Document:

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                                                                     Exhibit 4.2

                                                                  EXECUTION COPY

                           GTECH HOLDINGS CORPORATION

                    $150,000,000 4.50% SENIOR NOTES DUE 2009

                                       and

                    $150,000,000 5.25% SENIOR NOTES DUE 2014

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                               November 19, 2004

BANC OF AMERICA SECURITIES LLC
CITIGROUP GLOBAL MARKETS INC.
  As Representatives of the Several Initial Purchasers named
in Schedule A to the Purchase Agreement,

c/o BANC OF AMERICA SECURITIES LLC
9 West 57th Street
New York, New York 10019

Ladies and Gentlemen:

            GTECH Holdings Corporation, a corporation organized under the laws
of the State of Delaware (the "Company"), proposes to issue and sell to certain
purchasers (the "Initial Purchasers") its 4.50% Senior Notes due 2009 (the
"4.50% Notes") and its 5.25% Senior Notes due 2014 (the "5.25% Notes" and
together with the 4.50% Notes, collectively, the "Securities"), upon the terms
set forth in a purchase agreement of even date herewith (the "Purchase
Agreement") relating to the initial placement of the Securities (the "Initial
Placement"). The obligations of the Company under the Securities and the
Indenture will be fully and unconditionally guaranteed (the "Guarantees") on an
unsecured, unsubordinated basis by GTECH Corporation, a Delaware corporation,
GTECH Rhode Island Corporation, a Rhode Island corporation and GTECH Latin
America Corporation, a Delaware corporation, as guarantors (each, a "Guarantor"
and collectively, the "Guarantors"), pursuant to the terms of the Indenture (as
defined herein). To induce the Initial Purchasers to enter into the Purchase
Agreement and to satisfy a condition of your obligations thereunder, the Company
and the Guarantors agree with
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you for your benefit and the benefit of the holders from time to time of the
Securities (including the Initial Purchasers) (each a "Holder" and, together,
the "Holders"), as follows:

            1. Definitions. Capitalized terms used herein without definition
shall have their respective meanings set forth in the Purchase Agreement. As
used in this Agreement, the following capitalized defined terms shall have the
following meanings:

            "Act" shall mean the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder.

            "Additional Interest" has the meaning set forth in Section 4(a)
hereof.

            "Affiliate" of any specified person shall mean any other person
that, directly or indirectly, is in control of, is controlled by, or is under
common control with, such specified person. For purposes of this definition,
control of a person shall mean the power, direct or indirect, to direct or cause
the direction of the management and policies of such person whether by contract
or otherwise; and the terms "controlling" and "controlled" shall have meanings
correlative to the foregoing.

            "Broker-Dealer" shall mean any broker or dealer registered as such
under the Exchange Act.

            "Business Day" shall mean any day other than a Saturday, a Sunday or
a legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in New York City.

            "Commission" shall mean the Securities and Exchange Commission.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder.

            "Exchange Offer Registration Period" shall mean the 180-day period
following the consummation of the Registered Exchange Offers, exclusive of any
period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement.

            "Exchange Offer Registration Statement" shall mean a registration
statement of the Company on an appropriate form under the Act with respect to
the Registered Exchange Offers, all amendments and supplements to such
registration statement, including post-effective amendments thereto, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

            "Exchanging Dealer" shall mean any Holder (which may include any
Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company).

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            "Final Offering Memorandum" shall have the meaning set forth in the
Purchase Agreement.

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

            "Indenture" shall mean the Indenture relating to the Securities,
dated as of November 19, 2004, among the Company, the Guarantors, and SunTrust
Bank, as trustee.

            "Initial Placement" shall have the meaning set forth in the preamble
hereto.

            "Initial Purchasers" shall have the meaning set forth in the
preamble hereto.

            "Issue Date" shall have the meaning set forth in Section 2(a)
hereof.

            "Losses" shall have the meaning set forth in Section 7(d) hereof.

            "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of Securities registered under a Registration
Statement.

            "Managing Underwriters" shall mean the investment banker or
investment bankers and manager or managers that shall administer an underwritten
offering.

            "New Securities" shall mean debt securities of the Company identical
in all material respects to the 4.50% Notes or the 5.25% Notes, as applicable
(except that the interest rate step-up provisions and the transfer restrictions
shall be eliminated), and to be issued under the Indenture.

            "Prospectus" shall mean 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 under the Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Securities or the New Securities covered by such
Registration Statement, and all amendments and supplements thereto and all
material incorporated by reference therein.

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

            "Registered Exchange Offer" shall mean the proposed offer of the
Company to issue and deliver to the Holders of the Securities that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the 4.50% Notes or the 5.25% Notes, a like aggregate
principal amount of the New Securities, as applicable.

            "Registration Default" shall have the meaning set forth in Section 4
hereof.

            "Registration Statement" shall mean any Exchange Offer Registration
Statement or Shelf Registration Statement that covers any of the Securities or
the New Securities pursuant to the provisions of this Agreement, any amendments
and supplements to such registration

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statement, including post-effective amendments (in each case including the
Prospectus contained therein), all exhibits thereto and all material
incorporated by reference therein.

            "Registrable Securities" shall mean (i) Securities other than those
that have been (A) registered under a Registration Statement and disposed of in
accordance therewith, (B) distributed to the public pursuant to Rule 144 under
the Act or any successor rule or regulation thereto that may be adopted by the
Commission or that are eligible for sale to the public pursuant to Rule 144(k)
under the Act or any successor rule or regulation of the Commission, but not
Rule 144A and (ii) any New Securities resale of which by the Holder thereof
requires compliance with the prospectus delivery requirements of the Act.

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

            "Shelf Registration" shall mean a registration effected pursuant to
Section 3 hereof.

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

            "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company pursuant to the provisions of Section 3 hereof which
covers some or all of the Securities or New Securities, as applicable, on an
appropriate form under Rule 415 under the Act, or any similar rule that may be
adopted by the Commission, amendments and supplements to such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein.

            "Suspension Period" shall have the meaning set forth in Section
3(b)(ii) hereof.

            "Trustee" shall mean the trustee with respect to the Securities and
the New Securities under the Indenture.

            "underwriter" shall mean any underwriter of Securities in connection
with an offering thereof under a Shelf Registration Statement.

            2. Registered Exchange Offers.

            (a) The Company and the Guarantors shall prepare and, not later than
      60 days following the date of the original issuance of the Securities (the
      "Issue Date"), shall file with the Commission the Exchange Offer
      Registration Statements with respect to the Registered Exchange Offers.
      The Company shall use its best efforts to cause the Exchange Offer
      Registration Statements to become effective under the Act within 150 days
      of the Issue Date.

            (b) Upon the effectiveness of the Exchange Offer Registration
      Statements, the Company and the Guarantors shall promptly commence the
      Registered Exchange Offers, it being the objective of such Registered
      Exchange Offers to enable each Holder electing to exchange Securities for
      New Securities (assuming that such Holder is not an Affiliate of the
      Company or the Guarantors, acquires the New Securities in the ordinary

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      course of such Holder's business, has no arrangements with any person to
      participate in the distribution of the New Securities and is not
      prohibited by any law or policy of the Commission from participating in
      the Registered Exchange Offers) to trade such New Securities from and
      after their receipt without any limitations or restrictions under the Act
      and without material restrictions under the securities laws of a
      substantial proportion of the several states of the United States.

            (c) In connection with each Registered Exchange Offer, the Company
and the Guarantors shall:

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

                  (ii) keep such Registered Exchange Offer open for not less
      than 20 Business Days after the date notice thereof is mailed to the
      Holders (or, in each case, longer if required by applicable law);

                  (iii) use its best efforts to keep such Exchange Offer
      Registration Statement continuously effective, supplemented and amended as
      required by the Act to ensure that it is available for sales of New
      Securities by Exchanging Dealers during the Exchange Offer Registration
      Period;

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

                  (v) permit Holders to withdraw tendered Securities at any time
      prior to the close of business, New York time, on the last Business Day on
      which such Registered Exchange Offer is open;

                  (vi) prior to effectiveness of the Exchange Offer Registration
      Statement, provide a supplemental letter to the Commission (A) stating
      that the Company and the Guarantors are conducting such Registered
      Exchange Offer in reliance on the position of the Commission in Exxon
      Capital Holdings Corporation (pub. avail. May 13, 1988) and Morgan Stanley
      and Co., Inc. (pub. avail. June 5, 1991); and (B) including a
      representation that the Company and the Guarantors have not entered into
      any arrangement or understanding with any person to distribute the New
      Securities to be received in such Registered Exchange Offer and that, to
      the best of the Company's and the Guarantor's information and belief, each
      Holder participating in such Registered Exchange Offer is acquiring the
      New Securities in the ordinary course of business and has no arrangement
      or understanding with any person to participate in the distribution of the
      New Securities; and

                  (vii) comply in all material respects with all applicable
      laws.

            (d) As soon as practicable after the close of each Registered
      Exchange Offer, the Company and the Guarantors shall:

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                  (i) accept for exchange all Securities tendered and not
      validly withdrawn pursuant to such Registered Exchange Offer;

                  (ii) deliver to the Trustee for cancellation in accordance
      with Section 5(s) all Securities so accepted for exchange; and

                  (iii) cause the Trustee promptly to authenticate and deliver
      to each Holder of Securities a principal amount of New Securities equal to
      the principal amount of the Securities of such Holder so accepted for
      exchange.

            (e) Each Holder hereby acknowledges and agrees that any
      Broker-Dealer and any such Holder using the Registered Exchange Offer to
      participate in a distribution of the New Securities (x) could not under
      Commission policy as in effect on the date of this Agreement rely on the
      position of the Commission in Morgan Stanley and Co., Inc. (pub. avail.
      June 5, 1991) and Exxon Capital Holdings Corporation (pub. avail. May 13,
      1988), as interpreted in the Commission's letter to Shearman & Sterling
      dated July 2, 1993 and similar no-action letters; and (y) must comply with
      the registration and prospectus delivery requirements of the Act in
      connection with any secondary resale transaction, which must be covered by
      an effective registration statement containing the selling security holder
      information required by Item 507 or 508, as applicable, of Regulation S-K
      under the Act if the resales are of New Securities obtained by such Holder
      in exchange for Securities acquired by such Holder directly from the
      Company or one of its Affiliates. Accordingly, each Holder participating
      in the Registered Exchange Offer shall be required to represent to the
      Company and the Guarantors that, at the time of the consummation of the
      Registered Exchange Offer:

                  (i) any New Securities received by such Holder will be
      acquired in the ordinary course of business;

                  (ii) such Holder will have no arrangement or understanding
      with any person to participate in the distribution of the Securities or
      the New Securities within the meaning of the Act; and

                  (iii) such Holder is not an Affiliate of the Company or the
      Guarantors.

            3. Shelf Registration.

            (a) If (i) due to any change in law or applicable interpretations
      thereof by the Commission's staff, the Company and the Guarantors
      determine upon the advice of the Company's outside counsel that they are
      not permitted to effect either of the Registered Exchange Offer as
      contemplated by Section 2 hereof; (ii) for any other reason either of the
      Registered Exchange Offer is not consummated within 180 days of the Issue
      Date; or (iii) any Initial Purchaser so requests with respect to
      Securities that are not eligible to be exchanged for New Securities in the
      applicable Registered Exchange Offer and that are held by it following
      consummation of such Registered Exchange Offer, the Company and the
      Guarantors shall effect a Shelf Registration Statement in accordance with
      subsection (b) below.

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            (b) (i) The Company and the Guarantors shall as promptly as
      practicable (but in no event more than 45 days after so required or
      requested pursuant to this Section 3 file with the Commission and
      thereafter shall use its best efforts to cause to be declared effective
      under the Act no later than 90 days after so required or requested a Shelf
      Registration Statement relating to the offer and sale of the Securities by
      the Holders thereof from time to time in accordance with the methods of
      distribution elected by such Holders and set forth in such Shelf
      Registration Statement; provided, however, that no Holder (other than an
      Initial Purchaser) shall be entitled to have the Securities held by it
      covered by such Shelf Registration Statement unless such Holder agrees in
      writing to be bound by all of the provisions of this Agreement applicable
      to such Holder.

                  (ii) The Company and the Guarantors shall use their best
      efforts to keep the Shelf Registration Statement continuously effective,
      supplemented and amended as required by the Act, in order to permit the
      Prospectus forming part thereof to be usable by Holders for a period of
      two years from the date of issuance of the Securities (plus the number of
      days in any Suspension Period) or such shorter period that will terminate
      when all the Securities or New Securities, as applicable, covered by the
      Shelf Registration Statement have been sold pursuant to the Shelf
      Registration Statement (in any such case, such period being called the
      "Shelf Registration Period"); provided, however, that the Company and the
      Guarantors shall not be obligated to keep the Shelf Registration Statement
      effective or to permit the use of any Prospectus forming a part of the
      Shelf Registration Statement if (A) the Company and the Guarantors
      determine, in their reasonable judgment, upon advice of counsel that the
      continued effectiveness and use of the Shelf Registration Statement would
      (x) require the disclosure of material information which the Company or
      the Guarantors have a bona fide business reason for preserving as
      confidential or (y) interfere with any financing, acquisition, corporate
      reorganization or other material transaction involving the Company or the
      Guarantors or any of their subsidiaries; and provided, further, that the
      failure to keep the Shelf Registration Statement effective and usable for
      offers and sales of Registrable Securities for such reasons shall last no
      longer than an aggregate of 45 calendar days in any three-month period or
      no more than an aggregate of 90 calendar days during any twelve-month
      period (whereafter a Registration Default, as hereinafter defined, shall
      occur) and (B) the Company and the Guarantors promptly thereafter comply
      with the requirements of Section 5(k) hereof. Any such period during which
      the Company and the Guarantors are excused from keeping the Shelf
      Registration Statement effective and usable for offers and sales of
      Registrable Securities is referred to herein as a "Suspension Period." A
      Suspension Period shall commence on and include the date that the Company
      or the Guarantors give notice to the Holders that the Shelf Registration
      Statement is no longer effective or the Prospectus included therein is no
      longer usable for offers and sales of Registrable Securities as a result
      of the application of the proviso in clause (A) above (without notice of
      the nature or details of such events) and shall end on the earlier to
      occur of the date on which each seller of Registrable Securities covered
      by the Shelf Registration Statement receives copies of any supplemented or
      amended Prospectus or is advised in writing by the Company and the
      Guarantors that use of the Prospectus may be resumed. The Company and the
      Guarantors shall be deemed not to have used their best efforts to keep the
      Shelf Registration Statement effective during the requisite period if they
      voluntarily take any action that would result in Holders of Securities
      covered

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      thereby not being able to offer and sell such Securities during that
      period, unless such action is permitted pursuant to this subsection or
      required by applicable law.

                  (iii) The Company and the Guarantors shall cause the Shelf
      Registration Statement and the related Prospectus and any amendment or
      supplement thereto, as of the effective date of the Shelf Registration
      Statement or such amendment or supplement, (A) to comply in all material
      respects with the applicable requirements of the Securities Act and the
      rules and regulations of the Commission; and (B) not to contain any untrue
      statement of a material fact or omit to state a material fact required to
      be stated therein or necessary in order to make the statements therein (in
      the case of the Prospectus, in the light of the circumstances under which
      they were made) not misleading.

            4. Additional Interest. (a) In the event of the occurrence of any of
the following (each a "Registration Default"), the interest rate on either or
both the 4.50% Notes and/or the 5.25% Notes, as applicable, will be increased
(the "Additional Interest") with respect to such series of Securities as
described below:

                  (i) the applicable Exchange Offer Registration Statement has
      not been filed with the Commission on or prior to the 60th day after the
      Issue Date;

                  (ii) the applicable Exchange Offer Registration Statement is
      not declared effective by the Commission on or prior to the 150th day
      after the Issue Date;

                  (iii) the Registered Exchange Offer for either the 4.50% Notes
      or the 5.25% Notes, as applicable, has not been consummated on or prior to
      the 180th day after the Issue Date;

                  (iv) any required Shelf Registration Statement with respect to
      either the 4.50% Notes or the 5.25% Notes, as applicable, has not been
      filed or declared effective by the Commission on or prior to the date by
      which best efforts are to be used to cause such filing or effectiveness;
      or

                  (v) any required Exchange Offer Registration Statement or
      Shelf Registration Statement is filed with, and declared effective by, the
      Commission, but ceases to be effective at any time at which it is required
      to be effective under this agreement, then

commencing on the day of the occurrence of a Registration Default, Additional
Interest (in addition to stated interest on either or both the 4.50% Notes
and/or the 5.25% Notes, as applicable), shall accrue with respect to the 4.50%
Notes or the 5.25% Notes, as applicable, at the rate of 0.25% per annum for the
first 90 days immediately following the occurrence of such Registration Default
and such Additional Interest rate shall increase by an additional 0.25% per
annum at the end of such 90-day period, but in no event shall such rate exceed
0.50% per annum. Upon (1) the filing of the applicable Exchange Offer
Registration Statement (in the case of a Registration Default set forth in
clause

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(i) above), (2) the effectiveness of the applicable Exchange Offer Registration
Statement (in the case of a Registration Default set forth in clause (ii)
above), (3) the consummation of the applicable Registered Exchange Offer (in the
case of a Registration Default set forth in clause (iii) above), (4) the filing
or effectiveness of the applicable Shelf Registration Statement (in the case of
a Registration Default set forth in clause (iv) above), and (5) the
effectiveness of the applicable Exchange Offer Registration Statement or the
applicable Shelf Registration Statement (in the case of a Registration Default
set forth in clause (v) above), Additional Interest on the applicable Securities
as a result of a Registration Default shall cease to accrue. If, after any such
Additional Interest ceases to accrue, a subsequent Registration Default occurs,
Additional Interest will again accrue as described herein.

            (b) The Company or the Guarantors shall notify the Trustee within
      two Business Days of the occurrence of any Registration Default. Any
      amounts of Additional Interest due as a result of a Registration Default
      will be payable in cash semiannually in arrears on June 1 and December 1
      of each year in accordance with the terms set forth in the Indenture with
      respect to payments of interest, commencing with the first such date
      occurring after any Additional Interest begins to accrue. The Company or
      the Guarantors shall notify the Trustee within two Business Days of the
      cessation of any requirement to pay Additional Interest hereunder.

            5. Additional Registration Procedures. In connection with any Shelf
Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply.

            (a) The Company and the Guarantors shall:

                  (i) furnish to you, not less than five Business Days prior to
      the filing thereof with the Commission, a copy of the applicable Exchange
      Offer Registration Statement and any applicable Shelf Registration
      Statement, and each amendment thereof and each amendment or supplement, if
      any, to the Prospectus included therein (including all documents
      incorporated by reference therein after the initial filing) and shall not
      file any such Registration Statement or amendment or supplement to which
      you shall reasonably object;

                  (ii) include the information set forth in Annex A hereto on
      the facing page of the Exchange Offer Registration Statement, in Annex B
      hereto in the forepart of the Exchange Offer Registration Statement in a
      section setting forth details of the Exchange Offers, in Annex C hereto in
      the underwriting or plan of distribution section of the Prospectus
      contained in the Exchange Offer Registration Statement, and in Annex D
      hereto in the letter of transmittal delivered pursuant to the Registered
      Exchange Offers;

                  (iii) if requested by an Initial Purchaser, include the
      information required by Item 507 or 508 of Regulation S-K, as applicable,
      in the Prospectus contained in the Exchange Offer Registration Statement;
      and

                  (iv) in the case of a Shelf Registration Statement, include
      the names of the Holders that propose to sell Securities pursuant to the
      Shelf Registration Statement as selling security holders.

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            (b) The Company and the Guarantors shall ensure that:

                  (i) any Registration Statement and any amendment thereto and
      any Prospectus forming part thereof and any amendment or supplement
      thereto complies in all material respects with the Act and the rules and
      regulations thereunder; and

                  (ii) any Registration Statement and any amendment thereto does
      not, when it becomes effective, contain an untrue statement of a material
      fact or omit to state a material fact required to be stated therein or
      necessary to make the statements therein not misleading.

            (c) The Company and the Guarantors shall advise you, the Holders of
      Securities covered by any Shelf Registration Statement and any Exchanging
      Dealer under any Exchange Offer Registration Statement that has provided
      in writing to the Company or the Guarantors a telephone or facsimile
      number and address for notices, and, if requested by you or any such
      Holder or Exchanging Dealer, shall confirm such advice in writing (which
      notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an
      instruction to suspend the use of the Prospectus until the Company or the
      Guarantors shall have remedied the basis for such suspension):

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

                  (ii) of any request by the Commission for any amendment or
      supplement to the Registration Statement or the Prospectus or for
      additional information;

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

                  (iv) of the receipt by the Company of any notification with
      respect to the suspension of the qualification of the securities included
      therein for sale in any jurisdiction or the initiation of any proceeding
      for such purpose; and

                  (v) of the happening of any event that requires any change in
      the Registration Statement or the Prospectus so that, as of such date, the
      statements therein are not misleading and do not omit to state a material
      fact required to be stated therein or necessary to make the statements
      therein (in the case of the Prospectus, in the light of the circumstances
      under which they were made) not misleading.

            (d) The Company and the Guarantors shall use their best efforts to
      obtain the withdrawal of any order suspending the effectiveness of any
      Registration Statement or the qualification of the securities therein for
      sale in any jurisdiction at the earliest possible time.

            (e) The Company and the Guarantors shall furnish to each Holder of
      Securities covered by any Shelf Registration Statement, without charge, at
      least one copy

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      of such Shelf Registration Statement and any post-effective amendment
      thereto, including all material incorporated therein by reference, and, if
      the Holder so requests in writing, all exhibits thereto (including
      exhibits incorporated by reference therein).

            (f) The Company and the Guarantors shall, during the Shelf
      Registration Period, deliver to each Holder of Securities covered by any
      Shelf Registration Statement, without charge, as many copies of the
      Prospectus (including each preliminary Prospectus) included in such Shelf
      Registration Statement and any amendment or supplement thereto as such
      Holder may reasonably request. The Company and the Guarantors consent to
      the use of the Prospectus or any amendment or supplement thereto by each
      of the selling Holders of securities in connection with the offering and
      sale of the securities covered by the Prospectus, or any amendment or
      supplement thereto, included in the Shelf Registration Statement.

            (g) The Company and the Guarantors shall furnish to each Exchanging
      Dealer which so requests, without charge, at least one copy of the
      applicable Exchange Offer Registration Statement and any post-effective
      amendment thereto, including all material incorporated by reference
      therein, and, if the Exchanging Dealer so requests in writing, all
      exhibits thereto (including exhibits incorporated by reference therein).

            (h) The Company or the Guarantors shall promptly deliver to each
      Initial Purchaser, each Exchanging Dealer and each other person required
      to deliver a Prospectus during the Exchange Offer Registration Period,
      without charge, as many copies of the Prospectus included in such Exchange
      Offer Registration Statement and any amendment or supplement thereto as
      any such person may reasonably request. The Company and the Guarantors
      consent to the use of the Prospectus or any amendment or supplement
      thereto during the Exchange Offer Registration Period by any Initial
      Purchaser, any Exchanging Dealer and any such other person that may be
      required to deliver a Prospectus following the Registered Exchange Offers
      in connection with the offering and sale of the New Securities covered by
      the Prospectus, or any amendment or supplement thereto, included in the
      Exchange Offer Registration Statement, except under the circumstances
      provided in subsections(c)(ii) through (v) above.

            (i) Prior to the Registered Exchange Offers or any other offering of
      Securities pursuant to any Registration Statement, the Company and the
      Guarantors shall arrange, if necessary, for the qualification of the
      Securities or the New Securities for sale under the laws of such
      jurisdictions as any Holder shall reasonably request and will maintain
      such qualification in effect so long as required; provided that in no
      event shall the Company or the Guarantors be obligated to qualify to do
      business in any jurisdiction where it is not then so qualified or to take
      any action that would subject it to service of process in suits, other
      than those arising out of the Initial Placement, the Registered Exchange
      Offers or any offering pursuant to a Shelf Registration Statement, in any
      such jurisdiction where it is not then so subject.

            (j) The Company and the Guarantors shall cooperate with the Holders
      of Securities to facilitate the timely preparation and delivery of
      certificates representing New Securities or Securities to be issued or
      sold pursuant to any Registration Statement

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      free of any restrictive legends and in such denominations and registered
      in such names as Holders may request.

            (k) Upon the occurrence of any event contemplated by subsections
      (c)(ii) through (v) above, the Company and the Guarantors shall promptly
      prepare a post-effective amendment to the applicable Registration
      Statement or an amendment or supplement to the related Prospectus or file
      any other required document so that, as thereafter delivered to Initial
      Purchasers of the securities included therein, the Prospectus will not
      include an untrue statement of a material fact or omit to state any
      material fact necessary to make the statements therein, in the light of
      the circumstances under which they were made, not misleading. In such
      circumstances, the period of effectiveness of the applicable Exchange
      Offer Registration Statement provided for in Section 2 and the Shelf
      Registration Statement provided for in Section 3(b) shall each be extended
      by the number of days from and including the date of the giving of a
      notice of suspension pursuant to Section 5(c) to and including the date
      when the Initial Purchasers, the Holders of the Securities and any known
      Exchanging Dealer shall have received such amended or supplemented
      Prospectus pursuant to this Section.

            (l) Not later than the effective date of any Registration Statement,
      the Company and the Guarantors shall provide CUSIP numbers for the
      Securities or the New Securities, as the case may be, registered under
      such Registration Statement and provide the Trustee with printed
      certificates for such Securities or New Securities, in a form eligible for
      deposit with The Depository Trust Company.

            (m) The Company and the Guarantors shall comply with all applicable
      rules and regulations of the Commission and shall make generally available
      to its security holders as soon as practicable after the effective date of
      the applicable Registration Statement an earnings statement satisfying the
      provisions of Section 11(a) of the Act.

            (n) The Company and the Guarantors shall cause the Indenture to be
      qualified under the Trust Indenture Act in a timely manner.

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

            (p) In the case of any Shelf Registration Statement, the Company and
      the Guarantors shall enter into such agreements (including, if requested,
      an underwriting agreement in customary form) and take all other
      appropriate actions in order to expedite or facilitate the registration or
      the disposition of the Securities, and in connection therewith, if an
      underwriting agreement is entered into, cause the same to contain
      indemnification provisions and procedures no less favorable than those set
      forth in Section 7 hereof.

                                       12
<PAGE>
            (q) In the case of any Shelf Registration Statement, the Company and
the Guarantors shall:

                  (i) make reasonably available for inspection by the Holders of
      Securities to be registered thereunder, any underwriter participating in
      any disposition pursuant to such Registration Statement, and any attorney,
      accountant or other agent retained by the Holders or any such underwriter
      all relevant financial and other records, pertinent corporate documents
      and properties of the Company and the Guarantors and its subsidiaries;

                  (ii) cause the Company's and the Guarantor's officers,
      directors and employees to supply all relevant information reasonably
      requested by the Holders or any such underwriter, attorney, accountant or
      agent in connection with any such Registration Statement as is customary
      for similar due diligence examinations; provided, however, that any
      information that is designated in writing by the Company or the
      Guarantors, in good faith, as confidential at the time of delivery of such
      information shall be kept confidential by the Holders or any such
      underwriter, attorney, accountant or agent, unless such disclosure is made
      in connection with a court proceeding or required by law, or such
      information becomes available to the public generally or through a third
      party without an accompanying obligation of confidentiality;

                  (iii) make such representations and warranties to the Holders
      of Securities registered thereunder and the underwriters, if any, in form,
      substance and scope as are customarily made by issuers to underwriters in
      primary underwritten offerings and covering matters including, but not
      limited to, those set forth in the Purchase Agreement;

                  (iv) obtain opinions of counsel to the Company and the
      Guarantors and updates thereof (which counsel and opinions (in form, scope
      and substance) shall be reasonably satisfactory to the Managing
      Underwriters, if any) addressed to each selling Holder and the
      underwriters, if any, covering such matters as are customarily covered in
      opinions requested in underwritten offerings and such other matters as may
      be reasonably requested by such Holders and underwriters;

                  (v) obtain "cold comfort" letters and updates thereof from the
      independent certified public accountants of the Company and the Guarantors
      (and, if necessary, any other independent certified public accountants of
      any subsidiary of the Company or the Guarantors or of any business
      acquired by the Company or the Guarantors for which financial statements
      and financial data are, or are required to be, included in the
      Registration Statement), addressed to each selling Holder of Securities
      registered thereunder and the underwriters, if any, in customary form and
      covering matters of the type customarily covered in "cold comfort" letters
      in connection with primary underwritten offerings; and

                  (vi) deliver such documents and certificates as may be
      reasonably requested by the Majority Holders and the Managing
      Underwriters, if any, including those to evidence compliance with Section
      5(k) and with any customary conditions

                                       13
<PAGE>
      contained in the underwriting agreement or other agreement entered into by
      the Company and the Guarantors.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this subsection
5(q) shall be performed at (A) the effectiveness of such Registration Statement
and each post-effective amendment thereto; and (B) each closing under any
underwriting or similar agreement as and to the extent required thereunder.

            (r) In the case of any Exchange Offer Registration Statement, the
      Company and the Guarantors shall, to the extent requested by any Initial
      Purchaser, or by a Broker-Dealer that holds Securities that were acquired
      as a result of market-making or other trading activities:

                  (i) make reasonably available for inspection by such
      requesting party, and any attorney, accountant or other agent retained by
      such Initial Purchaser or such Broker-Dealer, all relevant financial and
      other records, pertinent corporate documents and properties of the Company
      and the Guarantors and their subsidiaries;

                  (ii) cause the Company's and the Guarantor's officers,
      directors, employees, accountants and auditors to supply all relevant
      information reasonably requested by such Initial Purchaser, such
      Broker-Dealer or any such attorney, accountant or agent in connection with
      any such Registration Statement as is customary for similar due diligence
      examinations; provided, however, that any information that is designated
      in writing by the Company or the Guarantors, in good faith, as
      confidential at the time of delivery of such information shall be kept
      confidential by such Initial Purchaser or any such attorney, accountant or
      agent, unless such disclosure is made in connection with a court
      proceeding or required by law, or such information becomes available to
      the public generally or through a third party without an accompanying
      obligation of confidentiality;

                  (iii) make such representations and warranties to such
      requesting party, in form, substance and scope as are customarily made by
      issuers to underwriters in primary underwritten offerings and covering
      matters including, but not limited to, those set forth in the Purchase
      Agreement;

                  (iv) obtain opinions of counsel to the Company and the
      Guarantors and updates thereof (which counsel and opinions (in form, scope
      and substance) shall be reasonably satisfactory to such requesting party
      and its counsel), addressed to such requesting party, covering such
      matters as are customarily covered in opinions requested in underwritten
      offerings and such other matters as may be reasonably requested by such
      requesting party or its counsel;

                  (v) obtain "cold comfort" letters and updates thereof from the
      independent certified public accountants of the Company and the Guarantors
      (and, if necessary, any other independent certified public accountants of
      any subsidiary of the Company or the Guarantors or of any business
      acquired by the Company or the Guarantors for which financial statements
      and financial data are, or are required to be, included in the
      Registration Statement), addressed to such requesting party, in customary

                                       14
<PAGE>
      form and covering matters of the type customarily covered in "cold
      comfort" letters in connection with primary underwritten offerings, or if
      requested by such Initial Purchaser or its counsel in lieu of a "cold
      comfort" letter, an agreed-upon procedures letter under Statement on
      Auditing Standards No. 35, covering matters reasonably requested by such
      Initial Purchaser or its counsel; and

                  (vi) deliver such documents and certificates as may be
      reasonably requested by such Initial Purchaser or its counsel, including
      those to evidence compliance with Section 5(k) and with conditions
      customarily contained in underwriting agreements.

The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this
subsection 5(r) shall be performed at the close of each Registered Exchange
Offer and the effective date of any post-effective amendment to the Exchange
Offer Registration Statement.

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

            (t) The Company and the Guarantors will use their best efforts (i)
      if the Securities have been rated prior to the initial sale of such
      Securities, to confirm such ratings will apply to the Securities or the
      New Securities, as the case may be, covered by such Registration
      Statement; or (ii) if the Securities were not previously rated, to cause
      the Securities covered by a Registration Statement to be rated by at least
      one nationally recognized statistical rating agency, if so requested by
      the Majority Holders with respect to the related Registration Statement or
      by any Managing Underwriters.

            (u) In the event that any Broker-Dealer shall underwrite any
      Securities or participate as a member of an underwriting syndicate or
      selling group or "assist in the distribution" (within the meaning of the
      Rules of Fair Practice and the By-Laws of the National Association of
      Securities Dealers, Inc.) thereof, whether as a Holder of such Securities
      or as an underwriter, a placement or sales agent or a broker or dealer in
      respect thereof, or otherwise, assist such Broker-Dealer in complying with
      the requirements of such Rules and By-Laws, including, without limitation,
      by:

                  (i) if such Rules or By-Laws shall so require, engaging a
      "qualified independent underwriter" (as defined in such Rules) to
      participate in the preparation of the Registration Statement, to exercise
      usual standards of due diligence with respect thereto and, if any portion
      of the offering contemplated by such Registration Statement is an
      underwritten offering or is made through a placement or sales agent, to
      recommend the yield of such Securities;

                  (ii) indemnifying any such qualified independent underwriter
      to the extent of the indemnification of underwriters provided in Section 7
      hereof; and

                                       15
<PAGE>
                  (iii) providing such information to such Broker-Dealer as may
      be required in order for such Broker-Dealer to comply with the
      requirements of such Rules.

            (v) The Company and the Guarantors shall take all other steps
reasonably necessary to effect the registration of the Securities or the New
Securities, as the case may be, covered by a Registration Statement.

            6. Registration Expenses. The Company and the Guarantors shall bear
all expenses incurred in connection with the performance of their respective
obligations under Sections 2, 3 and 5 hereof and, in the event of any Shelf
Registration Statement, will reimburse the Holders for the reasonable fees and
disbursements of one firm or counsel (which shall initially be Shearman &
Sterling LLP but which may be another nationally recognized law firm experienced
in securities matters designated by the Majority Holders) to act as counsel for
the Holders in connection therewith. Each Holder shall pay all underwriting
discounts and commissions and transfer taxes, if any, relating to the sale or
disposition of such Holder's Securities pursuant to the Shelf Registration
Statement.

            7. Indemnification and Contribution. (a) The Company and the
Guarantors, jointly and severally, agree to indemnify and hold harmless each
Holder of Securities or New Securities, as the case may be, covered by any
Registration Statement (including each Initial Purchaser and, with respect to
any Prospectus delivery as contemplated in Section 5(h) hereof, each Exchanging
Dealer), the directors, officers, employees and agents of each such Holder and
each person who controls any such Holder within the meaning of either the Act or
the Exchange Act against any and all losses, claims, damages or liabilities,
joint or several, to which they or any of them may become subject under the Act,
the Exchange Act or other Federal or state statutory law or regulation, at
common law or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in the
Registration Statement as originally filed or in any amendment thereof, or in
any preliminary Prospectus or the Prospectus, or in any amendment thereof or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and agrees to reimburse
each such indemnified party, as incurred, for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, that the
Company and the Guarantors will not be liable in any case to the extent that any
such loss, claim, damage or liability arises out of or is based upon any such
untrue statement or alleged untrue statement or omission or alleged omission
made therein in reliance upon and in conformity with written information
furnished to the Company or the Guarantors by or on behalf of any such Holder
specifically for inclusion therein. This indemnity agreement will be in addition
to any liability which the Company or the Guarantors may otherwise have.

            The Company and the Guarantors also agree to indemnify or contribute
as provided in Section 7(d) to Losses of each underwriter, if any, of Securities
or New Securities, as the case may be, registered under a Shelf Registration
Statement, their directors, officers, employees or agents and each person who
controls such underwriter on substantially the same basis as that of the
indemnification of the Initial Purchasers and the selling Holders provided in

                                       16
<PAGE>
this Section 7(a) and shall, if requested by any Holder, enter into an
underwriting agreement reflecting such agreement, as provided in Section 5(p)
hereof.

            (b) Each Holder of Securities or New Securities covered by a
      Registration Statement (including each Initial Purchaser and, with respect
      to any Prospectus delivery as contemplated in Section 5(h) hereof, each
      Exchanging Dealer) severally agrees to indemnify and hold harmless the
      Company, the Guarantors, each of their directors and each of their
      officers who signs such Registration Statement and each person who
      controls the Company or the Guarantors within the meaning of either the
      Act or the Exchange Act, to the same extent as the foregoing indemnity
      from the Company and the Guarantors to each such Holder, but only with
      reference to written information relating to such Holder furnished to the
      Company or the Guarantors by or on behalf of such Holder specifically for
      inclusion in the documents referred to in the foregoing indemnity. This
      indemnity agreement will be in addition to any liability which any such
      Holder may otherwise have.

            (c) Promptly after receipt by an indemnified party under this
      Section 7 or notice of the commencement of any action, such indemnified
      party will, if a claim in respect thereof is to be made against the
      indemnifying party under this Section, notify the indemnifying party in
      writing of the commencement thereof; but the failure so to notify the
      indemnifying party (i) will not relieve it from liability under paragraph
      (a) or (b) above unless and to the extent it did not otherwise learn of
      such action and such failure results in the forfeiture by the indemnifying
      party of substantial rights and defenses; and (ii) will not, in any event,
      relieve the indemnifying party from any obligations to any indemnified
      party other than the indemnification obligation provided in paragraph (a)
      or (b) above. The indemnifying party shall be entitled to appoint counsel
      of the indemnifying party's choice at the indemnifying party's expense to
      represent the indemnified party in any action for which indemnification is
      sought (in which case the indemnifying party shall not thereafter be
      responsible for the fees and expenses of any separate counsel retained by
      the indemnified party or parties except as set forth below); provided,
      however, that such counsel shall be reasonably satisfactory to the
      indemnified party. Notwithstanding the indemnifying party's election to
      appoint counsel to represent the indemnified party in an action, the
      indemnified party shall have the right to employ separate counsel
      (including local counsel), and the indemnifying party shall bear the
      reasonable fees, costs and expenses of such separate counsel if (i) the
      use of counsel chosen by the indemnifying party to represent the
      indemnified party would present such counsel with a conflict of interest;
      (ii) the actual or potential defendants in, or targets of, any such action
      include both the indemnified party and the indemnifying party and the
      indemnified party shall have reasonably concluded that there may be legal
      defenses available to it and/or other indemnified parties which are
      different from or additional to those available to the indemnifying party;
      (iii) the indemnifying party shall not have employed counsel satisfactory
      to the indemnified party to represent the indemnified party within a
      reasonable time after notice of the institution of such action; or (iv)
      the indemnifying party shall authorize the indemnified party to employ
      separate counsel at the expense of the indemnifying party. It is
      understood, however, that the Company or the Guarantors shall not, in
      connection with any one such suit or proceeding or separate but
      substantially similar or related actions or proceedings in the same
      jurisdiction arising

                                       17
<PAGE>
      out of the same general allegations or circumstances, be liable for the
      reasonable fees and expenses of more than one separate firm of attorneys
      at any time for all such indemnified parties, which shall be designated in
      writing by the Initial Purchasers. An indemnifying party will not, without
      the prior written consent of the indemnified parties, settle or compromise
      or consent to the entry of any judgment with respect to any pending or
      threatened claim, action, suit or proceeding in respect of which
      indemnification or contribution may be sought hereunder (whether or not
      the indemnified parties are actual or potential parties to such claim or
      action) unless such settlement, compromise or consent (i) includes an
      unconditional release of each indemnified party from all liability arising
      out of such claim, action, suit or proceeding and (ii) does not include a
      statement as to or an admission of fault, culpability or failure to act by
      or on behalf of any indemnified party. The indemnifying party shall not be
      liable for any settlement of any proceeding effected without its written
      consent, but if settled with such consent the indemnifying party agrees to
      indemnify the indemnified party from and against any loss or liability by
      reason of such settlement.

            (d) In the event that the indemnity provided in paragraph (a) or (b)
of this Section 7 is unavailable to or insufficient to hold harmless an
indemnified party for any reason, then each applicable indemnifying party shall
have a joint and several obligation to contribute to the aggregate losses,
claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending same) (collectively
"Losses") to which such indemnified party may be subject in such proportion as
is appropriate to reflect the relative benefits received by such indemnifying
party, on the one hand, and such indemnified party, on the other hand, from the
Initial Placement and the Registration Statement which resulted in such Losses;
provided, however, that in no case shall any Initial Purchaser or any subsequent
Holder of any Security or New Security be responsible, in the aggregate, for any
amount in excess of the purchase discount or commission applicable to such
Security, or in the case of a New Security, applicable to the Security that was
exchangeable into such New Security, nor shall any underwriter be responsible
for any amount in excess of the underwriting discount or commission applicable
to the securities purchased by such underwriter under the Registration Statement
which resulted in such Losses. If the allocation provided by the immediately
preceding sentence is unavailable for any reason, the indemnifying party and the
indemnified party shall contribute in such proportion as is appropriate to
reflect not only such relative benefits but also the relative fault of such
indemnifying party, on the one hand, and such indemnified party, on the other
hand, in connection with the statements or omissions which resulted in such
Losses as well as any other relevant equitable considerations. Benefits received
by the Company and the Guarantors shall be deemed to be equal to the total net
proceeds from the Initial Placement of the 4.50% Notes and the 5.25% Notes
received by the Company (before deducting expenses). Benefits received by the
Initial Purchasers shall be deemed to be equal to the total purchase discounts
and commissions received by the Initial Purchasers in connection with the
Initial Placement of either the 4.50% Notes or the 5.25% Notes, as applicable,
and benefits received by any other Holders shall be deemed to be equal to the
value of receiving Securities or New Securities, as applicable, registered under
the Act. Benefits received by any underwriter shall be deemed to be equal to the
total underwriting discounts and commissions with respect to either or both the
4.50% Notes and/or the 5.25% Notes, as applicable, as set forth on the cover
page of the Prospectus forming a part of the Registration Statement which
resulted in such Losses. Relative fault shall be determined by reference to,
among other things, whether

                                       18
<PAGE>
any alleged untrue statement or omission relates to information provided by the
indemnifying party, on the one hand, or by the indemnified party, on the other
hand, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such untrue statement or
omission. The parties agree that it would not be just and equitable if
contribution were determined by pro rata allocation (even if the Holders were
treated as one entity for such purpose) or any other method of allocation which
does not take account of the equitable considerations referred to above.
Notwithstanding the provisions of this paragraph (d), no person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section, each person who
controls a Holder within the meaning of either the Act or the Exchange Act and
each director, officer, employee and agent of such Holder shall have the same
rights to contribution as such Holder, and each person who controls the Company
and the Guarantors within the meaning of either the Act or the Exchange Act,
each officer of the Company and the Guarantors who shall have signed the
Registration Statement and each director of the Company and the Guarantors shall
have the same rights to contribution as the Company or the Guarantors, subject
in each case to the applicable terms and conditions of this paragraph (d).

            (e) The provisions of this Section 7 will remain in full force and
      effect, regardless of any termination or cancellation of this agreement or
      any investigation made by or on behalf of any Holder or the Company or the
      Guarantors or any of the officers, directors or controlling persons
      referred to in this Section hereof, and will survive the sale by a Holder
      of securities covered by a Registration Statement.

            8. Underwritten Registrations. (a) If any of the Securities or New
Securities, as the case may be, covered by any Shelf Registration Statement are
to be sold in an underwritten offering, the Managing Underwriters shall be
selected by the Majority Holders; provided, that such Managing Underwriters
shall be reasonably satisfactory to the Company.

            (b) No person may participate in any underwritten offering pursuant
      to any Shelf Registration Statement, unless such person (i) agrees to sell
      such person's Securities or New Securities, as the case may be, on the
      basis reasonably provided in any underwriting arrangements approved by the
      persons entitled hereunder to approve such arrangements; and (ii)
      completes and executes all questionnaires, powers of attorney,
      indemnities, underwriting agreements and other documents reasonably
      required under the terms of such underwriting arrangements.

            9. No Inconsistent Agreements. The Company and the Guarantors have
not, as of the date hereof, entered into, nor shall they, on or after the date
hereof, enter into, any agreement with respect to their respective securities
that is inconsistent with the rights granted to the Holders herein or otherwise
conflicts with the provisions hereof.

            10. Amendments and Waivers. The provisions of this Agreement may not
be amended, qualified, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, unless the Company and
the Guarantors have obtained the written consent of the Holders of a majority of
the aggregate principal amount OF the Registrable Securities outstanding;
provided that, with respect to any matter that directly or indirectly affects

                                       19
<PAGE>
the rights of any Initial Purchaser hereunder, the Company and the Guarantors
shall obtain the written consent of each such Initial Purchaser against which
such amendment, qualification, supplement, waiver or consent is to be effective;
provided, further, that no amendment, qualification, supplement, waiver or
consent with respect to Section 4 hereof shall be effective as against any
Holder of Registrable Securities unless consented to in writing by such Holder;
and provided, further, that the provisions of this Section 10 may not be
amended, qualified, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, unless the Company and
the Guarantors have obtained the written consent of the Initial Purchasers and
each Holder. Notwithstanding the foregoing (except the foregoing provisos), a
waiver or consent to departure from the provisions hereof with respect to a
matter that relates exclusively to the rights of Holders whose Securities or New
Securities, as the case may be, 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 the Majority Holders, determined on the basis of
Securities or New Securities, as the case may be, being sold rather than
registered under such Registration Statement.

            11. Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier or air courier guaranteeing overnight delivery:

            (a) if to a Holder, at the most current address given by such holder
      to the Company in accordance with the provisions of this Section, which
      address initially is, with respect to each Holder, the address of such
      Holder maintained by the Registrar (as defined in the Indenture) under the
      Indenture, with a copy in like manner to Banc of America Securities LLC;

            (b) if to you, initially at the respective addresses set forth in
      the Purchase Agreement; and

            (c) if to the Company or the Guarantors, initially at its respective
      address set forth in the Purchase Agreement.

            All such notices and communications shall be deemed to have been
duly given when received.

            The Initial Purchasers or the Company or the Guarantors by notice to
the other parties may designate additional or different addresses for subsequent
notices or communications.

            12. Successors. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including,
without the need for an express assignment or any consent by the Company or the
Guarantors thereto, subsequent Holders of Securities and the New Securities. The
Company and the Guarantors hereby agree to extend the benefits of this Agreement
to any Holder of Securities and the New Securities, and any such Holder may
specifically enforce the provisions of this Agreement as if an original party
hereto.

            13. Specific Performance. Without limiting the remedies available to
the Initial Purchasers and the Holders, the Company and the Guarantors
acknowledge that any

                                       20
<PAGE>
failure by the Company or the Guarantors to comply with its obligations under
Sections 2 and 3 hereof may result in material irreparable injury to the Initial
Purchasers or the Holders for which there is no adequate remedy at law, that it
will not be possible to measure damages for such injuries precisely and that, in
the event of any such failure, the Initial Purchasers or any Holder may obtain
such relief as may be required to specifically enforce either the Company or
Guarantors' obligations under Sections 2 and 3 hereof.

            14. Counterparts. This agreement may be in signed counterparts, each
of which shall an original and all of which together shall constitute one and
the same agreement.

            15. Headings. The headings used herein are for convenience only and
shall not affect the construction hereof.

            16. Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York.

            17. Severability. In the event that any one of more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

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

                            [SIGNATURE PAGES FOLLOW]

                                       21
<PAGE>
            If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the
Company, the Guarantors and the several Initial Purchasers.

                                      Very truly yours,

                                      GTECH HOLDINGS CORPORATION

                                      By: /s/  William M. Pieri
                                          ------------------------------------
                                          Name: William M. Pieri
                                          Title: Vice President, Mergers &
                                          Acquisitions and Treasurer

                                       GTECH CORPORATION

                                       By: /s/  William M. Pieri
                                           -----------------------------------
                                          Name: William M. Pieri
                                          Title:  Vice President, Mergers &
                                          Acquisitions and Treasurer

                                       GTECH RHODE ISLAND CORPORATION

                                       By:  /s/  William M. Pieri
                                           -----------------------------------
                                          Name:  William M. Pieri
                                          Title:  Vice President and Treasurer

                                       GTECH LATIN AMERICA CORPORATION

                                       By:   /s/  William M. Pieri
                                           -----------------------------------
                                          Name:  William M. Pieri
                                          Title:  Vice President and Treasurer
<PAGE>
The foregoing Registration Rights Agreement
is hereby confirmed and accepted by the
Initial Purchasers as of the date first
above written.

 BANC OF AMERICA SECURITIES LLC
 CITIGROUP GLOBAL MARKETS INC.

        Acting on behalf of themselves
        and as the Representatives of
        the several Initial Purchasers.

     By:  BANC OF AMERICA SECURITIES LLC

       By: /s/ Peter J. Carbone
           ---------------------------
         Name:  Peter J. Carbone
         Title:  Vice President
<PAGE>
                                                                         ANNEX A

            Each Broker-Dealer that receives New Securities for its own account
pursuant to an Exchange Offer must acknowledge that it will deliver a prospectus
in connection with any resale of such New Securities. The Letter of Transmittal
states that by so acknowledging and by delivering a prospectus, a Broker-Dealer
will not be deemed to admit that it is an "underwriter" within the meaning of
the Securities Act. This Prospectus, as it may be amended or supplemented from
time to time, may be used by a Broker-Dealer in connection with resales of New
Securities received in exchange for Securities where such Securities were
acquired by such Broker-Dealer as a result of market-making activities or other
trading activities. The Company and the Guarantors have agreed that, starting on
the date each Registered Exchange Offer is consummated (the "Expiration Date")
and ending on the close of business 180 days after the Expiration Date, subject
to certain exceptions, it will make this Prospectus available to any
Broker-Dealer for use in connection with any such resale. See "Plan of
Distribution."

                                      A-1
<PAGE>
                                                                         ANNEX B

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

                                      B-1
<PAGE>
                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

            Each Broker-Dealer that receives New Securities for its own account
pursuant to an Exchange Offer must acknowledge that it will deliver a prospectus
in connection with any resale of such New Securities. This Prospectus, as it may
be amended or supplemented from time to time, may be used by a Broker-Dealer in
connection with resales of New Securities received in exchange for Securities
where such Securities were acquired as a result of market-making activities or
other trading activities. We have agreed that, starting on the Expiration Date
and ending on the close of business 180 days after the Expiration Date, we will
make this Prospectus, as amended or supplemented, available to any Broker-Dealer
for use in connection with any such resale.

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

            For a period 180 days after the Expiration Date, we will promptly
send additional copies of this Prospectus and any amendment or supplement to
this Prospectus to any Broker-Dealer that requests such documents in the Letter
of Transmittal. We have agreed to pay all expenses incident to the Exchange
Offers (including the expenses of one counsel for the holder of the Securities)
other than commissions or concessions of any brokers or dealers and will
indemnify the holders of the Securities (including any Broker-Dealers) against
certain liabilities, including liabilities under the Securities Act.

                                      C-1
<PAGE>
                                                                         ANNEX D

Rider A

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

               Name:
                             --------------------------------------------
               Address:
                             --------------------------------------------

                             --------------------------------------------

Rider B

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the New Securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of New Securities
and it has no arrangements or understandings with any person to participate in a
distribution of the New Securities. If the undersigned is a Broker-Dealer that
will receive New Securities for its own account in exchange for Securities, it
represents that the Securities to be exchanged for New Securities were acquired
by it as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus in connection with any resale of
such New Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

                                      D-1<PAGE>

                                                                    Exhibit 10.1

                         EXECUTIVE EMPLOYMENT AGREEMENT

EXECUTIVE EMPLOYMENT AGREEMENT, is dated effective as of November 22, 2004
("Effective Date") by and between WestCoast Hospitality Corporation, a
Washington corporation (the "Company"), and Anupam Narayan (the "Executive").

The Company desires to employ the Executive in the capacities of Executive Vice
President, Chief Investment Officer, and the Executive desires to be so
employed, on the terms and subject to the conditions set forth in this agreement
(the "Agreement");

Now, therefore, in consideration of the mutual covenants set forth herein and
other good and valuable consideration the parties hereto hereby agree as
follows:

1.    EMPLOYMENT; TERM.

      The Company employs the Executive, and the Executive agrees to be employed
by the Company, upon the terms and subject to the conditions set forth herein,
for a term commencing on the Effective Date and terminating on December 31, 2006
unless terminated earlier in accordance with Section 5 of this Agreement;
provided, that such term shall automatically be extended from time to time for
additional periods of one calendar year from the date on which it would
otherwise expire unless the Executive, on one hand, or the Company, on the
other, gives notice to the other party or parties not less than 120 days prior
to such date that it elects to permit the term of this Agreement to expire
without extension on such date. (The initial term of this Agreement as the same
may be extended in accordance with the terms of this Agreement is hereinafter
referred to as the "Term").

2.    POSITIONS; CONDUCT.

(a)   During the Term, the Executive will hold the title and office of, and
serve in the position of, Executive Vice President, Chief Investment Officer of
the Company. In the event of a vacancy in the Company's Chief Financial Officer
position, the Company may, at its option and for no additional compensation,
appoint Executive the Company's Chief Financial Officer. Such position shall be
in addition to other Company positions Executive may then occupy. Executive
agrees to accept such appointment and serve the Company in such capacity if so
appointed. The Executive shall report to the Chief Executive Officer of the
Company and shall perform such specific duties and services (including service
as an officer, director or equivalent position of any direct or indirect
subsidiary without additional compensation) as the Company shall reasonably
request consistent with the Executive's positions.

(b)   During the Term, the Executive agrees to devote his full business time and
attention to the business and affairs of the Company and to faithfully and
diligently perform, to the best of his ability, all of his duties and
responsibilities hereunder. Nothing in this Agreement shall preclude the
Executive from devoting reasonable time and attention to the following (the
"Exempted Activities"): (i) serving, with the approval of the Chief Executive
Officer of the Company, as an officer, director, trustee or member of any
organization, (ii) engaging in charitable and community activities and (iii)
managing his personal investments and affairs. In no event shall the Exempted
Activities involve any material conflict of interest with the interests of the
Company or, individually or collectively, interfere materially with the
performance by the Executive of his duties and responsibilities under this
Agreement.

(c)   The Executive's office and place of rendering his services under this
Agreement shall be in the principal executive offices of the Company. During the
Term, the Company shall provide the Executive with executive office space, and
administrative and secretarial assistance and other support services consistent
with his positions and with his duties and responsibilities hereunder.

                                     Page 1
<PAGE>

3.    BOARD OF DIRECTORS; COMMITTEES.

      It is understood that the right to elect directors of the Company is by
law vested in the stockholders and directors of the Company, and it is mutually
contemplated that service on the Board of Directors of the Company or any of its
subsidiaries or on any respective committee of the Board of Directors of the
Company or any of its subsidiaries is not a condition of this Agreement.

4.    SALARY; ADDITIONAL COMPENSATION; PERQUISITES AND BENEFITS.

(a)   During the Term, the Company will pay the Executive a base salary at an
annual rate of not less than $225,000 per annum, subject to annual review by the
Compensation Committee of the Board of Directors of the Company (the
"Compensation Committee") and in the discretion of such Committee, increased
from time to time. Once increased, such base salary may not be decreased. Such
salary shall be paid in periodic installments in accordance with the Company's
standard practice, but not less frequently than semi-monthly.

(b)   During the Term, Executive shall be eligible to receive a cash bonus
("Bonus") as follows: Executive shall participate in such annual Bonus plans or
programs as may be adopted by the Company's Compensation Committee (collectively
with any of its successors in authority, the "Committee") from time to time for
senior executives, provided, however, that conditioned upon attainment of target
performance measure requirements based on one or more performance measures as
may be determined by the Committee, the target Bonus for each calendar year
subsequent to 2004 during the Term for which Executive shall be eligible shall
be 40% of Executive's base salary (partial years pro rated).

(c)   The Company shall award to Executive 18,535 shares of restricted stock
units under the Company's 1998 Stock Incentive Plan (the "Equity Incentive
Plan") (or successor plan) to be issued as follows:

(i) Upon or as soon as practicable after the Effective Date, 3,707 shares of
restricted common stock in the Company;

(ii) On or as soon as practical after the first, second, third and fourth
anniversaries of the Effective Date, provided that Executive remains employed in
the position or positions contemplated in this Agreement on each such
anniversary of the Effective Date, an annual award of 3,707 shares of restricted
common stock in the Company; and

(iii) The restricted common stock in the Company awarded pursuant to Sections
4(c)(i) and (ii) above shall be fully vested upon issuance. Executive shall be
entitled to no further issuances of restricted common stock of the Company if
Executive is not employed by the Company in the positions contemplated in this
Agreement on of the first, second, third or fourth anniversaries of the
Effective Date. Executive acknowledges and agrees that restricted common stock
of the Company may be subject to various restrictions under the Company's Equity
Incentive Plan, and under state and federal law and regulations promulgated
thereunder. Executive acknowledges receipt of a copy of the Equity Incentive
Plan.

(d)   The Company shall grant options ("Options") under the Company's Equity
Incentive Plan (or successor plan) to Executive as follows:

(i) Upon the Effective Date, Options to purchase 80,000 shares of common stock
of the Company. Such Options shall have an exercise price per share equal to the
closing market price for the Company's common stock (as measured by reference to
the New York Stock Exchange) on the trading day immediately prior to the
Effective Date. Provided that Executive remains employed by the Company in the
positions contemplated by this Agreement on the fourth anniversary of the
Effective Date, 40,000 of the Options, less any Options that vest pursuant to
the following provisions of this paragraph, will vest on such date. Provided
that Executive remains employed by the Company in the positions contemplated by
this Agreement on the fifth anniversary of the Effective Date, the remaining
40,000 of such

                                     Page 2
<PAGE>

Options will vest on such date. Notwithstanding any vesting schedule set forth
in this Agreement, at any time after the second anniversary of the Effective
Date and prior to the fourth anniversary of the Effective Date, (a) 20,000 of
the Options to be issued pursuant to this Section 4(d)(i)will vest on the 60th
consecutive trading day the market price of the common stock of the Company (as
measured by reference to the then applicable exchange) closes with a value that
is at least twice the exercise price of such Options, and (b) 40,000 of the
Options issued pursuant to this Section 4(d)(i), less any such options that may
have previously vested pursuant to Section 4(d)(i)(a) above, will vest on the
60th consecutive trading day the market price of the common stock of the Company
(as measured by reference to the then applicable exchange) closes with a value
that is at least three times the exercise price of such Options.

(ii) Any subsequent issuances of Options shall be subject to the discretion of
the Committee, including the Committee's discretion with respect to the number,
terms and conditions of any such Options.

(e)   Nothing in the foregoing provisions of this Section 4 shall be deemed to
prevent the Board in its sole discretion from awarding any additional or other
amounts of cash, restricted stock or Options or other equity based awards in
respect of any whole or partial year during the Term.

(f)   The Company will reimburse the Executive, in accordance with its standard
policies from time to time in effect, for all out-of-pocket business expenses as
may be incurred by the Executive in the performance of his duties under this
Agreement.

(g)   The Executive shall be entitled to vacation time to be credited and taken
in accordance with the Company's policy from time to time in effect for senior
executives, which in any event shall not be less than a total of four weeks per
calendar year.

(h)   The Company shall indemnify the Executive to the fullest extent permitted
under the law of the State of Washington.

5.    TERMINATION

(a)   The Term will terminate upon the Executive's death or, upon notice by the
Company or the Executive to the other, in the case of a determination of the
Executive's Disability. As used herein the term "Disability" means the
Executive's inability to perform his duties and responsibilities under this
Agreement for a period of more than 120 consecutive days, or for more than 180
days, whether or not continuous, during any 365-day period, due to physical or
mental incapacity or impairment. A determination of Disability will be made by a
physician satisfactory to both the Executive and the Company; provided that if
they cannot agree as to a physician, then each shall select a physician and
these two together shall select a third physician whose determination of
Disability shall be binding on the Executive and the Company. Should the
Executive become incapacitated, his employment shall continue and all base and
other compensation due the Executive hereunder shall continue to be paid through
the date upon which the Executive's employment is terminated for Disability in
accordance with this section.

(b) The Term may be terminated by the Company upon notice to the Executive upon
the occurrence of any event constituting "Cause" as defined herein.

(c) The Term may be terminated by the Executive upon notice to the Company
within six months of the occurrence of any event constituting "Good Reason" as
defined herein.

6.    SEVERANCE.

(a)   If the Term is terminated by the Company for Cause, the Company will pay
to the Executive an aggregate amount equal to the Executive's accrued and unpaid
base salary through the date of such termination, additional salary payments in
lieu of the Executive's accrued and unused vacation time, unreimbursed business
expenses, unreimbursed medical, dental and other employee benefit expenses in
accordance with the applicable plans, and any and all other benefits provided
under the terms of applicable employee plans to terminated employees (the
"Standard Termination Payments").

                                     Page 3
<PAGE>

(b)   If the Term is terminated upon the Executive's death or Disability, the
Company and the Subsidiary will pay to the Executive's estate or the Executive,
as the case may be, the Standard Termination Payments and all death or
disability payments or other employee benefits under their employee benefit
plans.

(c)   Subject to Section 6(d), if the Company terminates the Executive's
employment under this Agreement without Cause other than by reason of his death
or Disability or if the Executive terminates his employment hereunder for Good
Reason, the Company shall (i) pay the Executive the Standard Termination
Payments, (ii) pay the Executive a lump sum payment equal to the twice the
Executive's total cash compensation for the previous fiscal year (but not less
than twice $225,000) and (iii) continue in effect the Executive's benefits with
respect to life, health and insurance plans or their equivalent for two years.
Such payments and the obligations set forth below in Section 6(e) shall be the
Company's only obligations to Executive in such a case. The Company shall incur
no further liability for such a termination.

(d)   If the Term is not extended pursuant to the proviso to Section 1 as a
result of the Company giving notice thereunder that it elects to permit the term
of this Agreement to expire without extension, the Company shall (i) pay the
Executive the Standard Termination Payments, (ii) pay the Executive a lump sum
payment equal to twice the Executive's total cash compensation for the previous
fiscal year (but not less than twice $225,000) and (iii) continue in effect the
Executive's benefits with respect to life, health and insurance plans or their
equivalent for two years. Such payments and the obligations set forth below in
Section 6(e) shall be the Company's only obligations to Executive in such a
case. The Company shall incur no further liability for such a termination.

(e)   If the Company terminates the Executive's employment under this Agreement
without Cause other than by reason of his death or Disability, or if the Term is
not extended as a result of the Company giving notice that it elects to permit
the term of this Agreement to expire without extension, or if the Executive
terminates his employment hereunder for Good Reason pursuant to Section 5(c):
all stock options granted to the Executive shall immediately vest and be
exercisable and any stock grant to the Executive shall immediately vest, all
Company imposed restrictions on restricted stock issued to the Executive shall
be terminated and all restricted stock awarded to Executive but not yet issued
shall be promptly issued to Executive.

(f)   As used herein, the term "Cause" means: (i) the Executive's willful and
intentional failure or refusal to perform or observe any of his material duties,
responsibilities or obligations set forth in this Agreement, if such breach is
not cured within 30 days after notice thereof to the Executive by the Company,
which notice shall state that such conduct shall, without cure, constitute Cause
and makes specific reference to this Section 6(g); (ii) any willful and
intentional act of the Executive involving fraud, theft, embezzlement or
dishonesty affecting the Company; or (iii) the Executive's conviction of (or a
plea of nolo contendere to) an offense which is a felony in the jurisdiction
involved.

(g)   As used herein, the term "Good Reason" means the occurrence of any of the
following, without the prior written consent of the Executive: (i) assignment to
the Executive of duties materially inconsistent with the Executive's positions
and responsibilities as described in Section 2(a) hereof,; (ii) the removal of
the Executive from the positions as described in Section 2(a); (iii) any
material breach of this Agreement by the Company which is continuing; or (iv) a
Change in Control; provided that a Change of Control shall only constitute Good
Reason if, within 18 months after such Change of Control: (a) the Company
changes its headquarters office location to a location more than 40 miles from
the city limits of Spokane, Washington, (b) the Company changes Executive's job
titles, or (c) Executive experiences a significant diminution in his duties or
responsibilities or compensation compared to prior to the Change in Control,
other than in connection with the termination of the Executive's employment for
Cause, Disability or as a result of the Executive's death or by the Executive
other than for Good Reason. Notwithstanding anything to the contrary in this
Section 6(g), the Executive shall not be deemed to have Good Reason unless the
Executive gives the Company written notice that the specified conduct or event
has occurred giving rise to Executive having Good Reason, and the Company fails
to cure such conduct or event within thirty (30) days after the receipt of such
notice.

                                     Page 4
<PAGE>

(h)   As used herein, the term "Change of Control" means the occurrence of any
one of the following events: (i) the majority of the Board of Directors of the
Company consists of individuals other than Incumbent Members, which shall mean
the members of the Company's Board of Directors on the Effective Date; provided
that any person becoming a director subsequent to the Effective Date whose
election or nomination for election was supported by the Executive or a majority
of the directors who then comprised the Incumbent Directors shall be considered
an Incumbent Director; (ii) the Company adopts a plan of liquidation providing
for the distribution of all or substantially all of the assets of the Company on
a consolidated basis; (iii) the Company sells all or substantially all of its
assets on a consolidated basis in a single transaction or series of
transactions; or (iv) the Company ceases to act as the general partner of
WestCoast Hospitality Limited Partnership, provided, however, the foregoing
shall not apply if substantially all of the assets of the partnership are
transferred to and owned by the Company or its Affiliates. As used herein, an
Affiliate of a person or other entity means a person or other entity that
directly or indirectly controls, is controlled by or is under common control
with the person or other entity specified (including without limitation any
investment entity managed by the person or other entity specified or a person or
entity that directly or indirectly controls, is controlled by or under common
control with the person or other entity specified).

(i)   The amounts required to be paid and the benefits required to be made
available to the Executive under this Section 6 are absolute. Under no
circumstances shall the Executive, upon the termination of his employment
hereunder, be required to seek alternative employment and, in the event that the
Executive does secure other employment, no compensation or other benefits
received in respect of such employment shall be set-off or in any other way
limit or reduce the obligations of the Company and the Subsidiary under this
Section 6.

(j)   If Executive is not employed with the Company at any time prior to the
date which is six months after the Effective Date, Executive agrees to refund to
the Company 100% of any relocation expenses for which the Company has previously
reimbursed Executive. Thereafter, if Executive is not employed with the Company
at any time prior to the one year anniversary of the Effective Date, Executive
agrees to refund to the Company 50% of any relocation expenses for which the
Company has previously reimbursed Executive. Thereafter, if Executive is not
employed with the Company at any time prior to the two year anniversary of the
Effective Date, Executive agrees to refund to the Company 25% of any relocation
expenses for which the Company has previously reimbursed Executive.
Notwithstanding anything to the contrary in this Section, Executive shall have
no obligation to refund the Company any of its relocation reimbursement costs if
the Company terminates the Executive's employment under this Agreement without
Cause, or by reason of the Executive's death or Disability, or if the Executive
terminates his employment under this Agreement for Good Reason.

7.    CONFIDENTIAL INFORMATION.

(a)   The Executive acknowledges that the Company and its subsidiaries or
affiliated ventures ("Company Affiliates") own and have developed and compile,
and will in the future own, develop and compile certain Confidential Information
and that during the course of his rendering services to the Company Confidential
Information has and will be disclosed to the Executive by the Company and its
Affiliates. The Executive hereby agrees that, during the Term (except as
required to conduct the business of the Company) and thereafter, he will not in
any way use or disclose, furnish or make accessible to anyone, directly or
indirectly, any Confidential Information of the Company or its Affiliates.

(b)   As used herein, the term "Confidential Information" means any trade
secrets, confidential or proprietary information, or other knowledge, know-how,
information, documents or materials, owned, developed or possessed by a Company
Affiliate pertaining to its businesses the confidentiality of which such company
takes reasonable measures to protect, including, but not limited to, trade
secrets, techniques, know-how (including designs, plans, procedures, processes
and research records), software, computer programs, innovations, discoveries,
improvements, research, developments, test results, reports, specifications,
data, formats, marketing data and business plans and strategies, business
opportunities, guest

                                     Page 5
<PAGE>

lists, vendor terms, agreements and other forms of documents, expansion plans,
budgets, projections, and salary, staffing and employment information.
Notwithstanding the foregoing, Confidential Information shall not in any event
include information which (i) was generally known or generally available to the
public prior to its disclosure to the Executive, (ii) becomes generally known or
generally available to the public subsequent to its disclosure to the Executive
through no wrongful act of the Executive, (iii) is or becomes available to the
Executive from sources other than the Company Affiliates which sources are not
known to the Executive to be under any duty of confidentiality with respect
thereto or (iv) the Executive is required to disclose by applicable law or
regulation or by order of any court or federal, state or local regulatory or
administrative body (provided that the Executive provides the Company with prior
notice of the contemplated disclosure and reasonably cooperates with the
Company, at the Company's sole expense, in seeking a protective order or other
appropriate protection of such information).

8.    RESTRICTIVE COVENANTS.

(a)   The Executive agrees that during his employment hereunder and for a period
of twelve months thereafter the Executive will not, directly or indirectly,
engage or participate or make any financial investments in (other than ownership
of up to 5% of the aggregate of any class of securities of any corporation if
such securities are listed on a national stock exchange or under section 12(g)
of the Securities Exchange Act of 1934) or become employed by, or act as an
agent or principal of, or render advisory or other management services to or
for, any Competing Business. As used herein the term "Competing Business" means
any business which includes hotel ownership, hotel management, hotel services or
hotel franchising and has a headquarters in Washington, Oregon, Idaho, Montana,
Utah or Northern California, defined as the area from San Jose, California north
to California's border with Oregon.

(b)   The Executive agrees that during his employment hereunder and for a period
of twenty-four months thereafter he will not solicit, raid, entice or induce any
person that then is or at any time during the twelve-month period prior to the
end of the Term was an employee of the Company or a Company Affiliate (other
than a person whose employment with such Company Affiliate has been terminated
by such Company Affiliate), to become employed by any person, firm or
corporation.

9.    SPECIFIC PERFORMANCE.

(a)   The Executive acknowledges that the services to be rendered by him
hereunder are of a special, unique, extraordinary and personal character and
that the Company Affiliates would sustain irreparable harm in the event of a
violation by the Executive of Section 7 or 8 hereof. Therefore, in addition to
any other remedies available, the Company shall be entitled to specific
enforcement and/or an injunction from any court of competent jurisdiction
restraining the Executive from committing or continuing any such violation of
this Agreement without proving actual damages or posting a bond or other
security. Nothing herein shall be construed as prohibiting the Company from
pursuing any other remedies available to it for such breach or threatened
breach, including the recovery of damages.

(b)   If any of the restrictions on activities of the Executive contained in
Sections 7 or 8 shall for any reason be held by a court of competent
jurisdiction to be excessively broad as to duration, geographical scope or
activity of subject, such restrictions shall be construed so as thereafter to be
limited or reduced to be enforceable to the maximum extent compatible with the
applicable law as it shall then appear; it being understood that by the
execution of this Agreement the parties hereto regard such restrictions as
reasonable and compatible with their respective rights.

(c)   Notwithstanding anything in this Agreement to the contrary, in the event
that the Company fails to make any payment of any amounts or provide any of the
benefits to the Executive when due as called for under Section 6 of this
Agreement and such failure shall continue for twenty (20) days after notice
thereof from the Executive, all restrictions on the activities of the Executive
under Sections 7 and 8 shall be immediately and permanently terminated.

                                     Page 6
<PAGE>

10.   WITHHOLDING.

The parties agree that all payments to be made to the Executive by the Company
pursuant to the Agreement shall be subject to all applicable withholding
obligations of such company.

11.   NOTICES.

 All notices required or permitted hereunder shall be in writing and shall be
deemed given and received when delivered personally, four days after being
mailed if sent by registered or certified mail, postage pre-paid, or by one day
after delivery if sent by air courier (for next-day delivery) with evidence of
receipt thereof or by facsimile with receipt confirmed by the addressee. Such
notices shall be addressed respectively:

      IF TO THE EXECUTIVE, to:
      Anupam Narayan
      9311 North 58th Street
      Paradise Valley, AZ 85253

      IF TO THE COMPANY,  to:
      WestCoast Hospitality Corporation
      201 W. North River Drive
      Spokane, WA  99201
      Attn:  Chief Executive Officer

      With copy to:
      WestCoast Hospitality Corporation
      201 W. North River Drive
      Spokane, WA  99201
      Attn. Corporate Counsel

or to any other address of which such party may have given notice to the other
parties in the manner specified above.

12.   MISCELLANEOUS.

(a)   This Agreement is a personal contract calling for the provision of unique
services by the Executive, and the Executive's rights and obligations hereunder
may not be sold, transferred, assigned, pledged or hypothecated by the
Executive. The rights and obligations of the Company hereunder will be binding
upon and run in favor of their respective successors and assigns.

(b)   This Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Washington.

(c)   Any controversy arising out of or relating to this Agreement or any breach
hereof shall be settled by arbitration in Spokane, Washington by a single
neutral arbitrator who shall be a retired federal or state court judge in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association and judgment upon any award rendered may be entered in any court
having jurisdiction thereof, except in the event of a controversy relating to
any alleged violation by the Executive of Section 7 or 8 hereof, the Company and
the Subsidiary shall be entitled to seek injunctive relief from a court of
competent jurisdiction without the requirement to seek arbitration. In addition
to all other relief, the substantially prevailing party in any arbitration or
court action shall be entitled to their reasonable attorney fees and costs
incurred by reason of the controversy (including any appellate review and
bankruptcy or enforcement proceedings).

(d)   The headings of the various sections of this Agreement are for convenience
of reference only and shall not define or limit any of the terms or provisions
hereof.

                                     Page 7
<PAGE>

(e)   The provisions of this Agreement which by their terms call for performance
subsequent to the expiration or termination of the Term shall survive such
expiration or termination.

(f)   Upon the Effective Date, this Agreement supersedes any existing employment
agreements between the Employee and the Company and any of its Affiliates all of
which shall be terminated upon the Commencement Date of this Agreement.

IN WITNESS WHEREOF, THE PARTIES HERETO HAVE EXECUTED THIS AGREEMENT AS OF THE
      EFFECTIVE DATE FIRST ABOVE WRITTEN.

EXECUTIVE:                      COMPANY:

                                WESTCOAST HOSPITALITY CORPORATION

/s/ Anupam Narayan              By  /s/ Arthur Coffey
---------------------------         --------------------------------------------
Anupam Narayan                      Arthur Coffey, President and Chief Executive
                                    Officer

                                     Page 8

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