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Exhibit 4.8    
  

$200,000,000  

 REGAL CINEMAS CORPORATION  

 93/8% Senior Subordinated Notes due 2012  

 
  REGISTRATION RIGHTS AGREEMENT    
  

January
29, 2002 

CREDIT
SUISSE FIRST BOSTON CORPORATION

LEHMAN BROTHERS INC.

c/o Credit Suisse First Boston Corporation

        Eleven Madison Avenue

        New York, New York 10010-3629 

Dear
Sirs: 

        Regal
Cinemas Corporation, a Delaware corporation (the "Issuer"), proposes to issue and sell to Credit Suisse First Boston Corporation and
Lehman Brothers Inc. (together, the "Initial Purchasers"), upon the terms set forth in a purchase agreement dated January 17, 2002 (the
"Purchase Agreement"), U.S. $200,000,000 aggregate principal amount of its Series A 93/8% Senior Subordinated Notes due 2012 (the
"Initial Notes") to be guaranteed (the "Guarantees," together with the Initial Notes, the
"Initial Securities") by the guarantors named therein (the "Guarantors" and, collectively with the
Issuer, the "Company"). The Initial Securities will be issued pursuant to an Indenture, dated as of the Closing Date, (the
"Indenture"), among the Issuer, the Guarantors and U.S. Bank National Association, as trustee (the
"Trustee"). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, each of the Issuer and each of the Guarantors agrees with
the Initial Purchasers, for the benefit of the Initial Purchasers and the holders of the Securities (as defined below) (collectively the "Holders"), as
follows: 

        1.    Registered Exchange Offer.    Unless not permitted by applicable law (after the Issuer and the Guarantors have
complied with the ultimate paragraph of this Section 1), the Issuer and the Guarantors shall prepare and, within 105 days (such 105th day being a "Filing
Deadline") after the date on which the Initial Purchasers purchase the Initial Securities pursuant to the Purchase Agreement (the "Closing
Date"), file with the Securities and Exchange Commission (the "Commission") a registration statement (the
"Exchange Offer Registration Statement") on an appropriate form under the Securities Act of 1933, as amended (the "Securities
Act"), with respect to a proposed offer (the "Registered Exchange Offer") to the Holders of Transfer Restricted Securities (as
defined in Section 6 hereof), who are not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for
the Initial Securities, a like aggregate principal amount of debt securities of the Issuer, with guarantees endorsed thereon by the Guarantors, issued under the Indenture, identical in all material
respects to the Initial Securities and registered under the Securities Act (the "Exchange Securities"). Each of the Issuer and the Guarantors shall use
its respective best efforts to (i) cause such Exchange Offer Registration Statement to become effective under the Securities Act at the earliest possible time, but no later than 165 days after the
Closing Date (such 165th day being an "Effectiveness Deadline"), (ii) cause such Exchange Offer Registration Statement to be effective
continuously during the Registered Exchange Offer and (iii) keep the Registered Exchange Offer open for a period of not less than 20 business days (or longer, if required by applicable law) after the
date notice of the Registered Exchange Offer is mailed to the Holders (such period being called the "Exchange Offer Registration Period"). 

        If
the Issuer and the Guarantors commence the Registered Exchange Offer, the Issuer and the Guarantors (i) will be entitled to consummate the Registered Exchange Offer 20 business days
after commencement (provided that the Issuer and the Guarantors have accepted all the Initial Securities 

 

theretofore validly tendered in accordance with the terms of the Registered Exchange Offer) and (ii) will be required to consummate the Registered Exchange Offer no later than 30 business days after
the date on which the Exchange Offer Registration Statement is declared effective (such 30th business day being the "Consummation Deadline"). 

        Following
the declaration of the effectiveness of the Exchange Offer Registration Statement, the Issuer and the Guarantors shall promptly commence the Registered Exchange Offer, it being
the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities electing to exchange the Initial Securities for Exchange Securities (assuming that such Holder
is not an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder's business and has no arrangements with any person
to participate in the distribution of the Exchange Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange
Securities from and after their receipt without any limitations or restrictions under the Securities Act and without material restrictions under the securities laws of the several states of the United
States. 

        The
Issuer and each of the Guarantors acknowledges that, pursuant to current interpretations by the Commission's staff of Section 5 of the Securities Act, in the absence of an applicable
exemption therefrom, (i) each Holder which is a broker-dealer electing to exchange Initial Securities, acquired for its own account as a result of market making activities or other trading activities,
for Exchange Securities (an "Exchanging Dealer"), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the
cover, (b) Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of the Exchange Offer" section, and (c) Annex C hereto in the "Plan of Distribution" section of such prospectus in
connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell Securities (as
defined below) acquired in exchange for Initial Securities constituting any portion of an unsold allotment, is required to deliver a prospectus containing the information required by Items 507 or 508
of Regulation S-K under the Securities Act, as applicable, in connection with such sale. 

        The
Issuer and each of the Guarantors shall use its respective best efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus
contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such
persons must comply with such requirements in order to resell the Exchange Securities; provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must be
delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180 days and the date on which all Exchanging Dealers and the Initial Purchasers have sold all Exchange
Securities held by them (unless such period is extended pursuant to Section 3(j) below) and (ii) the Issuer and the Guarantors shall make a sufficient number of copies of such prospectus and any
amendment or supplement thereto available to any broker-dealer for use in connection with any resale of any Exchange Securities for a period of not less than 180 days after the consummation of the
Registered Exchange Offer. 

        If,
upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial distribution, the Issuer and the Guarantors,
simultaneously with the delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written request of such Initial
Purchaser, in exchange (the "Private Exchange") for the Initial Securities held by such Initial Purchaser, a like principal amount of debt securities of
the Issuer, with guarantees endorsed thereon by the Guarantors, issued under the Indenture and identical in all material respects to the Initial Securities (the "Private
Exchange
Securities"). The Initial Securities, the Exchange Securities and the Private Exchange Securities are herein collectively called the
"Securities". 

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        In
connection with the Registered Exchange Offer, the Issuer and the Guarantors shall: 

        (a)  mail
to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related
documents; 

        (b)  keep
the Registered Exchange Offer open for not less than 20 business days (or longer, if required by applicable law) after the date notice thereof is mailed to Holders; 

        (c)  utilize
the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan, The City of New York, which may be the Trustee or an
affiliate of the Trustee; 

        (d)  permit
Holders to withdraw tendered Initial Securities at any time prior to the close of business, New York time, on the last business day on which the Registered
Exchange Offer shall remain open; and 

        (e)  otherwise
comply with all applicable laws. 

        As
soon as practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the Issuer and the Guarantors shall: 

        (x)  accept
for exchange all the Initial Securities validly tendered and not withdrawn pursuant to the Registered Exchange Offer and the Private Exchange; 

        (y)  deliver
to the Trustee for cancellation all the Initial Securities so accepted for exchange; and 

        (z)  cause
the Trustee to authenticate and deliver promptly to each Holder of the Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be,
equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 

        The
Indenture will provide that the Exchange Securities will not be subject to the transfer restrictions set forth in the Indenture and that all the Securities will vote and consent
together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from one another on any matter. 

        Interest
on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange Offer and in the Private Exchange will accrue from the last interest payment
date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the date of original issue of the Initial
Securities. 

        Each
Holder participating in the Registered Exchange Offer shall be required to represent to the Issuer and the Guarantors that at the time of the consummation of the Registered Exchange
Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or understanding with any person to
participate in the distribution of the Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an "affiliate," as defined in Rule 405 of the Securities
Act, of the Issuer or any of the Guarantors or if it is an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable,
(iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it
will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading activities and that it will be
required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

        Notwithstanding
any other provisions hereof, the Issuer and the Guarantors will ensure that (i) any Exchange Offer Registration Statement and any amendment thereto and any prospectus
forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any Exchange Offer Registration Statement and
any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. 

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        If following the date hereof there has been announced a change in Commission policy with respect to exchange offers that in the reasonable opinion of counsel to the Issuer and the
Guarantors raises a substantial question as to whether the Registered Exchange Offer is permitted by applicable federal law, the Issuer and the Guarantors will seek a no-action letter or other
favorable decision from the Commission allowing the Issuer and the Guarantors to consummate the Registered Exchange Offer is such a no-action letter or decision is obtainable under then existing law
or Commission policy. The Issuer and the Guarantors will pursue the issuance of such a decision to the Commission staff level. In connection with the foregoing, the Issuer and each of the Guarantors
will 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 (i) participating in
telephonic conferences with the Commission, (ii) delivering to the Commission staff an analysis prepared by counsel to the Issuer and the Guarantors setting forth the legal bases, if any, upon
which such counsel has concluded that the Registered Exchange Offer should be permitted and (iii) diligently pursuing a resolution (which need not be favorable) by the Commission staff. 

        2.    Shelf Registration.    If, (i) because of any change in law or in applicable interpretations thereof by
the staff of the Commission, the Issuer and the Guarantors are not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof or (ii) any Holder of the Initial
Securities which are Transfer Restricted Securities notifies the Company prior to the 20th business day following the consummation of the Registered Exchange Offer that (a) it is prohibited by
law or Commission policy from participating in the Registered Exchange Offering, (b) it may not resell the Exchange Securities acquired by it in the Registered Exchange Offer to the public
without delivering a prospectus, and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by it, or (c) it is a broker-deal and
holds the Exchange Securities acquired directly from the Company or any of the Company's affiliates, the Issuer and each of the Guarantors shall take the following actions (the date on which any of
the conditions described in the foregoing clauses (i) and (ii) occur, including in the case of clause (ii) the receipt of the required notice, being a "Trigger
Date"): 

        (a)  The
Issuer and each of the Guarantors shall promptly (but in no event more than 30 days after the Trigger Date (such 30th date being a
"Filing Deadline")) file with the Commission and thereafter use its best efforts to cause to be declared effective no later than 60 days after
the Trigger Date (such 60th day being an "Effectiveness Deadline") a registration statement (the "Shelf Registration
Statement" and, together with the Exchange Offer Registration Statement, a "Registration Statement") on an appropriate form
under the Securities Act relating to the offer and sale of the Transfer Restricted Securities by the Holders thereof from time to time in accordance with the methods of distribution set forth in the
Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the "Shelf Registration"); provided,
however, that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder
agrees in writing to be bound by all the provisions of this Agreement applicable to such Holder. 

        (b)  The
Issuer and each of the Guarantors shall use its respective best efforts to keep the Shelf Registration Statement continuously effective in order to permit the
prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of two years (or for such longer period if extended pursuant to Section 3(j) below)
from the date of its effectiveness or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or
(ii) can be sold pursuant to Rule 144 under the Securities Act without any volume limitation under Rule 144 or any successor rule thereof. The Issuer and each of the Guarantors
shall be deemed not to have used its respective best efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that would result in
Holders of Securities covered thereby not being able to offer and sell such Securities during that period, unless such action is required by 

4

 

applicable law or such action is taken by the Company in good faith and for valid business reasons so long as the Company promptly thereafter complies with the requirements of Section 6(b). 

        (c)  Notwithstanding
any other provisions of this Agreement to the contrary, the Issuer and each of the Guarantors shall cause the Shelf Registration Statement and the
related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with
the applicable requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

        3.    Registration Procedures.    In connection with any Shelf Registration contemplated by Section 2 hereof
and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 

        (a)  The
Issuer and each of the Guarantors shall (i) furnish to each Initial Purchaser, prior to the filing thereof with the Commission, a copy of the Registration
Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment
from the original offering) is participating in the Registered Exchange Offer or the Shelf Registration Statement, the Issuer and each of the Guarantors shall use its respective best efforts to
reflect in each such document, when so filed with the Commission, such comments as such Initial Purchaser reasonably may propose; (ii) include the information substantially in the form set
forth in Annex A hereto on the cover, in Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of the Exchange Offer" section and in Annex C hereto in the
"Plan of Distribution" section of the prospectus forming a part of the Exchange Offer Registration Statement and include the information substantially in the form set forth in Annex D hereto in
the Letter of Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser participating in the Registered Exchange Offer or the Shelf
Registration Statement, include the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in the prospectus forming a part of the Exchange
Offer Registration Statement; (iv) include within the prospectus contained in the Exchange Offer Registration Statement a
section entitled "Plan of Distribution," reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission
with respect to the potential "underwriter" status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a "Participating
Broker-Dealer"), whether such positions or policies have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of
the Initial Purchasers based upon advice of counsel (which may be in-house counsel), represent the prevailing views of the staff of the Commission; and (v) in the case of a Shelf Registration
Statement, include the names of the Holders who propose to sell Securities pursuant to the Shelf Registration Statement as selling securityholders. 

        (b)  The
Issuer and the Guarantors shall give written notice to the Initial Purchasers, the Holders of the Securities and any Participating Broker-Dealer from whom the Issuer
has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer 

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(which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 

        (i)    when
the Registration Statement or any amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective amendment thereto
has become effective; 

        (ii)  of
any request by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein or for additional information; 

        (iii)  of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; 

        (iv)  of
the receipt by the Issuer or any of the Guarantors or any of their respective legal counsel of any notification with respect to the suspension of the qualification
of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

        (v)  of
the happening of any event that requires the Issuer or the Guarantors to make changes in the Registration Statement or the prospectus in order that the Registration
Statement or the prospectus does not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of the prospectus, in light of the circumstances under which they were made) not misleading. 

        (c)  The
Issuer and each of the Guarantors shall use reasonable efforts to obtain the withdrawal at the earliest possible time, of any order suspending the effectiveness of
the Registration Statement. 

        (d)  The
Issuer and each of the Guarantors shall furnish to each Holder of Securities included within the coverage of the Shelf Registration, without charge, at least one
copy of the Shelf Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto
(including those, if any, incorporated by reference). 

        (e)  The
Issuer and each of the Guarantors shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder who so requests, without charge, at
least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder
requests, all exhibits thereto (including those incorporated by reference). 

        (f)    The
Issuer and each of the Guarantors shall, during the Shelf Registration Period, deliver to each Holder of Securities included within the coverage of the Shelf
Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or supplement thereto as such
person may reasonably request. The Issuer and each of the Guarantors consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each
of the selling Holders of the Securities in connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf
Registration Statement. 

        (g)  The
Issuer and the Guarantors shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating Broker-Dealer and such other persons required to deliver
a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement
thereto as such persons may reasonably request. The Issuer and each of the Guarantors consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement
thereto by any Initial Purchaser, if necessary, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the
offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement thereto, included in such Exchange Offer Registration Statement. 

6

  

        (h)  Prior
to any public offering of the Securities pursuant to any Registration Statement the Issuer and each of the Guarantors shall register or qualify or cooperate with
the Holders of the Securities included therein and their respective counsel in connection with the registration or qualification of the Securities for offer and sale under the securities or "blue sky"
laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in
such jurisdictions of the Securities covered by such Registration Statement; provided, however, that the
Issuer and the Guarantors shall not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action which would subject
it to general service of process or to taxation in any jurisdiction where it is not then so subject. 

        (i)    The
Issuer and each of the Guarantors shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates representing
the Securities sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as the Holders may request at least two business days
prior to sales of the Securities pursuant to such Registration Statement. 

        (j)    Upon
the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 3(b) above during the period for which the Issuer and each of the Guarantors is
required to maintain an effective Registration Statement, the Issuer and each of the Guarantors shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement
to the related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. If the Company notifies the Initial Purchasers, the Holders of the Securities and any known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above
to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Initial Purchasers, the Holders of the Securities and any such Participating Broker-Dealers
shall suspend use of such prospectus, and their period of effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the Exchange Offer Registration Statement
provided for in Section 1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the Initial Purchasers, the
Holders of the Securities and any known Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j). 

        (k)  Not
later than the effective date of the applicable Registration Statement, the Issuer and each of the Guarantors will provide a CUSIP number for the Initial Securities,
the Exchange Securities or the Private Exchange Securities, as the case may be, and, if required, provide the applicable trustee with
printed certificates for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company. 

        (l)    The
Issuer and each of the Guarantors will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the Registered
Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings
statement satisfying the provisions of Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with
the first month of the Issuer's first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period. 

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        (m)  The
Issuer and the Guarantors shall cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended, in a timely manner and containing such
changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the appointment of a new trustee under the Indenture, the Issuer shall appoint a new
trustee thereunder pursuant to the applicable provisions of the Indenture. 

        (n)  The
Issuer and the Guarantors may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company such information
regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Issuer and the Guarantors
may exclude from such registration the Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request. 

        (o)  The
Issuer and each of the Guarantors shall enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and take all such
other action, if any, as any Holder of the Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 

        (p)  In
the case of any Shelf Registration, the Issuer and each of the Guarantors shall (i) make reasonably available for inspection by the Holders of the Securities,
any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities or any such
underwriter all relevant financial and other records, pertinent corporate documents and properties of the Issuer and the Guarantors, (ii) cause the Issuer's and the Guarantors' officers,
directors, and employees to supply all relevant information reasonably requested by the Holders of the Securities or any such underwriter, attorney accountant or agent in connection with the Shelf
Registration Statement, in each case, as shall be reasonably necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; and
(iii) use its best efforts to cause the Issuer's and the Guarantors'
accountants and auditors to supply all relevant information reasonably requested by the Holders of the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf
Registration Statement, in each case, as shall be reasonably necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act;  provided, however,
that the any such inspections pursuant to the foregoing clauses (ii) and (iii) and information gathering shall be coordinated
on behalf of the Initial Purchasers by you and on behalf of the other parties, by one counsel designated by and on behalf of such other parties as described in Section 4 hereof; and provided
further, that such information shall be kept confidential by the Holder or by any such attorney, accountant or other agent unless required by law or regulation to be disclosed. 

        (q)  In
the case of any Shelf Registration, the Issuer and each of the Guarantors, if requested by any Holder of Securities covered thereby, shall cause (i) its
counsel to deliver an opinion and updates thereof relating to the Securities in customary form addressed to such Holders and the managing underwriters, if any, thereof and dated, in the case of the
initial opinion, the effective date of such Shelf Registration Statement (it being agreed that the matters to be covered by such opinion shall include such matters as are customarily included in
opinions requested in underwritten offerings of such type); (ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters
of the applicable Securities and (iii) its independent public accountants and the independent public accountants with respect to any other entity for which financial information is provided in
the Shelf Registration Statement to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type
customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of 

8

 

appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards No. 72. 

        (r)  In
the case of the Registered Exchange Offer, if requested by an Initial Purchaser or any known Participating Broker-Dealer, the Issuer and each of the Guarantors shall
cause (i) its counsel to deliver to such Initial Purchaser or such Participating Broker-Dealer a signed opinion in the form set forth in Section 6(c) of the Purchase Agreement with such changes
as are customary in connection with the preparation of a Registration Statement and (ii) its independent public accountants and the independent public accountants with respect to any other
entity for which financial information is provided in the Registration Statement to deliver to such Initial Purchaser or such Participating Broker-Dealer a comfort letter, in customary form, meeting
the requirements as to the substance thereof as set forth in Section 6(a) of the Purchase Agreement, with appropriate date changes. 

        (s)  If
a Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Initial Securities by Holders to the Company (or to such other Person as
directed by the Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall mark, or caused to be marked, on the Initial Securities so
exchanged that such Initial Securities are being canceled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial Securities be
marked as paid or otherwise satisfied. 

        (t)    The
Issuer and each of the Guarantors will use its best efforts to (a) if the Initial Securities have been rated prior to the initial sale of such Initial
Securities, confirm such ratings will apply to the Securities covered by a Registration Statement, or (b) if the Initial Securities were not previously rated, cause the Securities covered by a
Registration Statement to be rated with the appropriate rating agencies, if so requested by Holders of a majority in aggregate principal amount of Securities covered by such Registration Statement, or
by the managing underwriters, if any. 

        (u)  In
the event that any broker-dealer registered under the Exchange Act shall underwrite any Securities or participate as a member of an underwriting syndicate or selling
group or "assist in the distribution" (within the meaning of the Conduct Rules (the "Rules") of the National Association of Securities Dealers, Inc.
("NASD")) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or
otherwise, the Issuer and each of the Guarantors will assist such broker-dealer in complying with the requirements of such Rules, including, without limitation, by (i) if such Rules, including
Rule 2720, shall so require, engaging a "qualified independent underwriter" (as defined in Rule 2720) to participate in the preparation of the Registration Statement relating to such
Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made
through a placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters
provided in Section 5 hereof and (iii) providing such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 

        4.    Registration Expenses:    

        (a)  All
expenses incident to the Issuer's and the Guarantors' performance of and compliance with this Agreement will be borne by the Issuer and the Guarantors, regardless of
whether a Registration Statement is ever filed or becomes effective, including without limitation; 

        (i)    all
registration and filing fees and expenses; 

        (ii)  all
fees and expenses of compliance with federal securities and state "blue sky" or securities laws; 

9

  

        (iii)  all
expenses of printing (including printing certificates for the Securities to be issued in the Registered Exchange Offer and the Private Exchange and printing of
Prospectuses), messenger and delivery services and telephone; 

        (iv)  all
fees and disbursements of counsel for the Issuer and the Guarantors; 

        (v)  all
application and filing fees in connection with listing the Exchange Securities on a national securities exchange or automated quotation system pursuant to the
requirements hereof; and 

        (vi)  all
fees and disbursements of independent certified public accountants of the Issuer and the Guarantors (including the expenses of any special audit and comfort letters
required by or incident to such performance); 

provided, however, that in an underwritten offering, the Issuer shall not be responsible for any fees and expenses of any underwriter, including any
underwriting discounts and commissions or any legal fees and counsel to the underwriters. 

The
Issuer and each of the Guarantors will 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 Issuer and the Guarantors. 

        (b)  In
connection with any Registration Statement required by this Agreement, the Issuer and each of the Guarantors will reimburse the Initial Purchasers and the Holders of
Transfer Restricted Securities who are selling or reselling Securities pursuant to the "Plan of Distribution" contained in the Exchange Offer Registration Statement or the Shelf Registration
Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, who shall be chosen by the Holders of a majority in principal amount of the Transfer Restricted
Securities for whose benefit such Registration Statement is being prepared. 

        5.    Indemnification.    

        (a)  The
Issuer and each of the Guarantors agrees to indemnify and hold harmless each Holder of the Securities, any Participating Broker-Dealer and each person, if any, who
controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any Participating Broker-Dealer and such controlling persons are
referred to collectively as the "Indemnified Parties") from and against any losses, claims, damages or liabilities, joint or several, or any actions in
respect thereof (including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become
subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration, 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 shall
reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or
action in respect thereof; provided, however, that (i) the Issuer and the Guarantors shall not be liable in any such case to the extent that such
loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration Statement or prospectus or in
any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and
furnished to the Company by or on behalf of such Holder specifically for 

10

 

inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf Registration
Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person asserting any such losses,
claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus relating to such Securities was required to be delivered by such Holder or Participating
Broker-Dealer under the Securities Act in connection with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact that there was
not sent or given to such person, at or prior to the written confirmation of the sale of such Securities to such person, a copy of the final prospectus if the Company had previously furnished copies
thereof to such Holder or Participating Broker-Dealer; provided further, however, that this indemnity agreement will be in addition to any liability
which the Issuer or the Guarantors may otherwise have to such Indemnified Party. The Issuer and each of the Guarantors shall also indemnify underwriters, their officers and directors and each person
who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if
requested by such Holders. 

        (b)  Each
Holder of the Securities, severally and not jointly, will indemnify and hold harmless (i) the Issuer and the Guarantors and each person, if any, who controls
the Issuer and the Guarantors within the meaning of the Securities Act or the Exchange Act and (ii) each person who signs the Registration Statement from and against any losses, claims, damages
or liabilities or any actions in respect thereof, to which the Issuer or the Guarantors or any such controlling person may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material
fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration, or arise out of or are based upon
the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or
alleged untrue statement or omission was made in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder
specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Issuer or the Guarantors for any legal or other
expenses reasonably incurred by the Issuer or the Guarantors or any such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect
thereof. This indemnity agreement will be in addition to any liability which such Holder may otherwise have to the Issuer or any of the Guarantors or any of its controlling persons. 

        (c)  Promptly
after receipt by an indemnified party under this Section 5 of notice of the commencement of any action or proceeding (including a governmental
investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying party of the commencement
thereof; but the omission so to notify the indemnifying party will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the
indemnifying party to such indemnified party of its election so to assume the defense thereof the indemnifying party will not 

11

 

be liable to such indemnified party under this Section 5 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in
connection with the defense thereof. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of
which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement includes an unconditional release of such
indemnified party from all liability on any claims that are the subject matter of such action, and 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. 

        (d)  If
the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or (b)
above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof)
referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the
indemnified party on the other from the exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii) if the allocation provided by the foregoing clause (i) is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party
or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect
thereof) as well as any other relevant
equitable considerations. The relative fault of the parties 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 Issuer or the Guarantors on the one hand or such Holder or such other indemnified party, as the case may be, on the
other, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the
losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any action or claims which is the subject of this subsection (d). Notwithstanding any other provision of this Section 5(d), the
Holders of the Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds received by such Holders from the sale of the Securities pursuant to a
Registration Statement exceeds the amount of damages which such Holders have 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. For purposes of this paragraph (d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as such indemnified party and each person, if any, who controls the Issuer or the Guarantors within the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as the Issuer or the Guarantors. 

        (e)  The
agreements contained in this Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and shall remain in full force and
effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 

12

   
        6.    Liquidated Damages Under Certain Circumstances.    

        (a)  Liquidated
Damages (the "Liquidated Damages") with respect to the Securities shall be assessed as follows if any of the
following events occur (each such event in clauses (i) through (iv) below being herein called a "Registration Default"): 

        (i)    any
Registration Statement required by this Agreement is not filed with the Commission on or prior to the applicable filing Deadline; 

        (ii)  any
Registration Statement required by this Agreement is not declared effective by the Commission on or prior to the applicable Effectiveness Deadline; 

        (iii)  the
Registered Exchange Offer has not been consummated on or prior to the Consummation Deadline; or 

        (iv)  subject
to Section 6(b), any Registration Statement required by this Agreement has been declared effective by the Commission but (A) such Registration
Statement thereafter ceases to be effective or (B) such Registration Statement or the related prospectus ceases to be usable in connection with resales of Transfer Restricted Securities during
the periods specified herein because either (1) any event occurs as a result of which the related prospectus forming part of such Registration Statement 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 not misleading, or (2) it shall be
necessary to amend such Registration Statement or supplement the related prospectus, to comply with the Securities Act or the Exchange Act or the respective rules thereunder. 

Each
of the foregoing will constitute a Registration Default whatever the reason for any such event and whether it is voluntary or involuntary or is beyond the control of the Issuer or the Guarantors
or pursuant to operation of law or as a result of any action or inaction by the Commission. 

Liquidated
Damages shall accrue on the Securities over and above the interest set forth in the title of the Securities from and including the date on which any such Registration Default shall occur to
but excluding the date on which all such Registration Defaults have been cured, at a rate of 0.25% per annum (the "Liquidated Damages Rate") for the
first 90-day period immediately following the occurrence of such Registration Default. The Liquidated Damages Rate shall increase by an additional 0.25% per annum with respect to each subsequent
90-day period until all Registration Defaults have been cured, up to a maximum Liquidated Damages Rate of 2.0% per annum, except as provided in Section 6(c) hereof. The Issuer and the
Guarantors shall not be required to pay Liquidated Damages for more than one Registration Default at any given time. 

        (b)  A
Registration Default referred to in Section 6(a)(iv) hereof shall be deemed not to have occurred and be continuing in relation to a Shelf Registration Statement
or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf Registration Statement to
incorporate annual audited financial information with respect to the Issuer and the Guarantors where such post-effective amendment is not yet effective and needs to be declared effective to permit
Holders to use the related prospectus or (y) other material events, with respect to the Issuer and the Guarantors that would need to be described in such Shelf Registration Statement or the
related prospectus and (ii) in the case of clause (y), the Issuer and the Guarantors are proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement
and related prospectus to describe such events; provided, however, that in any case if such Registration Default occurs for a continuous period in
excess of 30 days, Liquidated Damages shall be payable in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default is cured. 

13

 

        (c)  Any
amounts of Liquidated Damages due pursuant to Section 6(a) will be payable in cash on the regular interest payment dates with respect to the Securities. The
amount of Liquidated Damages will be determined by multiplying the applicable Liquidated Damages Rate by the principal amount of the Securities and further multiplied by a fraction, the numerator of
which is the number of days such Liquidated Damages Rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the denominator of which
is 360. 

        (d)  "Transfer Restricted Securities" means each Security until (i) the date on which such Security has been exchanged
by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered Exchange
Offer of an Initial Security for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the
prospectus contained in the Exchange Offer Registration Statement, (iii) the date on which such Security has been effectively registered under the Securities Act and disposed of in accordance
with the Shelf Registration Statement or (iv) the date on which such Security is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable pursuant to
Rule 144(k) under the Securities Act. 

        7.    Rules 144A.    The Issuer and each of the Guarantors shall use its best efforts to file the reports required to
be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Issuer or any of the Guarantors is not required to file such reports, it will, upon the request
of any Holder of Securities, in connection with any potential sale of any Securities by such Holder, make publicly available the information required by Rule 144A(d)(4). The Issuer and each of
the Guarantors will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Issuer by the Initial Purchasers upon request. 

        8.    Underwritten Registrations.    If any of the Transfer Restricted Securities covered by any Shelf Registration
are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering ("Managing
Underwriters") will be selected by the Holders of a majority in aggregate principal amount of such Transfer Restricted Securities to be included in such offering. 

        No
person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person's Transfer Restricted Securities on the basis reasonably
provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

        9.    Miscellaneous.    

        (a)    No Inconsistent Agreements.    The Issuer and each of the Guarantors 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 Issuer's or any of the Guarantors' securities under any
agreement in effect on the date hereof. 

        (b)    Amendments and Waivers.    The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the Securities affected
by such amendment, modification, supplement, waiver or consents. 

14

 

        (c)    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 

        (1)  if
to a Holder of the Securities, at the most current address given by such Holder to the Company. 

        (2)  if
to the Initial Purchasers; 

Credit
Suisse First Boston Corporation

Eleven Madison Avenue

New York, NY 10010-3629

Fax No.: (212) 325-8278

Attention: Transactions Advisory Group 

with
a copy to: 

Skadden,
Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue

Los Angeles, CA 90071

Fax: (213) 687-5600

Attention: Nicholas P. Saggese, Esq. 

        (3)  if
to the Issuer or the Guarantors, at the Issuer's address as follows: 

Regal
Cinemas, Inc.

7132 Commercial Park Drive

Knoxville, TN 37918

Fax: (865) 922-3188

Attention: Chief Financial Officer 

with
a copy to: 

Weil,
Gotshal & Manges, LLP

767 Fifth Avenue

New York, NY 10153

Fax: (212) 310-8007

Attention: Todd Chandler 

        All
such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being deposited in the
mail, postage prepaid, if mailed; when receipt is acknowledged by recipient's facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery. 

        (d)    Third Party Beneficiaries.    The Holders shall be third party beneficiaries to the agreements made hereunder
between the Issuer and the Guarantors, on the one hand, and the Initial 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 right of Holders hereunder. 

        (e)    Successors and Assigns.    This Agreement shall be binding upon the Issuer and each of the Guarantors and each
of their respective successors and assigns. 

        (f)    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. 

15

 

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

        (h)    Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(B). 

        (i)    Severability.    If any one of 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. 

        (j)    Securities Held by the Company.    Whenever the consent or approval of Holders of a specified percentage of
principal amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be
affiliates solely by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

        (k)    Agent for Service; Submission to Jurisdiction; Waiver of Immunities.    By the execution and delivery of this
Agreement, the Issuer and each of the Guarantors (i) acknowledges that it has, by separate written instrument, irrevocably designated and appointed The Corporation Trust Company (and any
successor entity), as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to this Agreement that may be instituted in any federal or state court
in the State of New York or brought under federal or state securities laws, and acknowledges that The Corporation Trust Company has accepted such designation, (ii) submits to the nonexclusive
jurisdiction of any such court in any such suit or proceeding, and (iii) agrees that service of process upon The Corporation Trust Company and written notice of said service to the Issuer and
the Guarantors shall be deemed in every respect effective service of process upon it in any such suit or proceeding. The Issuer and each of the Guarantors further agrees to take any and all action,
including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of The Corporation Trust Company in full force and
effect so long as any of the Securities shall be outstanding. To the extent that the Issuer or any of the Guarantors may acquire any immunity from jurisdiction of any court or from any legal process
(whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably waives such
immunity in respect of this Agreement, to the fullest extent permitted by law. 

16

   
        If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Issuer a counterpart hereof, whereupon this instrument, along with all
counterparts, will become a binding agreement among the several Initial Purchasers, the Issuer and the Guarantors in accordance with its terms. 

	 	 	Very truly yours,
	

 	
 	
ISSUER
	

 	
 	

REGAL CINEMAS CORPORATION
	

 	
 	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	 	 	Title:	 	Secretary
	

 	
 	
GUARANTORS
	

 	
 	

REGAL CINEMAS, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

R.C. COBB, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

COBB FINANCE CORP.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

REGAL INVESTMENT COMPANY
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

ACT III CINEMAS, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

ACT III THEATRES, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary

17

 

	

 	
 	

A 3 THEATRES OF TEXAS, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

A 3 THEATRES OF SAN ANTONIO, LTD.
	

 	
 	

By:	
 	

A3 Theatres of Texas, Inc., its General Partner
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

GENERAL AMERICAN THEATRES, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

BROADWAY CINEMAS, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

TEMT ALASKA, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

JR CINEMAS, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

EASTGATE THEATRES, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary
	

 	
 	

REGAL CINEMAS HOLDINGS, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary

18

 

	

 	
 	

REGAL CINEMAS GROUP, INC.
	

 	
 	

By:	
 	

/s/ Peter Brandow

	 	 	 	 	Name:	 	Peter Brandow
	 	 	 	 	Title:	 	Secretary

	

The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written.	
 	

 
	

CREDIT SUISSE FIRST BOSTON CORPORATION	
 	

 
	

By:	
 	

[ILLEGIBLE]
	
 	

 
	 	 	Name:	 	 	 	 
	 	 	Title:	 	 	 	 
	

LEHMAN BROTHERS INC.	
 	

 
	

By:	
 	

[ILLEGIBLE]
	
 	

 
	 	 	Name:	 	Alexander [ILLEGIBLE]	 	 
	 	 	Title:	 	[ILLEGIBLE]	 	 

19

  

 
 

ANNEX A    
  

        Each
broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale
of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter" within
the meaning of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company and each of the
Guarantors has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will make a sufficient number of copies of this Prospectus available to any broker-dealer for use
in connection with any such resale. See "Plan of Distribution." 

A-1

  

 
 

ANNEX B    
  

        Each
broker-dealer that receives Exchange Securities for its own account in exchange for Initial Securities, where such Initial Securities were acquired by such broker-dealer as a result
of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See "Plan of Distribution." 

B-1

  

ANNEX C  

 
 

PLAN OF DISTRIBUTION    
  

        Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange
Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other trading activities. The Company has agreed that, for
a period of 180 days after the Expiration Date, it will make a sufficient number of copies this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any
such resale. In addition, until                             , 20    , all dealers
effecting transactions in the Exchange Securities may be required to deliver a prospectus.
 

        The
Company will not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the
Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Securities or a
combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly
to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of any such Exchange Securities.
Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such
Exchange Securities may be deemed to be an "underwriter" within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by
any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. 

        For
a period of 180 days after the Expiration Date the Company will promptly send a sufficient number of additional copies of this Prospectus and any amendment or supplement to this
Prospectus to
any broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities,
including liabilities under the Securities Act. 

C-1

  

 
 

ANNEX D    
  

o        CHECK
HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
SUPPLEMENTS THERETO. 

	 	 	Name:	 	 	 	 
	 	 	 	 	
	 	 
	

 	
 	

Address:	
 	

 	
 	

 
	 	 	 	 	
	 	 

        If
the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Securities. If the
undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading
activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned
will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. 

D-1

QuickLinks

Exhibit 4.8

REGISTRATION RIGHTS AGREEMENT

ANNEX A

ANNEX B

PLAN OF DISTRIBUTION

ANNEX D<Page>

                                                                     EXHIBIT 4.3

================================================================================

                          REGISTRATION RIGHTS AGREEMENT

                          Dated as of November 29 2002

                                  By and Among

                                  VERTIS, INC.,

                            the SUBSIDIARY GUARANTORS
                                  named herein

                                       and

                          DEUTSCHE BANK SECURITIES INC.
                           J.P. MORGAN SECURITIES INC.
                         BANC OF AMERICA SECURITIES LLC
                             FLEET SECURITIES, INC.

                         10 7/8 % Senior Notes due 2009

================================================================================

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                            Page
                                                                            ----
<S>                                                                           <C>
1.   Definitions...............................................................1

2.   Exchange Offer............................................................5

3.   Shelf Registration........................................................8

4.   Additional Interest......................................................10

5.   Registration Procedures..................................................12

6.   Registration Expenses....................................................20

7.   Indemnification..........................................................21

8.   Rules 144 and 144A.......................................................25

9.   Underwritten Registrations...............................................25

10.  Miscellaneous............................................................26

     (a)  No Inconsistent Agreements..........................................26
     (b)  Adjustments Affecting Registrable Notes.............................26
     (c)  Amendments and Waivers..............................................26
     (d)  Notices.............................................................26
     (e)  Successors and Assigns..............................................28
     (f)  Counterparts........................................................28
     (g)  Headings............................................................28
     (h)  Governing Law.......................................................28
     (i)  Severability........................................................28
     (j)  Notes Held by the Company or its Affiliates.........................28
     (k)  Third Party Beneficiaries...........................................29
</Table>

                                        i
<Page>

                          REGISTRATION RIGHTS AGREEMENT

          This Registration Rights Agreement (the "AGREEMENT") is dated as of
November 29, 2002, by and among VERTIS, INC. a Delaware corporation
(the "COMPANY"), the subsidiaries of the Company that are listed on the
signature pages hereto (collectively, and together with any subsidiary
that in the future executes a supplemental indenture pursuant to which such
subsidiary agrees to guarantee the Notes (as hereinafter defined), the
"GUARANTORS" and, together with the Company, the "ISSUERS"), and Deutsche Bank
Securities Inc., J.P. Morgan Securities Inc., Banc of America
Securities LLC and Fleet Securities, Inc. (collectively, the "INITIAL
PURCHASERS").

          This Agreement is entered into in connection with the Purchase
Agreement, dated as of November 25, 2002 by and among the Issuers and the
Initial Purchasers (the "PURCHASE AGREEMENT"), which provides for the sale by
the Company to the Initial Purchasers of $100,000,000 principal amount of its 10
7/8 % Senior Notes due 2009 (the "NOTES"), guaranteed by the Guarantors (the
"GUARANTEES"). The Notes and the Guarantees are collectively referred to herein
as the "SECURITIES." In order to induce the Initial Purchasers to enter into the
Purchase Agreement, the Issuers have agreed, among other things, to provide the
registration rights set forth in this Agreement for the benefit of the Initial
Purchasers and any subsequent holder or holders of the Notes. The execution and
delivery of this Agreement is a condition to the Initial Purchasers' obligation
to purchase the Notes under the Purchase Agreement.

          The parties hereby agree as follows:

1.   DEFINITIONS

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

          ADDITIONAL INTEREST: See Section 4(a) hereof.

          ADVICE: See the last paragraph of Section 5 hereof.

          AGREEMENT: See the introductory paragraphs hereto.

          APPLICABLE PERIOD: See Section 2(b) hereof.

          COMPANY: See the introductory paragraphs hereto.

<Page>

                                        2

          EFFECTIVENESS DATE: With respect to (i) the Exchange Offer
Registration Statement, the 180th day after the Issue Date and (ii) any Shelf
Registration Statement, the 60th day after the Filing Date with respect thereto.

          EFFECTIVENESS PERIOD: See Section 3(a) hereof.

          EVENT DATE: See Section 4(b) hereof.

          EXCHANGE ACT: The Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder.

          EXCHANGE NOTES: See Section 2(a) hereof.

          EXCHANGE OFFER: See Section 2(a) hereof.

          EXCHANGE OFFER REGISTRATION STATEMENT: See Section 2(a) hereof.

          FILING DATE: (A) If no Registration Statement has been filed by the
Company pursuant to this Agreement, the 120th day after the Issue Date; and (B)
in any other case (which may be applicable notwithstanding the consummation of
the Exchange Offer), the 30th day after the delivery of a Shelf Notice.

          GUARANTEES: See the introductory paragraphs hereto.

          GUARANTORS: See the introductory paragraphs hereto.

          HOLDER: Any holder of a Registrable Note or Registrable Notes.

          INDEMNIFIED PERSON: See Section 7(c) hereof.

          INDEMNIFYING PERSON: See Section 7(c) hereof.

          INDENTURE: The Indenture, dated as of June 24, 2002, between the
Issuers and The Bank of New York, as Trustee thereunder, pursuant to which the
Notes are issued, as amended or supplemented from time to time in accordance
with the terms thereof.

          INITIAL PURCHASERS: See the introductory paragraphs hereto.

          INITIAL SHELF REGISTRATION: See Section 3(a) hereof.

          INSPECTORS: See Section 5(n) hereof.

          ISSUE DATE: November 29, 2002, the date of original issuance of the
Notes.

<Page>

                                        3

          ISSUERS: See the introductory paragraphs hereto.

          NASD: See Section 5(s) hereof.

          NOTES: See the introductory paragraphs hereto.

          PARTICIPANT: See Section 7(a) hereof.

          PARTICIPATING BROKER-DEALER: See Section 2(b) hereof.

          PERSON: An individual, trustee, corporation, partnership, joint stock
company, trust, unincorporated association, union, business association, firm or
other legal entity.

          PRIVATE EXCHANGE: See Section 2(b) hereof.

          PRIVATE EXCHANGE NOTES: See Section 2(b) hereof.

          PROSPECTUS: The prospectus included in any Registration Statement
(including, without limitation, any prospectus subject to completion and a
prospectus that includes any information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A
under the Securities Act and any term sheet filed pursuant to Rule 434 under the
Securities Act), as amended or supplemented by any prospectus supplement, and
all other amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be
incorporated by reference in such Prospectus.

          PURCHASE AGREEMENT: See the introductory paragraphs hereto.

          RECORDS: See Section 5(n) hereof.

          REGISTRABLE NOTES: Each Security upon its original issuance and at all
times subsequent thereto, each Exchange Note (and the related Guarantees) as to
which Section 2(c)(iv) hereof is applicable upon original issuance and at all
times subsequent thereto and each Private Exchange Note (and the related
Guarantees) upon original issuance thereof and at all times subsequent thereto,
until (i) a Registration Statement (other than, with respect to any Exchange
Note as to which Section 2(c)(iv) hereof is applicable, the Exchange Offer
Registration Statement) covering such Security, Exchange Note or Private
Exchange Note has been declared effective by the SEC and such Security, Exchange
Note or such Private Exchange Note, as the case may be, has been disposed of in
accordance with such effective Registration Statement, (ii) such Security has
been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange
Notes that may be resold without restriction under federal securities laws,
(iii) such Security, Exchange Note or Private Exchange Note, as the case may be,
ceases to be outstanding for purposes of the Indenture or (iv) such Security,
Exchange

<Page>

                                        4

Note or Private Exchange Note, as the case may be, may be resold without
restriction pursuant to Rule 144 under the Securities Act.

          REGISTRATION STATEMENT: Any registration statement of the Issuers that
covers any of the Notes, the Exchange Notes or the Private Exchange Notes filed
with the SEC under the Securities Act, including the Prospectus, amendments and
supplements to such registration statement, including post-effective amendments,
all exhibits, and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement.

          RULE 144: Rule 144 promulgated under the Securities Act, as such Rule
may be amended from time to time, or any similar rule (other than Rule 144A) or
regulation hereafter adopted by the SEC providing for offers and sales of
securities made in compliance therewith resulting in offers and sales by
subsequent holders that are not affiliates of the Issuers of such securities
being free of the registration and prospectus delivery requirements of the
Securities Act.

          RULE 144A: Rule 144A promulgated under the Securities Act, as such
rule may be amended from time to time, or any similar rule (other than Rule 144)
or regulation hereafter adopted by the SEC.

          RULE 415: Rule 415 promulgated under the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.

          SECURITIES ACT: The Securities Act of 1933, as amended, and the rules
and regulations of the SEC promulgated thereunder.

          SEC: The Securities and Exchange Commission.

          SHELF NOTICE: See Section 2(c) hereof.

          SHELF REGISTRATION: See Section 3(b) hereof.

          SHELF REGISTRATION STATEMENT: Any Registration Statement relating to a
Shelf Registration.

          SUBSEQUENT SHELF REGISTRATION: See Section 3(b) hereof.

          TIA: The Trust Indenture Act of 1939, as amended.

          TRUSTEE: The trustee under the Indenture.

<Page>

                                        5

          UNDERWRITTEN REGISTRATION OR UNDERWRITTEN OFFERING: A registration in
which Notes of one or more of the Issuers are sold to an underwriter for
reoffering to the public.

2.   EXCHANGE OFFER

          (a) To the extent not prohibited by applicable laws, rules,
regulations or applicable interpretations of the staff of the SEC, the Issuers
shall file with the SEC, no later than the Filing Date, a Registration Statement
(the "EXCHANGE OFFER REGISTRATION STATEMENT") on an appropriate registration
form with respect to a registered offer (the "EXCHANGE OFFER") to exchange any
and all of the Registrable Notes for the same aggregate principal amount of
notes (the "EXCHANGE NOTES") of the Company, guaranteed by the Guarantors, that
are identical in all material respects to the Notes except that the Exchange
Notes shall contain no restrictive legend thereon. The Exchange Offer shall
comply with all applicable tender offer rules and regulations under the Exchange
Act and other applicable laws. The Issuers shall use their reasonable best
efforts to (x) cause the Exchange Offer Registration Statement to be declared
effective under the Securities Act on or before the Effectiveness Date; (y) keep
the Exchange Offer open for not less than 30 days (or longer if required by
applicable law) after the date that notice of the Exchange Offer is mailed to
Holders; and (z) consummate the Exchange Offer on or prior to the 45th day
following the date on which the Exchange Offer Registration Statement is
declared effective by the SEC. If, after the Exchange Offer Registration
Statement is initially declared effective by the SEC, the Exchange Offer or the
issuance of the Exchange Notes thereunder is interfered with by any stop order,
injunction or other order or requirement of the SEC or any other governmental
agency or court, the Exchange Offer Registration Statement shall be deemed not
to have become effective for purposes of this Agreement.

          Each Holder that participates in the Exchange Offer will be required
to represent that any Exchange Notes to be received by it will be acquired in
the ordinary course of its business, that at the time of the consummation of the
Exchange Offer such Holder will have no arrangement or understanding with any
Person to participate in the distribution of the Exchange Notes in violation of
the provisions of the Securities Act, and that such Holder is not an affiliate
of any of the Issuers within the meaning of the Securities Act.

          Upon consummation of the Exchange Offer in accordance with this
Section 2, the provisions of this Agreement shall continue to apply, solely with
respect to Registrable Notes that are Private Exchange Notes, Exchange Notes as
to which Section 2(c)(iv) is applicable and Exchange Notes held by Participating
Broker-Dealers, and the Issuers shall have no further obligation to register
Registrable Notes (other than Private Exchange Notes and other than in respect
of any Exchange Notes as to which clause 2(c)(iv) hereof applies) pursuant to
this Agreement. No Notes other than the Exchange Notes shall be included in the
Exchange Offer Registration Statement.

<Page>

                                        6

          (b) The Issuers shall include within the Prospectus contained in the
Exchange Offer Registration Statement a section entitled "Plan of Distribution,"
reasonably acceptable to the Holders, which shall contain such information as
the Initial Purchasers shall reasonably request.

          The Issuers shall use their reasonable best efforts to keep the
Exchange Offer Registration Statement effective and to amend and supplement the
Prospectus contained therein in order to permit such Prospectus to be lawfully
delivered by all Persons subject to the prospectus delivery requirements of the
Securities Act for such period of time as is necessary to comply with applicable
law in connection with any resale of the Exchange Notes covered thereby;
PROVIDED, HOWEVER, that such period shall not exceed 180 days after such
Exchange Offer Registration Statement is declared effective (or such longer
period if extended pursuant to the last paragraph of Section 5 hereof) (the
"APPLICABLE PERIOD").

          If, prior to consummation of the Exchange Offer, the Initial
Purchasers hold any Securities acquired by them that have, or that are
reasonably likely to be determined to have, the status of an unsold allotment in
an initial distribution, or any Holder is not entitled to participate in the
Exchange Offer, the Issuers upon the request of any such Holder shall
simultaneously with the delivery of the Exchange Notes in the Exchange Offer,
issue and deliver to any such Holder, in exchange (the "PRIVATE EXCHANGE") for
such Securities held by any such Holder, the same principal amount of notes (the
"PRIVATE EXCHANGE NOTES") of the Company, guaranteed by the Guarantors, that are
identical in all material respects to the Exchange Notes (except that they may
bear a customary legend with respect to restrictions on transfer). The Private
Exchange Notes shall be issued pursuant to the same indenture as the Exchange
Notes. The Issuers shall use their reasonable best efforts to cause the Private
Exchange Notes, subsequent to the sale thereof pursuant to an effective Shelf
Registration (as defined in Section 3(b) hereof) and removal of any legends
restricting the transfer of such Private Exchange Notes, to bear the same CUSIP
number as the Exchange Notes.

          Interest on the Exchange Notes and the Private Exchange Notes will
accrue from (A) the later of (i) the last interest payment date on which
interest was paid on the Notes surrendered in exchange therefor or (ii) if the
Notes are surrendered for exchange on a date in a period which includes the
record date for an interest payment date to occur on or after the date of such
exchange and as to which interest will be paid, the date of such interest
payment or (B) if no interest has been paid on the Notes, from the Issue Date.

          In connection with the Exchange Offer, the Issuers shall:

          (1)    mail, or cause to be mailed, to each Holder entitled to
     participate in the Exchange Offer a copy of the Prospectus forming part of
     the Exchange Offer Registration Statement, together with an appropriate
     letter of transmittal and related documents;

<Page>

                                        7

          (2)    keep the Exchange Offer open for not less than 30 days after
     the date that notice of the Exchange Offer is mailed to Holders (or longer
     if required by applicable law);

          (3)    utilize the services of a depositary for the Exchange Offer
     with an address in the Borough of Manhattan, The City of New York;

          (4)    permit Holders to withdraw tendered Notes at any time prior to
     the close of business, New York time, on the last business day on which the
     Exchange Offer shall remain open; and

          (5)    otherwise comply in all material respects with all applicable
     laws, rules and regulations.

                 As soon as practicable after the close of the Exchange Offer
and the Private Exchange, if any, the Issuers shall:

     (1)         accept for exchange all Registrable Notes validly tendered and
     not validly withdrawn pursuant to the Exchange Offer and the Private
     Exchange, if any;

     (2)         deliver to the Trustee for cancellation all Registrable Notes
     so accepted for exchange; and

     (3)         cause the Trustee to authenticate and deliver to each Holder of
     Securities, Exchange Notes or Private Exchange Notes, as the case may be,
     equal in principal amount to the Notes of such Holder so accepted for
     exchange.

          The Exchange Offer and the Private Exchange shall not be subject to
any conditions, other than that (i) the Exchange Offer or Private Exchange, as
the case may be, does not violate applicable law or any applicable
interpretation of the staff of the SEC, (ii) no action or proceeding shall have
been instituted or threatened in any court or by any governmental agency which
would be reasonably likely to materially impair the ability of the Issuers to
proceed with the Exchange Offer or the Private Exchange, and no material adverse
development shall have occurred in any existing action or proceeding with
respect to the Issuers and (iii) all governmental approvals shall have been
obtained, which approvals the Issuers deem necessary for the consummation of the
Exchange Offer or Private Exchange.

          The Exchange Notes and the Private Exchange Notes shall be issued
under (i) the Indenture or (ii) an indenture identical in all material respects
to the Indenture and which, in either case, has been qualified under the TIA or
is exempt from such qualification and shall provide that the Exchange Notes
shall not be subject to the transfer restrictions set forth in the Indenture.
The Indenture provides or such indenture shall provide that the

<Page>

                                        8

Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent
together on all matters as one class and that none of the Exchange Notes, the
Private Exchange Notes or the Notes will have the right to vote or consent as a
separate class on any matter.

          (c) If, (i) because of any change in law or in currently prevailing
interpretations of the staff of the SEC, the Issuers are not permitted to effect
the Exchange Offer, (ii) the Exchange Offer is not consummated within 225 days
of the Issue Date, (iii) the Initial Purchasers or any holder of Private
Exchange Notes so requests in writing to the Company at any time after the
consummation of the Exchange Offer, or (iv) in the case of any Holder that
participates in the Exchange Offer, such Holder does not receive Exchange Notes
on the date of the exchange that may be sold without restriction under state and
federal securities laws (other than due solely to the status of such Holder as
an affiliate of the Issuers within the meaning of the Securities Act) and so
notifies the Company within 30 days after such Holder first becomes aware of
such restrictions, in the case of each of clauses (i) to and including (iv) of
this sentence, then the Issuers shall promptly deliver to the Holders and the
Trustee written notice thereof (the "SHELF NOTICE") and as promptly as possible
shall file a Shelf Registration pursuant to Section 3 hereof.

3.   SHELF REGISTRATION

          If at any time a Shelf Notice is delivered as contemplated by Section
2(c) hereof, then:

          (a) SHELF REGISTRATION. The Issuers shall as promptly as possible
     file with the SEC a Registration Statement for an offering to be made on a
     continuous basis pursuant to Rule 415 covering all of the Registrable Notes
     not permitted to be exchanged in the Exchange Offer in accordance with the
     terms of this Agreement, Private Exchange Notes and Exchange Notes as to
     which Section 2(c)(iv) is applicable (the "INITIAL SHELF REGISTRATION").
     The Issuers shall use their reasonable best efforts to file with the SEC
     the Initial Shelf Registration on or before the applicable Filing Date. The
     Initial Shelf Registration shall be on Form S1 or another appropriate form
     permitting registration of such Registrable Notes for resale by Holders in
     the manner or manners designated by them (including, without limitation,
     one or more underwritten offerings). The Issuers shall not permit any Notes
     other than the Registrable Notes to be included in the Initial Shelf
     Registration or any Subsequent Shelf Registration (as defined below).

          The Issuers shall use their reasonable best efforts to cause the
     Initial Shelf Registration to be declared effective under the Securities
     Act on or prior to the Effectiveness Date and to keep the Initial Shelf
     Registration continuously effective under the Securities Act until the date
     which is the earlier of two years after the Issue Date (the "EFFECTIVENESS
     PERIOD"), or such shorter period ending when all Registrable

<Page>

                                        9

     Notes covered by the Shelf Registration have been sold in the manner set
     forth and as contemplated in the Initial Shelf Registration or, if
     applicable, a Subsequent Shelf Registration; PROVIDED, HOWEVER, that the
     Effectiveness Period in respect of the Initial Shelf Registration shall be
     extended to the extent required to permit dealers to comply with the
     applicable prospectus delivery requirements of Rule 174 under the
     Securities Act and as otherwise provided herein and shall be subject to
     reduction to the extent that the applicable provisions of Rule 144(k) are
     amended or revised to reduce the two year holding period set forth therein.

          No holder of Registrable Notes may include any of its Registrable
     Notes in any Shelf Registration Statement pursuant to this Agreement unless
     and until such holder furnishes to the Company in writing, within 15
     business days after receipt of a request therefor, such information as the
     Company may reasonably request for use in connection with any Shelf
     Registration Statement or Prospectus or preliminary prospectus included
     therein. No holder of Registrable Notes shall be entitled to Additional
     Interest pursuant to Section 4 hereof unless and until such holder shall
     have provided all such reasonably requested information. Each holder of
     Registrable Notes as to which any Shelf Registration Statement is being
     effected agrees to furnish promptly to the Company all information required
     to be disclosed in order to make information previously furnished to the
     Company by such Holder not materially misleading.

          (b) SUBSEQUENT SHELF REGISTRATIONS. If the Initial Shelf Registration
     or any Subsequent Shelf Registration ceases to be effective for any reason
     at any time during the Effectiveness Period (other than because of the sale
     of all of the Notes registered thereunder), the Issuers shall use their
     reasonable best efforts to obtain the prompt withdrawal of any order
     suspending the effectiveness thereof, and in any event shall within 30 days
     of such cessation of effectiveness amend the Initial Shelf Registration in
     a manner to obtain the withdrawal of the order suspending the effectiveness
     thereof, or file an additional Shelf Registration Statement pursuant to
     Rule 415 covering all of the Registrable Notes covered by and not sold
     under the Initial Shelf Registration or an earlier Subsequent Shelf
     Registration (each, a "SUBSEQUENT SHELF Registration"). If a Subsequent
     Shelf Registration is filed, the Issuers shall use their reasonable best
     efforts to cause the Subsequent Shelf Registration to be declared effective
     under the Securities Act as soon as practicable after such filing and to
     keep such subsequent Shelf Registration continuously effective for a period
     equal to the number of days in the Effectiveness Period less the aggregate
     number of days during which the Initial Shelf Registration or any
     Subsequent Shelf Registration was previously continuously effective. As
     used herein the term "SHELF REGISTRATION" means the Initial Shelf
     Registration and any Subsequent Shelf Registration.

<Page>

                                       10

          (c) SUPPLEMENTS AND AMENDMENTS. The Issuers shall promptly supplement
     and amend any Shelf Registration if required by the rules, regulations or
     instructions applicable to the registration form used for such Shelf
     Registration, if required by the Securities Act, or if reasonably requested
     by the Holders of a majority in aggregate principal amount of the
     Registrable Notes covered by such Registration Statement or by any
     underwriter of such Registrable Notes.

          (d) WITHDRAWAL OF STOP ORDERS. If the Shelf Registration ceases to be
     effective for any reason at any time during the Effectiveness Period (other
     than because of the sale of all of the Notes registered thereunder), the
     Issuers shall use their reasonable best efforts to obtain the prompt
     withdrawal of any order suspending the effectiveness thereof.

4.   ADDITIONAL INTEREST

          (a) The Issuers and the Initial Purchasers agree that the Holders will
suffer damages if the Issuers fail to fulfill their respective obligations under
Section 2 or Section 3 hereof and that it would not be feasible to ascertain the
extent of such damages with precision. Accordingly, the Issuers agree, to pay,
jointly and severally, as liquidated damages, additional interest on the Notes
("ADDITIONAL INTEREST") under the circumstances and to the extent set forth
below (each of which shall be given independent effect):

          (i)    if (A) neither the Exchange Offer Registration Statement nor
     the Initial Shelf Registration has been filed on or prior to the Filing
     Date applicable thereto or (B) notwithstanding that the Issuers have
     consummated or will consummate the Exchange Offer, the Issuers are required
     to file a Shelf Registration and such Shelf Registration is not filed on or
     prior to the Filing Date applicable thereto, then, commencing on the day
     after any such Filing Date, Additional Interest shall accrue on the
     principal amount of the Notes at a rate of 0.50% per annum for the first 90
     days immediately following such applicable Filing Date, and such Additional
     Interest rate shall increase by an additional 0.50% per annum at the
     beginning of each subsequent 90 day period; or

          (ii)   if (A) neither the Exchange Offer Registration Statement nor
     the Initial Shelf Registration is declared effective by the SEC on or prior
     to the Effectiveness Date applicable thereto or (B) notwithstanding that
     the Issuers have consummated or will consummate the Exchange Offer, the
     Issuers are required to file a Shelf Registration and such Shelf
     Registration is not declared effective by the SEC on or prior to the
     Effectiveness Date applicable to such Shelf Registration, then, commencing
     on the day after such Effectiveness Date, Additional Interest shall accrue
     on the principal amount of the Notes at a rate of 0.50% per annum for the
     first 90 days immediately following the day after such Effectiveness Date,
     and such Additional

<Page>

                                       11

     Interest rate shall increase by an additional 0.50% per annum at the
     beginning of each subsequent 90 day period; or

          (iii)  if (A) the Issuers have not exchanged Exchange Notes for all
     Notes validly tendered in accordance with the terms of the Exchange Offer
     on or prior to the 45th day after the date on which the Exchange Offer
     Registration Statement relating thereto was declared effective or (B) if
     applicable, a Shelf Registration has been declared effective and such Shelf
     Registration ceases to be effective at any time during the Effectiveness
     Period, then Additional Interest shall accrue on the principal amount of
     the Notes at a rate of 0.50% per annum for the first 90 days commencing on
     the (x) 46th day after such effective date, in the case of (A) above, or
     (y) the day such Shelf Registration ceases to be effective in the case of
     (B) above, and such Additional Interest rate shall increase by an
     additional 0.50% per annum at the beginning of each such subsequent 90 day
     period;

PROVIDED, HOWEVER, that the Additional Interest rate on the Notes may not accrue
under more than one of the foregoing clauses (i)-(iii) at any one time and at no
time shall the aggregate amount of additional interest accruing exceed in the
aggregate 1.0% per annum; PROVIDED, FURTHER, HOWEVER, that (1) upon the filing
of the applicable Exchange Offer Registration Statement or the applicable Shelf
Registration as required hereunder (in the case of clause (i) above of this
Section 4), (2) upon the effectiveness of the Exchange Offer Registration
Statement or the applicable Shelf Registration Statement as required hereunder
(in the case of clause (ii) of this Section 4), or (3) upon the exchange of the
Exchange Notes for all Notes tendered (in the case of clause (iii)(A) of this
Section 4), or upon the effectiveness of the applicable Shelf Registration
Statement which had ceased to remain effective (in the case of (iii)(B) of this
Section 4), Additional Interest on the Notes in respect of which such events
relate as a result of such clause (or the relevant subclause thereof), as the
case may be, shall cease to accrue.

     (b) The Issuers shall notify the Trustee within one business day after
each and every date on which an event occurs in respect of which Additional
Interest is required to be paid (an "EVENT DATE"). Any amounts of Additional
Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be
payable in cash semiannually on each June 15 and December 15 (to the holders of
record on the June 1 and December 1 immediately preceding such dates),
commencing with the first such date occurring after any such Additional Interest
commences to accrue. The amount of Additional Interest will be determined by
multiplying the applicable Additional Interest rate by the principal amount of
the Registrable Notes, multiplied by a fraction, the numerator of which is the
number of days such Additional Interest rate was applicable during such period
(determined on the basis of a 360 day year comprised of twelve 30 day months
and, in the case of a partial month, the actual number of days elapsed), and the
denominator of which is 360.

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                                       12

5.   REGISTRATION PROCEDURES

          In connection with the filing of any Registration Statement pursuant
to Sections 2 or 3 hereof, the Issuers shall effect such registrations to permit
the sale of the Notes covered thereby in accordance with the intended method or
methods of disposition thereof, and pursuant thereto and in connection with any
Registration Statement filed by the Issuers hereunder each of the Issuers shall:

          (a) Prepare and file with the SEC prior to the applicable Filing Date,
     a Registration Statement or Registration Statements as prescribed by
     Sections 2 or 3 hereof, and use its reasonable best efforts to cause each
     such Registration Statement to become effective and remain effective as
     provided herein; PROVIDED, HOWEVER, that, if (1) such filing is pursuant to
     Section 3 hereof or (2) a Prospectus contained in the Exchange Offer
     Registration Statement filed pursuant to Section 2 hereof is required to be
     delivered under the Securities Act by any Participating Broker-Dealer who
     seeks to sell Exchange Notes during the Applicable Period relating thereto,
     before filing any Registration Statement or Prospectus or any amendments or
     supplements thereto, the Issuers shall furnish to and afford the Holders of
     the Registrable Notes covered by such Registration Statement or each such
     Participating Broker-Dealer, as the case may be, their counsel and the
     managing underwriters, if any, a reasonable opportunity to review copies of
     all such documents (including copies of any documents to be incorporated by
     reference therein and all exhibits thereto) proposed to be filed (in each
     case at least five business days prior to such filing, or such later date
     as is reasonable under the circumstances). The Issuers shall not file any
     Registration Statement or Prospectus or any amendments or supplements
     thereto if the Holders of a majority in aggregate principal amount of the
     Registrable Notes covered by such Registration Statement, their counsel, or
     the managing underwriters, if any, shall reasonably object.

          (b) Prepare and file with the SEC such amendments and post-effective
     amendments to each Shelf Registration Statement or Exchange Offer
     Registration Statement, as the case may be, as may be necessary to keep
     such Registration Statement continuously effective for the Effectiveness
     Period or the Applicable Period or until consummation of the Exchange
     Offer, as the case may be; cause the related Prospectus to be supplemented
     by any Prospectus supplement required by applicable law, and as so
     supplemented to be filed pursuant to Rule 424 (or any similar provisions
     then in force) promulgated under the Securities Act; and comply with the
     provisions of the Securities Act and the Exchange Act applicable to it with
     respect to the disposition of all Notes covered by such Registration
     Statement as so amended or in such Prospectus as so supplemented and with
     respect to the subsequent resale of any Notes being sold by a Participating
     Broker-Dealer covered by any such Prospectus.

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                                       13

          (c) If (1) a Shelf Registration is filed pursuant to Section 3 hereof,
     or (2) a Prospectus contained in the Exchange Offer Registration Statement
     filed pursuant to Section 2 hereof is required to be delivered under the
     Securities Act by any Participating Broker-Dealer who seeks to sell
     Exchange Notes during the Applicable Period relating thereto from whom any
     Issuer has received written notice that it will be a Participating
     Broker-Dealer in the Exchange Offer, notify the selling Holders of
     Registrable Notes, or each such Participating Broker-Dealer, as the case
     may be, their counsel and the managing underwriters, if any, promptly (but
     in any event within two business days), and confirm such notice in writing,
     (i) when a Prospectus or any Prospectus supplement or post-effective
     amendment has been filed, and, with respect to a Registration Statement or
     any post-effective amendment, when the same has become effective under the
     Securities Act (including in such notice a written statement that any
     Holder may, upon request, obtain, at the sole expense of the Issuers, one
     conformed copy of such Registration Statement or post-effective amendment
     including financial statements and schedules, documents incorporated or
     deemed to be incorporated by reference therein and exhibits), (ii) of the
     issuance by the SEC of any stop order suspending the effectiveness of a
     Registration Statement or of any order preventing or suspending the use of
     any preliminary prospectus or the initiation of any proceedings for that
     purpose, (iii) if at any time when a prospectus is required by the
     Securities Act to be delivered in connection with sales of the Registrable
     Notes or resales of Exchange Notes by Participating Broker-Dealers the
     representations and warranties of the Issuers contained in any agreement
     (including any underwriting agreement) contemplated by Section 5(m) hereof
     cease to be true and correct in all material respects, (iv) of the receipt
     by any Issuer of any notification with respect to the suspension of the
     qualification or exemption from qualification of a Registration Statement
     or any of the Registrable Notes or the Exchange Notes to be sold by any
     Participating Broker-Dealer for offer or sale in any jurisdiction, or the
     initiation or threatening of any proceeding for such purpose, (v) of the
     happening of any event, the existence of any condition or any information
     becoming known that makes any statement made in such Registration Statement
     or related Prospectus or any document incorporated or deemed to be
     incorporated therein by reference untrue in any material respect or that
     requires the making of any changes in or amendments or supplements to such
     Registration Statement, Prospectus or documents so that, in the case of the
     Registration Statement, it will not contain any untrue statement of a
     material fact or omit to state any material fact required to be stated
     therein or necessary to make the statements therein not misleading, and
     that in the case of the Prospectus, it will not contain any untrue
     statement of a material fact or omit to state any material fact required to
     be stated therein or necessary to make the statements therein, in light of
     the circumstances under which they were made, not misleading, and (vi) of
     the Issuers' determination that a post-effective amendment to a
     Registration Statement would be appropriate.

<Page>

                                       14

          (d) If (1) a Shelf Registration is filed pursuant to Section 3 hereof,
     or (2) a Prospectus contained in the Exchange Offer Registration Statement
     filed pursuant to Section 2 hereof is required to be delivered under the
     Securities Act by any Participating Broker-Dealer who seeks to sell
     Exchange Notes during the Applicable Period, use its reasonable best
     efforts to prevent the issuance of any order suspending the effectiveness
     of a Registration Statement or of any order preventing or suspending the
     use of a Prospectus or suspending the qualification (or exemption from
     qualification) of any of the Registrable Notes or the Exchange Notes to be
     sold by any Participating Broker-Dealer, for sale in any jurisdiction, and,
     if any such order is issued, to use its best efforts to obtain the
     withdrawal of any such order at the earliest possible date.

          (e) If a Shelf Registration is filed pursuant to Section 3 and if
     requested by the managing underwriter or underwriters (if any), the Holders
     of a majority in aggregate principal amount of the Registrable Notes being
     sold in connection with an underwritten offering or any Participating
     Broker-Dealer, (i) promptly as commercially practicable incorporate in a
     prospectus supplement or post-effective amendment such information as the
     managing underwriter or underwriters (if any), such Holders, any
     Participating Broker-Dealer or counsel for any of them reasonably request
     to be included therein, (ii) make all required filings of such prospectus
     supplement or such post-effective amendment as soon as commercially
     practicable after any Issuer has received notification of the matters to be
     incorporated in such prospectus supplement or post-effective amendment, and
     (iii) supplement or make amendments to such Registration Statement.

          (f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof,
     or (2) a Prospectus contained in the Exchange Offer Registration Statement
     filed pursuant to Section 2 hereof is required to be delivered under the
     Securities Act by any Participating Broker-Dealer who seeks to sell
     Exchange Notes during the Applicable Period, furnish to each selling Holder
     of Registrable Notes and to each such Participating Broker-Dealer who so
     requests and to counsel and each managing underwriter, if any, at the sole
     expense of the Issuers, one conformed copy of the Registration Statement or
     Registration Statements and each post-effective amendment thereto,
     including financial statements and schedules, and, if requested, all
     documents incorporated or deemed to be incorporated therein by reference
     and all exhibits.

          (g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof,
     or (2) a Prospectus contained in the Exchange Offer Registration Statement
     filed pursuant to Section 2 hereof is required to be delivered under the
     Securities Act by any Participating Broker-Dealer who seeks to sell
     Exchange Notes during the Applicable Period, deliver to each selling Holder
     of Registrable Notes, or each such Participating

<Page>

                                       15

     Broker-Dealer, as the case may be, their respective counsel, and the
     underwriters, if any, at the sole expense of the Issuers, as many copies of
     the Prospectus or Prospectuses (including each form of preliminary
     prospectus) and each amendment or supplement thereto and any documents
     incorporated by reference therein as such Persons may reasonably request;
     and, subject to the last paragraph of this Section 5, the Issuers hereby
     consent to the use of such Prospectus and each amendment or supplement
     thereto by each of the selling Holders of Registrable Notes or each such
     Participating Broker-Dealer, as the case may be, and the underwriters or
     agents, if any, and dealers (if any), in connection with the offering and
     sale of the Registrable Notes covered by, or the sale by Participating
     Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any
     amendment or supplement thereto.

          (h) Prior to any public offering of Registrable Notes or any delivery
     of a Prospectus contained in the Exchange Offer Registration Statement by
     any Participating Broker-Dealer who seeks to sell Exchange Notes during the
     Applicable Period, to use its reasonable best efforts to register or
     qualify, and to cooperate with the selling Holders of Registrable Notes or
     each such Participating Broker-Dealer, as the case may be, the managing
     underwriter or underwriters, if any, and their respective counsel in
     connection with the registration or qualification (or exemption from such
     registration or qualification) of such Registrable Notes for offer and sale
     under the securities or Blue Sky laws of such jurisdictions within the
     United States as any selling Holder, Participating Broker-Dealer, or the
     managing underwriter or underwriters reasonably request in writing;
     PROVIDED, HOWEVER, that where Exchange Notes held by Participating
     Broker-Dealers or Registrable Notes are offered other than through an
     underwritten offering, the Issuers agree to cause their counsel to perform
     Blue Sky investigations and file registrations and qualifications required
     to be filed pursuant to this Section 5(h); keep each such registration or
     qualification (or exemption therefrom) effective during the period such
     Registration Statement is required to be kept effective and do any and all
     other acts or things reasonably necessary to enable the disposition in such
     jurisdictions of the Exchange Notes held by Participating Broker-Dealers or
     the Registrable Notes covered by the applicable Registration Statement;
     PROVIDED, HOWEVER, that no Issuer shall be required to (A) qualify
     generally to do business in any jurisdiction where it is not then so
     qualified, (B) take any action that would subject it to general service of
     process in any such jurisdiction where it is not then so subject or (C)
     subject itself to taxation in excess of the dollar amount in any such
     jurisdiction where it is not then so subject.

          (i) If a Shelf Registration is filed pursuant to Section 3 hereof,
     cooperate with the selling Holders of Registrable Notes and the managing
     underwriter or underwriters, if any, to facilitate the timely preparation
     and delivery of certificates representing Registrable Notes to be sold,
     which certificates shall not bear any restrictive legends

<Page>

                                       16

     and  shall be in a form eligible for deposit with The Depository Trust
     Company; and enable such Registrable Notes to be in such denominations and
     registered in such names as the managing underwriter or underwriters, if
     any, or Holders may request.

          (j) Use its reasonable best efforts to cause the Registrable Notes
     covered by the Registration Statement to be registered with or approved by
     such other governmental agencies or authorities as may be reasonably
     necessary to enable the seller or sellers thereof or the underwriter or
     underwriters, if any, to consummate the disposition of such Registrable
     Notes, except as may be required solely as a consequence of the nature of
     such selling Holder's business, in which case the Issuers will cooperate in
     all reasonable respects with the filing of such Registration Statement and
     the granting of such approvals.

          (k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof,
     or (2) a Prospectus contained in the Exchange Offer Registration Statement
     filed pursuant to Section 2 hereof is required to be delivered under the
     Securities Act by any Participating Broker-Dealer who seeks to sell
     Exchange Notes during the Applicable Period, upon the occurrence of any
     event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as
     commercially practicable prepare and (subject to Section 5(a) hereof) file
     with the SEC, at the sole expense of the Issuers, a supplement or
     post-effective amendment to the Registration Statement or a supplement to
     the related Prospectus or any document incorporated or deemed to be
     incorporated therein by reference, or file any other required document so
     that, as thereafter delivered to the purchasers of the Registrable Notes
     being sold thereunder or to the purchasers of the Exchange Notes to whom
     such Prospectus will be delivered by a Participating Broker-Dealer, any
     such Prospectus will not contain an untrue statement of a material fact or
     omit to state a material fact required to be stated therein or necessary to
     make the statements therein, in the light of the circumstances under which
     they were made, not misleading.

          (l) Prior to the effective date of the first Registration Statement
     relating to the Registrable Notes, (i) provide the Trustee with
     certificates for the Registrable Notes or Exchange Notes, as the case may
     be, in a form eligible for deposit with The Depository Trust Company and
     (ii) provide a CUSIP number for the Registrable Notes or Exchange Notes, as
     the case may be.

          (m) In connection with any underwritten offering of Registrable Notes
     pursuant to a Shelf Registration, enter into an underwriting agreement as
     is customary in underwritten offerings of debt securities similar to the
     Notes in form and substance reasonably satisfactory to the Company and take
     all such other actions as are reasonably requested by the managing
     underwriter or underwriters in order to expedite

<Page>

                                       17

     or facilitate the registration or the disposition of such Registrable Notes
     and, in such connection, (i) make such representations and warranties to,
     and covenants with, the underwriters with respect to the business of the
     Company and its subsidiaries and the Registration Statement, Prospectus and
     documents, if any, incorporated or deemed to be incorporated by reference
     therein, in each case, as are customarily made by issuers to underwriters
     in underwritten offerings of debt securities similar to the Notes, and
     confirm the same in writing if and when requested in form and substance
     reasonably satisfactory to the Issuers; (ii) obtain the written opinion of
     counsel to the Issuers and written updates thereof in form, scope and
     substance reasonably satisfactory to the managing underwriter or
     underwriters, addressed to the underwriters covering the matters
     customarily covered in opinions reasonably requested in underwritten
     offerings of debt securities similar to the Notes and such other matters as
     may be reasonably requested by the managing underwriter or underwriters;
     (iii) use its reasonable best efforts to obtain "cold comfort" letters and
     updates thereof in form, scope and substance reasonably satisfactory to the
     managing underwriter or underwriters from the independent certified public
     accountants of the Company (and, if necessary, any other independent
     certified public accountants of any subsidiary of the Company or of any
     business acquired by the Company for which financial statements and
     financial data are, or are required to be, included or incorporated by
     reference in the Registration Statement), addressed to the underwriter,
     such letters to be in customary form and covering matters of the type
     customarily covered in "cold comfort" letters in connection with
     underwritten offerings of debt securities similar to the Notes and such
     other matters as reasonably requested by the managing underwriter or
     underwriters as permitted by the Statement on Auditing Standards No. 72;
     and (iv) if an underwriting agreement is entered into, the same shall
     contain indemnification provisions and procedures no less favorable to the
     sellers and underwriters, if any, than those set forth in Section 7 hereof
     (or such other provisions and procedures acceptable to Holders of a
     majority in aggregate principal amount of Registrable Notes covered by such
     Registration Statement and the managing underwriter or underwriters or
     agents, if any). The above shall be done at each closing under such
     underwriting agreement, or as and to the extent required thereunder.

          (n) If (1) a Shelf Registration is filed pursuant to Section 3 hereof,
     or (2) a Prospectus contained in the Exchange Offer Registration Statement
     filed pursuant to Section 2 hereof is required to be delivered under the
     Securities Act by any Participating Broker-Dealer who seeks to sell
     Exchange Notes during the Applicable Period, make available for inspection
     by any selling Holder of such Registrable Notes being sold, or each such
     Participating Broker-Dealer, as the case may be, any underwriter
     participating in any such disposition of Registrable Notes, if any, and any
     attorney, accountant or other agent retained by any such selling Holder or
     each such Participating Broker-Dealer, as the case may be, or underwriter
     (collectively, the

<Page>

                                       18

     "INSPECTORS"), at the offices where normally kept, during reasonable
     business hours, all financial and other records, pertinent corporate
     documents and instruments of the Company and its subsidiaries
     (collectively, the "RECORDS") as shall be reasonably necessary to enable
     them to exercise any applicable due diligence responsibilities, and cause
     the officers, directors and employees of the Company and its subsidiaries
     to supply all information reasonably requested by any such Inspector in
     connection with such Registration Statement and Prospectus. Each Inspector
     shall agree in writing that it will keep the Records confidential and that
     it will not disclose any of the Records unless (i) the disclosure of such
     Records is necessary to avoid or correct a misstatement or omission in such
     Registration Statement or Prospectus, (ii) the release of such Records is
     ordered pursuant to a subpoena or other order from a court of competent
     jurisdiction, (iii) disclosure of such information is necessary or
     advisable, in the opinion of counsel for any Inspector, in connection with
     any action, claim, suit or proceeding, directly or indirectly, involving or
     potentially involving such Inspector and arising out of, based upon,
     relating to, or involving this Agreement or the Purchase Agreement, or any
     transactions contemplated hereby or thereby or arising hereunder or
     thereunder, or (iv) the information in such Records has been made generally
     available to the public. Each selling Holder of such Registrable Notes and
     each such Participating Broker-Dealer will be required to agree that
     information obtained by it as a result of such inspections shall be deemed
     confidential and shall not be used by it as the basis for any market
     transactions in the securities of any Issuer unless and until such is made
     generally available to the public. Each selling Holder of such Registrable
     Notes and each such Participating Broker-Dealer will be required to further
     agree that it will, upon learning that disclosure of such Records is sought
     in a court of competent jurisdiction, give notice to the Company and allow
     the Company to undertake appropriate action to prevent disclosure of the
     Records deemed confidential at the Issuers' expense.

          (o) Provide the Trustee for the Registrable Notes or the Exchange
     Notes, as the case may be, and cause the Indenture or the trust indenture
     provided for in Section 2(a) hereof, as the case may be, to be qualified
     under the TIA not later than the effective date of the first Registration
     Statement relating to the Registrable Notes; and in connection therewith,
     cooperate with the trustee under any such indenture and the Holders of the
     Registrable Notes, to effect such changes to such indenture as may be
     required for such indenture to be so qualified in accordance with the terms
     of the TIA; and execute, and use its reasonable best efforts to cause such
     trustee to execute, all documents as may be required to effect such
     changes, and all other forms and documents required to be filed with the
     SEC to enable such indenture to be so qualified in a timely manner.

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                                       19

          (p) Comply with all applicable rules and regulations of the SEC and
     make generally available to their respective securityholders earnings
     statements satisfying the provisions of Section 11(a) of the Securities Act
     and Rule 158 thereunder (or any similar rule promulgated under the
     Securities Act) no later than 45 days after the end of any 12 month period
     (or 90 days after the end of any 12 month period if such period is a fiscal
     year) (i) commencing at the end of any fiscal quarter in which Registrable
     Notes are sold to underwriters in a firm commitment or best efforts
     underwritten offering and (ii) if not sold to underwriters in such an
     offering, commencing on the first day of the first fiscal quarter of the
     Company after the effective date of a Registration Statement, which
     statements shall cover said 12 month periods.

          (q) If the Exchange Offer or a Private Exchange is to be consummated,
     upon delivery of the Registrable Notes by Holders to the Company (or to
     such other Person as directed by the Company) in exchange for the Exchange
     Notes or the Private Exchange Notes, as the case may be, the Issuers shall
     mark, or cause to be marked, on such Registrable Notes that such
     Registrable Notes are being cancelled in exchange for the Exchange Notes or
     the Private Exchange Notes, as the case may be; in no event shall such
     Registrable Notes be marked as paid or otherwise satisfied.

          (r) Use its best efforts to cause the Registrable Notes covered by a
     Registration Statement or the Exchange Notes, as the case may be, to be
     rated with the appropriate rating agencies, if so requested by the Holders
     of a majority in aggregate principal amount of Registrable Notes covered by
     such Registration Statement or the Exchange Notes, as the case may be, or
     the managing underwriter or underwriters, if any.

          (s) Cooperate with each seller of Registrable Notes covered by any
     Registration Statement and each underwriter, if any, participating in the
     disposition of such Registrable Notes and their respective counsel in
     connection with any filings required to be made with the National
     Association of Securities Dealers, Inc. (the "NASD").

          (t) Use its reasonable best efforts to take all other steps reasonably
     necessary to effect the registration of the Exchange Notes and/or
     Registrable Notes covered by a Registration Statement contemplated hereby.

          The Issuers may require each seller of Registrable Notes as to which
any registration is being effected to furnish to the Company such information
regarding such seller and the distribution of such Registrable Notes as the
Company may, from time to time, reasonably request. The Issuers may exclude from
such registration the Registrable Notes of any seller so long as such seller
fails to furnish such information within a reasonable time after receiving such
request. Each seller as to which any Shelf Registration is being effected agrees

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                                       20

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 seller
not materially misleading.

          Each Holder of Registrable Notes and each Participating Broker-Dealer
agrees by its acquisition of such Registrable Notes or Exchange Notes to be sold
by such Participating Broker-Dealer, as the case may be, that, upon actual
receipt of any notice from the Issuers of the happening of any event of the kind
described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, such
Holder will forthwith discontinue disposition of such Registrable Notes covered
by such Registration Statement or Prospectus or Exchange Notes to be sold by
such Holder or Participating Broker-Dealer, as the case may be, until such
Holder's or Participating Broker-Dealer's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until
it is advised in writing (the "ADVICE") by the Issuers that the use of the
applicable Prospectus may be resumed, and has received copies of any amendments
or supplements thereto. In the event that the Issuers shall give any such
notice, each of the Effectiveness Period and the Applicable Period shall be
extended by the number of days during such periods from and including the date
of the giving of such notice to and including the date when each seller of
Registrable Notes covered by such Registration Statement or Exchange Notes to be
sold by such Participating Broker-Dealer, as the case may be, shall have
received (x) the copies of the supplemented or amended Prospectus contemplated
by Section 5(k) hereof or (y) the Advice.

6.   REGISTRATION EXPENSES

          All reasonable fees and expenses incident to the performance of or
compliance with this Agreement by the Issuers shall be borne by the Issuers
whether or not the Exchange Offer Registration Statement or any Shelf
Registration Statement is filed or becomes effective or the Exchange Offer is
consummated, including, without limitation, (i) all registration and filing fees
(including, without limitation, (A) fees with respect to filings required to be
made with the NASD in connection with an underwritten offering and (B) fees and
expenses of compliance with state securities or Blue Sky laws (including,
without limitation, reasonable fees and disbursements of counsel in connection
with Blue Sky qualifications of the Registrable Notes or Exchange Notes and
determination of the eligibility of the Registrable Notes or Exchange Notes for
investment under the laws of such jurisdictions (x) where the holders of
Registrable Notes are located, in the case of the Exchange Notes, or (y) as
provided in Section 5(h) hereof, in the case of Registrable Notes or Exchange
Notes to be sold by a Participating Broker-Dealer during the Applicable
Period)), (ii) reasonable printing expenses, including, without limitation,
reasonable expenses of printing certificates for Registrable Notes or Exchange
Notes in a form eligible for deposit with The Depository Trust Company and of
printing prospectuses if the printing of prospectuses is reasonably requested by
the managing underwriter or underwriters, if any, by the Holders of a majority
in aggregate principal amount of the Registrable Notes included in any
Registration Statement or in respect of Exchange

<Page>

                                       21

Notes to be sold by any Participating Broker-Dealer during the Applicable
Period, as the case may be, (iii) reasonable messenger, telephone and delivery
expenses, (iv) reasonable fees and disbursements of counsel for the Issuers and,
in the case of a Shelf Registration, reasonable fees and disbursements of one
special counsel for all of the sellers of Registrable Notes (exclusive of any
counsel retained pursuant to Section 7 hereof), (v) fees and disbursements of
all independent certified public accountants referred to in Section 5(m)(iii)
hereof (including, without limitation, the expenses of any special audit and
"cold comfort" letters required by or incident to such performance), (vi)
Securities Act liability insurance, if the Issuers desire such insurance, (vii)
fees and expenses of all other Persons retained by any of the Issuers, (viii)
internal expenses of the Issuers (including, without limitation, all salaries
and expenses of officers and employees of the Issuers performing legal or
accounting duties), (ix) the expense of any annual audit, (x) the fees and
expenses incurred in connection with the listing of the Notes to be registered
on any securities exchange, and the obtaining of a rating of the Notes, in each
case, if applicable, and (xi) the reasonable expenses relating to printing, word
processing and distributing all Registration Statements, underwriting
agreements, indentures and any other documents necessary in order to comply with
this Agreement.

7.   INDEMNIFICATION

          (a) Each of the Issuers, jointly and severally, agrees to indemnify
and hold harmless each Holder of Registrable Notes and each Participating
Broker-Dealer selling Exchange Notes during the Applicable Period, the officers,
directors, employees and agents of each such Person, and each Person, if any,
who controls any such Person within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act (each, a "PARTICIPANT"), from
and against any and all losses, claims, damages, judgments, liabilities and
expenses (including, without limitation, the reasonable legal fees and other
expenses actually incurred in connection with any suit, action or proceeding or
any claim asserted) caused by, arising out of or based upon any untrue statement
or alleged untrue statement of a material fact contained in any Registration
Statement (or any amendment thereto) or Prospectus (as amended or supplemented
if any Issuer shall have furnished any amendments or supplements thereto) or any
preliminary prospectus, or caused by, arising out of or based upon any omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in the case of the
Prospectus in the light of the circumstances under which they were made, not
misleading, EXCEPT insofar as such losses, claims, damages or liabilities are
caused by, arise out of or are based upon any untrue statement or omission or
alleged untrue statement or omission made in reliance upon and in conformity
with information relating to any Participant furnished to the Company in writing
by such Participant expressly for use therein; provided, however, that no Issuer
will be liable if such untrue statement or omission or alleged untrue statement
or omission was contained or made in any preliminary prospectus and corrected in
the final Prospectus or any amendment or supplement thereto and any such loss,
liability, claim, or damage or expense suffered or

<Page>

                                       22

incurred by the Participants resulted from any action, claim or suit by any
Person who purchased Registrable Notes or Exchange Notes which are the subject
thereof from such Participant and it is established in the related proceeding
that such Participant failed to deliver or provide a copy of the final
Prospectus (as amended or supplemented) to such Person with or prior to the
confirmation of the sale of such Registrable Notes or Exchange Notes sold to
such Person if required by applicable law, unless such failure to deliver or
provide a copy of the Prospectus (as amended or supplemented) was a result of
noncompliance by any Issuer with Section 5 of this Agreement.

          (b) Each Holder of Registrable Notes and each Participating
Broker-Dealer selling Exchange Notes during the Applicable Period agrees,
severally and not jointly, to indemnify and hold harmless each of the Issuers,
their directors, their officers who sign the Registration Statement and their
employees and agents and each Person, if any, who controls each Issuer within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act to the same extent as the foregoing indemnity from the Issuers to each
Participant, but only with reference to information relating to such Holder of
Registrable Notes or Participating Broker-Dealer selling Exchange Notes during
the Applicable Period furnished to the Company in writing by such Holder of
Registrable Notes or each Participating Broker-Dealer selling Exchange Notes
during the Applicable Period expressly for use in any Registration Statement or
Prospectus, any amendment or supplement thereto, or any preliminary prospectus.
The liability of any Holder of Registrable Notes and each Participating
Broker-Dealer that sells Exchange Notes during the Applicable Period under this
paragraph shall in no event exceed the proceeds received by such Holder of
Registrable Notes and each Participating Broker-Dealer that sells Exchange Notes
during the Applicable Period from sales of Registrable Notes or Exchange Notes
giving rise to such obligations.

          (c) If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against
any Person in respect of which indemnity may be sought pursuant to either of the
two preceding paragraphs, such Person (the "INDEMNIFIED PERSON") shall promptly
notify the Persons against whom such indemnity may be sought (the "INDEMNIFYING
PERSONS") in writing, and the Indemnifying Persons, upon request of the
Indemnified Person, shall retain counsel reasonably satisfactory to the
Indemnified Person to represent the Indemnified Person and any others the
Indemnifying Persons may reasonably designate in such proceeding and shall pay
the reasonable fees and expenses actually incurred by such counsel related to
such proceeding; PROVIDED, HOWEVER, that the failure to so notify the
Indemnifying Persons shall not relieve any of them of any obligation or
liability which any of them may have hereunder unless and to the extent such
failure results in the forfeiture by the Indemnifying Persons of substantial
rights and defenses and will not, in any even, relieve the Indemnifying Persons
from any obligations to any Indemnified Persons other than the indemnification
obligations provided hereunder. In any such proceeding, any Indemnified Person
shall have the right to retain its own counsel, but

<Page>

                                       23

the fees and expenses of such counsel shall be at the expense of such
Indemnified Person unless (i) the Indemnifying Persons and the Indemnified
Person shall have mutually agreed to the contrary, (ii) the Indemnifying Persons
shall have failed within a reasonable period of time to retain counsel
reasonably satisfactory to the Indemnified Person or (iii) the named parties in
any such proceeding (including any impleaded parties) include both any
Indemnifying Person and the Indemnified Person or any affiliate thereof and
representation of both parties by the same counsel would be inappropriate due to
actual or potential conflicting interests between them. It is understood that,
unless there exists a conflict among Indemnified Persons, the Indemnifying
Persons shall not, in connection with such proceeding or separate but
substantially similar related proceeding in the same jurisdiction arising out of
the same general allegations, be liable for the fees and expenses of more than
one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such fees and expenses shall be reimbursed as they are
incurred. Any such separate firm for the Participants and such control Persons
of Participants shall be designated in writing by Participants who sold a
majority in interest of Registrable Notes and Exchange Notes sold by all such
Participants and any such separate firm for the Issuers, their directors, their
officers and such control Persons of the Issuers shall be designated in writing
by the Company and shall be reasonably acceptable to the Holders. The
Indemnifying Persons shall not be liable for any settlement of any proceeding
effected without its prior written consent (which consent shall not be
unreasonably withheld or delayed), but if settled with such consent or if there
be a final nonappealable judgment for the plaintiff for which the Indemnified
Person is entitled to indemnification pursuant to this Agreement, each of the
Indemnifying Persons agrees to indemnify and hold harmless each Indemnified
Person from and against any loss or liability by reason of such settlement or
judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified
Person shall have requested an Indemnifying Person to reimburse the Indemnified
Person for reasonable fees and expenses actually incurred by counsel as
contemplated by the third sentence of this paragraph, the Indemnifying Person
agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 30
days after receipt by such Indemnifying Person of the aforesaid request and (ii)
such Indemnifying Person shall not have reimbursed the Indemnified Person in
accordance with such request prior to the date of such settlement; PROVIDED,
HOWEVER, that the Indemnifying Person shall not be liable for any settlement
effected without its consent pursuant to this sentence if the Indemnifying
Person is contesting, in good faith, the request for reimbursement. No
Indemnifying Person shall, without the prior written consent of the Indemnified
Persons (which consent shall not be unreasonably withheld or delayed), effect
any settlement or compromise of any pending or threatened proceeding in respect
of which any Indemnified Person is or could have been a party, or indemnity
could have been sought hereunder by such Indemnified Person, unless such
settlement (A) includes an unconditional written release of such Indemnified
Person, in form and substance reasonably satisfactory to such Indemnified
Person, from all liability on claims that are the subject matter of such

<Page>

                                       24

proceeding and (B) does not include any statement as to an admission of fault,
culpability or failure to act by or on behalf of such Indemnified Person.

          (d) If the indemnification provided for in clauses (a) and (b) of this
Section 7 is for any reason unavailable to, or insufficient to hold harmless, an
Indemnified Person in respect of any losses, claims, damages or liabilities
referred to therein, then each Indemnifying Person under such paragraphs, in
lieu of indemnifying such Indemnified Person thereunder and in order to provide
for just and equitable contribution, shall contribute to the amount paid or
payable by such Indemnified Person as a result of such losses, claims, damages
or liabilities in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Person or Persons on the one hand and the Indemnified
Person or Persons on the other in connection with the statements or omissions or
alleged statements or omissions that resulted in such losses, claims, damages or
liabilities (or actions in respect thereof) as well as any other relevant
equitable considerations. The relative fault of the parties 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 any Issuer on the one hand or
such Participant or such other Indemnified Person, as the case may be, on the
other, the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission, and any other
equitable considerations appropriate in the circumstances.

          (e) The parties agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by PRO RATA allocation
(even if the Participants were treated as one entity for such purpose) or by any
other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount
paid or payable by an Indemnified Person as a result of the losses, claims,
damages, judgments, liabilities and expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any reasonable legal or other expenses actually incurred by such
Indemnified Person in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 7, in no event shall, a
Holder of Registrable Notes or any Participating Broker-Dealer that Exchange
Notes during the Applicable Period, be required to contribute any amount in
excess of the amount by which proceeds received by such Holder of Registrable
Notes or any Participating Broker-Dealer that Exchange Notes during the
Applicable Period from sales of Registrable Notes or Exchange Notes, as the case
may be, exceeds the amount of any damages that such Holder of Registrable Notes
or any Participating Broker-Dealer that Exchange Notes during the Applicable
Period has otherwise been required to pay or has paid 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.

<Page>

                                       25

          (f) Any losses, claims, damages, liabilities or expenses for which an
indemnified party is entitled to indemnification or contribution under this
Section 7 shall be paid by the Indemnifying Party to the Indemnified Party as
such losses, claims, damages, liabilities or expenses are incurred. The
indemnity and contribution agreements contained in this Section 7 and the
representations and warranties of the Issuers set forth in this Agreement shall
remain operative and in full force and effect, regardless of (i) any
investigation made by or on behalf of any Holder or any person who controls a
Holder, any Issuer and its directors, officers, employees or agents or any
person controlling such Issuer, and (ii) any termination of this Agreement.

          (g) The indemnity and contribution agreements contained in this
Section 7 will be in addition to any liability which the Indemnifying Persons
may otherwise have to the Indemnified Persons referred to above.

8.   RULES 144 AND 144A

          Each of the Issuers covenants and agrees that, so long as Registrable
Notes remain outstanding, it will file the reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations
adopted by the SEC thereunder in a timely manner in accordance with the
requirements of the Securities Act and the Exchange Act and, if at any time such
Issuer is not permitted to file such reports, such Issuer will, upon the request
of any Holder or beneficial owner of Registrable Notes, make publicly available
annual reports and such information, documents and other reports of the type
specified in Sections 13 and 15(d) of the Exchange Act. Each Issuer further
covenants for so long as any Registrable Notes remain outstanding, to make
available to any Holder or beneficial owner of Registrable Notes in connection
with any sale thereof and any prospective purchaser of such Registrable Notes
from such Holder or beneficial owner the information required by Rule 144A(d)(4)
under the Securities Act in order to permit resales of such Registrable Notes
pursuant to Rule 144A.

9.   UNDERWRITTEN REGISTRATIONS

          If any of the Registrable Notes covered by any Shelf Registration are
to be sold in an underwritten offering, the investment banker or investment
bankers and manager or managers that will manage the offering will be selected
by the Holders of a majority in aggregate principal amount of such Registrable
Notes included in such offering and shall be reasonably acceptable to the
Company.

          No Holder of Registrable Notes may participate in any underwritten
registration hereunder unless such Holder (a) agrees to sell such Holder's
Registrable Notes on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b)
completes and executes all questionnaires,

<Page>

                                       26

powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

10.  MISCELLANEOUS

          (a) NO INCONSISTENT AGREEMENTS. As of the date hereof, no Issuer has
entered into any agreement with respect to any of its Notes that is inconsistent
with the rights granted to the Holders of Registrable Notes 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 any of the Issuers' other issued and
outstanding Notes. As of the date hereof, no Issuer has entered into any
agreement with respect to any of its Notes which will grant to any Person
piggyback registration rights with respect to any Registration Statement
required to be filed by the Issuers pursuant to this Agreement.

          (b) ADJUSTMENTS AFFECTING REGISTRABLE NOTES. No Issuer shall
knowingly, directly or indirectly, take any action with respect to the
Registrable Notes as a class that would adversely affect the ability of the
Holders of Registrable Notes to include such Registrable Notes in a registration
undertaken pursuant to this Agreement.

          (c) AMENDMENTS AND WAIVERS. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, otherwise than with the prior written
consent of (I) the Issuers and (II)(A) the Holders of not less than a majority
in aggregate principal amount of the then outstanding Registrable Notes and (B)
in circumstances that would adversely affect the Participating Broker-Dealers,
the Participating Broker-Dealers holding not less than a majority in aggregate
principal amount of the Exchange Notes held by all Participating Broker-Dealers;
PROVIDED, HOWEVER, that Section 7 and this Section 10(c) may not be amended,
modified or supplemented without the prior written consent of each Holder and
each Participating Broker-Dealer (including any person who was a Holder or
Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case
may be, disposed of pursuant to any Registration Statement) affected by any such
amendment, modification or supplement. Notwithstanding the foregoing, a waiver
or consent to depart from the provisions hereof with respect to a matter that
relates exclusively to the rights of Holders of Registrable Notes whose Notes
are being sold pursuant to a Registration Statement and that does not directly
or indirectly affect, impair, limit or compromise the rights of other Holders of
Registrable Notes may be given by Holders of at least a majority in aggregate
principal amount of the Registrable Notes being sold pursuant to such
Registration Statement.

          (d) NOTICES. All notices and other communications (including, without
limitation, any notices or other communications to the Trustee) provided for or
permitted

<Page>

                                       27

hereunder shall be made in writing by hand delivery, registered first-class
mail, next-day air courier or facsimile:

          (i)    if to a Holder of the Registrable Notes or any Participating
     Broker-Dealer, at the most c.urrent address of such Holder or Participating
     Broker-Dealer, as the case may be, set forth on the records of the
     registrar under the Indenture, with a copy in like manner to the Initial
     Purchasers as follows:

                 Deutsche Bank Securities Inc.
                 31 West 52nd Street, 7th Floor
                 New York, New York 10019
                 Facsimile No: (212) 250-7200
                 Attention: Corporate Finance

     with a copy to:

                 Cahill Gordon & Reindel
                 80 Pine Street
                 New York, New York 10005
                 Facsimile No: (212) 269-5420
                 Attention: John A. Tripodoro, Esq.

          (ii)   if to the Initial Purchasers, at the address specified in
     Section 10(d)(i);

          (iii)  if to the Company, at the address as follows:

                 Vertis, Inc.
                 250 W. Pratt Street
                 Baltimore, Maryland 21201
                 Facsimile No.: (410) 528-9287
                 Attention: General Counsel

     with a copy to:

                 Sullivan & Cromwell
                 125 Broad Street
                 New York, New York 10004
                 Facsimile No.: (212) 558-3588
                 Attention: Robert E. Buckholz, Jr.

          All such notices and communications shall be deemed to have been duly
given: when delivered by hand, if personally delivered; five business days after
being deposited in

<Page>

                                       28

the mail, postage prepaid, if mailed; one business day after being timely
delivered to a next-day air courier; and upon receiving confirmation receipt by
the addressee, if sent by facsimile.

          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 and in the manner specified in such Indenture.

          (e) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties hereto,
the Holders and the Participating Broker-Dealers, PROVIDED that nothing herein
shall be deemed to permit any assignment, transfer or other disposition of
Registrable Notes in violation of the terms of the Purchase Agreement or the
Indenture.

          (f) 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.

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

          (h) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

          (i) SEVERABILITY. If any term, provision, covenant or restriction
of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable.

          (j) NOTES HELD BY THE ISSUERS OR THEIR AFFILIATES. Whenever the
consent or approval of Holders of a specified percentage of Registrable Notes is
required hereunder, Registrable Notes held by any Issuer or any of its
affiliates (as such term is defined in Rule

<Page>

                                       29

405 under the Securities Act) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.

          (k) THIRD PARTY BENEFICIARIES. Holders of Registrable Notes and
Participating Broker-Dealers are intended third party beneficiaries of this
Agreement, and this Agreement may be enforced by such Persons.

<Page>

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

                                        VERTIS, INC.

                                        By:  /s/ John V. Howard, Jr.
                                             -----------------------------------
                                             Name: John V. Howard, Jr.
                                             Title:  Senior Vice President

                                        SUBSIDIARY GUARANTORS:

                                        PRINTCO., INC.

                                        By:  /s/ John V. Howard, Jr.
                                             -----------------------------------
                                             Name: John V. Howard, Jr.
                                             Title: Senior Vice President

                                        WEBCRAFT, LLC

                                        By:  /s/ John V. Howard, Jr.
                                             -----------------------------------
                                             Name: John V. Howard, Jr.
                                             Title: Senior Vice President

                                        WEBCRAFT CHEMICALS, LLC

                                        By:  /s/ John V. Howard, Jr.
                                             -----------------------------------
                                             Name: John V. Howard, Jr.
                                             Title:  Senior Vice President

<Page>

                                       31

                                        ENTERON GROUP, LLC

                                        By:  /s/ John V. Howard, Jr.
                                             -----------------------------------
                                             Name: John V. Howard, Jr.
                                             Title: Senior Vice President

                                        BIG FLOWER DIGITAL SERVICES
                                          (DELAWARE), INC.

                                        By:  /s/ John V. Howard, Jr.
                                             -----------------------------------
                                             Name:  John V. Howard, Jr.
                                             Title:  Senior Vice President

                                        BIG FLOWER DIGITAL LLC

                                        By:  /s/ John V. Howard, Jr.
                                             -----------------------------------
                                             Name: John V. Howard, Jr.
                                             Title:  Senior Vice President

<Page>
                                       32

                                        INITIAL PURCHASERS:

                                        DEUTSCHE BANK SECURITIES INC.

                                        By:  /s/ Steven Winograd
                                             -----------------------------------
                                             Name: Steven Winograd
                                             Title: Managing Director

                                        By:  /s/ David Flannery
                                             -----------------------------------
                                             Name: David Flannery
                                             Title: Managing Director

                                        J.P. MORGAN SECURITIES INC.

                                        By:  /s/ Claudette Kraus
                                             -----------------------------------
                                             Name: Claudette Kraus
                                             Title: Vice President

                                        BANC OF AMERICA SECURITIES LLC

                                        By:  /s/ Stephan Jaeger
                                             -----------------------------------
                                             Name: Stephan Jaeger
                                             Title: Vice President

                                        FLEET SECURITIES, INC.

                                        By:  /s/ Marc Mancelli
                                             -----------------------------------
                                             Name: Marc Mancelli
                                             Title: Director

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