Final Prospectus, and, to the knowledge of such counsel, there is no
               franchise, contract or other document of a character required to be described in
               the Registration Statement, any Preliminary Prospectus or Final Prospectus, or</FONT></P></TD>
               </TR>
               </TABLE>
               <BR>



<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>13</FONT></P>
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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
to be filed as an exhibit to the Registration Statement, which is not described
               or filed as required; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The statements set forth under the headings &#147;Description of Debt
               Securities&#148; and &#147;Description of the Notes&#148; in the Disclosure
               Package and the Final Prospectus, insofar as they constitute summaries of
               documents, are accurate in all material respects; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the Registration Statement has become effective under the Act; any required
               filing of the Base Prospectus, any Preliminary Prospectus and the Final
               Prospectus, and any supplements thereto, pursuant to Rule&nbsp;424(b) has been
               made in the manner and within the time period required by Rule&nbsp;424(b); to
               the knowledge of such counsel, no stop order suspending the effectiveness of the
               Registration Statement or any notice objecting to its use has been issued and no
               proceedings for that purpose have been instituted or threatened; and the
               Registration Statement and the Final Prospectus including any document
               incorporated by reference or deemed incorporated by reference in the
               Registration Statement (other than the financial statements and other financial
               and statistical information contained therein, as to which such counsel need
               express no opinion) comply as to form in all material respects with the
               applicable requirements of the Act, the Exchange Act and the Trust Indenture Act
               and the respective rules thereunder. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Miles &amp; Stockbridge P.C. shall state that, while it has not itself checked
the accuracy and completeness of or otherwise verified, and is not passing upon and
assumes no responsibility for the accuracy or completeness of, the statements contained in
the Registration Statement, the Final Prospectus and the Disclosure Package (except as
expressly provided above), in the course of its review and discussion of the contents of
the Registration Statement, the Final Prospectus and the Disclosure Package with certain
officers and employees of the Company and its independent auditors but without independent
check or verification, (i) no facts have come to the attention of such counsel which
causes it to believe that on the Effective Date the Registration Statement contained any
untrue statement of a material fact or omitted to state any material fact required to be
stated therein or necessary to make the statements therein not misleading or that the
Final Prospectus as of its date and on the Closing Date included or includes any untrue
statement of a material fact or omitted or omits to state a material fact necessary to
make the statements therein, in the light of the circumstances under which they were made,
not misleading (in each case, other than the financial statements and schedules and other
financial information and statistical data contained therein, as to which such counsel
need express no opinion); and (ii) no facts have come to the attention of such counsel
which causes it to believe that the Disclosure Package, as amended or supplemented at the
Execution Time, contained any untrue statement of a material fact or omitted to state any
material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading (other than the financial
statements and schedules and other financial information and statistical data contained
therein, as to which such counsel need express no opinion); </FONT>
</TD>
</TR>
</TABLE>
<BR>



<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>14</FONT></P>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
rendering such opinion, such counsel may rely (A)&nbsp;as to matters involving the
application of laws of any jurisdiction other than the State of Maryland or the Federal
laws of the United States, to the extent they deem proper and specified in such opinion,
upon the opinion of other counsel of good standing whom they believe to be reliable and
who are satisfactory to counsel for the Underwriters and (B)&nbsp;as to matters of fact,
to the extent they deem proper, on certificates of responsible officers of the Company and
public officials. In rendering the foregoing opinion, such counsel may also state that the
opinions in paragraphs (iv)and (v) above are subject to the qualification that the
enforceability of the Company&#146;s obligations under the Securities and the Indenture
may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance and other laws relating to or affecting creditors&#146; rights generally, by
general equitable principles (regardless of whether such enforceability is considered in a
proceeding in equity or at law) and by an implied covenant of good faith and fair dealing.
For purposes of rendering the opinions in paragraphs (iv) and (v)<B> </B>above, Miles
&amp; Stockbridge P.C. may rely upon the opinion of Simpson Thacher &amp; Bartlett LLP as
to matters of New York law. References to the Final Prospectus in this paragraph&nbsp;(b)
shall also include any supplements thereto at the Closing Date. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Representatives shall have received from Simpson Thacher &amp; Bartlett LLP,
               counsel for the Underwriters, such opinion or opinions, dated the Closing Date
               and addressed to the Representatives, with respect to the issuance and sale of
               the Securities, the Indenture, the Registration Statement, the Disclosure
               Package, the Final Prospectus (together with any supplement thereto) and other
               related matters as the Representatives may reasonably require, and the Company
               shall have furnished to such counsel such documents as they request for the
               purpose of enabling them to pass upon such matters. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company shall have furnished to the Representatives a certificate of the
               Company, signed by its Chief Executive Officer, President, Senior Vice President
               or Vice President and the principal financial or accounting officer of the
               Company, dated the Closing Date, to the effect that the signers of such
               certificate have carefully examined the Registration Statement, the Disclosure
               Package, the Final Prospectus and any supplements or amendments thereto, and
               this Agreement and that: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the representations and warranties of the Company in this Agreement are true and
               correct in all material respects on and as of the Closing Date with the same
               effect as if made on the Closing Date and the Company has complied with all the
               agreements and satisfied all the conditions on its part to be performed or
               satisfied at or prior to the Closing Date; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               no stop order suspending the effectiveness of the Registration Statement or any
               notice objecting to its use has been issued and no proceedings for that purpose
               have been instituted or, to the Company&#146;s knowledge, threatened; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               since the date of the most recent financial statements included in the
               Disclosure Package and the Final Prospectus (exclusive of any supplement
               thereto), there has been no material adverse effect on the condition (financial or</FONT></P></TD>
               </TR>
               </TABLE>
               <BR>




<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>15</FONT></P>
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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
otherwise), prospects, earnings, business or properties of the Company and
               its subsidiaries, taken as a whole, whether or not arising from transactions in
               the ordinary course of business, except as set forth in or contemplated in the
               Disclosure Package and the Final Prospectus (exclusive of any supplement
               thereto). </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company shall have requested and caused Ernst &amp; Young LLP to have
               furnished to the Representatives, at the Execution Time and at the Closing Date,
               letters, (which may refer to letters previously delivered to one or more of the
               Representatives), dated respectively as of the Execution Time and as of the
               Closing Date, in form and substance satisfactory to the Representatives,
               confirming that they are an independent registered public accounting firm within
               the meaning of the Act and the Exchange Act and the respective applicable rules
               and regulations adopted by the Commission thereunder and that they have
               performed a review of the unaudited interim financial information of the Company
               for the three-month period ended April 2, 2006 and as at April 2, 2006, the
               three and six-month periods ended July 2, 2006 and as at July 2, 2006, and the
               three and nine-month periods ended October 1, 2006, and as at October 1, 2006,
               in accordance with Statement on Auditing Standards No. 100, and stating in
               effect that: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               in their opinion the audited financial statements and related schedule included
               in the Company&#146;s Current Report on Form 8-K filed with the Commission on
               November 9, 2006, and incorporated by reference in the Registration Statement,
               the Preliminary Prospectus and the Final Prospectus and reported on by them
               comply as to form with the applicable accounting requirements of the Act and the
               Exchange Act and the related rules and regulations adopted by the Commission; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               on the basis of a reading of the latest unaudited financial statements made
               available by the Company and its subsidiaries; their limited review, in
               accordance with standards established under Statement on Auditing Standards No.
               100, of the unaudited interim financial information for the three-month period
               ended April 2, 2006 and as at April 2, 2006, the three and six-month periods
               ended July 2, 2006 and as at July 2, 2006, and the three and nine-month periods
               ended October 1, 2006 and as at October 1, 2006 carrying out certain specified
               procedures (but not an examination in accordance with generally accepted
               auditing standards) which would not necessarily reveal matters of significance
               with respect to the comments set forth in such letter; a reading of the minutes
               of the meetings of the stockholders, directors and audit committee of the
               Company; and inquiries of certain officials of the Company who have
               responsibility for financial and accounting matters of the Company and its
               subsidiaries as to transactions and events subsequent to October 1, 2006,
               nothing came to their attention which caused them to believe that: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               any unaudited financial statements included or incorporated by reference in the
               Registration Statement, the Preliminary Prospectus and the Final Prospectus do
               not comply as to form in all material respects with </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>



<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>16</FONT></P>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
applicable accounting
               requirements of the Exchange Act and with the related rules and regulations
               adopted by the Commission with respect to financial statements included or
               incorporated by reference in quarterly reports on Form&nbsp;10-Q under the
               Exchange Act; and no material modification should be made to said unaudited
               financial statements for said unaudited financial statements to be in conformity
               with generally accepted accounting principles applied on a basis substantially
               consistent with that of the audited financial statements included or
               incorporated by reference in the Registration Statement, the Preliminary
               Prospectus and the Final Prospectus; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               with respect to the period subsequent to October 1, 2006, there were any
               changes, at a specified date not more than five days prior to the date of the
               letter, in capital stock, except for transactions relating to share-based
               compensation plans; or any increase greater than $25 million in the aggregate
               principal amount of long-term debt (including current maturities) of the Company
               as compared with the amounts shown on the October 1, 2006 unaudited consolidated
               balance sheet included or incorporated by reference in the Registration
               Statement, the Preliminary Prospectus and the Final Prospectus, except in all
               instances for changes or decreases set forth in such letter, in which case the
               letter shall be accompanied by an explanation by the Company as to the
               significance thereof unless said explanation is not deemed necessary by the
               Representatives; or </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               they have performed certain other specified procedures as a result of which they
               determined that certain information of an accounting, financial or statistical
               nature (which is limited to accounting, financial or statistical information
               derived from the general accounting records of the Company and its subsidiaries)
               set forth in the Registration Statement, the Preliminary Prospectus and the
               Final Prospectus and in the Company&#146;s Quarterly Reports on Form&nbsp;10-Q
               and the Company&#146;s Current Report on Form 8-K dated November 9, 2006, in
               each case, incorporated by reference in the Registration Statement, the
               Preliminary Prospectus and the Final Prospectus, agrees with the accounting
               records of the Company and its subsidiaries, excluding any questions of legal
               interpretation. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>



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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
       References
to the Final Prospectus in this paragraph&nbsp;(e) include any supplement thereto at the
date of the letter. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>




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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Subsequent to the Execution Time or, if earlier, the dates as of which
          information is given in the Registration Statement (exclusive of any amendment
          thereof) and the Final Prospectus (exclusive of any amendment or supplement
          thereto), there shall not have been (i) any change or decrease specified in the
          letter or letters referred to in paragraph (e) of this Section 6 or (ii) any
          change, or any development involving a prospective change, in or affecting the
          condition (financial or otherwise), earnings, business or properties of the
          Company and its subsidiaries taken as a whole, whether or </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>17</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
not arising from
          transactions in the ordinary course of business, except as set forth in or
          contemplated in the Disclosure Package and the Final Prospectus (exclusive of
          any amendment or supplement thereto) the effect of which, in any case referred
          to in clause (i) or (ii) above, is, in the judgment of the Representatives, so
          material and adverse as to make it impractical or inadvisable to proceed with
          the offering or delivery of the Securities as contemplated by the Registration
          Statement (exclusive of any amendment thereof), the Disclosure Package and the
          Final Prospectus (exclusive of any amendment or supplement thereto). </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Subsequent to the Execution Time, there shall not have been any decrease in the
          rating of any of the Company&#146;s debt securities by any &#147;nationally
          recognized statistical rating organization&#148; (as defined for purposes of
          Rule&nbsp;436(g) under the Act) or any notice given of any intended or potential
          decrease in any such rating or of a possible change in any such rating that does
          not indicate the direction of the possible change. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Prior to the Closing Date, the Company shall have furnished to the
          Representatives such further information, certificates and documents as the
          Representatives may reasonably request. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the conditions specified in this Section&nbsp;6 shall not have been fulfilled when
and as provided in this Agreement, or if any of the opinions and certificates mentioned
above or elsewhere in this Agreement shall not be reasonably satisfactory in form and
substance to the Representatives and counsel for the Underwriters, this Agreement and all
obligations of the Underwriters hereunder may be canceled at, or at any time prior to, the
Closing Date by the Representatives. Notice of such cancellation shall be given to the
Company in writing or by telephone or facsimile confirmed in writing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents required to be delivered by this Section&nbsp;6 shall be delivered at the office
of Simpson Thacher &amp; Bartlett LLP, counsel for the Underwriters, at 425 Lexington
Avenue, New York, New York 10017, on the Closing Date. </FONT></P>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7. </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Reimbursement of Underwriters&#146; Expenses</U>. If the sale of the
          Securities provided for herein is not consummated because any condition to the
          obligations of the Underwriters set forth in Section&nbsp;6 hereof is not
          satisfied, because of any termination pursuant to Section&nbsp;10 hereof or
          because of any refusal, inability or failure on the part of the Company to
          perform any agreement herein or comply with any provision hereof other than by
          reason of a default by any of the Underwriters, the Company will reimburse the
          Underwriters severally through the Representatives on demand for all
          out-of-pocket expenses (including reasonable fees and disbursements of counsel)
          that shall have been reasonably incurred by them in connection with the proposed
          purchase and sale of the Securities. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8. </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Indemnification and Contribution</U>. (a) The Company agrees to indemnify and
          hold harmless each Underwriter, the directors, officers, employees and agents of
          each Underwriter and each person who controls any Underwriter within the meaning
          of either the Act or the Exchange Act against any and all losses, claims,
          damages or liabilities, joint or several, to which they or any of them may
          become subject under the Act, the Exchange Act or other federal or state
          statutory law or regulation, at common law or </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>18</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
otherwise, insofar as such losses,
          claims, damages or liabilities (or actions in respect thereof) arise out of or
          are based upon any untrue statement or alleged untrue statement of a material
          fact contained in the Registration Statement or in any amendment thereof, or in
          the Base Prospectus, any Preliminary Prospectus or any other preliminary
          prospectus supplement relating to the Securities, the Final Prospectus, any
          Issuer Free Writing Prospectus or the information contained in the final term
          sheet required to be prepared and filed pursuant to Section 5(b) hereto, or in
          any amendment thereof or supplement thereto, or arise out of or are based upon
          the omission or alleged omission to state therein a material fact required to be
          stated therein or necessary to make the statements therein not misleading, and
          agrees to reimburse each such indemnified party, as incurred, for any legal or
          other expenses reasonably incurred by them in connection with investigating or
          defending any such loss, claim, damage, liability or action; <U>provided</U>,
          <U>however</U>, that the Company will not be liable in any such case to the
          extent that any such loss, claim, damage or liability arises out of or is based
          upon any such untrue statement or alleged untrue statement or omission or
          alleged omission made therein in reliance upon and in conformity with written
          information furnished to the Company by or on behalf of any Underwriter through
          the Representatives specifically for inclusion therein. This indemnity agreement
          will be in addition to any liability which the Company may otherwise have. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Each Underwriter severally and not jointly agrees to indemnify and hold harmless
               the Company, each of its directors, each of its officers who signs the
               Registration Statement, and each person who controls the Company within the
               meaning of either the Act or the Exchange Act, to the same extent as the
               foregoing indemnity from the Company to each Underwriter, but only with
               reference to written information relating to such Underwriter furnished to the
               Company by or on behalf of such Underwriter through the Representatives
               specifically for inclusion in the documents referred to in the foregoing
               indemnity, and agrees to reimburse each such indemnified party, as incurred, for
               any legal or other expenses reasonably incurred by them in connection with
               investigating or defending any such loss, claim, damage, liability, or action.
               This indemnity agreement will be in addition to any liability which any
               Underwriter may otherwise have. The Company acknowledges that the statements set
               forth (i) in the last paragraph of the cover page regarding delivery of the
               Securities and, under the heading &#147;Underwriting&#148;, (ii)&nbsp;the list
               of Underwriters and their respective participation in the sale of the
               Securities, (iii)&nbsp;the sentences related to concessions and reallowances and
               (iv)&nbsp;the paragraph related to stabilization, syndicate covering
               transactions and penalty bids in any Preliminary Prospectus and the Final
               Prospectus constitute the only information furnished in writing by or on behalf
               of the several Underwriters for inclusion in any Preliminary Prospectus, the
               Final Prospectus or any Issuer Free Writing Prospectus. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Promptly after receipt by an indemnified party under this Section&nbsp;8 of
               notice of any claim or the commencement of any action, such indemnified party
               will, if a claim in respect thereof is to be made against the indemnifying party
               under this Section&nbsp;8, notify the indemnifying party in writing of the
               commencement thereof; but the failure so to notify the indemnifying party
               (i)&nbsp;will not relieve it from liability under paragraph&nbsp;(a) or&nbsp;(b)
               above unless and to the extent such failure results in the forfeiture by the
               indemnifying party of substantial rights and defenses and&nbsp;(ii)&nbsp;will
               not, in any event, </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>19</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
relieve the indemnifying party from any obligations to any
               indemnified party other than the indemnification obligation provided in
               paragraph&nbsp;(a) or (b) above. The indemnifying party shall be entitled to
               assume the defense in any action for which indemnification is sought with
               counsel reasonably satisfactory to the indemnified party. After notice from the
               indemnifying party to the indemnified party of its election to assume the
               defense of such claim or action, the indemnifying party shall not be liable to
               the indemnified party under this Section 8 for any legal or other expenses
               subsequently incurred by the indemnified party other than reasonable costs of
               investigation except as set forth below. Notwithstanding the indemnifying
               party&#146;s election to assume the defense of an action, the indemnified party
               shall have the right to employ separate counsel (including local counsel), and
               the indemnifying party shall bear the reasonable fees, costs and expenses of
               such separate counsel if (i) a conflict or potential conflict exists (based upon
               advice of counsel to the indemnified party) between the indemnified party and
               the indemnifying party (in which case the indemnifying will not have the right
               to direct the defense of such on behalf of the indemnified party), (ii)&nbsp;the
               actual or potential defendants in, or targets of, any such action include both
               the indemnified party and the indemnifying party and the indemnified party shall
               have reasonably concluded that there may be legal defenses available to it
               and/or other indemnified parties which are different from or additional to those
               available to the indemnifying party, (iii) the indemnifying party shall not have
               employed counsel satisfactory to the indemnified party to represent the
               indemnified party within a reasonable time after notice of the institution of
               such action or (iv)&nbsp;the indemnifying party shall authorize the indemnified
               party to employ separate counsel at the expense of the indemnifying party. It is
               understood that the indemnifying party or parties shall not, in connection with
               any proceeding or related proceedings in the same jurisdiction, be liable for
               the reasonable fees, disbursements and other charges of more than one separate
               firm of attorneys (in addition to any local counsel) at any one time for all
               such indemnified party or parties. Each indemnified party, as a condition of the
               indemnity agreements contained in this Section 8, shall use all reasonable
               efforts to cooperate with the indemnifying party in the defense of any action
               for which indemnification is sought. No indemnifying party shall be liable for
               any settlement of any action for which indemnification is sought without its
               written consent (which consent shall not be unreasonably withheld), but if
               settled with its written consent or if there be a final judgment for the
               plaintiff in any such action, the indemnifying party agrees to indemnify and
               hold harmless any indemnified party from and against any loss or liability by
               reason of such settlement or judgment. An indemnifying party will not, without
               the prior written consent of the indemnified parties (which consent shall not be
               unreasonably withheld), settle or compromise or consent to the entry of any
               judgment with respect to any pending or threatened claim, action, suit or
               proceeding in respect of which indemnification or contribution may be sought
               hereunder (whether or not the indemnified parties are actual or potential
               parties to such claim or action) unless such settlement, compromise or consent
               (i) includes an unconditional release of each indemnified party from all
               liability arising out of such claim, action, suit or proceeding and (ii) does
               not include a statement as to or an admission of fault, culpability or a failure
               to act, by or on behalf of any indemnified party. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               In the event that the indemnity provided in paragraph&nbsp;(a) or (b) of this
               Section&nbsp;8 is unavailable to or insufficient to hold harmless an indemnified
               party for any </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>20</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reason, the Company and the Underwriters severally agree to
               contribute to the aggregate losses, claims, damages and liabilities (including
               legal or other expenses reasonably incurred in connection with investigating or
               defending the same) (collectively &#147;Losses&#148;) to which the Company and
               one or more of the Underwriters may be subject in such proportion as is
               appropriate to reflect the relative benefits received by the Company on the one
               hand and by the Underwriters on the other from the offering of the Securities;
               <U>provided</U>, <U>however</U>, that in no case shall any Underwriter (except
               as may be provided in any agreement among underwriters relating to the offering
               of the Securities) be responsible for any amount in excess of the underwriting
               discount or commission applicable to the Securities purchased by such
               Underwriter hereunder. If the allocation provided by the immediately preceding
               sentence is unavailable for any reason, the Company and the Underwriters
               severally shall contribute in such proportion as is appropriate to reflect not
               only such relative benefits but also the relative fault of the Company on the
               one hand and of the Underwriters on the other in connection with the statements
               or omissions which resulted in such Losses as well as any other relevant
               equitable considerations. Benefits received by the Company shall be deemed to be
               equal to the total net proceeds from the offering (before deducting expenses)
               received by it, and benefits received by the Underwriters shall be deemed to be
               equal to the total underwriting discounts and commissions, in each case as set
               forth on the cover page of the Final Prospectus. Relative fault shall be
               determined by reference to, among other things, whether any untrue or any
               alleged untrue statement of a material fact or the omission or alleged omission
               to state a material fact relates to information provided by the Company on the
               one hand or the Underwriters on the other, the intent of the parties and their
               relative knowledge, access to information and opportunity to correct or prevent
               such untrue statement or omission. The Company and the Underwriters agree that
               it would not be just and equitable if contribution were determined by pro rata
               allocation or any other method of allocation which does not take account of the
               equitable considerations referred to above. Notwithstanding the provisions of
               this paragraph&nbsp;(d), no person guilty of fraudulent misrepresentation
               (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to
               contribution from any person who was not guilty of such fraudulent
               misrepresentation. For purposes of this Section&nbsp;8, each person who controls
               an Underwriter within the meaning of either the Act or the Exchange Act and each
               director, officer, employee and agent of an Underwriter shall have the same
               rights to contribution as such Underwriter, and each person who controls the
               Company within the meaning of either the Act or the Exchange Act, each officer
               of the Company who shall have signed the Registration Statement and each
               director of the Company shall have the same rights to contribution as the
               Company, subject in each case to the applicable terms and conditions of this
               paragraph&nbsp;(d). </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Default by an Underwriter</U>. If any one or more Underwriters shall fail to
          purchase and pay for any of the Securities agreed to be purchased by such
          Underwriter or Underwriters hereunder and such failure to purchase shall
          constitute a default in the performance of its or their obligations under this
          Agreement, the remaining Underwriters shall be obligated severally to take up
          and pay for (in the respective proportions which the principal amount of
          Securities set forth opposite their names in Schedule&nbsp;II hereto bears to
          the aggregate principal amount of Securities set forth opposite the names of all
          the remaining Underwriters) the Securities which the defaulting Underwriter or
          Underwriters agreed but failed to purchase; </FONT></P>




<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>21</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>provided</U>, <U>however</U>,
          that in the event that the aggregate principal amount of Securities which the
          defaulting Underwriter or Underwriters agreed but failed to purchase shall
          exceed 10% of the aggregate principal amount of Securities set forth in
          Schedule&nbsp;II hereto, the remaining Underwriters shall have the right to
          purchase all, but shall not be under any obligation to purchase any, of the
          Securities, and if such nondefaulting Underwriters do not purchase all the
          Securities, this Agreement will terminate without liability to any nondefaulting
          Underwriter or the Company. In the event of a default by any Underwriter as set
          forth in this Section 9, the Closing Date shall be postponed for such period,
          not exceeding five Business Days, as the Representatives shall determine in
          order that the required changes in the Registration Statement and the Final
          Prospectus or in any other documents or arrangements may be effected. Nothing
          contained in this Agreement shall relieve any defaulting Underwriter of its
          liability, if any, to the Company and any nondefaulting Underwriter for damages
          occasioned by its default hereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Termination</U>. This Agreement shall be subject to termination in the
          absolute discretion of the Representatives, by notice given to the Company prior
          to delivery of and payment for the Securities, if at any time prior to such
          delivery and payment (i)&nbsp;trading in the Company&#146;s Common Stock shall
          have been suspended by the Commission or the New York Stock Exchange or trading
          in securities generally on the New York Stock Exchange shall have been suspended
          or limited or minimum prices shall have been established on such exchange,
          (ii)&nbsp;a banking moratorium shall have been declared either by federal or New
          York State authorities or there has occurred a material disruption in commercial
          banking or securities settlement or clearance services or (iii)&nbsp;there shall
          have occurred any outbreak or escalation of hostilities, declaration by the
          United States of a national emergency or war, or other calamity or crisis the
          effect of which on financial markets is such as to make it, in the judgment of
          the Representatives, impractical or inadvisable to proceed with the offering or
          delivery of the Securities as contemplated by any Preliminary Prospectus or the
          Final Prospectus (exclusive of any amendment or supplement thereto). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Representations and Indemnities to Survive</U>. The respective agreements,
          representations, warranties, indemnities and other statements of the Company or
          its officers and of the Underwriters set forth in or made pursuant to this
          Agreement will remain in full force and effect, regardless of any investigation
          made by or on behalf of any Underwriter or the Company or any of the officers,
          directors, employees, agents or controlling persons referred to in Section 8
          hereof, and will survive delivery of and payment for the Securities. The
          provisions of Sections 7, 8 and 16 hereof shall survive the termination or
          cancellation of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Notices</U>. All communications hereunder will be in writing and effective
          only on receipt, and, if sent to the Representatives, will be mailed, delivered
          or telefaxed to the Citigroup Global Markets Inc. General Counsel (fax no.:
          (212)&nbsp;816-7912) and confirmed to the General Counsel, Citigroup Global
          Markets Inc., at 388 Greenwich Street, New&nbsp;York, New&nbsp;York, 10013,
          Attention: General Counsel; or, if sent to the Company, will be mailed,
          delivered or telefaxed to (410) 716-2660 and confirmed to it at The Black &amp;
          Decker Corporation, 701 East Joppa Road, Towson, Maryland 21286, Attention:
          Charles E. Fenton, Senior Vice President and General Counsel. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Successors</U>. This Agreement will inure to the benefit of and be binding
          upon the parties hereto and their respective successors and the officers,
          directors, employees,  </FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>22</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
agents and controlling persons referred to in Section 8
          hereof, and no other person will have any right or obligation hereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>No fiduciary duty</U>. The Company hereby acknowledges that (a) the purchase
          and sale of the Securities pursuant to this Agreement is an arm&#146;s-length
          commercial transaction between the Company, on the one hand, and the
          Underwriters and any affiliate through which it may be acting, on the other, (b)
          the Underwriters are acting as principal and not as an agent or fiduciary of the
          Company and (c) the Company&#146;s engagement of the Underwriters in connection
          with the offering and the process leading up to the offering is as independent
          contractors and not in any other capacity. Furthermore, the Company agrees that
          it is solely responsible for making its own judgments in connection with the
          offering (irrespective of whether any of the Underwriters has advised or is
          currently advising the Company on related or other matters). The Company agrees
          that it will not claim that the Underwriters have rendered advisory services of
          any nature or respect, or owe an agency, fiduciary or similar duty to the
          Company, in connection with such transaction or the process leading thereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Integration</U>. This Agreement supersedes all prior agreements and
          understandings (whether written or oral) between the Company and the
          Underwriters, or any of them, with respect to the subject matter hereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Applicable Law</U>. This Agreement will be governed by and construed in
          accordance with the laws of the State of New&nbsp;York applicable to contracts
          made and to be performed within the State of New&nbsp;York. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Waiver of Jury Trial</U>. The Company hereby irrevocably waives, to the
          fullest extent permitted by applicable law, any and all right to trial by jury
          in any legal proceeding arising out of or relating to this Agreement or the
          transactions contemplated hereby. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Counterparts</U>. This Agreement may be signed in one or more counterparts,
          each of which shall constitute an original and all of which together shall
          constitute one and the same agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Headings</U>. The section headings used herein are for convenience only and
          shall not affect the construction hereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Definitions</U>. The terms that follow, when used in this Agreement, shall
          have the meanings indicated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Act&#148;
shall mean the Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Base
Prospectus&#148; shall mean the base prospectus referred to in paragraph 1(a) above
contained in the Registration Statement at the Execution Time. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business
Day&#148; shall mean any day&nbsp;other than a Saturday, a Sunday or a legal holiday or a
day on which banking institutions or trust companies are authorized or obligated by law to
close in New York City or Baltimore, Maryland. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>23</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commission&#148;
shall mean the Securities and Exchange Commission. </FONT>
</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Disclosure
Package&#148; shall mean (i) the Base Prospectus, (ii) the Preliminary Prospectus used
most recently prior to the Execution Time, (iii) the Issuer Free Writing Prospectuses, if
any, identified in Schedule III hereto, (iv) the final term sheet prepared and filed
pursuant to Section 5(b) hereto, if any, and (v) any other Free Writing Prospectus that
the parties hereto shall hereafter expressly agree in writing to treat as part of the
Disclosure Package. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Effective
Date&#148; shall mean each date and time that the Registration Statement and any
post-effective amendment or amendments thereto became or becomes effective. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange
Act&#148; shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Execution
Time&#148; shall mean the date and time that this Agreement is executed and delivered by
the parties hereto. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Final
Prospectus&#148; shall mean the prospectus supplement relating to the Securities that was
first filed pursuant to Rule&nbsp;424(b) after the Execution Time, together with the Base
Prospectus. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Free
Writing Prospectus&#148; shall mean a free writing prospectus, as defined in Rule 405. </FONT>
</TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Issuer
Free Writing Prospectus&#148; shall mean an issuer free writing prospectus, as defined in
Rule 433. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Preliminary
Prospectus&#148; shall mean any preliminary prospectus supplement to the Base Prospectus
referred to in paragraph 1(a) above which is used prior to the filing of the Final
Prospectus, together with the Base Prospectus. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Registration
Statement&#148; shall mean the registration statement referred to in paragraph&nbsp;1(a)
above, including exhibits and financial statements and any prospectus supplement relating
to the Securities that is filed with the Commission pursuant to Rule 424(b) and deemed
part of such registration statement pursuant to Rule 430B, as amended on each Effective
Date and, in the event any post-effective amendment thereto becomes effective prior to the
Closing Date, shall also mean such registration statement as so amended. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Rule
158&quot;, &#147;Rule 163&quot;, &#147;Rule 164&quot;, &#147;Rule 172&quot;, &#147;Rule
405&quot;, &#147;Rule&nbsp;415&quot;, &#147;Rule&nbsp;424&quot;, &#147;Rule 430B&#148; and
&#147;Rule 433&#148; refer to such rules under the Act. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust
Indenture Act&#148; shall mean the Trust Indenture Act of 1939, as amended, and the rules
and regulations of the Commission promulgated thereunder. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Well-Known Seasoned Issuer&#148; shall mean a well-known seasoned issuer, as
defined in Rule 405. </FONT>
</TD>
</TR>
</TABLE>
<BR>




<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>24</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>


<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance
shall represent a binding agreement among the Company and the several Underwriters. </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman" SIZE="2">Very
truly yours,<BR><BR>The Black and Decker Corporation<BR>
<BR>
<BR>
By:<U> /s/ MARK M. ROTHLEITNER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:  Mark M. Rothleitner<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:  Vice President &amp; Treasurer<BR>

</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></P>





<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The foregoing Agreement is <BR>hereby
confirmed and accepted <BR>as of the date specified in <BR>Schedule&nbsp;I hereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banc of America Securities LLC
<BR>Citigroup Global Markets Inc. <BR>J.P. Morgan Securities Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A007></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: Citigroup Global
Markets Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A008></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>/s/ BRIAN BEDNARSKI</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:
Brian Bednarski<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Director </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 1 Left" FSL="Default" -->
<A NAME=A009></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For themselves and the other <BR>several
Underwriters, if any, <BR>named in Schedule&nbsp;II to the <BR>foregoing Agreement. </FONT></P>




<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2>25</FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>




<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A010></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE&nbsp;I </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A011></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Underwriting Agreement
dated November 13, 2006 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A012></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registration Statement No.
333-138604 </FONT></P>


<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Representative(s): Banc of America Securities LLC; Citigroup Global Markets Inc.; J.P. Morgan Securities Inc. </FONT></P>




<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title, Purchase Price and Description
of Securities: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<A NAME=A013></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:
5.750% Senior Notes Due 2016 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<A NAME=A014></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal
amount: $300,000,000 </FONT></P>


<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase
price (include accrued interest or amortization, if any): 98.937% of the principal amount
of the Securities, plus accrued interest, if any, on the Securities from November 16, 2006  </FONT></P>




<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<A NAME=A015></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sinking
fund provisions: None. </FONT></P>



<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption
provisions: The Securities will be subject to a make-whole redemption at the Adjusted
Treasury Rate (as defined in the Indenture) plus 20 basis points, as set forth in the
Final Prospectus. </FONT></P>


<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
of Control Put: The Securities will be subject to a change of control repurchase event as
set forth in the Preliminary Prospectus and the Final Prospectus  </FONT></P>


<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
provisions: The Securities will be subject to defeasance and covenant defeasance as
provided in the Indenture.  </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing Date, Time and Location:  November 16, 2006 at 10:00 a.m. at Simpson Thacher &amp; Bartlett LLP  </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A016></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Type of Offering:
Non-delayed </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date referred to in Section&nbsp;5(i)
after which the Company may offer or sell debt securities issued or guaranteed by the
Company without the consent of the Representative(s): November 17, 2006 </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Modification of items to be covered
by the letter from Ernst &amp; Young LLP delivered pursuant to Section 6(e) at the
Execution Time: None. </FONT></P>




<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN" SIZE=2></FONT></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<DIV STYLE="page-break-after:always"></DIV>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A017></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE&nbsp;II </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=48% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Underwriters</U></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=48% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Principal Amount <BR>of Securities to <BR><U>be Purchased</U></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banc of America Securities LLC</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$75,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Citigroup Global Markets Inc.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;75,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>J.P. Morgan Securities Inc.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;75,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNP Paribas Securities Corp.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;19,500,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commerzbank Capital Markets Corp.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;19,500,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Barclays Capital Inc.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credit Suisse Securities (USA) LLC</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HSBC Securities (USA) Inc.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lazard Capital Markets LLC</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SG Americas Securities, LLC</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SunTrust Capital Markets, Inc.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$300,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE&nbsp;III </FONT></P>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(Schedule of Free Writing Prospectuses included in the Disclosure Package) </FONT></TD>
</TR>
</TABLE>
<BR>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Final term sheet, dated November 13, 2006, relating to the Securities, as filed pursuant
to Rule 433 under the Securities Act. </FONT></TD>
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<BR>



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

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Final Term Sheet<BR>Filed
pursuant to Rule&nbsp;433<BR>Dated November 13, 2006<BR><BR>Relating to<BR>Prospectus Supplement dated November 13, 2006 to<BR>Registration Statement No. 333-138604</I></B> </FONT></P>




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<A NAME=A023></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Black &amp; Decker
Corporation </FONT></H1>

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<A NAME=A024></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$300,000,000 5.750%
Senior Notes due 2016 </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=48% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=48% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Issuer:</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Black &amp; Decker
Corporation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Principal Amount:</B> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$300,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Title of Securities:</B>  </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.750% Senior Notes due 2016</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Trade Date: </B> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 13, 2006</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Original Issue Date (Settlement Date): </B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 16, 2006</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Maturity Date:  </B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 15, 2016</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Yield to Maturity: </B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.805%</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Spread to Benchmark Treasury: </B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120 basis points</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Benchmark Treasury:</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.625% due November 15, 2016</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Benchmark Treasury Yield:</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.605%</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Public Offering Price (Issue Price):</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.587% of the Principal Amount thereof</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Interest Rate:</B>    </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.750% per annum</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="Left" VALIGN="Top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Interest Payment Dates: </B> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Semi-annually in arrears on each May 15 and <BR>November 15, commencing May 15, 2007.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="Left" VALIGN="Top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Redemption Provision: </B> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Make-whole call at the Adjusted Treasury Rate plus 20 <BR>basis points.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Ratings: </B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Baa2 / BBB / BBB</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="Left" VALIGN="Top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Joint Book-Running Managers:</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Banc of America Securities LLC, Citigroup Global <BR>Markets Inc. and J.P. Morgan Securities Inc.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="Left" VALIGN="Top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Co-Managers:</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNP Paribas Securities Corp., Commerzbank Capital <BR>Markets Corp., Barclays Capital Inc., Credit Suisse <BR>Securities (USA) LLC, HSBC Securities (USA) Inc., <BR>Lazard Capital Markets LLC, SG Americas Securities,<BR>LLC, SunTrust Capital Markets, Inc.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Note: </B>A securities rating is
not a recommendation to buy, sell or hold securities and may be subject to revision or
withdrawal at any time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The issuer has filed a
registration statement (including a prospectus) with the SEC for the offering to which
this communication relates. Before you invest, you should read the prospectus in that
registration statement and other documents the issuer has filed with the SEC for more
complete information about the issuer and this offering. You may get these documents for
free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any
underwriter or any dealer participating in the offering will arrange to send you the
prospectus if you request it by calling (i)&nbsp;Banc of America Securities LLC toll free
1-800-294-1322, (ii)&nbsp;Citigroup Global Markets Inc. toll free 1-877-858-5407or
(iii)&nbsp;J.P. Morgan Securities Inc. at 1-212-834-4533 (collect).</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Any disclaimers or other notices
that may appear below are not applicable to this communication and should be disregarded.
Such disclaimers or other notices were automatically generated as a result of this
communication being sent via Bloomberg or another email system.</B> </FONT></P>

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