Document:

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                                                                     Exhibit 4.3

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                     (NOTES)

                                     BETWEEN

                                  DYNEGY INC.,

                                     ISSUER,

                                       AND

                              CHEVRON U.S.A. INC.,

                                 INITIAL HOLDER

                           DATED AS OF AUGUST 11, 2003

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     This EXCHANGE AND REGISTRATION RIGHTS AGREEMENT (NOTES) dated as of August
11, 2003 (this "Agreement") is between Dynegy Inc., an Illinois corporation (the
"Company"), and Chevron U.S.A. Inc., a Pennsylvania corporation (the "Initial
Holder").

     The Company agrees with the Initial Holder, (i) for its benefit as Initial
Holder and (ii) for the benefit of the beneficial owners (including the Initial
Holder) from time to time of the Notes (as defined herein) (each of the
foregoing a "Holder" and together the "Holders"), as follows:

     SECTION 1. Definitions. As used in this Agreement, the following terms
shall have the following meanings:

     "144A Demand Notice" is defined in Section 2(a) hereof.

     "144A Marketing Assistance" means the Company's obligations under Section
2(a) with respect to a 144A Resale following receipt of a 144A Demand Notice.

     "144A Minimum Resale" means one or more 144A Resales by CUSA resulting in
the sale of more than 25% of the Notes initially held by CUSA to one or more
persons who are not Affiliates of CUSA.

     "144A Resale" is defined in Section 2(a) hereof.

     "144A Resale Attempt" means an attempt to market and/or consummate a 144A
Resale which shall be deemed to have been initiated upon the Company's receipt
of a 144A Demand Notice and shall be deemed to have been completed upon the
first to occur of (i) the termination of 144A Marketing Assistance in accordance
with Section 2(a) with respect to such 144A Resale Attempt or (ii) the
consummation of the subject 144A Resale.

     "Affiliate" means with respect to any specified person, an "affiliate," as
defined in Rule 144, of such person.

     "Amendment Effectiveness Deadline Date" has the meaning set forth in
Section 3(d)(i) hereof.

     "Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday
that is not a day on which banking institutions in The City of New York are
authorized or obligated by law or executive order to close.

     "CUSA" means Chevron U.S.A. Inc, a Pennsylvania corporation.

     "Damages Accrual Period" has the meaning set forth in Section 3(e) hereof.

     "Damages Payment Date" means each February 1 and August 1, beginning
February 1, 2004.

     "Deferral Notice" has the meaning set forth in Section 4(h) hereof.

     "Deferral Period" has the meaning set forth in Section 4(h) hereof.

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     "Effectiveness Deadline Date" has the meaning set forth in Section 3(a)
hereof.

     "Effectiveness Period" means the period commencing on the date hereof and
ending on the date that all Registrable Securities have ceased to be Registrable
Securities.

     "Event" has the meaning set forth in Section 3(e) hereof.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, or
any successor Federal statue, and the rules and regulations thereunder, all as
the same shall be in effect at the time. Reference to a particular section of,
or rule or regulation under, the Exchange Act shall include a reference to the
comparable section, rule or regulation, if any, and as the case may be, of or
under the successor Federal statute.

     "Exchange Agreement" means the Series B Preferred Stock Exchange Agreement
dated July 28, 2003 between the Company and the Initial Holder.

     "Exchange Offer" is defined in Section 2(b)(i).

     "Exchange Offer Demand Date" means the date of the receipt by the Company
of an Exchange Offer Demand Notice.

     "Exchange Offer Demand Notice" is defined in Section 2(b)(i).

     "Exchange Offer Effectiveness Deadline Date" means the 180th day after the
Exchange Offer Demand Date.

     "Exchange Offer Filing Date" means the 90th day after the Exchange Offer
Demand Date.

     "Exchange Registration Statement" is defined in Section 2(b)(i).

     "Exchange Securities" is defined in Section 2(b)(i).

     "Filing Deadline Date" means September 6, 2004; provided, however, that the
Filing Deadline Date shall be extended by the aggregate number of days during
which the Company is obligated to provide 144A Marketing Assistance pursuant to
Section 2(a), plus a period of ninety (90) additional days.

     "Holder" has the meaning set forth in the second paragraph of this
Agreement.

     "indemnified Party" is defined in Section 7(c).

     "indemnifying Party" is defined in Section 7(c).

     "Indenture" means the Indenture dated the date hereof between the Company
and Wilmington Trust Company, as trustee, pursuant to which the Notes are being
issued.

     "Initial Holder" means CUSA.

     "Initial Shelf Registration Statement" has the meaning set forth in Section
3(a) hereof.

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     "Liquidated Damages Amount" has the meaning set forth in Section 3(e)
hereof.

     "Material Event" has the meaning set forth in Section 4(h) hereof.

     "Notes" means the Junior Unsecured Subordinated Notes due 2016 of the
Company.

     "Notice and Questionnaire" means a written notice delivered to the Company
containing substantially the information called for by the Selling
Securityholder Notice and Questionnaire attached as Annex A hereto.

     "Notice Holder" means, on any date, any Holder that has delivered a Notice
and Questionnaire to the Company on or prior to such date.

     "Offering Document" means an offering memorandum of the Company prepared
for use in connection with a 144A Resale pursuant to Section 2(a) hereof that is
similar in form and substance to a Prospectus and also contains the information
required by subsection (d)(4) of Rule 144A (including, without limitation, any
Offering Document that is subject to completion and any Offering Document that
includes any information omitted from a previously distributed Offering
Document), as amended or supplemented, together with each document incorporated
by reference therein or that forms an exhibit, appendix, schedule or attachment
thereto.

     "Other 144A Demand Notice" is defined in Section 2(c) hereof.

     "Prospectus" means the prospectus included in any Registration Statement
(including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act), as
amended or supplemented by any amendment or prospectus supplement, including
post-effective amendments, and all materials incorporated by reference or
explicitly deemed to be incorporated by reference in such Prospectus.

     "Record Holder" means with respect to any Damages Payment Date relating to
any Notes as to which any Liquidated Damages Amount has accrued, the registered
holder of such Note on the January 15 or July 15, as the case may be,
immediately preceding a Damages Payment Date.

     "Registrable Securities" means any Note until (A) the earliest of (i) its
effective registration under the Securities Act and resale in accordance with
the Registration Statement covering it, (ii) expiration of the holding period
that would be applicable thereto under Rule 144(k) or (iii) its sale to the
public pursuant to Rule 144 (or any similar provision then in force, but not
Rule 144A) under the Securities Act, and (B) as a result of the event or
circumstance described in any of the foregoing clauses (i) through (iii), the
legend with respect to transfer restrictions required under the Indenture is
removed or removable in accordance with the terms of the Indenture or such
legend, as the case may be.

     "Registration Statement" means any registration statement of the Company
that covers any of the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus, amendments and supplements to such
registration statement, including post-effective amendments, all exhibits and
all materials incorporated by reference or explicitly deemed to be incorporated
by reference in such registration statement.

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     "Rule 144" means Rule 144 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.

     "Rule 144A" means Rule 144A 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.

     "SEC" means the Securities and Exchange Commission.

     "Securities Act" means the Securities Act of 1933, as amended, or any
successor Federal statue, and the rules and regulations thereunder, all as the
same shall be in effect at the time. Reference to a particular section of, or
rule or regulation under, the Securities Act shall include a reference to the
comparable section, rule or regulation, if any, and as the case may be, of or
under the successor Federal statute.

     "Shelf Notice" has the meaning set forth in Section 2(b)(iii).

     "Shelf Registration Statement" has the meaning set forth in Section 3(a)
hereof.

     "Special Counsel" means Pillsbury Winthrop LLP or one such other successor
counsel as shall be specified by the Holders of a majority of the Registrable
Securities, but which may, with the written consent of the Initial Holder (which
shall not be unreasonably withheld), be another nationally recognized law firm
experienced in securities law matters designated by the Company, the reasonable
fees and expenses of which will be paid by the Company pursuant to Section 6
hereof.

     "Subsequent Shelf Registration Statement" has the meaning set forth in
Section 3(b) hereof.

     "Trustee" means Wilmington Trust Company, a Delaware banking corporation,
the Trustee under the Indenture.

     "Underwriter" has the meaning specified in Section 2(a) hereof.

     SECTION 2. Resale Assistance. (a) 144A Marketing Assistance. At any time
following the date that is 45 days prior to the Filing Deadline Date and prior
to the date that is 15 days prior to the Filing Date Deadline, upon receipt of a
written request from CUSA (a "144A Demand Notice"), the Company will provide
reasonable and customary assistance to CUSA in completing a private resale of
all, but not less than all of the Securities pursuant to Rule 144A or another
offering exempt from the registration requirements of the Securities Act (a
"144A Resale"), which assistance will involve the customary efforts an issuer
provides to initial purchasers in a private resale of securities pursuant to
Rule 144A; provided, that (A) the Company will not be required to provide such
assistance in connection with more than two 144A Resale Attempts in aggregate,
(B) the Company will not be required to provide such assistance in connection
with more than one 144A Resale Attempt in any 270 day period, (C) the Company's
obligations pursuant to this Section 2(a) shall be suspended during any Deferral
Period, (D) CUSA and the Company shall each act in good faith to plan all
activities in connection with any 144A Resale Attempt so as not to materially
interfere with the Company's public financial reporting process, (E) CUSA shall
retain, at its sole expense, a nationally recognized investment banking firm
reasonably acceptable to the Company to act as the initial purchaser or
underwriter

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of such 144A Resale on a firm commitment basis (the "Underwriter"), it being
understood that so long as (I) CUSA and the Underwriter contemplate entering
into a firm commitment underwriting or purchase arrangement in connection with
the subject 144A Resale during the course of 144A Marketing Assistance and (II)
if such 144A Resale is consummated, it is consummated pursuant to such a firm
commitment underwriting or purchase arrangement, the Underwriter shall be deemed
to be acting on a firm commitment basis, and (F) prior to delivery of a 144A
Demand Notice, CUSA shall have been advised by its anticipated Underwriter in
writing that it is reasonably confident that there are potential purchasers of
the Notes at such time. Notwithstanding anything to the contrary contained
herein, (1) if one 144A Resale that is the subject of such 144A Resale Attempts
is consummated, the Company shall have no further obligation to register
Registrable Securities pursuant to this Agreement, other than pursuant to
Section 2(b), (2) the Company will not be required to provide such 144A
Marketing Assistance following the consummation of one 144A Resale or the
performance by the Company of its obligations pursuant to this Section 2(a) in
connection with two 144A Resale Attempts, (3) at any time following delivery of
a 144A Demand Notice, CUSA may terminate the Company's obligation to provide
144A Marketing Assistance in connection with such 144A Demand Notice by
delivering written notice of such termination to the Company and (4) upon the
filing of a Shelf Registration Statement pursuant to Section 3, the obligations
of the Company under this Section 2 shall terminate. In connection with such a
144A Resale, the Company's assistance shall include:

               (i) The preparation of a preliminary Offering Document, omitting
     pricing related information, within 45 days of the Company's receipt of a
     properly given 144A Demand Notice; provided that before finalizing any such
     preliminary Offering Document the Company shall, if requested, furnish to
     and afford CUSA, its counsel and the Underwriter, a reasonable opportunity
     to review copies of such preliminary Offering Document at least five (5)
     Business Days prior to finalizing such document. CUSA shall not be
     obligated to accept any preliminary Offering Document as to which it, its
     counsel or the Underwriter shall reasonably object within five (5) Business
     Days of their receipt of such materials. Following the preparation of a
     preliminary Offering Document, within one Business Day of CUSA's written
     request therefor (if received prior to 4:00 p.m., New York time, or two
     Business Days otherwise), the Company shall use its reasonable best efforts
     to prepare a final Offering Document containing pricing information
     provided by CUSA previously omitted from the preliminary Offering Document.

               (ii) The notification of CUSA, its counsel and the Underwriter
     promptly (but in any event within three Business Days), in writing, (A) of
     the issuance by the SEC of any order preventing or suspending the use of
     any preliminary Offering Document or the initiation of any proceedings for
     that purpose; (B) of the receipt by the Company of any notification with
     respect to the suspension of the qualification or exemption from
     qualification of a preliminary Offering Document or any of the Notes for
     offer or sale in any jurisdiction, or the initiation or threatening of any
     proceeding for such purpose; and (C) of the happening of any event, the
     existence of any condition or any information becoming known that makes any
     statement made in such preliminary Offering Document untrue in any material
     respect or that requires the making of any changes in, or amendments or
     supplements to, such preliminary Offering Document so that it will not
     contain any untrue statement of a material fact or omit to state any
     material

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     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.

               (iii) The Company's use of its reasonable best efforts to prevent
     the issuance of any order preventing or suspending the use of an Offering
     Document or suspending the qualification (or exemption from qualification)
     of any of the Notes, for sale in any jurisdiction, and, if any such order
     is issued, the Company's use of its reasonable best efforts to obtain the
     withdrawal of any such order at the earliest possible date.

               (iv) At any time prior to the earlier of (x) consummation of a
     144A Resale of Notes covered by a final Offering Document or (y) the
     completion of the subject 144A Resale Attempt, upon the occurrence of any
     event contemplated by paragraph 2(a)(ii)(C) hereof, as promptly as
     practicable preparing an amendment or supplement to the final Offering
     Document so that the Offering Document, as thereafter delivered to the
     purchasers of the Notes being sold thereunder, 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.

               (v) The delivery to CUSA, its counsel, and the Underwriter of as
     many copies of the preliminary and final Offering Document as such persons
     may reasonably request. The Company hereby consents to the use of any such
     Offering Document by CUSA and the Underwriter and dealers (if any), in
     connection with the offering and sale of the Securities covered by such
     Offering Document.

               (vi) Prior to any 144A Resale of Notes covered by an Offering
     Document, the Company's use of its reasonable best efforts to register or
     qualify, and the cooperation with CUSA, its counsel and the Underwriter in
     connection with the registration or qualification (or exemption from such
     registration or qualification) of such Notes for offer and sale under the
     securities or Blue Sky laws of such state and local jurisdictions within
     the United States as CUSA or the Underwriter may reasonably request in
     writing; the maintenance of effectiveness of each such registration or
     qualification (or exemption therefrom) during the period it is required to
     be kept effective and the performance of all other acts or things
     reasonably necessary or advisable to enable the disposition in such
     jurisdictions of the Notes covered by the applicable Offering Document;
     provided that the Company shall not be required to (i) qualify generally to
     do business in any jurisdiction where it is not then so qualified; (ii)
     take any action that would subject it to general service of process in any
     such jurisdiction where it is not then so subject; or (iii) subject itself
     to taxation in excess of a nominal dollar amount in any such jurisdiction
     where it is not then so subject.

               (vii) The cooperation with CUSA and the Underwriter to facilitate
     the timely preparation and delivery of certificates representing Notes to
     be sold, which certificates shall be in a form eligible for deposit with
     The Depository Trust Company and otherwise in such denominations and
     registered in such names as the Underwriter or CUSA may reasonably request.

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               (viii) Prior to the 144A Resale of the Notes covered by an
     Offering Document, (i) providing a registrar for such Notes, (ii) providing
     such registrar with certificates for such Notes in a form eligible for
     deposit with The Depository Trust Company, and (iii) providing a CUSIP
     number for such Notes.

               (ix) Entering into and performing customary underwriting or
     purchase agreements with any Underwriter selected as set forth above and
     making such representations (as are customarily made by issuers to
     underwriters) and taking such other actions in connection therewith in
     order to facilitate the 144A Resale of the Notes covered by an Offering
     Document as may be reasonably requested by CUSA.

               (x) Making available at reasonable times for inspection by CUSA,
     its counsel and the Underwriter participating in the 144A Resale all
     financial and other records, pertinent corporate documents and properties
     of the Company and its subsidiaries as shall be reasonably necessary to
     enable them to exercise their due diligence responsibility, and causing the
     Company's and its subsidiaries' officers, directors and employees, and the
     independent public accountants of the Company, to supply all information
     reasonably requested by any such persons in connection therewith; provided
     that such persons shall first agree in writing with the Company that any
     non-public information shall be kept confidential by such persons and shall
     be used solely for the purposes of exercising rights under this Agreement,
     unless (i) disclosure of such information is required by court or
     administrative order or is necessary to respond to inquiries of regulatory
     authorities, (ii) disclosure of such information is required by law
     (including any disclosure requirements pursuant to federal securities laws
     in connection with the filing of any Registration Statement or the use of
     any Prospectus or Offering Document referred to in this Agreement), (iii)
     such information becomes generally available to the public other than as a
     result of a disclosure or failure to safeguard by any such person or (iv)
     such information becomes available to any such person from a source other
     than the Company and such source is not bound by a confidentiality
     agreement, and provided further that the foregoing inspection and
     information gathering shall, to the greatest extent possible, be
     coordinated on behalf of all Underwriters and the other parties entitled
     thereto by its counsel. Any person legally compelled to disclose any such
     confidential information made available for inspection shall provide the
     Company with prompt prior written notice of such requirement so that the
     Company may seek a protective order or other appropriate remedy.

               (xi) Causing to be delivered to the Underwriter (i) "cold
     comfort" letters dated the date of the underwriting or purchase agreement
     and the date of the closing under the underwriting or purchase agreement
     from the Company's independent public accountants in form reasonably
     satisfactory to the Underwriters selected as set forth above and covering
     such matters of the type customarily covered by "cold comfort" letters (to
     the extent permitted by applicable accounting literature) as the
     Underwriter reasonably requests, (ii) one or more opinions of counsel,
     dated the date of consummation of such 144A Resale, addressing customary
     matters relating to the Company, such 144A Resale and the securities sold
     pursuant thereto, including, without limitation, a customary "10b-5"
     statement and (iii) such customary certificates from officers of the
     Company as the Underwriter may reasonably request.

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               (xii) Making executive officers of the Company available, upon
     reasonable notice, to participate in customary road shows and other
     informational meetings and conference calls with prospective purchasers as
     may be reasonably requested by the Underwriter; provided, that such road
     show or series of informational meetings shall not extend beyond a period
     of three days and provided further that CUSA shall act in good faith to
     limit the duration and frequency of such activities such that they would
     not reasonably be expected to interfere with such executive officers'
     performance of their regular duties on behalf of the Company.

               (xiii) The Company's use of its reasonable best efforts to cause
     the Notes covered by an Offering Document to be rated with the one or more
     nationally recognized rating agencies, if so requested by the Underwriter.

               (xiv) Obtaining the approval of The Depository Trust Company for
     "book-entry" transfer of the Notes, and compliance with all of its
     agreements set forth in the representation letters of the Company to DTC
     relating to the approval of the Securities by DTC for "book-entry"
     transfer.

               (xv) The Company's use of its reasonable best efforts to effect
     the inclusion of Registrable Securities covered by an Offering Document in
     the Portal Market of the National Association of Securities Dealers, Inc.
     and to maintain such listing for so long as such Notes are Registrable
     Securities.

CUSA may at any time, by irrevocable written notice to the Company, elect to
terminate all further obligations of the Company under this Section 2(a). Upon
receipt of such notice, the Company shall have no further obligations under this
Section 2(a) or to provide any further 144A Marketing Assistance.

          (b) Exchange Offer. (i) At any time following the completion of a 144A
Minimum Resale, but not more than once, upon the written notice of CUSA (the
"Exchange Offer Demand Notice"), the Company shall file a registration statement
with the SEC no later than the Exchange Offer Filing Date, pursuant to which the
Company shall offer to all Holders to exchange (the "Exchange Offer") any and
all of the Notes for new securities (the "Exchange Securities") identical in all
material respects to the Notes, except that the Exchange Securities shall have
been registered pursuant to an effective Registration Statement under the
Securities Act, shall contain no restrictive legend thereon, except as otherwise
specifically required by the other provisions of this Agreement, and shall
contain no provision for Liquidated Damages Amounts; provided that the Company
shall not be required to extend the Exchange Offer (which shall not be deemed to
include the private exchange referred to in clause (5) below) to CUSA unless
CUSA delivers to the Company, at least five Business Days prior to the
effectiveness of the Exchange Registration Statement, an opinion of outside
counsel, reasonably acceptable to the Company, to the effect that CUSA may
participate in the Exchange Offer and receive Exchange Securities on the date of
the exchange that may be sold without restriction under federal securities laws.
The Company shall not be obligated to effect more than one Exchange Offer. The
Exchange Offer shall be registered under the Securities Act on the appropriate
form (the "Exchange Registration Statement") and shall comply with all
applicable tender offer rules and regulations under the Exchange Act. The
Company agrees to use its reasonable best efforts to (1) file the initial
Exchange Registration Statement with the SEC on or prior to the Exchange Offer

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Filing Date; (2) cause the Exchange Registration Statement to be declared
effective under the Securities Act on or before the Exchange Offer Effectiveness
Deadline Date; (3) keep the Exchange Offer open for at least 20 Business Days
(or longer if required by applicable law) after the date that notice of the
Exchange Offer is first mailed to Holders; (4) consummate the Exchange Offer
within 220 days after the Exchange Offer Demand Date; and (5) concurrently with
the consummation of such Exchange Offer privately exchange any Registrable
Securities held by CUSA for Exchange Securities (such exchange securities to
contain any appropriate restrictive legends required by law) having the same
CUSIP number as the corresponding Notes offered in the Exchange Offer to the
extent CUSA complied with the requests to participate in such Exchange Offer set
forth above. Notwithstanding the foregoing, all periods of time required
hereunder may be extended for any Deferral Period. If after such Exchange
Registration Statement is initially declared effective by the SEC, the Exchange
Offer or the issuance of the Exchange Securities thereunder is interfered with
by any stop order, injunction or other order or requirement of the SEC or any
other governmental agency or court, then such Exchange Registration Statement
shall be deemed not to have become effective for purposes of this Agreement.
Each Holder who participates in the Exchange Offer will be required to represent
that any Exchange Securities 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 Securities, that such Holder is
not an Affiliate of the Company within the meaning of the Securities Act and any
additional representations that in the written opinion of counsel to the Company
are necessary under then-existing interpretations of the SEC in order for the
Exchange Registration Statement to be declared effective. Upon consummation of
the Exchange Offer in accordance with this Section 2(b)(i), the Company shall
have no further obligation to register Registrable Securities pursuant to this
Agreement except as provided in Section 2(b)(iii). No securities other than the
Exchange Securities shall be included in the Exchange Registration Statement.

               (ii) In connection with the Exchange Offer, the Company shall:

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

                    (2) permit Holders to withdraw tendered Registrable
     Securities 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

                    (3) otherwise comply in all material respects with all
     applicable laws.

     As soon as practicable after the close of the Exchange Offer, the Company
shall:

                    (1) accept for exchange all Registrable Securities validly
     tendered and not validly withdrawn pursuant to the Exchange Offer;

                    (2) promptly cancel or deliver to the designated transfer
     agent and registrar for cancellation all Registrable Securities so accepted
     for exchange; and

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                    (3) deliver promptly or cause the designated registrar to
     deliver promptly to each Holder tendering such Registrable Securities,
     Exchange Securities, equal in aggregate principal amount to the Notes of
     such Holder so accepted for exchange.

     The Exchange Securities will be issued subject to the terms of the
Indenture.

          (iii) In addition to conducting the Exchange Offer provided for in
Section 2(b)(i) above, if (1) because of any change in law or in currently
prevailing interpretations of the SEC, the Company reasonably determines in good
faith, based upon written advice of qualified outside counsel, that it is not
permitted to effect the Exchange Offer; (2) the Exchange Offer is not commenced
on or prior to the Exchange Offer Effectiveness Deadline Date; (3) the Exchange
Offer is, for any reason, not consummated on or prior to the 220th day after the
Exchange Offer Demand Date; (4) any Holder (excluding CUSA) validly tendering
Registrable Securities in an Exchange Offer who has accurately made the
representations called for in Section 2(b) causes to be delivered to the Company
an opinion of outside counsel to such Holder reasonably acceptable to the
Company to the effect that such Holder did not receive Exchange Securities on
the date of the exchange that may be sold without restriction under federal
securities laws; or (5) because of any applicable law or prevailing
interpretations of the SEC in effect as of the date hereof, the Company
reasonably determines in good faith, based upon the written opinion of
nationally recognized qualified outside counsel, that it is not permitted to
include the Registrable Securities of a Holder in such Exchange Offer, then the
Company shall (in the case of clause (iv) only, upon the written request of any
affected Holder (excluding CUSA) received within 30 days of the consummation of
the Exchange Offer) promptly deliver to the Holders a written notice thereof
(the "Shelf Notice") and shall file a Shelf Registration pursuant to Section
3(a) covering all Registrable Securities.

          (c) Assistance in Connection with Other 144A Resales. Upon reasonable
request and notice from CUSA ("Other 144A Demand Notice"), the Company will
provide reasonable assistance to CUSA from time to time in connection with 144A
Resales by CUSA not requiring the 144A Marketing Assistance provided for in
Section 2(a). Such reasonable assistance shall not count towards the maximum
number of 144A Resale Attempts with respect to which the Company is required to
provide 144A Marketing Assistance pursuant to Section 2(a) if CUSA promptly
reimburses the Company for the expenses incurred by the Company pursuant to
Section 6 in connection with rendering such assistance. Such reasonable
assistance shall include making executive officers of the Company available,
upon reasonable notice, to participate in conference calls with persons believed
by CUSA in good faith to be interested potential purchasers of the Notes;
provided that CUSA shall act in good faith to limit the duration and frequency
of such conference calls such that in the aggregate such activities could not
unreasonably interfere with such executive officers' performance of their
regular duties on behalf of the Company. In addition, in connection with any
144A Marketing Assistance provided pursuant to this Section 2(c), (1) in the
event the Company is not subject to Section 13 or Section 15(d) of the Exchange
Act at such time (or at that time is not current in its reporting under such
sections), upon the request of CUSA or any interested potential purchaser
identified by CUSA, the Company shall as promptly as practicable (but in any
event within the time period specified in the Indenture) provide the requesting
person information of the type described in subsection (d)(4) of Rule 144A and
(2) prior to the effectiveness of the Exchange Registration Statement, upon
request and reasonable notice from CUSA, subject to compliance with applicable
law, the

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Company shall afford the benefits of Section 2(b) to the Holders of any and all
Notes eligible to participate in the Exchange Offer, subject, in the case of
CUSA, to the delivery of the opinion of counsel required under Section 2(b)(i).

     SECTION 3. Shelf Registration. (a) The Company shall prepare and file or
cause to be prepared and filed with the SEC, not later than the Filing Deadline
Date, a Registration Statement for an offering to be made on a delayed or
continuous basis pursuant to Rule 415 of the Securities Act (a "Shelf
Registration Statement") registering the resale from time to time by Holders
thereof of all of the Registrable Securities (the "Initial Shelf Registration
Statement"). The Initial Shelf Registration Statement shall be on Form S-3 or
another appropriate form permitting registration of such Registrable Securities
for resale by such Holders in accordance with the methods of distribution
elected by the Holders and set forth in the Initial Shelf Registration
Statement. The Company shall use its reasonable best efforts to cause the
Initial Shelf Registration Statement to be declared effective under the
Securities Act by December 3, 2004 (the "Effectiveness Deadline Date", which
shall be extended by the aggregate number of days during which the Company is
obligated to provide 144A Marketing Assistance under Section 2(a), plus a period
of ninety (90) days), and to keep the Initial Shelf Registration Statement (or
any Subsequent Shelf Registration Statement) continuously effective under the
Securities Act until the expiration of the Effectiveness Period. At the time the
Initial Shelf Registration Statement is declared effective, each Holder that
became a Notice Holder on or prior to the date ten (10) Business Days prior to
such time of effectiveness shall be named as a selling securityholder in the
Initial Shelf Registration Statement and the related Prospectus in such a manner
as to permit such Holder to deliver such Prospectus to purchasers of Registrable
Securities in accordance with applicable law. Notwithstanding the foregoing, the
Company shall have no further obligations under Section 3(a) or 3(b), (1) from
and after the delivery of a 144A Demand Notice or an Other 144A Demand Notice
(other than pursuant to Section 2(b)(iii)) until CUSA has delivered written
notice of the termination of the Company's assistance obligations with respect
to such 144A Demand Notice or Other 144A Demand Notice, as the case may be, (2)
following the consummation of one 144A Resale and (3) following the delivery of
one 144A Demand Notice unless, in the case of this clause (3), a 144A Resale was
not consummated and the Initial Holder has reimbursed the Company for all fees
and expenses incurred by the Company pursuant to Section 6 in connection with
the performance of its obligations under Section 2. None of the Company's
security holders (other than the Holders of Registrable Securities) shall have
the right to include any of the Company's securities in the Shelf Registration
Statement.

          (b) If the Initial Shelf Registration Statement or any Subsequent
Shelf Registration Statement ceases to be effective for any reason at any time
during the Effectiveness Period (other than because all Registrable Securities
registered thereunder shall have been resold pursuant thereto or shall have
otherwise ceased to be Registrable Securities), the Company shall use its
reasonable best efforts to obtain the prompt withdrawal of any order suspending
the effectiveness thereof, and in any event shall within thirty (30) days of
such cessation of effectiveness amend the Shelf Registration Statement in a
manner reasonably expected to obtain the withdrawal of the order suspending the
effectiveness thereof, or file an additional Shelf Registration Statement
covering all of the securities that as of the date of such filing are
Registrable Securities (a "Subsequent Shelf Registration Statement"). If a
Subsequent Shelf Registration Statement is filed, the Company shall use its
reasonable best efforts to cause the Subsequent Shelf Registration Statement to
become effective as promptly as is reasonably

                                       11

<PAGE>

practicable after such filing and to keep such Registration Statement (or
Subsequent Shelf Registration Statement) continuously effective until the end of
the Effectiveness Period in the case of the Initial Shelf Registration Statement
or any Subsequent Shelf Registration Statement. As used herein, "Shelf
Registration Statement" means the Initial Shelf Registration Statement and any
Subsequent Shelf Registration Statement.

          (c) The Company shall supplement and amend the Shelf Registration
Statement if required by the rules, regulations or instructions applicable to
the registration form used by the Company for such Shelf Registration Statement,
if required by the Securities Act or as necessary to name a Notice Holder as a
selling securityholder pursuant to Section (e) below.

          (d) Each Holder agrees that if such Holder wishes to sell Registrable
Securities pursuant to a Shelf Registration Statement and related Prospectus, it
will do so only in accordance with this Section 3(d) and Section 4(h) and
Section 5 of this Agreement. Following the date that the Initial Shelf
Registration Statement is declared effective, each Holder wishing to sell
Registrable Securities pursuant to a Shelf Registration Statement and related
Prospectus agrees to deliver a Notice and Questionnaire to the Company at least
ten (10) Business Days prior to any intended distribution of Registrable
Securities under the Shelf Registration Statement. From and after the date the
Initial Shelf Registration Statement is declared effective, the Company shall,
as promptly as practicable after the date a Notice and Questionnaire is
delivered pursuant to Section 9(c), and in any event upon the later of (x)
fifteen (15) Business Days after such date or (y) fifteen (15) Business Days
after the expiration of any Deferral Period in effect when the Notice and
Questionnaire is delivered or put into effect within fifteen (15) Business Days
of such delivery date:

               (i) if required by applicable law or policy of the SEC staff,
     file with the SEC a post-effective amendment to the Shelf Registration
     Statement or file a subsequent Shelf Registration Statement or prepare and,
     if required by applicable law, file a supplement to the related Prospectus
     or a supplement or amendment to any document incorporated therein by
     reference or file any other required document so that the Holder delivering
     such Notice and Questionnaire is named as a selling securityholder in a
     Shelf Registration Statement and the related Prospectus in such a manner as
     to permit such Holder to deliver such Prospectus to purchasers of the
     Registrable Securities in accordance with applicable law and, if the
     Company shall file a post-effective amendment to the Shelf Registration
     Statement of file a subsequent Shelf Registration Statement, use its
     reasonable best efforts to cause such post-effective amendment or
     subsequent Shelf Registration Statement to be declared effective under the
     Securities Act as promptly as is reasonably practicable, but in any event
     by the date (the "Amendment Effectiveness Deadline Date") that is
     forty-five (45) days after the date such post-effective amendment or
     subsequent Shelf Registration Statement is required by this clause to be
     filed;

               (ii) provide such Holder copies of any documents filed pursuant
     to Section 3(d)(i); and

               (iii) notify such Holder as promptly as practicable after the
     effectiveness under the Securities Act of any post-effective amendment or
     subsequent Shelf Registration Statement filed pursuant to Section 3(d)(i);

                                       12

<PAGE>

provided, that if such Notice and Questionnaire is delivered during a Deferral
Period, the Company shall so inform the Holder delivering such Notice and
Questionnaire and shall, to the extent required, take the actions set forth in
clauses (i), (ii) and (iii) above upon expiration of the Deferral Period in
accordance with Section 4(h). Notwithstanding anything contained herein to the
contrary, (i) the Company shall be under no obligation to name any Holder that
is not a Notice Holder as a selling securityholder in any Registration Statement
or related Prospectus and (ii) the Amendment Effectiveness Deadline Date shall
be extended by up to ten (10) Business Days from the expiration of a Deferral
Period (and the Company shall incur no obligation to pay Liquidated Damages
during such extension) if such Deferral Period shall be in effect on the
Amendment Effectiveness Deadline Date.

          (e) The parties hereto agree that the Holders of Registrable
Securities will suffer damages, and that it would not be feasible to ascertain
the extent of such damages with precision, if, other than as permitted
hereunder,

               (i) the Exchange Registration Statement has not been filed by the
     Exchange Offer Filing Date,

               (ii) the Initial Shelf Registration Statement has not been filed
     by the Filing Deadline Date,

               (iii) the Exchange Registration Statement has not been declared
     or otherwise become effective under the Securities Act on or prior to the
     Exchange Offer Effectiveness Deadline Date,

               (iv) the Initial Shelf Registration Statement has not been
     declared or otherwise become effective under the Securities Act on or prior
     to the Effectiveness Deadline Date,

               (v) the Company has failed to perform its obligations set forth
     in Section 3(d)(i) within the time period required therein,

               (vi) the aggregate duration of Deferral Periods relating to a
     Shelf Registration in any period exceeds the number of days permitted in
     respect of such period pursuant to Section 4(h) hereof, or

               (vii) the number of Deferral Periods relating to a Shelf
     Registration in any period exceeds the number permitted in respect of such
     period pursuant to Section 4(h) hereof.

     Each event described in any of the foregoing clauses (i) through (vii) is
individually referred to herein as an "Event". For purposes of this Agreement,
each Event set forth above shall begin and end on the dates set forth in the
table below:

 Type of
Event by
 Clause             Beginning Date                       Ending Date
--------   --------------------------------   ----------------------------------

                                       13

<PAGE>

 Type of
Event by
 Clause             Beginning Date                       Ending Date
--------   --------------------------------   ----------------------------------
   (i)     Exchange Offer Filing Date         the date the Exchange Registration
                                              Statement is filed

  (ii)     Filing Deadline Date               the date the Initial Shelf
                                              Registration Statement is filed

 (iii)     Exchange Offer Effectiveness       the date the Exchange
           Deadline Date                      Registration Statement becomes
                                              effective under the Securities
                                              Act

  (iv)     Effectiveness Deadline Date        The date the Initial Shelf
                                              Registration Statement becomes
                                              effective under the Securities
                                              Act

   (v)     the date by which the Company is   the date the Company performs
           required to perform its            its obligations set forth in
           obligations under Section          Section 3(d)(i)
           3(d)(i)

  (vi)     the date on which the aggregate    termination of the Deferral Period
           duration of the Deferral Periods   that caused the limit on the
           relating to Shelf Registration     aggregate duration of Deferral
           Statements in any period exceeds   Periods relating to Shelf
           the number of days permitted by    Registration Statements to be
           Section 4(h)                       exceeded

 (vii)     the date of commencement of a      termination of the Deferral Period
           Deferral Period that causes        that caused the number of Deferral
           the number of Deferral Periods     Periods relating to Shelf
           relating to Shelf Registration     Registration Statements to exceed
           Statements to exceed the           the number permitted by
           number permitted by                Section 4(h)
           Section 4(h)

     For purposes of this Agreement, Events shall begin on the dates set forth
in the table above and shall continue to, but exclude, the ending dates set
forth in the table above.

     Commencing on (and including) any date that an Event has begun and ending
on (but excluding) the next date on which there are no Events that have occurred
and are continuing (a "Damages Accrual Period"), the Company shall pay, as
liquidated damages and not as a penalty, to Record Holders of Registrable
Securities an amount (the "Liquidated Damages Amount") accruing, for each day in
the Damages Accrual Period, in respect of any Note, at a rate per annum equal to
0.5% of the aggregate principal amount of such Note; provided that in the case
of a Damages Accrual Period that is in effect solely as a result of an Event of
the type described in clause (iv) or (v) of the first paragraph of this Section
3(e), such Liquidated Damages Amount shall be paid only to the Holders (as set
forth in the succeeding paragraph) that have delivered Notices and
Questionnaires that caused the Company to incur the obligations set forth in
Section 3(d) the non-performance of which is the basis of such Event. The
Liquidated Damages Amount will be determined by applying the applicable
liquidated damages rate to the aggregate principal amount of the Registrable
Securities outstanding on a daily basis during such period but utilizing a
360-day year of twelve 30-day months. Notwithstanding the foregoing, no
Liquidated Damages

                                       14

<PAGE>

Amount shall accrue as to any Registrable Security from and after the earlier of
(x) the date such security is no longer a Registrable Security and (y)
expiration of the Effectiveness Period. The rate of accrual of the Liquidated
Damages Amount with respect to any period shall not exceed the rate provided for
in this paragraph notwithstanding the occurrence of multiple concurrent Events.

     The Liquidated Damages Amount shall accrue from the first day of the
applicable Damages Accrual Period, and shall be payable on each Damages Payment
Date during the Damages Accrual Period (and on the Damages Payment Date next
succeeding the end of the Damages Accrual Period if the Damage Accrual Period
does not end on a Damages Payment Date) to the Record Holders of the Registrable
Securities entitled thereto; provided that any Liquidated Damages Amount accrued
with respect to any Note or portion thereof redeemed by the Company on a
redemption date prior to the Damages Payment Date, shall, in any such event, be
paid instead to the Holder who submitted such Note or portion thereof for
redemption on the applicable redemption date on such date; provided, further,
that, in the case of an Event of the type described in clause (iv) or (v) of the
first paragraph of this Section 3(e), such Liquidated Damages Amount shall be
paid only to the Holders entitled thereto pursuant to such first paragraph.
Liquidated Damages Amounts payable pursuant to this Agreement may be paid in the
form of additional Notes equal in principal amount to the Liquidated Damages
Amounts or, at the Company's option, such amounts may be paid in cash by check
mailed to the address set forth in the Notice and Questionnaire delivered by
such Holder; provided that Liquidated Damages Amounts paid upon redemption of
Notes shall be payable only in cash or in accordance with the terms of Section
5.08 of the Indenture. The Trustee shall be entitled, on behalf of registered
holders of Notes to seek any available remedy for the enforcement of this
Agreement, including for the payment of such Liquidated Damages Amount.
Notwithstanding the foregoing, the parties agree that the sole damages payable
for a violation of the terms of this Agreement with respect to which liquidated
damages are expressly provided shall be the Liquidated Damages Amount. Nothing
shall preclude any Holder from pursuing or obtaining specific performance or
other equitable relief with respect to this Agreement.

     All of the Company's obligations set forth in this Section 3(e) that are
outstanding with respect to any Registrable Security at the time such security
ceases to be a Registrable Security shall survive until such time as all such
obligations with respect to such security have been satisfied in full
(notwithstanding termination of this Agreement pursuant to Section 9(k)).

     The parties hereto agree that the Liquidated Damages Amounts provided for
in this Section 3(e) constitute a reasonable estimate of the damages that may be
incurred by Holders of Registrable Securities by reason of the failure of any
Shelf Registration Statement or Exchange Registration Statement to be filed or
declared effective or available for effecting resales or exchanges of
Registrable Securities in accordance with the provisions hereof.

     SECTION 4. Registration Procedures. In connection with the registration
obligations of the Company under Sections 2 and 3 hereof, during the
Effectiveness Period, the Company shall:

          (a) Prepare and file with the SEC a Registration Statement or
Registration Statements on Form S-3, S-4 or another appropriate form under the
Securities Act available for the sale of the Registrable Securities by the
Holders thereof in accordance with the intended method or methods of
distribution thereof, and use its reasonable best efforts to cause each such

                                       15

<PAGE>

Registration Statement to become effective and remain effective as provided
herein; provided that before filing any Registration Statement or Prospectus or
any amendments or supplements thereto with the SEC, furnish to the Initial
Holder and the Special Counsel of such offering, if any, copies of all such
documents proposed to be filed at least 5 Business Days prior to the filing of
such Registration Statement or amendment thereto or Prospectus or supplement
thereto.

          (b) Subject to Section 4(h), prepare and file with the SEC such
amendments and post-effective amendments to each Registration Statement as may
be necessary to keep such Registration Statement continuously effective for the
applicable period specified in Section 2(a) or Section 3(a); cause the related
Prospectus to be supplemented by any required prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provisions then in
force) under the Securities Act; and use its reasonable best efforts to comply
with the provisions of the Securities Act applicable to it with respect to the
disposition of all securities covered by such Registration Statement during the
Effectiveness Period in accordance with the intended methods of disposition by
the sellers thereof set forth in such Registration Statement as so amended or
such Prospectus as so supplemented.

          (c) As promptly as practicable give notice to the Notice Holders, the
Initial Holder and the Special Counsel, (i) when any Prospectus, prospectus
supplement, Registration Statement or post-effective amendment to a Registration
Statement has been filed with the SEC and, with respect to a Registration
Statement or any post-effective amendment, when the same has been declared
effective, (ii) of any request, following the effectiveness of the Initial Shelf
Registration Statement under the Securities Act, by the SEC or any other federal
or state governmental authority for amendments or supplements to any
Registration Statement or related Prospectus or for additional information,
(iii) of the issuance by the SEC or any other federal or state governmental
authority of any stop order suspending the effectiveness of any Registration
Statement or the initiation or threatening of any proceedings for that purpose,
(iv) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, (v) of the occurrence of, but
not the nature of or details concerning, a Material Event and (vi) of the
determination by the Company that a post-effective amendment to a Registration
Statement will be filed with the SEC, which notice may, at the discretion of the
Company (or as required pursuant to Section 4(h)), state that it constitutes a
Deferral Notice, in which event the provisions of Section 4(h) shall apply.

          (d) Use its reasonable best efforts to obtain the withdrawal of any
order suspending the effectiveness of a Registration Statement or the lifting of
any suspension of the qualification (or exemption from qualification) of any of
the Registrable Securities for sale in any jurisdiction in which they have been
qualified for sale, in either case at the earliest possible moment, and provide
immediate notice to each Notice Holder and the Initial Holder of the withdrawal
of any such order.

          (e) As promptly as practicable furnish to each Notice Holder, the
Special Counsel and the Initial Holder, upon request and without charge, at
least one (1) conformed copy of the Registration Statement and any amendment
thereto, including exhibits and all documents incorporated or deemed to be
incorporated therein by reference.

                                       16

<PAGE>

          (f) During the Effectiveness Period, deliver to each Notice Holder,
the Special Counsel, if any, and the Initial Holder, in connection with any sale
of Registrable Securities pursuant to a Registration Statement, without charge,
as many copies of the Prospectus or Prospectuses relating to such Registrable
Securities (including each preliminary prospectus) and any amendment or
supplement thereto as such Notice Holder may reasonably request; and the Company
hereby consents (except during such periods that a Deferral Notice is
outstanding and has not been revoked) to the use of such Prospectus or each
amendment or supplement thereto by each Notice Holder in connection with any
offering and sale of the Registrable Securities covered by such Prospectus or
any amendment or supplement thereto in the manner set forth therein.

          (g) Prior to any public offering of the Registrable Securities
pursuant to a Registration Statement, use its reasonable best efforts to
register or qualify or cooperate with the Notice Holders and the Special Counsel
in connection with the registration or qualification (or exemption from such
registration or qualification) of such Registrable Securities for offer and sale
under the securities or Blue Sky laws of such jurisdictions within the United
States as any Notice Holder reasonably requests in writing (which request may be
included in the Notice and Questionnaire); prior to any public offering of the
Registrable Securities pursuant to the Shelf Registration Statement, use its
reasonable best efforts to keep each such registration or qualification (or
exemption therefrom) effective during the Effectiveness Period in connection
with such Notice Holder's offer and sale of Registrable Securities pursuant to
such registration or qualification (or exemption therefrom) and do any and all
other acts or things reasonably necessary or advisable to enable the disposition
in such jurisdictions of such Registrable Securities in the manner set forth in
the relevant Registration Statement and the related Prospectus; provided that
the Company will not be required to (i) qualify as a foreign corporation or as a
dealer in securities in any jurisdiction where it would not otherwise be
required to qualify but for this Agreement or (ii) take any action that would
subject it to general service of process in suits or to taxation in any such
jurisdiction where it is not then so subject.

          (h) Upon (A) the issuance by the SEC of a stop order suspending the
effectiveness of any Registration Statement or the initiation of proceedings
with respect to any Registration Statement under Section 9(d) or 9(e) of the
Securities Act, (B) the occurrence of any event or the existence of any fact (a
"Material Event") as a result of which any Registration Statement shall 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, or any Prospectus shall 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 the light of the circumstances
under which they were made, not misleading, or (C) the occurrence or existence
of any pending corporate development that, in the sole judgment of the Company,
makes it appropriate to suspend the availability of any Registration Statement
and the related Prospectus:

               (i) in the case of clause (B) above, subject to the next
     sentence, as promptly as reasonably practicable prepare and file, if
     necessary pursuant to applicable law, a post-effective amendment to such
     Registration Statement or a supplement to the related Prospectus or any
     document incorporated therein by reference or file any other required
     document that would be incorporated by reference into such Registration
     Statement and Prospectus so that such Registration Statement does 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 such Prospectus does not contain any
     untrue statement of a material fact or omit to state any material fact
     required to be stated therein

                                       17

<PAGE>

     or necessary to make the statements therein, in the light of the
     circumstances under which they were made, not misleading, as thereafter
     delivered to the purchasers of the Registrable Securities being sold or
     exchanged thereunder, and, in the case of a post-effective amendment to a
     Registration Statement, subject to the next sentence, use its reasonable
     best efforts to cause it to be declared effective as promptly as is
     practicable, and

               (ii) give notice to the Notice Holders, and the Special Counsel,
     if any, that the availability of any Registration Statement is suspended (a
     "Deferral Notice") and, upon receipt of any Deferral Notice, each Notice
     Holder agrees not to sell any Registrable Securities pursuant to the
     Registration Statement until such Notice Holder's receipt of copies of the
     supplemented or amended Prospectus provided for in clause (i) above, or
     until it is advised in writing by the Company that the Prospectus may be
     used, and has received copies of any additional or supplemental filings
     that are incorporated or deemed incorporated by reference in such
     Prospectus.

     The Company will use its reasonable best efforts to ensure that the use of
the Prospectus may be resumed (x) in the case of clause (A) above, as promptly
as is reasonably practicable, (y) in the case of clause (B) above, as soon as,
in the sole judgment of the Company, public disclosure of such Material Event
would not be prejudicial to or contrary to the interests of the Company or, if
necessary to avoid unreasonable burden or expense, as soon as reasonably
practicable thereafter and (z) in the case of clause (C) above, as soon as in
the sole judgment of the Company, such suspension is no longer appropriate. The
Company shall be entitled to exercise its right under this Section 4(h) to
suspend the availability of any Registration Statement or any Prospectus,
without incurring or accruing any obligation to pay Liquidated Damages Amounts
pursuant to Section 3(e), and any such period during which the availability of
the Registration Statement and any Prospectus is suspended (the "Deferral
Period") shall, without incurring any obligation to pay Liquidated Damages
Amounts pursuant to Section 3(e), not exceed 45 days; provided that the
aggregate duration of any Deferral Periods shall not exceed 45 days in any
90-day period (or 75 days in any 90-day period in the event of a Material Event
pursuant to which the Company has delivered a second notice as permitted below)
or 90 days in any 360-day period; provided further that in the case of a
Material Event relating to an acquisition or a probable acquisition or
financing, recapitalization, business combination or other similar transaction,
the Company may, without incurring any obligation to pay Liquidated Damages
Amounts pursuant to Section 3(e), deliver to Notice Holders a second notice to
the effect set forth above, which shall have the effect of extending the
Deferral Period by up to an additional 30 days, or such shorter period of time
as is specified in such second notice. Each Notice Holder agrees to hold any
notice by the Company in respect of any Deferral Period or Material Event
described in the last clause of the preceding sentence in confidence.

          (i) If requested in writing in connection with an underwritten
disposition of Registrable Securities pursuant to a Registration Statement, make
reasonably available for inspection during normal business hours by a
representative for the underwriters of such Registrable Securities, any
attorneys and accountants retained by such underwriters all relevant financial
and other records and pertinent corporate documents and properties of the
Company and its subsidiaries, and cause the appropriate officers, directors and
employees of the Company

                                       18

<PAGE>

and its subsidiaries to make reasonably available for inspection during normal
business hours on reasonable notice all relevant information reasonably
requested by such representative for such underwriters, or any attorneys or
accountants in connection with such disposition, in each case as is customary
for similar "due diligence" examinations; provided that such persons shall first
agree in writing with the Company that any non-public information shall be kept
confidential by such persons and shall be used solely for the purposes of
exercising rights under this Agreement, unless (i) disclosure of such
information is required by court or administrative order or is necessary to
respond to inquiries of regulatory authorities, (ii) disclosure of such
information is required by law (including any disclosure requirements pursuant
to federal securities laws in connection with the filing of any Registration
Statement or the use of any prospectus referred to in this Agreement), (iii)
such information becomes generally available to the public other than as a
result of a disclosure or failure to safeguard by any such person or (iv) such
information becomes available to any such person from a source other than the
Company and such source is not bound by a confidentiality agreement, and
provided further that the foregoing inspection and information gathering shall,
to the greatest extent possible, be coordinated on behalf of all underwriters
and the other parties entitled thereto by Special Counsel. Any person legally
compelled to disclose any such confidential information made available for
inspection shall provide the Company with prompt prior written notice of such
requirement so that the Company may seek a protective order or other appropriate
remedy.

          (j) Comply in all material respects with all applicable rules and
regulations of the SEC and make generally available to its securityholders
earning statements (which need not be audited) satisfying the provisions of
Section 1l(a) of the Securities Act and Rule 158 thereunder (or any similar rule
promulgated under the Securities Act) for a 12-month period commencing on the
first day of the first fiscal quarter of the Company commencing after the
effective date of a Registration Statement, which statements shall be made
available no later than 45 days after the end of the 12-month period or 90 days
if the 12-month period coincides with the fiscal year of the Company.

          (k) Cooperate with each Notice Holder to facilitate the timely
preparation and delivery of certificates representing Registrable Securities
sold or to be sold pursuant to a Registration Statement, which certificates
shall not bear any restrictive legends, and cause such Registrable Securities to
be in such denominations as are permitted by the Indenture and registered in
such names as such Notice Holder may request in writing at least one (1)
Business Day prior to any sale of such Registrable Securities.

          (l) Provide a CUSIP number for all Registrable Securities covered by
each Registration Statement not later than the effective date of such
Registration Statement and provide the Trustee with printed certificates for the
Registrable Securities that are in a form eligible for deposit with The
Depository Trust Company.

          (m) Cooperate and assist in any filings required to be made with the
National Association of Securities Dealers, Inc.

          (n) Upon (i) the filing of the Initial Shelf Registration Statement
and (ii) the effectiveness of the Initial Shelf Registration Statement, announce
the same, in each case by release to Reuters Economic Services and Bloomberg
Business News.

                                       19

<PAGE>

          (o) Use its reasonable best efforts to cause all Notes held by CUSA at
all times (i) to be of the same series as the corresponding series of Notes held
by all other Holders, (ii) to bear the same CUSIP number as all Notes of the
same series held by other Holders, and (iii) upon such Notes becoming
transferable without restriction pursuant to federal securities laws, to be
eligible (A) for deposit in, and book entry trading through, any depositary with
respect to which Notes held by any other Holders are then eligible and (B) for
trading on any national securities exchange or quotation on any interdealer
quotation system with respect to which Notes held by all other Holders are then
listed or quoted; provided, that prior to such time as Notes held by CUSA are
transferable without restriction pursuant to federal securities laws, Notes held
by CUSA shall bear an appropriate legend with respect to such restriction.

     SECTION 5. Holder's Obligations. Each Holder agrees, by acquisition of the
Registrable Securities, that no Holder shall be entitled to sell any of such
Registrable Securities pursuant to a Shelf Registration Statement or to receive
a Prospectus relating thereto, unless such Holder has furnished the Company with
a Notice and Questionnaire as required pursuant to Section 3(d) hereof
(including the information required to be included in such Notice and
Questionnaire and the information set forth in the next sentence and a sales
notice (a "Sales Notice") setting forth the amount of Registrable Securities to
be sold and the proposed sales date not later than 5 Business Days prior to the
proposed sales date).

     Each Notice Holder agrees promptly to furnish to the Company all
information required to be disclosed in order to make the information previously
furnished to the Company by such Notice Holder not misleading and any other
information regarding such Notice Holder and the distribution of such
Registrable Securities as the Company may from time to time reasonably request.

     Each Holder acknowledges and agrees that a Sales Notice will only be valid
for a period of five Business Days commencing with the proposed sales date and
that if any of the Registrable Securities to which such Sales Notice relates are
not sold during such period, a new Sales Notice will need to be submitted to the
Company not later than three Business Days prior to the new proposed sales date.
Notwithstanding the foregoing, no Sales Notice may be submitted, or if submitted
will be of no force and effect, and no Registrable Securities may be sold
pursuant to the Shelf Registration Statement if a Deferral Period is then in
effect.

     SECTION 6. Registration Expenses. The Company shall bear all fees and
expenses incurred in connection with the performance by the Company of its
obligations under Sections 2, 3 and 4 of this Agreement whether or not any
Registration Statement is declared effective. Such fees and expenses shall
include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses (x) with respect to filings required to be
made with the National Association of Securities Dealers, Inc. and (y) of
compliance with federal and state securities or Blue Sky laws (including,
without limitation, reasonable and documented fees and disbursements of the
Special Counsel in connection with Blue Sky qualifications of the Registrable
Securities and Exchange Securities under the laws of such jurisdictions as
Notice Holders may designate pursuant to Sections 2(a)(vi) and 4(g) of this
Agreement and any filings required to be made with the National Association of
Securities Dealers, Inc.), (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities and
Exchange Securities in a form eligible for deposit with The Depository Trust
Company), (iii) duplication expenses relating to copies of any Registration
Statement,

                                       20

<PAGE>

Prospectus or Offering Document delivered to any Holders hereunder, (iv)
reasonable and documented fees and disbursements of counsel for the Company and
of Special Counsel in connection with any Registration Statement, (v) reasonable
and documented fees and disbursements of Special Counsel for CUSA in connection
with any 144A Marketing Attempt pursuant to a 144A Demand Notice, (vi)
reasonable and documented fees and disbursements of the Trustee and its counsel
and (vii) any Securities Act liability insurance obtained by the Company in its
sole discretion. In addition, the Company shall pay the internal expenses of the
Company (including, without limitation, all salaries and expenses of officers
and employees performing legal or accounting duties), the expense of any annual
audit, the fees and expenses incurred in connection with the listing by the
Company of the Registrable Securities or Exchange Securities on any securities
exchange on which similar securities of the Company are then listed and the fees
and expenses of any person, including special experts, retained by the Company.
Nothing contained in this Section 6 shall limit the reimbursement obligations of
the Initial Holder pursuant to Section 3(a)(3) to the extent such section is
applicable. Notwithstanding the provisions of this Section 6, each seller of
Registrable Securities or Exchange Securities shall pay selling expenses,
including any underwriting discount and commissions, and all registration
expenses to the extent required by applicable law.

     SECTION 7. Indemnification and Contribution.

          (a) Indemnification by the Company. The Company agrees to indemnify
and hold harmless each Holder, each person, if any, who controls any Holder
within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act, and each affiliate of any Holder within the meaning of Rule
405 under the Securities Act from and against any and all losses, claims,
damages and liabilities (including, without limitation, reasonable legal fees or
other expenses reasonably incurred in connection with defending or investigating
any such action or claim) caused by any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement or any
amendment thereof, any preliminary Prospectus or preliminary Offering Document
or the Prospectus or Offering Document (as amended or supplemented if the
Company shall have furnished any amendments or supplements thereto), caused by
any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading in
light of the circumstances in which they are made, except insofar as such
losses, claims, damages or liabilities are caused by any such untrue statement
or omission or alleged untrue statement or omission based upon information
relating to any Holder furnished to the Company in writing by such Holder
expressly for use therein; provided that the indemnification contained in this
paragraph shall not inure to the benefit of any Holder (or to the benefit of any
such affiliate of such Holder) on account of any such losses, claims, damages or
liabilities caused by any untrue statement or alleged untrue statement or
omission or alleged omission made in any preliminary Prospectus or preliminary
Offering Document if the Company has performed its obligations under Section 4
hereof and if (x) such Holder failed to send or deliver a copy of the Prospectus
or Offering Document with or prior to the delivery of written confirmation of
the sale by such Holder to the person asserting the claim from which such
losses, claims, damages or liabilities arise and (y) the Prospectus or Offering
Document would have corrected such untrue statement or alleged untrue statement
or such omission or alleged omission.

          (b) Indemnification by Holders. Each Holder agrees severally and not
jointly to indemnify and hold harmless the Company and its directors, its
officers and each person, if any,

                                       21

<PAGE>

who controls the Company (within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act) and each affiliate of the
Company within the meaning of Rule 405 under the Securities Act or any other
Holder, to the same extent as the foregoing indemnity from the Company to such
Holder, but only with reference to information relating to such Holder furnished
to the Company in writing by such Holder expressly for use in such Registration
Statement, Prospectus or Offering Document or amendment or supplement thereto.
In no event shall the liability of any Holder hereunder be greater in amount
than the dollar amount of the net proceeds received by such Holder upon the sale
of the Registrable Securities or Exchange Securities pursuant to the
Registration Statement giving rise to such indemnification obligation.

          (c) Conduct of Indemnification Proceedings. In case any proceeding
(including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant to Section 7(a) or
7(b) hereof, such person (the "indemnified party") shall promptly notify the
person against whom such indemnity may be sought (the "indemnifying party") in
writing and the indemnifying party, upon request of the indemnified party, shall
retain counsel reasonably satisfactory to the indemnified party to represent the
indemnified party and any others the indemnifying party may designate in such
proceeding and shall pay the reasonable fees and disbursements of such counsel
related to such proceeding. In any such proceeding, any indemnified party shall
have the right to retain its own counsel, but the fees and expenses of such
counsel shall be at the expense of such indemnified party unless (i) the
indemnifying party and the indemnified party shall have mutually agreed to the
retention of such counsel or (ii) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the
indemnified party and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them. It
is understood that the indemnifying party shall not, in respect of the legal
expenses of any indemnified party in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the fees and expenses of
more than one separate firm (in addition to any local counsel) for all such
indemnified parties and that all such fees and expenses shall be reimbursed as
they are incurred. Such firm shall be designated in writing by, in the case of
parties indemnified pursuant to Section 7(a), the Holders of a majority in
principal amount of the Registrable Securities covered by the Registration
Statement held by Holders that are indemnified parties pursuant to Section 7(a)
and, in the case of parties indemnified pursuant to Section 7(b), the Company.
The indemnifying party shall not be liable for any settlement of any proceeding
effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party from and against any loss or liability by reason
of such settlement or judgment.

     Notwithstanding the foregoing sentence, if at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party
for fees and expenses of counsel as contemplated by the second and third
sentences of this paragraph, the indemnifying party 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 party of the aforesaid request and (ii) such indemnifying party
shall not have reimbursed the indemnified party in accordance with such request
prior to the date of such settlement. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any
pending or threatened proceeding 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

                                       22

<PAGE>

indemnified party from all liability on claims that are the subject matter of
such proceeding 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) Contribution. To the extent that the indemnification provided for
in Section 7(a) or 7(b) is unavailable to an indemnified party or insufficient
in respect of any losses, claims, damages or liabilities referred to therein,
then each indemnifying party under such paragraph, in lieu of indemnifying such
indemnified party thereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or
liabilities (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 or parties on the other hand or (ii) if the allocation
provided by clause (i) above 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 of the indemnified party or parties on the other
hand in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company shall be deemed to
be equal to the aggregate value of the principal amount of Registrable
Securities to which such losses, claims, damages or liabilities relate. The
relative benefits received by any Holder shall be deemed to be equal to the
value of receiving Registrable Securities that are registered under the
Securities Act. The relative fault of the Holders on the one hand and the
Company on the other hand shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Holders or by the Company, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Holders' respective obligations to contribute
pursuant to this Section 7 are several in proportion to the respective principal
amounts of Registrable Securities they have sold pursuant to a Registration
Statement, and not joint.

     The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 7(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim.
Notwithstanding this Section 7, no indemnifying party that is a selling Holder
shall be required to contribute any amount in excess of the amount by which the
total price at which the Registrable Securities sold by it and distributed to
the public were offered to the public exceeds the amount of any damages that
such indemnifying party has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 1l(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.

          (e) The remedies provided for in this Section 7 are not exclusive and
shall not limit any rights or remedies which may otherwise be available to an
indemnified party at law or in equity, hereunder, under the Exchange Agreement
or otherwise.

                                       23

<PAGE>

          (f) The indemnity and contribution provisions contained in this
Section 7 shall remain operative and in full force and effect regardless of (i)
any termination of this Agreement, (ii) any investigation made by or on behalf
of any Holder, any person controlling any Holder or any Affiliate of any Holder
or by or on behalf of the Company, its officers or directors or any person
controlling the Company and (iii) the sale of any Registrable Securities by any
Holder.

     SECTION 8. Information Requirements. The Company covenants that, if at any
time before the end of the Effectiveness Period the Company is not subject to
the reporting requirements of the Exchange Act, it will cooperate with any
Holder and take such further commercially reasonable action as any Holder may
reasonably request in writing (including, without limitation, making such
reasonable representations as any such Holder may reasonably request), all to
the extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 and Rule 144A under the Securities Act
and customarily taken in connection with sales pursuant to such exemptions. Upon
the written request of any Holder, the Company shall deliver to such Holder a
written statement as to whether it has complied with such filing requirements,
unless such a statement has been included in the Company's most recent report
filed pursuant to Section 13 or Section 15(d) of Exchange Act. Notwithstanding
the foregoing, nothing in this Section 8 shall be deemed to require the Company
to register any of its securities under any section of the Exchange Act.

     SECTION 9. Miscellaneous.

          (a) No Conflicting Agreements. The Company is not, as of the date
hereof, a party to, nor shall it, on or after the date of this Agreement, enter
into, any agreement with respect to its securities that conflicts with the
rights granted to the Holders in this Agreement. The Company represents and
warrants that the rights granted to the Holders hereunder do not in any way
conflict with the rights granted to the holders of the Company's securities
under any other agreements.

          (b) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the Company has obtained the written consent of Holders
of a majority in principal amount of Registrable Securities. 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 whose securities
are being sold pursuant to a Registration Statement and that does not directly
or indirectly affect the rights of other Holders may be given by Holders of at
least a majority in principal amount of the Registrable Securities being sold by
such Holders pursuant to such Registration Statement; provided that the
provisions of this sentence may not be amended, modified or supplemented except
in accordance with the provisions of the immediately preceding sentence.
Notwithstanding the foregoing sentence, this Agreement may be amended by written
agreement signed by the Company and the Initial Holder, without the consent of
the Holders of Registrable Securities, to cure any ambiguity or to correct or
supplement any provision contained herein that may be defective or inconsistent
with any other provision contained herein, or to make such other provisions in
regard to matters or questions arising under this Agreement that shall not
adversely affect the interests of the Holders of Registrable Securities. Each
Holder of Registrable Securities outstanding at the time of any such amendment,
modification, supplement,

                                       24

<PAGE>

waiver or consent or thereafter shall be bound by any such amendment,
modification, supplement, waiver or consent effected pursuant to this Section
9(b), whether or not any notice, writing or marking indicating such amendment,
modification, supplement, waiver or consent appears on the Registrable
Securities or is delivered to such Holder.

          (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, by telecopier, by
courier guaranteeing overnight delivery or by first-class mail, return receipt
requested, and shall be deemed given (i) when made, if made by hand delivery,
(ii) upon confirmation, if made by telecopier, (iii) one (1) Business Day after
being deposited with such courier, if made by overnight courier or (iv) on the
date indicated on the notice of receipt, if made by first-class mail, to the
parties as follows:

               (i) if to a Holder, at the most current address given by such
     Holder to the Company in a Notice and Questionnaire or any amendment
     thereto;

               (ii)  if to the Company, to:

                     Dynegy Inc.
                     1000 Louisiana Street
                     Suite 6700
                     Houston, Texas 77002
                     Attention: General Counsel
                     Telecopy No.: (713) 507-6808

                     With a copy to:

                     O'Melveny & Myers LLP
                     30 Rockefeller Plaza
                     New York, NY 10112
                     Attention: John J. Suydam, Esq.
                     Fax: (212) 408-2420

               (iii) if to the Initial Holder, to:

                     Chevron U.S.A. Inc.
                     c/o ChevronTexaco Corporation
                     6001 Bollinger Canyon Road
                     San Ramon, CA 94583
                     Attention: General Counsel
                     Tel: (925) 842-3232
                     Fax: (925) 842-7084

or to such other address as such person may have furnished to the other persons
identified in this Section 9(c) in writing in accordance herewith.

          (d) Approval of Holders. Whenever the consent or approval of Holders
of a specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Company or its affiliates (as such term is
defined in Rule 405 under the Securities Act)

                                       25

<PAGE>

(other than the Initial Holder or subsequent Holders if such subsequent Holders
are deemed to be such affiliates solely by reason of their holdings of such
Registrable Securities) shall not be counted in determining whether such consent
or approval was given by the Holders of such required percentage.

          (e) Successors and Assigns. Any person who purchases any Registrable
Securities from the Initial Holder shall be deemed, for purposes of this
Agreement, to be an assignee of the Initial Holder. This Agreement shall inure
to the benefit of and be binding upon the successors and assigns of each of the
parties and shall inure to the benefit of and be binding upon each Holder of any
Registrable Securities, provided that nothing herein shall be deemed to permit
any assignment, transfer or other disposition of Registrable Securities in
violation of the terms of the Indenture. If any transferee of any Holder shall
acquire Registrable Securities, in any manner, whether by operation of law or
otherwise, such Registrable Securities shall be held subject to all of the terms
of this Agreement, and by taking and holding such Registrable Securities, such
person shall be conclusively deemed to have agreed to be bound by and to perform
all of the terms and provisions of this Agreement and such person shall be
entitled to receive the benefits hereof.

          (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 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 WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT.

          (i) Severability. If any term, provision, covenant or restriction of
this Agreement is held 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 thereby, and the parties hereto shall use their reasonable 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 being intended that all of the rights and privileges
of the parties shall be enforceable to the fullest extent permitted by law.

          (j) Entire Agreement. This Agreement is intended by the parties as a
final expression of their agreement and is intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the registration rights granted by the Company with respect to the
Registrable Securities. This Agreement supersedes all prior agreements and
undertakings among the parties with respect to such registration rights. No
party

                                       26

<PAGE>

hereto shall have any rights, duties or obligations with respect to registration
rights for the Registrable Securities other than those specifically set forth in
this Agreement.

          (k) Termination. This Agreement and the obligations of the parties
hereunder shall terminate upon the end of the Effectiveness Period, except for
any liabilities or obligations under Section 5, 6 or 7 hereof and the
obligations to make payments of and provide for Liquidated Damages Amounts under
Section 3(e) hereof to the extent such damages accrue prior to the end of the
Effectiveness Period, each of which shall remain in effect in accordance with
its terms.

                                       27

<PAGE>

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

                                               DYNEGY INC.

                                               By: /s/ Bruce A. Williamson
                                                   -----------------------------
                                                       Name: Bruce A. Williamson
                                                       Title: President and CEO

Confirmed and accepted as of the
date first above written:

By: CHEVRON U.S.A. INC.

By: /s/ Lydia Beebe
    ---------------------------------
        Name: Lydia Beebe
        Title: Vice President and Secretary

                                       28<PAGE>

                                                                     Exhibit 4.4

               AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT
                                 (COMMON STOCK)

     This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this "Agreement")
dated as of August 11, 2003, is by and between DYNEGY INC., an Illinois
corporation (the "Company"), and CHEVRON U.S.A. INC., a Pennsylvania corporation
("Stockholder").

     A. The Company (under its then name "Energy Convergence Holding Company")
and Stockholder are party to that certain Registration Rights Agreement dated as
of June 14, 1999 (the "Original Agreement").

     B. In connection with the Series B Preferred Stock Exchange Agreement dated
as of July 28, 2003 (the "Exchange Agreement") between the parties and upon
consummation of the Series B Exchange contemplated thereby, the parties hereto
have agreed to amend and restate the Original Agreement as hereinafter set forth
with effect from and after the Series B Exchange (as defined in the Exchange
Agreement).

     NOW, THEREFORE, in consideration of these premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by Stockholder and the Company, the parties hereto agree as
follows:

                                    ARTICLE I

                                   DEFINITIONS

     1.1  Specific Definitions.

     The following capitalized terms shall have the meanings ascribed to them in
this Section 1.1:

     "Affiliate" shall have the meaning set forth in Rule 12b-2 under the
Exchange Act.

     "Agreement" shall have the meaning set forth in the preamble hereto.

     "Class B Common Stock" shall mean the Class B common stock of the Company,
no par value per share.

     "Common Stock" shall mean the Class A common stock of the Company, no par
value per share.

     "Company" shall have the meaning set forth in the preamble hereto.

     "Company Registration" is defined in Section 3.1.

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

     "Exchange Agreement" shall have the meaning specified in Recital B.

<PAGE>

     "Exchange Date" shall have the meaning specified in the Exchange Agreement.

     "Holder" shall mean Stockholder and each transferee of Registrable Common
Stock directly or indirectly (in a chain of title) from Stockholder to whom the
right to cause one or more demand registrations under Section 2.1 has been
expressly assigned in writing directly or indirectly (in a chain of title) from
Stockholder.

     "Indemnified Party" shall have the meaning set forth in Section 7.3.

     "Indemnifying Party" shall have the meaning set forth in Section 7.3.

     "Inspectors" shall have the meaning set forth in Section 4.1(1).

     "Loss" or "Losses" shall have the meaning set forth in Section 7.1.

     "Original Agreement" shall have the meaning specified in Recital A.

     "person" shall mean any business entity (including, without limitation, a
corporation, partnership (limited or general), limited liability company or
business trust) or a natural person.

     "Preferred Stock" means the Series C Convertible Preferred Stock of the
Company, no par value, to be issued to the Stockholder as contemplated by the
Exchange Agreement.

     "Prospectus" shall have the meaning set forth in Section 7.1.

     "register" "registered" and "registration" and words of similar import
refer to a registration effected by preparing and filing with the SEC a
registration statement in compliance with the Securities Act, and the
declaration and ordering by the SEC of effectiveness of such registration
statement or document.

     "Registrable Common Stock" shall mean (i) any Common Stock issuable upon
conversion of Class B Common Stock held or acquired by Stockholder (or its
permitted assigns) as of May 2, 2003, (ii) any Common Stock issuable upon
conversion of the Preferred Stock (or conversion of Class B Common Stock
underlying such Preferred Stock) held or acquired by Stockholder (or its
permitted assigns) and (iii) any securities issued or issuable in respect of any
such Registrable Common Stock by way of any stock split or stock dividend or in
connection with any combination of shares, recapitalization, merger,
consolidation, reorganization or otherwise. For avoidance of doubt, it is the
intent of the parties that, (I) for so long as Preferred Stock is held by
Stockholder and/or its Affiliates, any Common Stock issuable upon conversion of
the Preferred Stock so held (or upon conversion of Class B Common Stock
underlying such Preferred Stock), for so long as it shall be so held, shall be
Registrable Common Stock hereunder and not "Registrable Securities" under the
Series C Preferred Stock Registration Rights Agreement (as defined in the
Exchange Agreement) and, (II) to the extent that Preferred Stock is held by
Persons other than Stockholder and/or its Affiliates, any Common Stock issuable
upon conversion of the Preferred Stock so held (or upon conversion of Class B
Common Stock underlying such Preferred Stock), shall no longer be "Registrable
Common Stock" hereunder but shall instead be "Registrable Securities" under the
Series C Preferred Stock Registration Rights Agreement.

                                       2

<PAGE>

     "Restriction Expiration Date" shall have the meaning specified in the
Exchange Agreement.

     "SEC" shall mean the United States Securities and Exchange Commission.

     "Securities Act" shall mean the Securities Act of 1933, as amended.

     "Shelf Registration Statement" means a registration statement for an
offering on a delayed or continuous basis pursuant to Rule 415 promulgated under
the Securities Act.

     "Stockholder" shall have the meaning set forth in the preamble hereto.

     1.2  Other Definitions.

     Other capitalized terms used herein but not defined in Section 1.1 shall
have the respective meanings ascribed to them throughout this Agreement.

                                   ARTICLE II

                               REGISTRATION RIGHTS

     2.1  Demand Registration Rights.

          (a) From and after the Restriction Expiration Date, upon receipt of a
written request from a Holder to register under the Securities Act (whether for
purposes of a public offering, an exchange offer or otherwise) all or part of
the Registrable Common Stock held by such Holder, the Company shall as
expeditiously as reasonably possible (but in any event not later than forty-five
(45) days after receipt of such request) prepare and file, and use its best
efforts to cause to become effective as soon thereafter as practicable, a
registration statement under the Securities Act to effect the offering of such
Registrable Common Stock in the manner specified in such request.

          (b) Holder shall be entitled to select and retain one or more
investment bankers or managers reasonably acceptable to the Company in
connection with any underwritten offerings made pursuant to this Section 2.1.

          (c) Subject to the terms and conditions set forth in Section 2.2,
Holder may request the Company to register Registrable Common Stock under the
Securities Act pursuant to this Section 2.1 at any time and from time to time
from and after the Restriction Expiration Date; provided, however, that a Holder
may not request the Company to register Registrable Common Stock pursuant to
this Section 2.1 more than once in any 180-day period.

     2.2  Terms and Conditions of Demand Registration Rights.

     Notwithstanding anything to the contrary contained elsewhere herein, the
registration rights granted to the Holders in Section 2.1 are expressly subject
to the following terms and conditions:

                                       3

<PAGE>

          (a) The Holders, collectively, shall only be entitled to eight (8)
requests to register Registrable Common Stock under the terms of Section 2.1. A
"request" as it is used in this Section 2.2(a) shall be deemed to have occurred
only upon completion of a requested registration and the subsequent sale of
Registrable Common Stock.

          (b) In no event shall the Registrable Common Stock to be offered under
a registration statement prepared and filed pursuant to Section 2.1 constitute
less than (i) five percent (5%) of the then outstanding shares of Common Stock
(treating the Class B Common Stock and the Preferred Stock as if it had been
converted into Common Stock in accordance with its terms for the purposes of
this calculation), or (ii) if the number of shares of Registrable Common Stock
constitutes less than five percent (5%) of the then outstanding shares of Common
Stock (treating the Class B Common Stock and the Preferred Stock as if it had
been converted into Common Stock in accordance with its terms for the purposes
of this calculation), then all of Stockholder's remaining shares of Registrable
Common Stock.

          (c) The Company shall be entitled to defer for a reasonable period of
time, but not in excess of ninety (90) days, the filing of any registration
statement otherwise required to be prepared and filed by it under Section 2.1 if
the Company notifies the Holder, within five (5) business days after such Holder
requested the registration under Section 2.1 that the Company (i) is at such
time conducting or about to conduct an underwritten public offering of its
securities for its own account and the Board of Directors of the Company
determines in good faith that such offering would be materially adversely
affected by such registration requested by the Holders or (ii) would, in the
opinion of its counsel, be required to disclose in such registration statement
information not otherwise then required by law to be publicly disclosed and, in
the good faith judgment of the Board of Directors of the Company, such
disclosure might adversely affect any material business transaction or
negotiation in which the Company is then engaged. If the Company elects to defer
the filing of a registration statement pursuant to this Section 2.2(c), the
Holder may withdraw its request, in writing, during the time of such deferral
and such request shall not be counted toward the limit set forth in Section
2.2(a).

          (d) The Holders shall not exercise their rights pursuant to Section
2.1 during the 60-day period immediately following the effective date of any
registration statement filed by the Company under the Securities Act (other than
on Form S-8 or another similar form) in respect of an offering or sale of Common
Stock of the Company by or on behalf of the Company or any other stockholder of
the Company.

                                  ARTICLE III

                          PIGGYBACK REGISTRATION RIGHTS

     3.1  Piggyback Registration Rights.

     If at any time or from time to time from and after the Restriction
Expiration Date the Company shall propose to register any Common Stock for
public sale under the Securities Act (a "Company Registration"), the Company
shall give Stockholder prompt written notice of the proposed registration and
shall include in such registration on the same terms and conditions as the other
securities included in such registration such number of shares of Registrable
Common

                                       4

<PAGE>

Stock as Stockholder shall request within five (5) business days after the
giving of such notice; provided, however, that the Company may at any time prior
to the effectiveness of any such registration statement, in its sole discretion
and without the consent of Stockholder, abandon the proposed offering in which
Stockholder had requested to participate (provided that the Company gives
Stockholder prompt notice of such decision); and provided further that
Stockholder shall be entitled to withdraw any or all of its shares of
Registrable Common Stock to be included in a registration statement under this
Section 3.1 at any time prior to the date on which the registration statement
with respect to such shares of Registrable Common Stock is declared effective by
the SEC. The Company shall be entitled to select the investment bankers and/or
managers, if any, to be retained in connection with any registration referred to
in this Section 3.1, provided such investment bankers and/or managers are
reasonably acceptable to Stockholder.

     3.2  Restrictions on Piggyback Registration Rights.

     Notwithstanding anything to the contrary contained elsewhere herein, the
registration rights granted to Stockholder in Section 3.1 are expressly subject
to the following terms and conditions:

          (a) The Company shall not be obligated to include shares of
Registrable Common Stock in an offering as contemplated by Section 3.1 if the
Company is advised in writing by the managing underwriter or underwriters of
such offering (with a copy to Stockholder), that the success of such offering
would in its or their good faith judgment be jeopardized by such inclusion
(after consideration of all relevant factors, including without limitation, the
impact of any delay caused by including such shares); provided, however, that
the Company shall in any case be obligated to include such number of shares of
Registrable Common Stock in such offering, if any, as such underwriter or
underwriters shall determine will not jeopardize the success of such offering.

          (b) The Company shall not be obligated to include any shares of
Registrable Common Stock in any registration by the Company of any Common Stock
in connection with any merger, acquisition, exchange offer, or any other
business combination, including any transaction within the scope of Rule 145
promulgated pursuant to the Securities Act, subscription offer, dividend
reinvestment plan or stock option or other director or employee incentive or
benefit plan.

          (c) The Company shall use all commercially reasonable efforts to cause
the managing underwriter or underwriters of a proposed underwritten offering to
permit the Registrable Common Stock requested to be included in a registration
of Common Stock pursuant to this Article III to be included on the same terms
and conditions as any similar securities included therein. Notwithstanding the
foregoing, the Company shall not be required to include Stockholder's
Registrable Common Stock in such offering unless Stockholder accepts the terms
of the underwriting agreement between the Company and the managing underwriter
or underwriters and otherwise complies with the provisions of Article VII below.
If the managing underwriter or underwriters of a proposed underwritten offering
advise the Company in writing that in its or their good faith judgment the total
amount of securities, including securities requested to be included in a
registration of Common Stock pursuant to this Article III and other similar
securities, to be included in such offering is sufficiently large to jeopardize
the success of

                                       5

<PAGE>

such offering, then in such event the securities to be included in such offering
shall be allocated first to the Company and then, to the extent that any
additional securities can, in the good faith judgment of such managing
underwriter or underwriters, be sold without creating any such jeopardy to the
success of such offering, to Stockholder based upon the number of shares of
Registrable Common Stock requested to be included in such registration.

          (d) In the event that some but less than all of Stockholder's shares
of Registrable Common Stock are included in an offering contemplated by a
registration statement pursuant to this Article III, Stockholder shall execute
one or more "lockup" letters, in customary form, setting forth an agreement by
Stockholder not to offer for sale, sell, grant any option for the sale of, or
otherwise dispose of, directly or indirectly, any shares of Common Stock, or any
securities convertible into or exchangeable into or exercisable for any shares
of Common Stock, for a period of 90 days from the date such offering commences;
provided, however, that if the period of any such "lockup" applicable to the
Company with respect to any such registration statement shall be less than
ninety (90) days, then the period of time applicable to Stockholder shall be
such lesser period of time.

                                   ARTICLE IV

                                    COVENANTS

     4.1  Covenants of the Company.

     In connection with any offering of shares of Registrable Common Stock
pursuant to this Agreement, the Company shall:

          (a) Prepare and file with the SEC such amendments and post-effective
amendments to the registration statement as may be necessary to keep the
registration statement effective for a period of not less than 120 days, or such
shorter period which will terminate when all Registrable Common Stock covered by
such registration statement has been sold or withdrawn at the request of
participating holders of Common Stock; and cause the prospectus to be
supplemented by any required prospectus supplement, and as so supplemented to be
filed pursuant to Rule 424 under the Securities Act;

          (b) Furnish to Stockholder and to each managing underwriter, if any,
(i) at least two (2) business days prior to filing with the SEC, any
registration statement covering shares of Registrable Common Stock, any
amendment or supplement thereto, and any prospectus used in connection
therewith, which documents will be subject to the reasonable review of
Stockholder and such underwriter, and, with respect to a registration statement
prepared pursuant to Section 2.1, the Company shall not file any such documents
with the SEC to which Stockholder shall reasonably object; and (ii) a copy of
any and all transmittal letters or other correspondence with the SEC or any
other governmental agency or self-regulatory body or other body having
jurisdiction (including any domestic or foreign securities exchange) relating to
such offering of shares of Registrable Common Stock;

          (c) Furnish to Stockholder and each managing underwriter, if any, such
number of copies of such registration statement, each amendment and supplement
thereto (in each case

                                       6

<PAGE>

including all exhibits thereto and documents incorporated by reference therein)
and the prospectus included in such registration statement (including each
preliminary prospectus and prospectus supplement) as Stockholder or such
underwriter may reasonably request in order to facilitate the sale of the shares
of Registrable Common Stock;

          (d) After the filing of such registration statement, promptly notify
Stockholder of any stop order issued or enforcement action initiated or, to the
knowledge of the Company, threatened to be issued by the SEC and promptly take
all reasonable actions to prevent the entry of such stop order or to obtain its
withdrawal if entered;

          (e) Use its commercially reasonable efforts to qualify such shares of
Registrable Common Stock for offer and sale under the securities, "blue sky" or
similar laws of such jurisdictions (including any foreign country or any
political subdivision thereof in which shares of Common Stock are then listed)
as Stockholder or underwriter shall reasonably request and use its commercially
reasonable efforts to obtain all appropriate registrations, permits and consents
required in connection therewith, except that the Company shall not for any such
purpose be required to qualify generally to do business as a foreign corporation
in any jurisdiction wherein it is not so qualified, or to subject itself to
taxation or to file a general consent to service of process in any such
jurisdiction;

          (f) Furnish to each managing underwriter, if any, an opinion of
counsel for the Company addressed to each of them, dated as of the date of the
closing of the offering of shares of Registrable Common Stock, and a "comfort"
letter or letters signed by the Company's independent public accountants, each
in reasonable and customary form and covering such matters of the type
customarily covered by opinions or comfort letters delivered by such parties in
underwritten public offerings, and use its commercially reasonable efforts to
have such opinions and comfort letters addressed to and delivered to
Stockholder;

          (g) Furnish unlegended certificates representing ownership of the
shares of Registrable Common Stock being sold in such denominations as shall be
requested by Stockholder or the managing underwriter, if any, provided such
request is made at least two (2) business days prior to the closing of the sale
of such shares;

          (h) Promptly inform Stockholder (i) in the case of any offering of
shares of Registrable Common Stock in respect of which a registration statement
is filed under the Securities Act, of the date on which such registration
statement or any post-effective amendment thereto becomes effective and, if
applicable, of the date of filing a Rule 430A prospectus (and, in the case of an
offering abroad of shares of Registrable Common Stock, of the date when any
required filing under the securities and other laws of such foreign
jurisdictions shall have been made and when the offering may be commenced in
accordance with such laws) and (ii) of any request by the SEC, any securities
exchange, government agency, self-regulatory body or other body having
jurisdiction for any amendment of or supplement to any registration statement or
preliminary prospectus or prospectus included therein or any offering memorandum
or other offering document relating to such offering;

          (i) Subject to subparagraph (k) below, until the earlier of (i) such
time as all of the shares of Registrable Common Stock being offered have been
disposed of in accordance with

                                       7

<PAGE>

the intended method of disposition by Stockholder set forth in the registration
statement or other offering document (and the expiration of any prospectus
delivery requirements in connection therewith) or (ii) the expiration of nine
(9) months after such registration statement or other offering document becomes
effective (unless the offering is a continuous offering of securities under Rule
415, in which case until the earliest of the date the offering is completed and
the second anniversary of such effective date), keep effective and maintain any
registration, qualification or approval obtained in connection with the offering
of the shares of Registrable Common Stock, and amend or supplement the
registration statement or prospectus or other offering document used in
connection therewith to the extent necessary in order to comply with applicable
securities laws;

          (j) Use its commercially reasonable efforts to have the shares of
Registrable Common Stock listed on any domestic and foreign securities exchanges
on which the Common Stock is then listed;

          (k) As promptly as practicable, notify Stockholder at any time when a
prospectus relating to the sale of the shares of Registrable Common Stock is
required by law to be delivered in connection with sales by an underwriter or
dealer, of the occurrence of an event requiring the preparation of a supplement
or amendment to such prospectus so that, as thereafter delivered to the
purchasers of such shares, such 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, and as promptly as
practicable make available to Stockholder and to each managing underwriter, if
any, any such supplement or amendment; in the event the Company shall give such
notice, the Company shall extend the period during which such registration
statement shall be maintained effective as provided in Section 4.1(i) by the
number of days during the period from and including the date of the giving of
such notice to the date when the Company shall make available to Stockholder
such supplemented or amended prospectus;

          (l) Make available for inspection during the normal business hours of
the Company by Stockholder, any underwriter participating in such offering, and
any attorney, accountant or other agent retained by Stockholder or any such
underwriter in connection with the sale of shares of Registrable Common Stock
(collectively, the "Inspectors"), all relevant financial and other records,
pertinent corporate documents and properties of the Company as shall be
reasonably necessary to enable them to exercise their due diligence
responsibility, and cause the officers, directors and employees of the Company
to supply all information reasonably requested by any such Inspector in
connection with such registration statement and make available for consultation
and for analyst and other marketing calls such officers, accountants and
employees in connection therewith as shall reasonably be requested by
Stockholder; provided, however, that (i) in connection with any such inspection,
any such Inspectors shall cooperate to the extent reasonably practicable to
minimize any disruption to the operation by the Company of its business and (ii)
any records, information or documents shall be kept confidential by such
Inspectors, unless (1) such records, information or documents are in the public
domain or otherwise publicly available or (2) disclosure of such records,
information or documents is required by a court or administrative order or by
applicable law (including, without limitation, the Securities Act);

                                       8

<PAGE>

          (m) Enter into and perform its obligations under usual and customary
agreements (including an underwriting agreement in usual and customary form) and
take such other actions as are reasonably required in order to expedite or
facilitate the sale of the Registrable Common Stock.

          (n) Make "generally available to its security holders" (within the
meaning of Rule 158 of the Securities Act) an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder no
later than 45 days after the end of the 12-month period beginning with the first
day of the Company's first fiscal quarter commencing after the effective date of
the registration statement, which earnings statement shall cover said 12-month
period;

          (o) If requested by the managing underwriter or underwriters or
Stockholder, promptly incorporate in a prospectus supplement or post-effective
amendment such information as the managing underwriter or underwriters or any
participating Holder reasonably requests to be included therein, including,
without limitation, information with respect to the number of shares of
Registrable Common Stock being sold by Stockholder to any underwriter or
underwriters, the purchase price being paid therefor by such underwriter or
underwriters and with respect to any other terms of an underwritten offering of
the Registrable Common Stock to be sold in such offering, and promptly make all
required filings of such prospectus by supplement or post-effective amendment;

          (p) As promptly as practicable after filing with the SEC of any
document which is incorporated by reference in a prospectus contained in a
registration statement, deliver a copy of such document to Stockholder;

          (q) Not later than the effective date of the applicable registration
statement (or if later, the earliest business day thereafter on which a CUSIP
number is available), provide a CUSIP number for all Registrable Common Stock
and provide the applicable transfer agent with printed certificates for the
Registrable Common Stock which are in a form eligible for deposit with The
Depository Trust Company (if such Registrable Common Stock is then eligible for
such deposit);

          (r) Cooperate with each seller of Registrable Common Stock and each
underwriter or agent, if any, participating in the disposition thereof and their
respective counsel in connection with any filings required to be made with the
National Association of Securities Dealers;

          (s) Provide and cause to be maintained a transfer agent and registrar
for all Registrable Common Stock covered by such registration statement from and
after a date not later than the effective date thereof; and

          (t) Take all other steps necessary to effect the registration of the
Registrable Common Stock contemplated hereby.

                                       9

<PAGE>

     4.2  Covenants of Stockholder.

     Stockholder agrees and covenants that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 4.1(k)
hereof, Stockholder will forthwith discontinue disposition of Registrable Common
Stock pursuant to the registration statement covering such Registrable Common
Stock until Stockholder's receipt of the copies of the supplemented or amended
prospectus contemplated by Section 4.1(k) hereof, and, if so directed by the
Company, Stockholder will deliver to the Company all copies, other than
permanent file copies, then in Stockholder's possession of the most recent
prospectus covering such Registrable Common Stock at the time of receipt of such
notice.

     4.3  Offerings from Shelf Registration Statements.

     In the event the Company determines to offer for sale shares of Common
Stock that have been previously registered on a Shelf Registration Statement
that includes Registrable Common Stock, the Company shall give Stockholder
written notice no less than one (1) business day prior to such offering and
shall use commercially reasonable efforts to include in such offering such
number of shares of Registrable Common Stock as Stockholder shall request.
Notwithstanding the foregoing, the rights and obligations of the parties with
respect to any sales of shares of Registrable Common Stock previously registered
on a Shelf Registration Statement shall be governed by the terms of this
Agreement, including, without limitation, the provisions of Section 3.2.

                                   ARTICLE V

              RESTRICTIONS ON PUBLIC SALE BY THE COMPANY AND OTHERS

     The Company agrees:

          (a) Not to effect any public sale or distribution of any securities
during the 90-day period commencing on the effective date of a registration
statement filed pursuant to Section 2.1, except in connection with any merger,
acquisition, exchange offer, or any other business combination, including any
transaction within the scope of Rule 145 promulgated pursuant to the Securities
Act, subscription offer, dividend reimbursement plan or stock option or other
director or employee incentive or benefit plan; and

          (b) That any agreement entered into after the Exchange Date to which
the Company grants registration rights with respect to the Company's Common
Stock shall contain a provision under which holders of such Common Stock agree,
to the extent not inconsistent with applicable laws, not to effect any public
sale or distribution of any such Common Stock (excluding any sale in accordance
with Rule 144 under the Securities Act) during the period commencing with the
effective date of a registration statement pursuant to Section 2.1 through the
90-day period beginning on the date that the registration statement filed
pursuant to Section 2.1 becomes effective.

                                       10

<PAGE>

                                   ARTICLE VI

                                    EXPENSES

     All expenses incurred in connection with the registration of Registrable
Common Stock, including, without limitation, all filing fees, escrow fees, fees
and expenses of compliance with securities or blue sky laws (including fees and
disbursements of the Company's counsel in connection with blue sky
qualifications of the Registrable Common Stock), rating agency fees, printing
expenses, messenger and delivery expenses, internal expenses (including, without
limitation, all salaries and expenses of the Company's officers and employees
performing legal or accounting duties), the fees and expenses incurred in
connection with the listing of the securities to be registered on each
securities exchange on which similar securities issued by the Company are then
listed, and fees and disbursements of counsel for the Company and the reasonable
fees and disbursements of a single counsel for Stockholder and the Company's
independent certified public accountants (including the expenses of any special
audit or "cold comfort" letters required by or incident to such performance)
directly attributable to the registration of securities, Securities Act
liability insurance (if the Company elects to obtain such insurance), and the
fees and expenses of any special experts or other persons retained by the
Company will be borne by the Company. The Company shall have no obligation to
pay and shall not pay any underwriting fees, discounts or commissions in
connection with any Registrable Common Stock registered pursuant to this
Agreement or any out-of-pocket expenses of the holders in connection therewith
(except as expressly contemplated by the preceding sentence).

                                   ARTICLE VII

                                 INDEMNIFICATION

     7.1  Indemnification by the Company.

     The Company agrees to indemnify and hold harmless Stockholder, its
officers, directors and agents, and will agree to indemnify and hold harmless
any underwriter of Registrable Common Stock, and each person, if any, who
controls any of the foregoing persons within the meaning of either Section 15 of
the Securities Act or Section 20 of the Exchange Act, from and against any and
all losses, claims, damages and liabilities (individually, a "Loss"
collectively, "Losses") arising from or caused by (x) any untrue statement or
alleged untrue statement of a material fact contained in any registration
statement or prospectus relating to the Registrable Common Stock (as amended or
supplemented if the Company shall have furnished any amendments or supplements
thereto) or any preliminary prospectus, or caused by any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and (y) any violation
or alleged violation by the Company of the Securities Act, any blue sky laws,
securities laws or other applicable laws of any state in which shares of
Registrable Common Stock are offered and relating to action or inaction required
of the Company in connection with such offering; and will reimburse each such
person for any legal or other out-of-pocket expenses reasonably incurred in
connection with investigating, or defending against, any such Loss (or any
proceeding in respect thereof), subject to the provisions of Section 7.3, except
that the indemnification provided for in this Section 7.1

                                       11

<PAGE>

shall not apply to Losses that are caused by any such untrue statement or
omission or alleged untrue statement or omission based upon and in conformity
with information furnished in writing to the Company by or on behalf of
Stockholder expressly for use therein. Notwithstanding the foregoing, the
Company shall not be liable in any such case to the extent that any such Loss
arises out of, or is based upon, an untrue statement or alleged untrue statement
or omission or alleged omission made in any preliminary prospectus if (i)
Stockholder failed to send or deliver a copy of the prospectus included in the
relevant registration statement at the time it became effective (the
"Prospectus") with or prior to the delivery of written confirmation of the sale
of Registrable Common Stock to the person asserting such Loss or who purchased
such Registrable Common Stock which are the subject thereof if, in either case,
such delivery is required by the Securities Act and (ii) the Prospectus would
have corrected such untrue statement or omission or alleged untrue statement or
alleged omission; and the Company shall not be liable in any such case to the
extent that any such Loss arises out of, or is based upon, an untrue statement
or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact in the Prospectus, if such untrue statement or alleged
untrue statement or omission or alleged omission is corrected in any amendment
or supplement to the Prospectus and if, having previously been furnished by or
on behalf of the Company with copies of the Prospectus as so amended or
supplemented, Stockholder thereafter fails to deliver such Prospectus as so
amended or supplemented prior to and concurrently with the sale of Registrable
Common Stock if such delivery is required by the Securities Act. Such indemnity
shall remain in full force and effect regardless of any investigation made by or
on behalf of Stockholder or any other person indemnified hereunder and shall
survive the transfer of such securities by Stockholder.

     7.2  Indemnification by Stockholder.

     Stockholder agrees to indemnify and hold harmless the Company, its officers
and directors, and each person, if any, who controls the Company within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act to the same extent as the indemnity made pursuant to clause (x) of Section
7.1 above from the Company to Stockholder, but only with reference to
information furnished in writing by or on behalf of Stockholder expressly for
use in any registration statement or prospectus relating to shares of
Registrable Common Stock, or any amendment or supplement thereto, or any
preliminary prospectus.

     7.3  Conduct of Indemnification Proceedings.

     In case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought
pursuant to Section 7.1 or 7.2, such person (the "Indemnified Party") shall
promptly notify the person against whom such indemnity may be sought (the
"Indemnifying Party") in writing, provided that the omission to so notify the
Indemnifying Party will not relieve the Indemnifying Party of any liability it
may have under this Agreement or otherwise except to the extent of any loss,
damage, liability or expense arising from such omission. The Indemnifying Party,
upon the request of the Indemnified Party, shall retain counsel reasonably
satisfactory to such Indemnified Party to represent such Indemnified Party and
any others the Indemnifying Party may designate in such proceeding and shall pay
the fees and disbursements of such counsel related to such proceeding. In any
such proceeding, any Indemnified Party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Party unless (i) the

                                       12

<PAGE>

Indemnifying Party and the Indemnified Party shall have mutually agreed to the
retention, (ii) the Indemnifying Party shall have failed to comply with its
obligations under the preceding sentence or (iii) the Indemnified Party shall
have been advised by its counsel in writing that actual or potential differing
interests exist between the Indemnifying Party and the Indemnified Party. The
Indemnifying Party shall not be liable for any settlement of any proceeding
effected without its written consent, which consent shall not be unreasonably
withheld. The Indemnifying Party shall not agree to any settlement as the result
of which any remedy or relief, other than monetary damages for which the
Indemnifying Party shall be fully responsible, shall be applied to or against an
Indemnified Party without the prior written consent of such Indemnified Party.

     7.4  Contribution.

     If the indemnification provided for in Section 7.1 or Section 7.2 from the
Indemnifying Party is unavailable to an Indemnified Party hereunder in respect
of any losses, claims, damages, liabilities or expenses referred to therein,
then the Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a
result of such losses, claims, damages, liability or expenses in such proportion
as is appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Party in connection with the actions which resulted in such losses,
claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative fault of such Indemnifying Party and
Indemnified Party shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact, has
been made by, or relates to information supplied by, such Indemnifying Party or
Indemnified Party, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such action. The amount paid
or payable by a party as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include, subject to the
limitations set forth in Section 7.3, any legal or other fees or expenses
reasonably incurred by such party in connection with any investigation or
proceeding. No party shall be liable for contribution with respect to any action
or claim settled without its written consent, which consent shall not be
unreasonably withheld.

     Notwithstanding the provisions of this Section 7.4, Stockholder shall not
be required to contribute any amount in excess of the amount by which the total
price at which the Registrable Common Stock of Stockholder was offered to the
public exceeds the amount of any damages which Stockholder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
of alleged omission. The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 7.4 were determined by pro
rata allocation or by any other method of allocation which does not take into
account the equitable considerations referred to in the immediately preceding
paragraph. 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.

                                       13

<PAGE>

                                  ARTICLE VIII

                                   TERMINATION

     This Agreement shall terminate upon the first such instance as Stockholder
ceases to own at least one percent (1%) of the outstanding Common Stock
(treating the Class B Common Stock and the Preferred Stock as if it had been
converted into Common Stock in accordance with its terms for the purposes of
this calculation). For the purposes of this Section 8, Stockholder shall be
deemed to own any and all Common Stock owned by Stockholder and its Affiliates.
Notwithstanding the foregoing, the Company's and Stockholder's rights, duties
and obligations under Article VI and Article VII shall survive the termination
of this Agreement.

                                   ARTICLE IX

                              AVAILABLE INFORMATION

     The Company shall take such reasonable action and file such information,
documents and reports as shall be required by the SEC as a condition to the
availability of Rule 144 and Rule 144A, or any successor provisions.

                                   ARTICLE X

                              ASSIGNMENT OF RIGHTS

     10.1 Assignment of Rights.

     Subject to Section 10.2, the Registrable Common Stock and rights of
Stockholder under this Agreement with respect to any Registrable Common Stock
owned by Stockholder may be assigned to any person who acquires Registrable
Common Stock from Stockholder, except that any person who acquires such
Registrable Common Stock (x) pursuant to a public offering registered under the
Securities Act, or (y) pursuant to a transfer made in accordance with Rule 144
under the Securities Act (or any similar successor provision) may not assign
rights hereunder with respect to such Registrable Common Stock. Notwithstanding
the foregoing, rights to cause one or more demand registrations under Section
2.1 may only be assigned if such rights are expressly assigned in writing from a
Holder. Any assignment of registration rights pursuant to this Section 10.1
shall be effective upon receipt by the Company of written notice from
Stockholder (i) stating the name and address of any assignee, (ii) describing
the manner in which the assignee acquired Registrable Common Stock from
Stockholder and (iii) identifying the Registrable Common Stock with respect to
which the rights under this Agreement are being assigned.

     10.2 Scope of Assignment.

     The rights of an assignee under Section 10.1 shall be the same rights
granted to the Stockholder under this Agreement, except that in no event shall
the Company's obligations hereunder be increased due to any such assignment. In
connection with any such assignment, the term "Stockholder" as used herein
shall, where appropriate to assign the rights and obligations of

                                       14

<PAGE>

the assigning Stockholder hereunder to such assignee, be deemed to refer to the
assignee. After any such assignment, Stockholder shall retain its rights under
this Agreement with respect to all other Registrable Common Stock owned by
Stockholder.

                                   ARTICLE XI

                                  MISCELLANEOUS

     11.1 Provision of Information.

     Stockholder shall, and shall cause its officers, directors, employees and
agents to complete and execute all such questionnaires as the Company shall
reasonably request in connection with any registration pursuant to this
Agreement.

     11.2 Injunctions.

     Irreparable damage would occur in the event that any of the provisions of
this Agreement were not performed in accordance with its specified terms or were
otherwise breached. Therefore, the parties hereto shall be entitled to an
injunction or injunctions to prevent breaches of the provisions of this
Agreement and to enforce specifically the terms of provisions hereof in any
court having jurisdiction, such remedy being in addition to any other remedy to
which they may be entitled at law or in equity.

     11.3 Severability.

     If any term or provision of this Agreement is held by a court of competent
jurisdiction to be invalid, void, or unenforceable, the remainder of the terms
and provisions 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 or provision.

     11.4 Further Assurances.

     Subject to the specific terms of this Agreement, Stockholder and the
Company shall make, execute, acknowledge and deliver such other instruments and
documents, and take all such other actions, as may be reasonably required in
order to effectuate the purposes of this Agreement and to consummate the
transactions contemplated hereby.

     11.5 Entire Agreement; Modification.

     This Agreement contains the entire understanding of the parties with
respect to the transactions contemplated hereby and supersedes all agreements
and understandings entered into prior to the execution hereof. This Agreement
may be modified only by a written instrument duly executed by or on behalf of
(i) the Company and (ii) each Holder. No breach of any covenant, agreement,
warranty or representation shall be deemed waived unless expressly waived in
writing by or on behalf of the party who might assert such breach.

                                       15

<PAGE>

     11.6 Counterparts.

     For the convenience of the parties hereto, any number of counterparts of
this Agreement may be executed by the parties hereto, but all such counterparts
shall be deemed one and the same instrument.

     11.7 Notices.

     All notices, consents, requests, demands, and other communications
hereunder shall be in writing and shall be given by hand or by mail (return
receipt requested) or sent by overnight delivery service, cable, telegram, or
facsimile transmission to the parties at their respective addresses specified in
the Exchange Agreement or at such other address as shall be specified by the
parties by like notice.

     Notice so given shall, in the case of notice so given by mail, be deemed to
be given and received on the fourth business day after posting, in the case of
notice so given by overnight delivery service, on the day after notice is
deposited with such service, and in the case of notice so given by cable,
telegram, facsimile transmission or, as the case may be, personal delivery, on
the date of actual delivery.

     11.8 GOVERNING LAW.

     THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO ANY CHOICE
OF LAW PRINCIPLES WHICH MIGHT REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION.

     11.9 Successors and Assigns.

     This Agreement shall be binding upon and shall inure to the benefit of and
be enforceable by and against the successors and permitted assigns of the
parties hereto.

     11.10 Parties in Interest.

     Nothing in this Agreement expressed or implied is intended or shall be
construed to confer any right or benefit upon any person, firm or corporation
other than Stockholder and the Company and their respective successors and
permitted assigns.

                                       16

<PAGE>

     IN WITNESS WHEREOF, Stockholder and the Company have caused this Amended
and Restated Registration Rights Agreement (Common Stock) to be duly executed as
of the date first above written.

                                   DYNEGY INC.

                                   By: /s/ Bruce A. Williamson
                                       -----------------------------------------
                                       Name: Bruce A. Williamson
                                       Title: President and CEO

                                   CHEVRON U.S.A. INC.

                                   By: /s/ Lydia Beebe
                                       -----------------------------------------
                                       Name: Lydia Beebe
                                       Title: Vice President and Secretary

                                       17

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