Exhibit 4.2


 


DISH DBS Corporation


 


$1,500,000,000 5.125% Senior Notes due 2029


 


REGISTRATION RIGHTS AGREEMENT


 


This Registration Rights Agreement
(this “Agreement”) is made and entered into as of May 24, 2021 by and among DISH DBS Corporation, a Colorado
corporation (the “Company”), the Guarantors named in the Purchase Agreement (as defined below) (the “Guarantors”
and, together with the Company, the “Issuers”), and Morgan Stanley & Co. LLC and Deutsche Bank Securities
Inc. (together, the “Purchasers”), who have agreed to purchase $1,500,000,000 aggregate principal amount of
the Company’s 5.125% Senior Notes due 2029 (the “Notes”) upon the terms and conditions set forth in the
Purchase Agreement, dated as of May 10, 2021 (the “Purchase Agreement”), among the Company, the Guarantors
and the Purchasers.


 


This Agreement is made pursuant
to the Purchase Agreement. As an inducement to the Purchasers to purchase the Notes, the Company has agreed to provide the registration
rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Purchasers under
the Purchase Agreement. Capitalized terms used herein without definition shall have the meanings assigned to them in the indenture (the
 “Indenture”), of even date herewith, by and among the Company, the Guarantors and U.S. Bank National Association,
as trustee (the “Trustee”), relating to the Notes.


 


The parties hereby agree as follows:


 


SECTION 1. DEFINITIONS


 


As used in this Agreement,
the following defined terms shall have the following meanings:


 


“Affiliate”: As defined in Rule 144(a)(1) under
the Securities Act.


 


“Broker-Dealer”: Any broker or
dealer registered as such under the Exchange Act.


 


“Business Day”: Any day other
than a Saturday, Sunday or other day on which commercial banks in the State of New York or the State of Colorado are authorized or
required by law or executive order to close.


 


“Closing Date”: The date hereof.


 


“Commission”:
The Securities and Exchange Commission, or any other federal agency at any time administering the Exchange Act or the Securities Act,
whichever is the relevant statute for the particular purpose.


 






    


     


    

 


“Consummate”
(and variations of that word): The Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence
of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange
Notes to be issued in the Exchange Offer, (ii) the maintenance of such Exchange Offer continuously effective and the keeping of the
Exchange Offer open for a period not less than the period required pursuant to Section 3(b) hereof, and (iii) the delivery
by the Company to the Registrar under the Indenture, Exchange Notes in the same aggregate principal amount as the aggregate principal
amount of the Notes that were tendered by Holders thereof pursuant to the Exchange Offer.


 


“Consummation Deadline”: As defined
in Section 3(b) hereof.


 


“Effectiveness Deadline”: As defined in Section 3(a) hereof.


 


“Exchange
Act”: The Securities Exchange Act of 1934, as amended.


 


“Exchange Notes”:
The Company’s 5.125% Senior Notes due 2029, guaranteed by the Guarantors to the same extent as the Notes, to be issued pursuant
to the Indenture: (i) in the Exchange Offer or (ii) as contemplated by Section 6 hereof.


 


“Exchange Offer”:
The exchange and issuance by the Company of a principal amount of Exchange Notes (which shall be registered, pursuant to the Exchange
Offer Registration Statement) equal to the outstanding principal amount of Notes that are tendered by Holders in connection with such
exchange and issuance.


 


“Exchange Offer
Registration Statement”: A Registration Statement relating to the Exchange Offer, including the related Prospectus.


 


“Filing Deadline”: As defined in
Section 3(a) hereof.


 


“FINRA”: Financial Industry Regulatory Authority, Inc.


 


“Free
Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared
by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Notes or the Exchange Notes.


 


“Holders”: As defined in Section 2
hereof.


 


“Indemnified Party”: As defined in Section 8(c) hereof.


 


“Indemnifying Party”:
As defined in Section 8(c) hereof.


 


“Issuer
Information” shall have the meaning set forth in Section 8(a) hereof.


 


“Prospectus”:
The prospectus included in a Registration Statement at the same time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated
by reference into such Prospectus.


 


“Recommencement Date”: As defined
in Section 6(d) hereof.


 


“Registration Default”: As defined in Section 5 hereof.


 






    


     


    

 


“Registration
Statement”: Any registration statement of the Company relating to (a) an offering of Exchange Notes pursuant to an
Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement,
in each case, that is filed pursuant to the provisions of this Agreement, including the Prospectus included therein, all amendments and
supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein.


 


“Regulation S”: Regulation S promulgated
under the Securities Act.


 


“Rule 144”: Rule 144 promulgated under the Securities Act.


 


“Securities
Act”: The Securities Act of 1933, as amended.


 


“Shelf Effectiveness Deadline”:
As defined in Section 4(a)(y) hereof.


 


“Shelf Filing Deadline”: As defined in Section 4(a)(x) hereof.


 


“Shelf Registration Statement”:
As defined in Section 4(a)(x) hereof.


 


“Suspension Notice”: As defined in Section 6(d) hereof.


 


“TIA”:
The Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of the Indenture.


 


“Transfer Restricted
Securities”: (a) Each Note, until the earliest to occur of (x) the date on which such Note is exchanged in an
Exchange Offer for an Exchange Note which is entitled to be resold to the public by the Holder thereof without complying with the prospectus
delivery requirements of the Securities Act, (y) the date on which such Note has been disposed of in accordance with a Shelf Registration
Statement, or (z) the date on which such Note may be sold to the public in accordance with Rule 144 under the Securities Act
by a person that is not an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company where no conditions
of Rule 144 are then applicable (other than the holding period requirement in paragraph (d)(1)(ii) of Rule 144 so long
as such holding period requirement is satisfied at such time of determination); or (b) each Exchange Note until the date on which
such Exchange Note is disposed of by a Broker-Dealer pursuant to the “Plan of Distribution” contemplated by the Exchange Offer
Registration Statement (including the delivery of the Prospectus contained therein).


 


“Underwritten
Registration” or “Underwritten Offering”: A registration in which securities of the Company are
sold to an underwriter for reoffering to the public.


 


SECTION 2. HOLDERS


 


A person is deemed to be a
holder of Transfer Restricted Securities (each, a “Holder” and, collectively, the “Holders”)
whenever such Person owns Transfer Restricted Securities.


 






    


     


    

 


SECTION 3. REGISTERED EXCHANGE OFFER


 


(a)            Unless
the Company determines, after consultation with counsel, either (x) that an Exchange Offer with respect to the Notes is not permitted
by applicable law or Commission policy or (y) that such an Exchange Offer with respect to the Notes is not effective to make Exchange
Notes freely tradeable to the extent contemplated hereby under applicable law or Commission policy (after the procedures set forth in
Section 6(a) below have been complied with), the Company shall: (i) cause an Exchange Offer Registration Statement to be
filed with the Commission as soon as reasonably practicable after the Closing Date, but in no event later than 180 days after the Closing
Date (such 180th day being the “Filing Deadline”), (ii) use its reasonable best efforts to cause
such Exchange Offer Registration Statement to become effective at the earliest possible time, but in no event later than 270 days after
the Closing Date (such 270th day being the “Effectiveness Deadline”), (iii) in connection with
the foregoing, (A) file all pre-effective amendments to such Exchange Offer Registration Statement as may reasonably be necessary
in order to cause it to become effective, (B) file, if applicable, a post-effective amendment to such Exchange Offer Registration
Statement pursuant to Rule 430A under the Securities Act, and (C) cause all necessary filings, if any, in connection with the
registration and qualification of the Exchange Notes to be made under the Blue Sky laws of such jurisdictions as are necessary to permit
Consummation of the Exchange Offer, and (iv) upon the effectiveness of such Exchange Offer Registration Statement, use its reasonable
best efforts to commence and Consummate the Exchange Offer such that the Exchange Offer is Consummated not later than the 315th
day after the Closing Date. The Exchange Offer shall be on the appropriate form permitting (i) registration of the Exchange Notes
to be offered in exchange for the Notes that are Transfer Restricted Securities and (ii) resales of Exchange Notes by Broker-Dealers
that tendered the Exchange Notes that such Broker-Dealer acquired for its own account as a result of market-making activities or other
trading activities (other than Notes acquired directly from the Company or any of its Affiliates) as contemplated by Section 3(c) below.


 


(b)            The
Company shall use its reasonable best efforts to cause an Exchange Offer Registration Statement with respect to the Exchange Notes to
be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable
federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period
be less than twenty (20) Business Days. The Company shall cause the Exchange Offer to comply with all applicable federal and state securities
laws. No securities other than Exchange Notes shall be included in any Exchange Offer Registration Statement. The Company shall use its
reasonable best efforts to cause the Exchange Offer to be Consummated not later than the 315th day after the Closing Date (such
315th day being the “Consummation Deadline”).


 


(c)            The
Company shall include a “Plan of Distribution” section in the Prospectus contained in each Exchange Offer Registration Statement
and indicate therein that any Broker- Dealer who holds Transfer Restricted Securities that were acquired for the account of such Broker-Dealer
as a result of market-making activities or other trading activities (other than Notes acquired directly from the Company or any Affiliate
of the Company), may exchange such Transfer Restricted Securities pursuant to the Exchange Offer. Such “Plan of Distribution”
section shall also contain all other information with respect to such sales by such Broker-Dealers that the Commission may require in
order to permit such sales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose
the amount of Transfer Restricted Securities held by any such Broker-Dealer, except to the extent required by the Commission as a result
of a change in policy, rules or regulations after the date of this Agreement.


 






    


     


    

 


Because such Broker-Dealer
may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting
the requirements of the Securities Act in connection with any initial sale of any Exchange Notes received by such Broker-Dealer in the
Exchange Offer, the Company shall permit the use of the Prospectus contained in each Exchange Offer Registration Statement by such Broker-Dealer
to satisfy such prospectus delivery requirement. To the extent necessary to ensure that the Prospectus contained in each Exchange Offer
Registration Statement is available for sales of Exchange Notes by Brokers-Dealers, the Company shall use its reasonable best efforts
to keep each Exchange Offer Registration Statement continuously effective, supplemented, amended and current as required by and subject
to the provisions of Sections 6(a) and 6(c) hereof and in conformity with the requirements of this Agreement, the Securities
Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of six months from the
date on which each Exchange Offer is Consummated or such shorter period as will terminate when all Transfer Restricted Securities covered
by such Registration Statement have been sold pursuant thereto. The Company shall provide sufficient copies of the latest version of such
Prospectus to such Broker-Dealers, promptly upon request, and in no event later than two Business Days after such request, at any time
during such period.


 


(d)            The
Company represents, warrants and covenants that it (including its agents and representatives) will not prepare, make, use, authorize,
approve or refer to any Free Writing Prospectus.


 


SECTION 4. SHELF REGISTRATION


 


(a)            Shelf
Registration. If (i) the Company determines, after consultation with counsel, either (x) that an Exchange Offer is not permitted
by applicable law or Commission policy or (y) that such an Exchange Offer is not effective to make Exchange Notes freely tradeable
to the extent contemplated hereby under applicable law or Commission policy (after the Company has complied with the procedures set forth
in Section 6(a) below) or (ii) if any Holder of Transfer Restricted Securities shall notify the Company within twenty (20)
Business Days following the date on which any Exchange Offer is Consummated that (A) such Holder was prohibited by applicable law
or Commission policy from participating in the Exchange Offer, or (B) such Holder may not resell the Exchange Notes acquired by it
in the Exchange Offer to the public without delivering a prospectus and that the Prospectus contained in such Exchange Offer Registration
Statement is not appropriate or available for such resales by such Holder, or (C) that such Holder is a Broker-Dealer and holds Notes
acquired directly from the Company or any of its Affiliates, then the Company shall:


 


(x)       cause
to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act (the “Shelf Registration Statement”),
relating to all Transfer Restricted Securities, on or prior to the later of (1) ninety (90) days after the date on which the Company
determines that an Exchange Offer Registration Statement cannot be filed as a result of clause (a)(i) above, (2) ninety (90)
days after the date on which the Company receives notice specified in clause (a)(ii) above, and (3) the 180th day
after the Closing Date (such later date, the “Shelf Filing Deadline”); and


 






    


     


    

 


(y)      shall
use its reasonable best efforts to cause such Shelf Registration Statement to become effective on or prior to the 270th day
after the Shelf Filing Deadline (such 270th day, the “Shelf Effectiveness Deadline”). To the extent
necessary to ensure that the Shelf Registration Statement is available for sales of Transfer Restricted Securities by the Holders thereof
entitled to the benefit of this Section 4(a) and other securities required to be registered therein pursuant to Section 6(b)(ii) hereof,
the Company shall use its reasonable best efforts to keep such Shelf Registration Statement required by this Section 4(a) continuously
effective, supplemented, amended and current as required by and subject to the provisions of Sections 6(b) and (c) hereof and
in conformity with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission
as announced from time to time, for a period of at least two years (as extended pursuant to Section 6(d) hereof) following the
Closing Date or such shorter period as will terminate where all Transfer Restricted Securities covered by such Shelf Registration Statement
have been sold pursuant thereto.


 


(b)            Provision
by Holders of Certain Information in connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities
may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until
such Holder furnishes to the Company in writing, within twenty (20) days after receipt of a request therefor, (i) the information
specified in Item 507 or 508 of Regulation S-K, as applicable, of the Securities Act, and any successor provisions, for use in connection
with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein and (ii) the undertaking specified
in Section 8(b) hereof. No Holder of Transfer Restricted Securities shall be entitled to liquidated damages pursuant to Section 5
hereof unless and until such Holder shall have used its reasonable best efforts to provide all such information. Each selling Holder agrees
to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the
Company by such Holder not materially misleading.


 






    


     


    

 


SECTION 5. LIQUIDATED DAMAGES


 


If (i) any Registration
Statement required by this Agreement is not filed with the Commission on or prior to, in the case of the Exchange Offer Registration Statement,
the Filing Deadline or, in the case of the Shelf Registration Statement, the Shelf Filing Deadline, (ii) any such Registration Statement
has not been declared effective by the Commission on or prior to, in the case of the Exchange Offer Registration Statement, the Effectiveness
Deadline or, in the case of the Shelf Registration Statement, the Shelf Effectiveness Deadline, (iii) any Exchange Offer has not
been Consummated on or prior to the Consummation Deadline or (iv) any Registration Statement required by this Agreement is filed
and declared effective but shall thereafter (and before the second anniversary of the initial sale) cease to be effective or fail to be
usable in connection with resales of the Transfer Restricted Securities without being succeeded immediately by a post-effective amendment
to such Registration Statement that cures such failure and that is itself immediately declared effective, and only for such time of non-effectiveness
or non-usability (each such event referred to in clauses (i) through (iv), a “Registration Default”), then
the Company hereby agrees to pay (and the Guarantors agree to guarantee such payments) liquidated damages to each Holder of Transfer Restricted
Securities affected thereby for the first 90-day period immediately following the occurrence of such Registration Default, in an amount
equal to $0.05 per week per $1,000 in principal amount of Transfer Restricted Securities held by such Holder for each week or portion
thereof that the Registration Default continues. The amount of the liquidated damages shall increase by an additional $0.05 per week per
$1,000 in principal amount of Transfer Restricted Securities with respect to each subsequent 90-day period until all Registration Defaults
have been cured, the Transfer Restricted Securities become freely tradable without registration under the Securities Act or no Transfer
Restricted Securities are outstanding, up to a maximum amount of liquidated damages of $0.25 per week per $1,000 in principal amount of
Transfer Restricted Securities; provided that the Company shall in no event be required to pay liquidated damages with respect to the
Notes for more than one Registration Default at any given time. All accrued liquidated damages shall be paid to the Holders entitled thereto,
in the manner provided for the payment of interest, on each Interest Payment Date, as more fully set forth in the Indenture and the Notes.
Notwithstanding anything to the contrary set forth herein, (1) upon the filing of an Exchange Offer Registration Statement with respect
to the affected Transfer Restricted Securities (and/or, if applicable, the Shelf Registration Statement), in the case of (i) above,
(2) upon the effectiveness of an Exchange Offer Registration Statement with respect to the affected Transfer Restricted Securities
(and/or, if applicable, the Shelf Registration Statement), in the case of (ii) above, (3) upon the Consummation of an Exchange
Offer with respect to the affected Transfer Restricted Securities, in the case of (iii) above, or (4) upon the filing of a post-effective
amendment to a Registration Statement or an additional Registration Statement that causes the Exchange Offer Registration Statement with
respect to the affected Transfer Restricted Securities (and/or, if applicable, the Shelf Registration Statement) to again be declared
effective or made usable in the case of (iv) above, the liquidated damages payable with respect to the affected Transfer Restricted
Securities as a result of such clause (i), (ii), (iii) or (iv), as applicable, shall cease.


 


Notwithstanding the fact that
any securities for which liquidated damages are due cease to be Transfer Restricted Securities, all obligations of the Company to pay
liquidated damages with respect to securities shall survive until such time as such obligations with respect to such securities shall
have been satisfied in full.


 


SECTION 6. REGISTRATION PROCEDURES


 


(a)            Exchange
Offer Registration Statement. In connection with the Exchange Offer, the Company shall (x) comply with all of the provisions
of Section 6(c) below, (y) use its reasonable best efforts to effect such exchange and to permit the resale of Exchange
Notes by Broker-Dealers that tendered in the Exchange Offer, Notes that such Broker-Dealer acquired for its own account as a result of
its market making activities as other trading activities (other than Notes acquired directly from the Company or any of its Affiliates)
being sold in accordance with the intended method or methods of distribution thereof, and (z) comply with all of the following provisions:


 


(i)            If,
following the date hereof there has been announced a change in Commission policy with respect to exchange offers such as the Exchange
Offer, that in the reasonable opinion of counsel to the Company raises a substantial question as to whether any Exchange Offer is permitted
by applicable federal law, the Company hereby agrees to seek a no-action letter or other favorable decision from the Commission allowing
the Company to Consummate such Exchange Offer for such Transfer Restricted Securities. The Company agrees to pursue the issuance of such
a decision to the Commission staff. In connection with the foregoing, the Company agrees, to take all such other actions as may be requested
by the Commission or otherwise required in connection with the issuance of such decision, including without limitation (A) participating
in telephonic conferences with the Commission and (B) delivering to the Commission staff an analysis prepared by counsel to the Company
setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted.


 






    


     


    

 


(ii)             As
a condition to its participation in the Exchange Offer, each Holder of Transfer Restricted Securities (including, without limitation,
any Holder who is a Broker- Dealer) shall furnish, upon the request of the Company, prior to the Consummation of the Exchange Offer, a
written representation to the Company (which may be contained in the letter of transmittal contemplated by the related Exchange Offer
Registration Statement) to the effect that (A) it is not an Affiliate of the Company, (B) it is not engaged in, and does not
intend to engage in, and has no arrangement or understanding with any person to participate in, a distribution of the Exchange Notes to
be issued in the Exchange Offer and (C) it is acquiring the Exchange Notes in its ordinary course of business. Each Holder using
an Exchange Offer to participate in a distribution of the Exchange Notes shall acknowledge and agree that, if the resales are of Exchange
Notes obtained by such Holder in exchange for Notes acquired by such Holder directly from the Company or an Affiliate thereof, it (1) could
not, under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Exxon
Capital Holdings Corporation (available May 13, 1988) and Morgan Stanley and Co., Inc. (available June 5, 1991),
as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action
letters (including, if applicable, any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the
registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such
a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information
required by Item 507 or 508, as applicable, of Regulation S-K or any successor provisions.


 


(iii)            Prior
to effectiveness of each Exchange Offer Registration Statement, the Company shall provide a supplemental letter to the Commission (A) stating
that the Company is registering the related Exchange Offer in reliance on the position of the Commission enunciated in Exxon Capital
Holdings Corporation (available May 13, 1988) and Morgan Stanley and Co., Inc. (available June 5, 1991), as
interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and, if applicable, any no-action
letter obtained pursuant to clause (i) above, (B) including a representation that neither the Company nor any Guarantor has
entered into any arrangement or understanding with any Person to distribute the Exchange Notes to be received in the Exchange Offer and
that, to the best of the Company’s information and belief, each Holder participating in the Exchange Offer is acquiring the Exchange
Notes in its ordinary course of business and has no arrangement or understanding with any Person to participate in the distribution of
the Exchange Notes received in the Exchange Offer and (C) any other undertaking or representation required by the Commission as set
forth in any no-action letter obtained pursuant to clause (i) above, if applicable.


 






    


     


    

 


(b)            Shelf
Registration Statement. In connection with each Shelf Registration Statement, the Company shall: (i) comply with all the provisions
of Section 6(c) below and shall use its reasonable best efforts to effect such registration to permit the sale of the Transfer
Restricted Securities being sold in accordance with the intended method or methods of distribution thereof (as indicated in the information
furnished to the Company pursuant to Section 4(b) hereof), and pursuant thereto the Company will prepare and file with the Commission,
a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available
for the sale of the Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof within the
time periods and otherwise in accordance with the provisions hereof and (ii) issue, upon the request of any Holder or purchaser of
Notes covered by any Shelf Registration Statement contemplated by this Agreement, Exchange Notes having an aggregate principal amount
equal to the aggregate principal amount of Notes sold pursuant to the Shelf Registration Statement and surrendered to the Company for
cancellation; the Company shall register Exchange Notes on the Shelf Registration Statement for this purpose and issue the Exchange Notes
to the purchasers of securities subject to the Shelf Registration Statement in the names as such purchasers shall designate.


 


(c)            General
Provisions. In connection with any Registration Statement and any related Prospectus required by this Agreement, the Company shall:


 


(i)            use
its reasonable best efforts to keep such Registration Statement continuously effective and provide all requisite financial statements
for the period specified in Section 3 or 4 of this Agreement, as applicable. Upon the occurrence of any event that would cause any
such Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of material fact or omit to state
any material fact necessary to make the statements therein not misleading or (B) not to be effective and usable for resale of Transfer
Restricted Securities during the period required by this Agreement, the Company shall file promptly an appropriate amendment to such Registration
Statement, curing such defect, and if Commission review is required, use its reasonable best efforts to cause such amendment to be declared
effective as soon as reasonably practicable;


 


(ii)            prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement as may be necessary to keep such
Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the case may be; cause the Prospectus
to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities
Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply
with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during
the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration
Statement or supplement to the Prospectus;


 


(iii)            advise
the underwriters, if any and each selling Holder promptly, (A) when the Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become
effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the
Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the
effectiveness of any Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification
of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding
purposes, and (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in
any Registration Statement, any Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue,
or that requires the making of any additions to or changes in any Registration Statement or any Prospectus in order to make the statements
therein not misleading, or that requires the making of any additions to or changes in any Prospectus in order to make the statements therein
in the light of the circumstances under which they were made, not misleading. If at any time the Commission shall issue any stop order
suspending the effectiveness of any Registration Statement, or any state securities commission or other regulatory authority shall issue
an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or
Blue Sky laws, the Company shall use its reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible
time;


 






    


     


    

 


(iv)            furnish
to each of the underwriters, if any, in connection with such exchange or sale, if any, before filing with the Commission, copies of any
Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus
(including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject
to the review and comment of such underwriter(s), if any, in connection with such sale, if any, for a period of at least three (3) Business
Days, and the Company shall use its reasonable best efforts to reflect in any such Registration Statement or Prospectus or any amendment
or supplement to any such Registration Statement or Prospectus (including all such documents incorporated by reference) such comments
as the underwriters, if any, reasonably propose;


 


(v)            make
available, at reasonable times, for inspection by any underwriter, if any, participating in any disposition pursuant to such Registration
Statement, and any attorney or accountant retained by any of such underwriters, all financial and other records, pertinent corporate documents
and properties of the Company and cause the Company’s officers, directors and employees to supply all information reasonably requested
by any such underwriter, attorney or accountant in connection with such Registration Statement or any post-effective amendment thereto
subsequent to the filing thereof and prior to its effectiveness;


 


(vi)            cause
the Transfer Restricted Securities covered by each Registration Statement to be rated with the appropriate rating agencies, if so requested
by the Holders of a majority in aggregate principal amount of Notes covered thereby;


 


(vii)            furnish
to each of the underwriter(s) (and upon request, any selling Holder), if any, in connection with such exchange or sale, without charge,
at least one copy of each Shelf Registration Statement, as first filed with the Commission, and of each amendment thereto, including all
documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference);


 


(viii)            deliver
to each selling Holder and each of the underwriters, if any, without charge, as many copies of each Prospectus (including each preliminary
prospectus) included with a Shelf Registration Statement and any amendment or supplement thereto as such Persons reasonably may request;
the Company hereby consents to the use (in accordance with applicable law) of the Prospectus included with a Shelf Registration Statement
and any amendment or supplement thereto by each selling Holder and each underwriter, if any, in connection with the offering and the sale
of the Transfer Restricted Securities covered by each Prospectus or any amendment or supplement thereto;


 






    


     


    

 


(ix)            upon
the request of any selling Holder, enter into such agreements (including underwriting agreements), and make such representations and warranties,
and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted
Securities pursuant to any Shelf Registration Statement contemplated by this Agreement, as may be requested by any selling Holder in connection
with any sale or resale pursuant to any Shelf Registration Statement. In such connection, the Company shall:


 


(A)            upon
request of the underwriters, if any, furnish to each such requesting underwriter, in such substance and scope as they may request and
as are customarily made by issuers to underwriters in primary underwritten offerings, upon the effectiveness of each Shelf Registration
Statement, as the case may be:


 


(1)            a
certificate, dated such date signed on behalf of the Company by (x) the President or any Vice President of the Company and (y) a
principal financial or accounting officer of the Company, confirming, as of the date thereof, that the representations and warranties
of the Company contained in any such underwriting agreement (which shall be of the same tenor as the representations and warranties contained
in the Purchase Agreement, excluding Section 2(a) (which shall reference the related Registration Statement and Prospectus instead
of the Offering Memorandum) and (v)) qualified as to materiality are true and correct, and those not so qualified are true and correct
in all material respects, in each case, as of the date hereof, and confirming such other matters as such parties may reasonably request;


 


(2)            an
opinion, dated the date of effectiveness of each Shelf Registration Statement, as the case may be, of counsel for the Company, similar
to the form set forth in Schedule IV to the Purchase Agreement, and in any event including a statement to the effect that such
counsel has participated in conferences with officers and other representatives of the Company, representatives of the independent public
accountants for the Company, the Purchasers’ representatives and the Purchasers’ counsel in connection with the preparation
of such Shelf Registration Statement and the related Prospectus and have considered the matters required to be stated therein and the
statements contained therein, although such counsel has not independently verified the accuracy, completeness or fairness of such statements;
and that such counsel advises that, on the basis of the foregoing (relying as to materiality to the extent such counsel deems appropriate
upon the statements of officers and other representatives of the Company and without independent check or verification), no facts came
to such counsel’s attention that caused such counsel to believe that the applicable Shelf Registration Statement, at the time such
Shelf Registration Statement or any post-effective amendment thereto became effective, contained an untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or that
the related Prospectus contained in such Shelf Registration Statement as of its date contained an untrue statement of a material fact
or omitted 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. Without limiting the foregoing, such counsel may state further that such counsel assumes no responsibility
for, and has not independently verified, the accuracy, completeness or fairness of the financial statements, notes and schedules and other
financial data included in any Shelf Registration Statement contemplated by this Agreement or the related Prospectus; and


 






    


     


    

 


(3)            a
customary comfort letter, dated as of the date of effectiveness of each Shelf Registration Statement, as the case may be, from the Company’s
independent registered public accounting firm, in the customary form and covering matters of the type customarily covered in comfort letters
to underwriters in connection with primary underwritten offerings; and


 


(B)            deliver
such other documents and certificates as may be reasonably requested by the underwriters, if any, to evidence compliance with the matters
covered in clause (A) above and with any customary conditions contained in any agreement or other agreement entered into by the Company
pursuant to this clause (ix), if any.


 


If at any time the representations and warranties
of the Company contemplated in clause (A)(1) above cease to be true and correct, the Company shall so advise the Purchasers and the
underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing;


 


(i)            prior
to any public offering of Transfer Restricted Securities, cooperate with the underwriters, if any, and their respective counsel in connection
with the registration and qualification of the Transfer Restricted Securities under the securities or Blue Sky laws of such jurisdictions
as the underwriters may request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions
of the Transfer Restricted Securities covered by the applicable Registration Statement; provided, however, that the Company shall not
be required to register or qualify as a foreign corporation where it is not now so qualified or to take any action that would subject
it to the service of process in suits or to taxation, other than as to matters and transactions relating to any Registration Statement,
in any jurisdiction where it is not now so subject;


 


(ii)            shall
issue, upon the request of any Holder of Notes covered by each Shelf Registration Statement, Exchange Notes, having an aggregate principal
amount equal to the aggregate principal amount of Notes surrendered to the Company by such Holder in exchange therefor or being sold by
such Holder; such Exchange Notes to be registered in the name of such Holder or in the name of the purchaser(s) of such Notes or
Exchange Notes, as the case may be; in return, the Notes held by such Holder shall be surrendered to the Company for cancellation;


 


(iii)            in
connection with any sale of Transfer Restricted Securities that will result in such securities no longer being Transfer Restricted Securities,
cooperate with the Holders and the underwriters, if any, to facilitate the timely preparation and delivery of certificates representing
Transfer Restricted Securities to be sold and not bearing any restrictive legends; and to register such Transfer Restricted Securities
in such denominations and in such names as the selling Holders or the underwriters, if any, may request at least five (5) Business
Days prior to any such sale of Transfer Restricted Securities;


 






    


     


    

 


(iv)            use
its reasonable best efforts to cause the disposition of the Transfer Restricted Securities covered by each Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the underwriters, if any,
to consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained in clause (x) above;


 


(v)             subject
to Section 6(c)(i), if any fact or event contemplated by Section 6(c)(iii)(D) above shall exist or have occurred, prepare
a supplement or post-effective amendment to each Registration Statement or related Prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the
Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein, not misleading;


 


(vi)            provide
a CUSIP number for all Transfer Restricted Securities not later than the effective date of a Registration Statement covering such Transfer
Restricted Securities and provide the Trustee under the Indenture with printed certificates for the Transfer Restricted Securities
which are in a form eligible for deposit with the Depositary Trust Company;


 


(vii)           cooperate
and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter,
if any, (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and
regulations of FINRA, and use its reasonable best efforts to cause such Registration Statement to become effective and approved by such
governmental agencies or authorities as may be necessary to enable the Holders selling Transfer Restricted Securities to consummate the
disposition of such Transfer Restricted Securities;


 


(viii)          otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make generally available
to its security holders with regard to any Registration Statement, as soon as reasonably practicable, a consolidated earning statement
meeting the requirements of Rule 158 under the Securities Act (which need not be audited) covering a twelve-month period, beginning
after the effective date of the Registration Statement (as such term is defined in paragraph (c) of Rule 158 under the Securities
Act);


 


(ix)            cause
the Indenture to be qualified under the TIA not later than the effective date of the Registration Statement required by this Agreement,
and, in connection therewith, cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for
the Indenture to be so qualified in accordance with the terms of the TIA; and execute, and use its reasonable best efforts to cause the
Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with
the Commission to enable the Indenture to be so qualified in a timely manner;


 






    


     


    

 


(x)             cause
all Transfer Restricted Securities covered by the Registration Statement to be listed on each securities exchange on which similar securities
issued by the Company are then listed if requested by the Holders of a majority in aggregate principal amount of Notes or the managing
underwriters, if any; and


 


(xi)             provide
promptly to each underwriter, if any, upon request, each document filed with the Commission pursuant to the requirements of Section 13
or Section 15(d) of the Exchange Act since the Company’s most recent Annual Report on Form 10-K.


 


(d)            Restrictions
on Holders. Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of the notice referenced in Section 6(c)(iii)(D) or
any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof (in each case,
a “Suspension Notice”), such Holder will forthwith discontinue disposition of Transfer Restricted Securities
pursuant to the applicable Registration Statement until (i) such Holder has received copies of the supplemented or amended Prospectus
contemplated by Section 6(c)(xiv) hereof, or (ii) such Holder is advised in writing by the Company that the use of the
Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the
Prospectus (in each case, the “Recommencement Date”). Each Holder receiving a Suspension Notice hereby agrees
that it will either (i) destroy any Prospectuses, other than permanent file copies then in such Holder’s possession which have
been replaced by the Company with more recently dated Prospectuses, or (ii) will deliver to the Company (at the Company’s expense)
all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted
Securities that was current at the time of receipt of such Suspension Notice. The time period regarding the effectiveness of such Registration
Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by a number of days equal to the number of days in
the period from and including the date of delivery of the Suspension Notice to the date of the Recommencement Date.


 


SECTION 7. REGISTRATION EXPENSES


 


Subject to the compliance
in all material respects by the Company and the Guarantors with all of their respective obligations under this Agreement, the Purchasers
agree, severally and not jointly, to pay (and, to the extent not paid by the Purchasers, to reimburse the Company for) all out-of-pocket
costs and expenses reasonably incurred by the Issuers in connection with the registration of the Exchange Notes in an aggregate amount
not to exceed $750,000, including (i) Commission filing fees; (ii) costs of printing or word processing or other production
of documents incurred in connection with the exchange offer; (iii) fees and expenses of the Trustee, and any transfer or exchange
agent; (iv) all fees and expenses of compliance with federal securities and state Blue Sky or securities laws; (v) all application
and filing fees in connection with listing Exchange Notes on a national securities exchange automated quotation system pursuant to the
requirements hereof; all fees and disbursements of the Issuers’ counsel and independent accountants incurred in connection therewith;
and (vii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange Offer and
printing of Prospectuses), messenger and delivery services and telephone. To the extent not paid or reimbursed, such expenses shall be
borne by the Company and the Guarantors. The Purchasers’ obligations under this Section 7 shall be subject in each case to
the submission by the Company and the Guarantors to the Purchasers of invoices and other documentation with respect to such costs and
expenses. In no event shall the Purchasers’ obligations under this Section 7 limit their rights under Section 8 hereof,
whether by set-off or otherwise by the Company and the Guarantors, and no liability of the Company and the Guarantors under Section 8
hereof shall be an obligation required to be paid or reimbursed by the Purchasers pursuant to this Section 7.


 






    


     


    

 


The Company will, in any event,
bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the
Company.


 


SECTION 8. INDEMNIFICATION


 


(a)            The
Company and the Guarantors agree to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls such
Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (any of the persons referred
to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers,
directors, partners, employees, representatives and agents of any Holder or any controlling person, from and against any and all losses,
claims, damages, liabilities, judgments, actions and expenses (including, without limitation, any legal or other expenses incurred in
connection with, investigating, preparing, pursuing or defending any claim or action, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, including any action that could give rise to any such losses, claims, damages, liabilities or
judgments) directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement, preliminary prospectus, Prospectus (or any amendment or supplement
thereto) or any Free Writing Prospectus used in violation of this Agreement or any “issuer information” (“Issuer
Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, provided by the
Company to any Holder or any prospective purchaser of Exchange Notes or registered Notes or caused by any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar
as such losses, claims, damages, liabilities, judgments, actions or expenses are caused by an untrue statement or omission or alleged
untrue statement or omission that is based upon information relating to such Holder furnished in writing to the Company by such Holder.


 


(b)            The
Company may require, as a condition to including any Transfer Restricted Securities held by any Holder in a Registration Statement, that
the Company shall have received an undertaking reasonably satisfactory to it from such Holder that such Holder agrees, severally and not
jointly, to indemnify and hold harmless the Company and the Guarantors, and their respective directors and officers, and each person,
if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company
or the Guarantors, as the case may be, to the same extent as the foregoing indemnity from the Company set forth in Section 8(a) above,
but only with reference to information relating to such Holder furnished in writing to the Company by such Holder expressly for use in
any Registration Statement. In no event shall any Holder, its directors, officers, or any person who controls such Holder be liable or
responsible for any amount in excess of the amount by which the entire amount received by such Holder with respect to its sale of the
Transfer Restricted Securities pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Transfer
Restricted Securities and (ii) the amount of any damages that such Holder, its directors, officers or any Person who controls such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.


 






    


     


    

 


(c)            In
case any action shall be commenced involving any person in respect of which indemnity may be sought pursuant to Section 8(a) or
8(b) (the “Indemnified Party”), the Indemnified party shall promptly notify the person against whom such
indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense
of such action, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses
of such counsel, as incurred (except that in the case of any action in respect of which indemnity may be sought pursuant to both Sections
8(a) and 8(b), a Holder shall not be required to assume the defense of such action pursuant to this Section 8(c), but may employ
separate counsel and participate in the defense thereof, but the fees and expenses of such counsel, except as provided below, shall be
at the expense of the Holder). Any Indemnified Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the Indemnified Party unless (i) the
employment of such counsel shall have been specifically authorized in writing by the Indemnifying Party, (ii) the Indemnifying Party
shall have failed to assume the defense of such action or employ counsel reasonably satisfactory to the Indemnified Party or (iii) the
named parties to any such action (including any impleaded parties) include both the Indemnified Party and the Indemnifying Party, and
the Indemnified Party shall have been advised by such counsel that there may be one or more legal defenses available to it which are different
from or additional to those available to the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume
the defense of such action on behalf of the Indemnified Party). In any such case, the Indemnifying Party shall not, in connection with
any one action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations
or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for
all indemnified parties and all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing
by a majority of the Holders, in the case of the parties indemnified pursuant to Section 8(a), and by the Company, in the case of
parties indemnified pursuant to Section 8(b). The Indemnifying Party shall indemnify and hold harmless the Indemnified Party from
and against any and all losses, claims, damages, liabilities, judgments and expenses by reason of any settlement of any action (i) effected
with its written consent or (ii) effected without its written consent if the settlement is entered into more than twenty (20) Business
Days after the Indemnifying Party shall have received a request from the Indemnified Party for reimbursement for the fees and expenses
of counsel (in any case where such fees and expenses are at the expense of the Indemnifying Party) and, prior to the date of such settlement,
the Indemnifying Party shall have failed to comply with such reimbursement request. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending
or threatened action in respect of which the Indemnified Party is or could have been a party and indemnity or contribution may be or could
have been sought hereunder by the Indemnified Party, unless such settlement, compromise or judgment (i) includes an unconditional
release of the Indemnified Party from all liability on claims that are or could have been the subject matter of such action 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 the Indemnified Party.


 






    


     


    

 


(d)            To
the extent that the indemnification provided for in this Section 8 is unavailable to an Indemnified Party under Section 8(a) or
Section 8(b) hereof in respect of any losses, claims, damages, liabilities, judgments or expenses referred to therein, then
each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified
Party as a result of such losses, claims, damages, liabilities, judgments or expenses (i) in such proportion as is appropriate to
reflect the relative benefits received by the Company, on the one hand, and the Holders, on the other hand, from their sale of Transfer
Restricted Securities or (ii) if the allocation provided by clause 8(d)(i) is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause 8(d)(i) above but also the relative fault of the
Company, on the one hand, and of the Holder, on the other hand, in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities, judgments or expenses, as well as any other relevant equitable considerations. The relative fault
of the Company, on the one hand, and of the Holder, on the other hand, shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company, on the one hand, or by such Holder, on the other hand, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.


 


The Company, the Guarantors
and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined
by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does
not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an
Indemnified Party as a result of the losses, claims, damages, liabilities, judgments or expenses referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified
Party in connection with investigating or defending any such action or claim including any action that could have given rise to such losses,
claims, damages, liabilities, judgments or expenses. Notwithstanding the provisions of this Section 8, no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the total received by such Holder with respect to the sale
of Transfer Restricted Securities pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Transfer
Restricted Securities and (ii) the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’
obligations to contribute pursuant to this Section 8(d) are several in proportion to the respective principal amount of Transfer
Restricted Securities held by each Holder hereunder and not joint.


 


SECTION 9. RULE 144 AND RULE 144A


 


The Company hereby agrees
with each Holder, for so long as any Transfer Restricted Securities remain outstanding and during any period in which the Company (i) is
not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request of any Holder, to such Holder or beneficial
owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted
Securities designated by such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act
in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A, and (ii) is subject to Section 13
or 15(d) of the Exchange Act, to make all filings required thereby in a timely manner in order to permit resales of such Transfer
Restricted Securities pursuant to Rule 144.


 






    


     


    

 


SECTION 10. PARTICIPATION IN UNDERWRITTEN REGISTRATIONS


 


No Holder may participate
in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities
on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes
and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents
required under the terms of such underwriting arrangements.


 


SECTION 11. SELECTION OF UNDERWRITERS


 


The Holders of Transfer Restricted
Securities covered by the Shelf Registration Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten
Offering. In any such Underwritten Offering, the investment banker or investment bankers and manager or managers that will administer
the offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included
in such offering; provided that such investment bankers and managers must be reasonably satisfactory to the Company.


 


SECTION 12. MISCELLANEOUS


 


(a)            Remedies.
The Company and the Guarantors acknowledge and agree that any failure by the Company to comply with its obligations under Sections 3 and
4 hereof may result in material irreparable injury to the Purchasers or Holders for which there is no adequate remedy at law, that it
will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Purchasers or any
Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Sections 3 and 4 hereof.
The Company and the Guarantors further agree to waive the defense in any action for specific performance that a remedy at law would be
adequate.


 


(b)            No
Inconsistent Agreements. The Company will not, on or after the date of this Agreement, enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.
The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders
of the Company’s securities under any agreement in effect on the date hereof.


 


(c)            Adjustments
Affecting the Notes or Exchange Notes. The Company will not take any action, or permit any change to occur, with respect to the Notes
or the Exchange Notes that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer.


 






    


     


    

 


(d)            Amendments
and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures
from the provisions hereof may not be given unless (i) in the case of Section 5 hereof and this Section 12(d)(i), the Company
has obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other provisions
hereof, the Company has obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted
Securities (excluding Transfer Restricted Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or
consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose Transfer Restricted Securities
are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose Transfer
Restricted Securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding
principal amount of Transfer Restricted Securities subject to such Exchange Offer.


 


(e)            Third
Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem
such enforcement necessary or advisable to protect their rights or the rights of Holders hereunder.


 


(f)            Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered
or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery:


 


(i)            if
to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture;
and


 


 (ii)          
if to the Company or the Guarantors:




 


DISH DBS Corporation





9601 South Meridian Boulevard


Englewood, Colorado 80112





Telecopier No.: (303) 723-1699


Attention: General Counsel


 


With a copy to:


 


Sullivan & Cromwell LLP


125 Broad Street





New York, NY 10004


Telecopier No.: (212) 291-9101


Attention:
Scott D. Miller


 


All such notices and communications
shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five (5) Business Days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered
to an air courier guaranteeing overnight delivery.


 


Copies of all such notices,
demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified
in the Indenture.


 






    


     


    

 


(g)            Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including
without limitation and without the need for an express assignment, subsequent Holders; provided, that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Transfer Restricted Securities in violation of the terms hereof or of the Purchase
Agreement or the Indenture. If any transferee of any Holder shall acquire Transfer Restricted Securities in any manner, whether by operation
of law or otherwise, such Transfer Restricted Securities shall be held subject to all of the terms of this Agreement, and by taking and
holding such Transfer Restricted Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all
of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable,
the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof.


 


(h)            Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page of this Agreement by facsimile transmission shall be effective as delivery of a manually
executed counterpart. Any signature to this Agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic
signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes
to the fullest extent permitted by applicable law. Each of the parties represents and warrants to the other parties that it has the corporate
or other capacity and authority to execute this Agreement through electronic means and there are no restrictions for doing so in that
party’s constitutive documents.


 


(i)            Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.


 


(j)            Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAW RULES THEREOF.


 


(k)            Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.


 


(l)            Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted
with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and understandings between the parties
with respect to such subject matter.


 



    


     


    




 


IN WITNESS WHEREOF, the parties have executed this
Agreement as of the date first written above.


 







	 	DISH DBS CORPORATION

                                            A Colorado
                                            corporation

	 	 
	 	By: 	/s/ Paul W. Orban
	 	 	Name:   Paul W. Orban
	 	 	Title:     Executive Vice President and Chief Financial Officer
	 	 
	 	DISH NETWORK L.L.C.
	 	DISH OPERATING L.L.C.
	 	ESCHOSPHERE L.L.C
	 	DISH NETWORK SERVICE L.L.C
	 	DISH BROADCASTING CORPORATION
	 	DISH TECHNOLOGIES L.L.C.
	 	SLING TV HOLDING L.L.C.
	 	as Guarantors
	 	 
	 	By: 	/s/ Paul W. Orban
	 	 	Name:   Paul W. Orban
	 	 	Title:     Executive Vice President and Chief Financial Officer



 


[Signature
Page to Registration Rights Agreement]


 






    


     


    

 





	 	DEUTSCHE BANK SECURITIES INC.
	 	 
	 	By: 	/s/ Joseph Devine
	 	 	Name:   Joseph Devine
	 	 	Title:     Managing Director
	 	 
	 	By:	 /s/ Ian Dorrington
	 	 	Name:   Ian Dorrington
	 	 	Title:     Managing Director
	 	 
	 	MORGAN STANLEY & CO. LLC
	 	 
	 	 
	 	By: 	/s/ Constantine N. Darras
	 	 	Name:   Constantine N. Darras
	 	 	Title:     Authorized Signatory



 


[Signature
Page to Registration Rights Agreement]