Document:

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                                  A/B EXCHANGE
                          REGISTRATION RIGHTS AGREEMENT

                           Dated as of August 14, 2000
                                  by and among

                              Autotote Corporation
                           The Guarantors Named Herein

                                       and

               Donaldson, Lufkin & Jenrette Securities Corporation
                              Lehman Brothers Inc.

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            This Registration Rights Agreement (this "Agreement") is made and
entered into as of August 14, 2000, by and among Autotote Corporation, a
Delaware corporation (the "Company"), Autotote Management Corporation, Autotote
Systems, Inc., Autotote International, Inc., Autotote Enterprises, Inc.,
Autotote Keno Corporation, Autotote Lottery Corporation, ACRA Acquisition Corp.,
Marvin H. Sugarman Productions, Inc., Autotote Gaming, Inc., and Autotote
Dominicana Inc., (each a "Guarantor" and, collectively, the "Guarantors"), and
Donaldson Lufkin & Jenrette Securities Corporation and Lehman Brothers Inc.
(each an "Initial Purchaser" and, collectively, the "Initial Purchasers"), each
of whom has agreed to purchase the Company's 12 1/2% Series A Senior
Subordinated Notes due 2010 (the "Series A Notes") pursuant to the Purchase
Agreement (as defined below).

            This Agreement is made pursuant to the Purchase Agreement, dated
August 3, 2000, (the "Purchase Agreement"), by and among the Company, the
Guarantors and the Initial Purchasers. In order to induce the Initial Purchasers
to purchase the Series A Notes, the Company has agreed to provide the
registration rights set forth in this Agreement. The execution and delivery of
this Agreement is a condition to the obligations of the Initial Purchasers set
forth in Section 3 of the Purchase Agreement. Capitalized terms used herein and
not otherwise defined shall have the meaning assigned to them the Indenture,
dated August 14, 2000, among the Company, the Guarantors and The Bank of New
York, as Trustee, relating to the Series A Notes and the Series B Notes (the
"Indenture").

            The parties hereby agree as follows:

SECTION 1. DEFINITIONS

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

            Act: The Securities Act of 1933, as amended.

            Affiliate: As defined in Rule 144 of the Act.

            Broker-Dealer: Any broker or dealer registered under the Exchange
Act.

            Certificated Securities: Certificated Securities, as defined in the
Indenture.

            Closing Date: The date hereof.

            Commission: The Securities and Exchange Commission.

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                                       2

            Consummate: An Exchange Offer shall be deemed "Consummated" for
purposes of this Agreement upon the occurrence of (a) the filing and
effectiveness under the Act of the Exchange Offer Registration Statement
relating to the Series B Notes to be issued in the Exchange Offer, (b) the
maintenance of such Exchange Offer Registration Statement continuously effective
and the keeping of the Exchange Offer open for a period not less than the period
required pursuant to Section 3(b) hereof and (c) the delivery by the Company to
the Registrar under the Indenture of Series B Notes in the same aggregate
principal amount as the aggregate principal amount of Series A Notes tendered by
Holders thereof pursuant to the Exchange Offer.

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

            Effectiveness Deadline: As defined in Sections 3(a) and 4(a) hereof.

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

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

            Exchange Offer Registration Statement: The Registration Statement
relating to the Exchange Offer, including the related Prospectus.

            Exempt Resales: The transactions in which the Initial Purchasers
propose to sell the Series A Notes to certain "qualified institutional buyers,"
as such term is defined in Rule 144A under the Act and pursuant to Regulation S
under the Act.

            Filing Deadline: As defined in Sections 3(a) and 4(a) hereof.

            Holder: As defined in Section 2 hereof.

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

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

            Registration Default: As defined in Section 5 hereof.

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                                       3

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

            Regulation S: Regulation S promulgated under the Act.

            Rule 144: Rule 144 promulgated under the Act.

            Series B Notes: The Company's 121/2% Series B Senior Subordinated
Notes due 2010 to be issued pursuant to the Indenture: (i) in the Exchange Offer
or (ii) as contemplated by Section 4 hereof.

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

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

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

            Transfer Restricted Securities: (i) Each Series A Note, until the
earliest to occur of (a) the date on which such Series A Note is exchanged in
the Exchange Offer for a Series B Note which is entitled to be resold to the
public by the Holder thereof without complying with the prospectus delivery
requirements of the Act, (b) the date on which such Series A Note has been
disposed of in accordance with a Shelf Registration Statement (and the
purchasers thereof have been issued Series B Notes), or (c) the date on which
such Series A Note is distributed to the public pursuant to Rule 144 under the
Act (and purchasers thereof have been issued Series B Notes), and (ii) each
Series B Note, until the date on which such Series B Note is disposed of by a
Broker-Dealer pursuant to the "Plan of Distribution" contemplated by the
Exchange Offer Registration Statement (including the delivery of the Prospectus
contained therein).

SECTION 2. HOLDERS

            A Person is deemed to be a holder of Transfer Restricted Securities
(each, a "Holder") whenever such Person owns Transfer Restricted Securities.

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                                       4

SECTION 3. REGISTERED EXCHANGE OFFER

            (a) Unless the Exchange Offer shall not be permitted by applicable
federal law (after the procedures set forth in Section 6(a)(i) below have been
complied with), the Company and the Guarantors shall (i) cause the Exchange
Offer Registration Statement to be filed with the Commission as soon as
practicable after the Closing Date, but in no event later than 90 days after the
Closing Date (such 90th day being the "Filing Deadline"), (ii) use their
respective commercially reasonable efforts to cause such Exchange Offer
Registration Statement to become effective on or prior to 150 days after the
Closing Date (such 150th day being the "Effectiveness Deadline"), (iii) in
connection with the foregoing, (A) file all pre-effective amendments to such
Exchange Offer Registration Statement as may be necessary in order to cause it
to become effective, (B) file, if applicable, a post-effective amendment to such
Exchange Offer Registration Statement pursuant to Rule 430A under the Act and
(C) cause all necessary filings, if any, in connection with the registration and
qualification of the Series B Notes to be made under the Blue Sky laws of such
jurisdictions as are necessary to permit Consummation of the Exchange Offer;
provided, however, that neither the Company nor any Guarantor shall be obligated
to register or qualify as a foreign corporation in any jurisdiction in which it
is not so registered or qualified or to take any action which would subject it
to general service of process or taxation in any jurisdiction where it is not so
subject, and (iv) upon the effectiveness of such Exchange Offer Registration
Statement, commence and Consummate the Exchange Offer. The Exchange Offer shall
be on the appropriate form permitting (i) registration of the Series B Notes to
be offered in exchange for the Series A Notes that are Transfer Restricted
Securities and (ii) resales of Series B Notes by Broker-Dealers that tendered
into the Exchange Offer Series A Notes that such Broker-Dealer acquired for its
own account as a result of market-making activities or other trading activities
(other than Series A Notes acquired directly from the Company or any of its
Affiliates) as contemplated by Section 3(c) below.

            (b) The Company and the Guarantors shall use their respective
commercially reasonable efforts to cause the Exchange Offer Registration
Statement to be effective continuously, and shall keep the Exchange Offer open
for a period of not less than the minimum period required under applicable
federal and state securities laws to Consummate the Exchange Offer; provided,
however, that in no event shall such period be less than 20 Business Days. The
Company and the Guarantors shall cause the Exchange Offer to comply in all
material respects with all applicable federal and state securities laws. No
securities other than the Series B Notes shall be included in the Exchange Offer
Registration Statement. The Company and the Guarantors shall use their
respective commercially reasonable efforts to cause the Exchange Offer to be
Consummated on the earliest practicable date after the Exchange Offer
Registration Statement has become effective, but in no event later than 30 days
thereafter (such 30th day being the "Consummation Deadline").

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                                       5

            (c) The Company shall include a "Plan of Distribution" section in
the Prospectus contained in the Exchange Offer Registration Statement and
indicate therein that any Broker-Dealer who holds Transfer Restricted Securities
that were acquired for the account of such Broker-Dealer as a result of
market-making activities or other trading activities (other than Series A Notes
acquired directly from the Company or any Affiliate of the Company), may
exchange such Transfer Restricted Securities pursuant to the Exchange Offer.
Such "Plan of Distribution" section shall also contain all other information
with respect to such sales by such Broker-Dealers that the Commission may
require in order to permit such sales pursuant thereto, but such "Plan of
Distribution" shall not name any such Broker-Dealer or disclose the amount of
Transfer Restricted Securities held by any such Broker-Dealer, except to the
extent required by the Commission as a result of a change in policy, rules or
regulations after the date of this Agreement. See the Shearman & Sterling
no-action letter (available July 2, 1993).

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

SECTION 4. SHELF REGISTRATION

            (a) Shelf Registration. If (i) the Exchange Offer is not permitted
by applicable law (after the Company and the Guarantors have complied with the
procedures set forth in Section 6(a)(i) below) or (ii) if any Holder of Transfer
Restricted Securities shall notify the Company within 10 Business Days following
the Consummation of the Exchange Offer that (A) such Holder was prohibited by
law or Commission policy from participating in the Exchange Offer or (B) such
Holder may not resell the Series B Notes acquired by it in the Ex

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change Offer to the public without delivering a prospectus and the Prospectus
contained in the Exchange Offer Registration Statement is not appropriate or
available for such resales by such Holder or (C) such Holder is a Broker-Dealer
and holds Series A Notes acquired directly from the Company or any of its
Affiliates, then the Company and the Guarantors shall:

            (x) use their respective commercially reasonable efforts to cause to
be filed, on or prior to 45 days after the earlier of (i) the date on which the
Company determines that the Exchange Offer Registration Statement cannot be
filed as a result of clause (a)(i) above and (ii) the date on which the Company
receives the notice specified in clause (a)(ii) above, (such earlier date, the
"Filing Deadline"), but in no event earlier than 90 days after the Closing Date,
a shelf registration statement pursuant to Rule 415 under the Act (which may be
an amendment to the Exchange Offer Registration Statement (the "Shelf
Registration Statement")), relating to all Transfer Restricted Securities, and

            (y) use their respective commercially reasonable efforts to cause
such Shelf Registration Statement to become effective on or prior to 60 days
after the Filing Deadline for the Shelf Registration Statement (such 60th day
the "Effectiveness Deadline"), but in no event earlier than 150 days after the
Closing Date.

            If, after the Company has filed an Exchange Offer Registration
Statement that satisfies the requirements of Section 3(a) above, the Company is
required to file and make effective a Shelf Registration Statement solely
because the Exchange Offer is not permitted under applicable federal law (i.e.,
clause (a)(i) above), then the filing of the Exchange Offer Registration
Statement shall be deemed to satisfy the requirements of clause (x) above;
provided that, in such event, the Company shall remain obligated to meet the
Effectiveness Deadline set forth in clause (y).

            To the extent necessary to ensure that the Shelf Registration
Statement is available for sales of Transfer Restricted Securities by the
Holders thereof entitled to the benefit of this Section 4(a) and the other
securities required to be registered therein pursuant to Section 6(b)(ii)
hereof, the Company and the Guarantors shall use their respective commercially
reasonable efforts to keep any Shelf Registration Statement required by this
Section 4(a) continuously effective, supplemented, amended and current as
required by and subject to the provisions of Sections 6(b) and (c) hereof and in
conformity in all material respects with the requirements of this Agreement, the
Act and the policies, rules and regulations of the Commission as announced from
time to time, for a period of at least two years (as extended pursuant to
Section 6(d)) following the Closing Date, or such shorter period as will
terminate when all Transfer Restricted Securities covered by such Shelf
Registration Statement have been sold pursuant thereto.

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            (b) Provision by Holders of Certain Information in Connection with
the Shelf Registration Statement. No Holder of Transfer Restricted Securities
may include any of its Transfer Restricted Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder furnishes to
the Company in writing, within 20 days after receipt of a request therefor, the
information specified in Item 507 or 508 of Regulation S-K, as applicable, of
the Act for use in connection with any Shelf Registration Statement or
Prospectus or preliminary Prospectus included therein. Each selling Holder
agrees to promptly furnish additional information required to be disclosed in
order to make the information previously furnished to the Company by such Holder
not materially misleading. No Holder of Transfer Restricted Securities shall be
entitled to liquidated damages pursuant to Section 5 hereof unless and until
such Holder shall have provided all information required by this Section 4(b).

SECTION 5. LIQUIDATED DAMAGES

            If (i) any Registration Statement required by this Agreement is not
filed with the Commission on or prior to the applicable Filing Deadline, (ii)
any such Registration Statement has not been declared effective by the
Commission on or prior to the applicable Effectiveness Deadline, (iii) the
Exchange Offer has not been Consummated on or prior to the Consummation Deadline
or (iv) any Registration Statement required by this Agreement is filed and
declared effective but shall thereafter cease to be effective or fail to be
usable for its intended purpose without being succeeded within 2 days by a
post-effective amendment to such Registration Statement that cures such failure
and that is itself declared effective within 5 days of filing such
post-effective amendment to such Registration Statement (each such event
referred to in clauses (i) through (iv), a "Registration Default"), then the
Company and the Guarantors hereby jointly and severally agree to pay to each
Holder of Transfer Restricted Securities affected thereby liquidated damages in
an amount equal to $.05 per week per $1,000 in principal amount of Transfer
Restricted Securities held by such Holder for each week or portion thereof that
the Registration Default continues for the first 90-day period immediately
following the occurrence of such Registration Default. The amount of the
liquidated damages shall increase by an additional $.05 per week per $1,000 in
principal amount of Transfer Restricted Securities with respect to each
subsequent 90-day period until all Registration Defaults have been cured, up to
a maximum amount of liquidated damages of $.50 per week per $1,000 in principal
amount of Transfer Restricted Securities; provided that the Company and the
Guarantors shall in no event be required to pay liquidated damages for more than
one Registration Default at any given time. Notwithstanding anything to the
contrary set forth herein, (1) upon filing of the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement), in the case
of (i) above, (2) upon the effectiveness of the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement), in the case
of (ii) above, (3) upon Consummation of the Exchange Offer, in the case of (iii)
above, or (4) upon the filing of a post-effective amendment to the Registration
Statement or an additional

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Registration Statement that causes the Exchange Offer Registration Statement
(and/or, if applicable, the Shelf Registration Statement) to again be declared
effective or made usable in the case of (iv) above, the liquidated damages
payable with respect to the Transfer Restricted Securities as a result of such
clause (i), (ii), (iii) or (iv), as applicable, shall immediately cease to
accrue. If, after the cure of all Registration Defaults then in effect, there is
a subsequent Registration Default, the amount of liquidated damages for such
subsequent Registration Default shall initially be equal to $.05 per week per
$1,000 in principal amount of Transfer Restricted Securities, regardless of the
amount of liquidated damages in effect with respect to any prior Registration
Default at the time of the cure of such prior Registration Default.

            All accrued liquidated damages shall be paid to the Holders entitled
thereto, in the manner provided for the payment of interest in the Indenture, on
each Interest Payment Date, as more fully set forth in the Indenture and the
Notes. The amount of liquidated damages will be determined by multiplying the
applicable liquidated damages rate by the principal amount of the Transfer
Restricted Securities, multiplied by a fraction, the numerator of which is the
number of days such liquidated damages rate was applicable during such period,
and the denominator of which is seven. Notwithstanding the fact that any
securities for which liquidated damages are due cease to be Transfer Restricted
Securities, all obligations of the Company and the Guarantors to pay liquidated
damages with respect to such securities shall survive until such time as such
obligations with respect to such securities shall have been satisfied in full.

SECTION 6. REGISTRATION PROCEDURES

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

            (i) If, following the date hereof there has been announced a change
      in Commission policy with respect to exchange offers such as the Exchange
      Offer, that in the reasonable opinion of counsel to the Company raises a
      substantial question as to whether the Exchange Offer is permitted by
      applicable federal law, the Company and the Guarantors hereby agree to
      seek a no-action letter or other favorable decision from the Commission
      allowing the Company and the Guarantors to Consummate an Ex-

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                                       9

      change Offer for such Transfer Restricted Securities (unless, in the
      reasonable opinion of counsel to the Company, the filing of such no-action
      letter is not appropriate). The Company and the Guarantors hereby agree to
      pursue the issuance of such a decision to the Commission staff level, but
      shall not be required to take commercially unreasonable action in
      connection therewith. In connection with the foregoing, the Company and
      the Guarantors hereby agree to take all such other actions as may be
      reasonably requested by the Commission or otherwise required in connection
      with the issuance of such decision, including without limitation (A)
      participating in telephonic conferences with the Commission, (B)
      delivering to the Commission staff an analysis prepared by counsel to the
      Company setting forth the legal bases, if any, upon which such counsel has
      concluded that such an Exchange Offer should be permitted and (C)
      diligently pursuing a resolution (which need not be favorable) by the
      Commission staff.

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

            (iii) Prior to effectiveness of the Exchange Offer Registration
      Statement, the Company and the Guarantors shall provide a supplemental
      letter to the Commission (A) stating that the Company and the Guarantors
      are registering the Exchange Offer in reliance on the position of the
      Commission enunciated in Exxon Capital Holdings Cor-

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                                       10

      poration (available May 13, 1988), Morgan Stanley and Co., Inc. (available
      June 5, 1991) as interpreted in the Commission's letter to Shearman &
      Sterling dated July 2, 1993, and, if applicable, any no-action letter
      obtained pursuant to clause (i) above, (B) including a representation that
      neither the Company nor any Guarantor has entered into any arrangement or
      understanding with any Person to distribute the Series B Notes to be
      received in the Exchange Offer and that, to the best of the Company's and
      each Guarantor's information and belief, each Holder participating in the
      Exchange Offer is acquiring the Series B Notes in its ordinary course of
      business and has no arrangement or understanding with any Person to
      participate in the distribution of the Series B Notes received in the
      Exchange Offer and (C) any other undertaking or representation required by
      the Commission as set forth in any no-action letter obtained pursuant to
      clause (i) above, if applicable.

            (b) Shelf Registration Statement. In connection with the Shelf
Registration Statement, the Company and the Guarantors shall:

            (i) comply in all material respects with all the provisions of
      Section 6(c) below and use their respective commercially reasonable
      efforts to effect such registration to permit the sale of the Transfer
      Restricted Securities being sold in accordance with the intended method or
      methods of distribution thereof (as indicated in the information furnished
      to the Company pursuant to Section 4(b) hereof), and pursuant thereto the
      Company and the Guarantors will prepare and cause to be filed with the
      Commission a Registration Statement relating to the registration on any
      appropriate form under the Act, which form shall be available for the sale
      of the Transfer Restricted Securities in accordance with the intended
      method or methods of distribution thereof within the time periods and
      otherwise in accordance with the provisions hereof; and

            (ii) issue, upon the request of any Holder or purchaser of Series A
      Notes covered by any Shelf Registration Statement contemplated by this
      Agreement, Series B Notes having an aggregate principal amount equal to
      the aggregate principal amount of Series A Notes sold pursuant to the
      Shelf Registration Statement and surrendered to the Company for
      cancellation; the Company shall register Series B Notes on the Shelf
      Registration Statement for this purpose and issue the Series B Notes to
      the purchaser(s) of securities subject to the Shelf Registration Statement
      in the names as such purchaser(s) shall designate.

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

            (i) use their respective commercially reasonable efforts to keep
      such Registration Statement continuously effective and provide all
      requisite financial statements

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                                       11

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

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

            (iii) advise each Holder promptly and, if requested by such Holder,
      confirm such advice in writing, (A) when the Prospectus or any Prospectus
      supplement or post-effective amendment has been filed, and, with respect
      to any applicable Registration Statement or any post-effective amendment
      thereto, when the same has become effective, (B) of any request by the
      Commission for amendments to the Registration Statement or amendments or
      supplements to the Prospectus or for additional information relating
      thereto, (C) of the issuance by the Commission of any stop order
      suspending the effectiveness of the Registration Statement under the Act
      or of the suspension by any state securities commission of the
      qualification of the Transfer Restricted Securities for offering or sale
      in any jurisdiction, or the initiation of any proceeding for any of the
      preceding purposes, and (D) of the existence of any fact or the happening
      of any event that makes any statement of a material fact made in the
      Registration Statement, the Prospectus, any amendment or supplement
      thereto or any document incorporated by reference therein untrue, or that
      requires the making of any additions to or changes in the Registration
      Statement in order to make the statements therein not misleading, or that
      requires the making of any additions to or changes in the Prospectus in
      order to make the statements therein, in the light of the circumstances
      under which they were made, not misleading. If at any time the Commission
      shall issue any stop order suspending the effectiveness of the
      Registration Statement, or any state securities commis-

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                                       12

      sion or other regulatory authority shall issue an order suspending the
      qualification or exemption from qualification of the Transfer Restricted
      Securities under state securities or Blue Sky laws, the Company and the
      Guarantors shall use their respective commercially reasonable efforts to
      obtain the withdrawal or lifting of such order at the earliest possible
      time;

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

            (v) furnish to each Holder in connection with such exchange or sale,
      if any, before filing with the Commission, copies of any Registration
      Statement or any Prospectus included therein or any amendments or
      supplements to any such Registration Statement or Prospectus (including,
      upon reasonable request, all documents incorporated by reference after the
      initial filing of such Registration Statement), which documents will be
      subject to the review and comment of such Holders in connection with such
      sale, if any, for a period of at least five Business Days, and the Company
      will not file any such Registration Statement or Prospectus or any
      amendment or supplement to any such Registration Statement or Prospectus
      (including all such documents incorporated by reference) to which such
      Holders shall reasonably object in writing to the Company within five
      Business Days after the receipt thereof.

            (vi) promptly prior to the filing of any document that is to be
      incorporated by reference into a Registration Statement or Prospectus,
      provide copies of such document to each Holder in connection with such
      exchange or sale, if any, make the Company's and the Guarantors'
      representatives available for discussion of such document and other
      customary due diligence matters upon reasonable notice, and, to the extent
      reasonably practicable, include such information in such document prior to
      the filing thereof as such Holders may reasonably request;

            (vii) make available, at reasonable times and upon reasonable
      notice, for inspection by each Holder and any attorney or accountant
      retained by such Holders, all financial and other records, pertinent
      corporate documents of the Company and the Guarantors and cause the
      Company's and the Guarantors' officers, directors and employees to supply
      all information reasonably requested by any such Holder, attorney or
      accountant in connection with such Registration Statement or any
      post-effective

<PAGE>
                                       13

      amendment thereto subsequent to the filing thereof and prior to its
      effectiveness; provided, however, that any information that is reasonably
      and in good faith designated by the Company or a Guarantor in writing as
      confidential at the time of delivery of such information shall be kept
      confidential by such persons, unless (i) disclosure of such information is
      required by court or administrative order or is necessary to respond to
      inquiries of regulatory authorities, (ii) disclosure of such information
      is required by law (including any disclosure requirements pursuant to
      federal securities laws in connection with the filing of such Registration
      Statement or the use of any Prospectus, except if the Company obtains
      "confidential treatment" for any document or information in accordance
      with the rules of the Commission), (iii) such information becomes
      generally available to the public other than as a result of a disclosure
      or failure to safeguard such information by such person or (iv) such
      information becomes available to such person from a source other than the
      Company and its subsidiaries and such source is not known, after due
      inquiry, by such person to be bound by a confidentiality agreement;

            (viii) if requested by any Holders in connection with such exchange
      or sale, promptly include in any Registration Statement or Prospectus,
      pursuant to a supplement or post-effective amendment if necessary, such
      information as such Holders may reasonably request to have included
      therein, including, without limitation, information relating to the "Plan
      of Distribution" of the Transfer Restricted Securities and the use of the
      Registration Statement or Prospectus for market-making activities; and
      make all required filings of such Prospectus supplement or post-effective
      amendment as soon as practicable after the Company is notified of the
      matters to be included in such Prospectus supplement or post-effective
      amendment;

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

            (x) deliver to each Holder without charge, as many copies of the
      Prospectus (including each preliminary prospectus) and any amendment or
      supplement thereto as such Persons reasonably may request; the Company and
      the Guarantors hereby consent to the use (in accordance with law) of the
      Prospectus and any amendment or supplement thereto by each selling Holder
      in connection with the offering and the sale of the Transfer Restricted
      Securities covered by the Prospectus or any amendment or supplement
      thereto;

            (xi) upon the reasonable request of any Holder, enter into such
      customary agreements (including underwriting agreements), make such
      customary representations

<PAGE>
                                       14

      and warranties and take all such other reasonable actions in connection
      therewith in order to expedite or facilitate the disposition of the
      Transfer Restricted Securities pursuant to any applicable Registration
      Statement contemplated by this Agreement as may be reasonably requested in
      writing by any Holder in connection with any sale or resale pursuant to
      any applicable Registration Statement. In such connection the Company and
      the Guarantors shall:

                  (A) upon request of any Holder, furnish (or in the case of
            paragraphs (2) and (3) of this Section 6(c)(xi)(A), use its
            reasonable best efforts to cause to be furnished) to each Holder,
            upon Consummation of the Exchange Offer or upon the effectiveness of
            the Shelf Registration Statement, as the case may be:

                        (1) a certificate, dated the date of Consummation of the
                  Exchange Offer or the date of the effectiveness of the Shelf
                  Registration Statement, as the case may be, signed on behalf
                  of the Company and each Guarantor by (x) the President or any
                  Vice President and (y) a principal financial or accounting
                  officer of the Company and such Guarantor, confirming, as of
                  the date thereof, the matters set forth in Sections 9(a), 9(b)
                  and 9(c) of the Purchase Agreement and such other similar
                  matters as such Holders may reasonably request;

                        (2) an opinion, dated the date of Consummation of the
                  Exchange Offer or the date of effectiveness of the Shelf
                  Registration Statement, as the case may be, of counsel for the
                  Company and the Guarantors covering matters similar to those
                  set forth in paragraphs (e)-(g) of Section 9 of the Purchase
                  Agreement and such other matters as such Holder may reasonably
                  request, and in any event including a statement to the effect
                  that such counsel has participated in conferences with
                  officers and other representatives of the Company and the
                  Guarantors, representatives of the independent public
                  accountants for the Company and the Guarantors and have
                  considered the matters required to be stated therein and the
                  statements contained therein, although such counsel has not
                  independently verified the accuracy, completeness or fairness
                  of such statements; and that such counsel advises that, on the
                  basis of the foregoing (relying as to materiality to the
                  extent such counsel deems appropriate upon the statements of
                  officers and other representatives of the Company and the
                  Guarantors and without independent check or verification), no
                  facts came to such counsel's attention that caused such
                  counsel to believe that the applicable Registration Statement,
                  at the time such Registration Statement or any post-effective
                  amendment thereto became effective and, in the case of the
                  Exchange Offer Registration

<PAGE>
                                       15

                  Statement, as of the date of Consummation of the Exchange
                  Offer, contained an untrue statement of a material fact or
                  omitted to state a material fact required to be stated therein
                  or necessary to make the statements therein, in light of the
                  circumstances under which they were made, not misleading, or
                  that the Prospectus contained in such Registration Statement
                  as of its date and, in the case of the opinion dated the date
                  of Consummation of the Exchange Offer, as of the date of
                  Consummation, contained an untrue statement of a material fact
                  or omitted to state a material fact necessary in order to make
                  the statements therein, in the light of the circumstances
                  under which they were made, not misleading. Without limiting
                  the foregoing, such counsel may state further that such
                  counsel assumes no responsibility for, and has not
                  independently verified, the accuracy, completeness or fairness
                  of the financial statements, notes and schedules and other
                  financial data included in any Registration Statement
                  contemplated by this Agreement or the related Prospectus; and

                        (3) a customary comfort letter, dated the date of
                  Consummation of the Exchange Offer, or as of the date of
                  effectiveness of the Shelf Registration Statement, as the case
                  may be, from the Company's independent accountants, in the
                  customary form and covering matters of the type customarily
                  covered in comfort letters to underwriters in connection with
                  underwritten offerings, and affirming the matters set forth in
                  the comfort letters delivered pursuant to Section 9(i) of the
                  Purchase Agreement; and

                  (B) deliver such other documents and certificates as may be
            reasonably requested in writing by the Holders to evidence
            compliance with the matters covered in clause (A) above and with any
            customary conditions contained in any agreement entered into by the
            Company and the Guarantors pursuant to this clause (xi);

            (xii) prior to any public offering of Transfer Restricted
      Securities, cooperate with the selling Holders and their counsel in
      connection with the registration and qualification of the Transfer
      Restricted Securities under the securities or Blue Sky laws of such
      jurisdictions as the selling Holders may reasonably request and do any and
      all other acts or things necessary or advisable to enable the disposition
      in such jurisdictions of the Transfer Restricted Securities covered by the
      applicable Registration Statement; provided, however, that neither the
      Company nor any Guarantor shall be required to register or qualify as a
      foreign corporation where it is not now so qualified or to take any action
      that would subject it to the service of process in suits or to taxation,
      other

<PAGE>
                                       16

      than as to matters and transactions relating to the Registration
      Statement, in any jurisdiction where it is not now so subject;

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

            (xiv) use their respective commercially reasonable efforts to cause
      the disposition of the Transfer Restricted Securities covered by the
      Registration Statement to be registered with or approved by such other
      governmental agencies or authorities as may be necessary to enable the
      seller or sellers thereof to consummate the disposition of such Transfer
      Restricted Securities, subject to the proviso contained in clause (xii)
      above;

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

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

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

<PAGE>
                                       17

            (xviii) provide promptly to each Holder, upon written request, each
      document filed with the Commission pursuant to the requirements of Section
      13 or Section 15(d) of the Exchange Act, unless already provided.

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

SECTION 7. REGISTRATION EXPENSES

            (a) All expenses incident to the Company's and the Guarantors'
performance of or compliance with this Agreement will be borne by the Company,
regardless of whether a Registration Statement becomes effective, including
without limitation: (i) all registration and filing fees and expenses; (ii) all
fees and expenses of compliance with federal securities and state Blue Sky or
securities laws; (iii) all expenses of printing (including printing certificates
for the Series B Notes to be issued in the Exchange Offer and printing of
Prospectuses whether for exchanges, sales, market-making or otherwise, messenger
and delivery services and telephone; (iv) all fees and disbursements of counsel
for the Company, the Guarantors and, in accordance with Section 7(b), the
Holders of Transfer Restricted Securities; (v) all application and filing fees
in connection with listing the Series B Notes on a national securities exchange
or automated quotation system pursuant to the requirements hereof; and (vi) all
fees and disbursements of independent certified public accountants of the
Company and the Guarantors (including the expenses of any special audit and
comfort letters required by or incident to such performance). Notwithstanding
anything in this Section 7 to the contrary, the Company shall not

<PAGE>
                                       18

be required to pay any underwriting discounts, commissions or transfer taxes, if
any, relating to the sale or disposition of any Holder's Transfer Restricted
Securities.

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

            (b) In connection with any Registration Statement required by this
Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Company and the Guarantors
will reimburse the Initial Purchasers and the Holders of Transfer Restricted
Securities who are tendering Series A Notes in the Exchange Offer and/or selling
or reselling Series A Notes or Series B Notes pursuant to the "Plan of
Distribution" contained in the Exchange Offer Registration Statement or the
Shelf Registration Statement, as applicable, for the reasonable fees and
disbursements of not more than one counsel, who shall be Cahill Gordon &
Reindel, unless another firm shall be chosen by the Holders of a majority in
principal amount of the Transfer Restricted Securities for whose benefit such
Registration Statement is being prepared.

SECTION 8. INDEMNIFICATION

            (a) The Company and the Guarantors agree, jointly and severally, to
indemnify and hold harmless each Holder, its directors, officers and each
Person, if any, who controls such Holder (within the meaning of Section 15 of
the Act or Section 20 of the Exchange Act), from and against any and all losses,
claims, damages, liabilities, judgments, (including without limitation, any
legal or other expenses incurred in connection with investigating or defending
any matter, including any action that could give rise to any such losses,
claims, damages, liabilities or judgments) caused by any untrue statement or
alleged untrue statement of a material fact contained in any Registration
Statement, preliminary prospectus or Prospectus (or any amendment or supplement
thereto) provided by the Company to any Holder or any prospective purchaser of
Series B Notes or registered Series A Notes, or caused by any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, except insofar as such losses, claims,
damages, liabilities or judgments are caused by an untrue statement or omission
or alleged untrue statement or omission that is based upon information relating
to any of the Holders furnished in writing to the Company by any of the Holders.

            (b) Each Holder of Transfer Restricted Securities agrees, severally
and not jointly, to indemnify and hold harmless the Company and the Guarantors,
and their respective directors and officers, and each person, if any, who
controls (within the meaning of Section 15

<PAGE>
                                       19

of the Act or Section 20 of the Exchange Act) the Company, or the Guarantors to
the same extent as the foregoing indemnity from the Company and the Guarantors
set forth in Section 8(a) above, but only with reference to information relating
to such Holder furnished in writing to the Company by such Holder expressly for
use in any Registration Statement. In no event shall any Holder, its directors,
officers or any Person who controls such Holder be liable or responsible for any
amount in excess of the amount by which the total amount received by such Holder
with respect to its sale of Transfer Restricted Securities pursuant to a
Registration Statement exceeds (i) the amount paid by such Holder for such
Transfer Restricted Securities and (ii) the amount of any damages that such
Holder, its directors, officers or any Person who controls such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission.

            (c) In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the
"indemnified party"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "indemnifying person") in writing
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all fees and expenses of such counsel, as incurred (except that
in the case of any action in respect of which indemnity may be sought pursuant
to both Sections 8(a) and 8(b), a Holder shall not be required to assume the
defense of such action pursuant to this Section 8(c), but may employ separate
counsel and participate in the defense thereof, but the fees and expenses of
such counsel, except as provided below, shall be at the expense of the Holder).
Any indemnified party shall have the right to employ separate counsel in any
such action and participate in the defense thereof, but the fees and expenses of
such counsel shall be at the expense of the indemnified party unless (i) the
employment of such counsel shall have been specifically authorized in writing by
the indemnifying party, (ii) the indemnifying party shall have failed to assume
the defense of such action or employ counsel reasonably satisfactory to the
indemnified party or (iii) the named parties to any such action (including any
impleaded parties) include both the indemnified party and the indemnifying
party, and the indemnified party shall have been advised by such counsel that
there may be one or more legal defenses available to it which are different from
or additional to those available to the indemnifying party (in which case the
indemnifying party shall not have the right to assume the defense of such action
on behalf of the indemnified party). In any such case, the indemnifying party
shall not, in connection with any one action or separate but substantially
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances, be liable for the fees and expenses of
more than one separate firm of attorneys (in addition to any local counsel) for
all indemnified parties and all such fees and expenses shall be reimbursed as
they are incurred. Such firm shall be designated in writing by a majority of the
Holders, in the case of the parties indemnified pursuant to Section 8(a), and by
the Company and Guarantors, in the case of parties indemnified pursuant to
Section 8(b). The indemnifying

<PAGE>
                                       20

party shall indemnify and hold harmless the indemnified party from and against
any and all losses, claims, damages, liabilities and judgments by reason of any
settlement of any action (i) effected with its written consent or (ii) effected
without its written consent if the settlement is entered into more than 60 days
after the indemnifying party shall have received a request from the indemnified
party for reimbursement for the fees and expenses of counsel (in any case where
such fees and expenses are at the expense of the indemnifying party) and, prior
to the date of such settlement, the indemnifying party shall have failed to
comply with such reimbursement request. Except as provided in the preceding
sentence, no indemnifying party shall be liable for any settlement effected
without its consent. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement or compromise of, or
consent to the entry of judgment with respect to, any pending or threatened
action in respect of which the indemnified party is or could have been a party
and indemnity or contribution may be or could have been sought hereunder by the
indemnified party, unless such settlement, compromise or judgment (i) includes
an unconditional release of the indemnified party from all liability on claims
that are or could have been the subject matter of such action and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to
act, by or on behalf of the indemnified party.

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

            The Company, the Guarantors and each Holder agree that it would not
be just and equitable if contribution pursuant to this Section 8(d) were
determined by pro rata allocation (even if the Holders were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in the

<PAGE>
                                       21

immediately preceding paragraph. The amount paid or payable by an indemnified
party as a result of the losses, claims, damages, liabilities or judgments
referred to in the immediately preceding paragraph shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses incurred
by such indemnified party in connection with investigating or defending any
matter, including any action that could have given rise to such losses, claims,
damages, liabilities or judgments. Notwithstanding the provisions of this
Section 8, no Holder, its directors, its officers or any Person, if any, who
controls such Holder shall be required to contribute, in the aggregate, any
amount in excess of the amount by which the total received by such Holder with
respect to the sale of Transfer Restricted Securities pursuant to a Registration
Statement exceeds (i) the amount paid by such Holder for such Transfer
Restricted Securities and (ii) the amount of any damages which such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders' obligations to contribute pursuant to this
Section 8(d) are several in proportion to the respective principal amount of
Transfer Restricted Securities held by each Holder hereunder and not joint.

SECTION 9. RULE 144A and RULE 144

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

SECTION 10. MISCELLANEOUS

            (a) Remedies. The Company and the Guarantors acknowledge and agree
that any failure by the Company and/or the Guarantors to comply with their
respective obligations under Sections 3 and 4 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 the

<PAGE>
                                       22

Company's and the Guarantor's obligations under Sections 3 and 4 hereof. The
Company and the Guarantors further agree to waive the defense in any action for
specific performance that a remedy at law would be adequate.

            (b) No Inconsistent Agreements. Neither the Company nor any
Guarantor will, on or after the date of this Agreement, enter into any agreement
with respect to its securities that is inconsistent with the rights granted to
the Holders in this Agreement or otherwise conflicts with the provisions hereof.
The rights granted to the Holders hereunder do not in any way conflict with and
are not inconsistent with the rights granted to the holders of the Company's and
the Guarantors' securities under any agreement to which the Company or any
Guarantor is a party in effect on the date hereof.

            (c) Amendments and Waivers. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to or departures
from the provisions hereof may not be given unless (i) in the case of Section 5
hereof and this Section 10(c)(i), the Company has obtained the written consent
of Holders of all outstanding Transfer Restricted Securities and (ii) in the
case of all other provisions hereof, the Company has obtained the written
consent of Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities (excluding Transfer Restricted Securities held by the
Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent
to departure from the provisions hereof that relates exclusively to the rights
of Holders whose Transfer Restricted Securities are being tendered pursuant to
the Exchange Offer, and that does not affect directly or indirectly the rights
of other Holders whose Transfer Restricted Securities are not being tendered
pursuant to such Exchange Offer, may be given by the Holders of a majority of
the outstanding principal amount of Transfer Restricted Securities subject to
such Exchange Offer.

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

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

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

            (ii) if to the Company or the Guarantors:

<PAGE>
                                       23

                  Autotote Corporation
                  750 Lexington Avenue
                  New York, NY 10022

                  Telecopier No.: (212) 754-2372
                  Attention: Martin E. Schloss, Esq.

                  With a copy to:

                  Kramer Levin Naftalis & Frankel LLP
                  919 Third Avenue
                  New York, NY  10022

                  Telecopier No.: (212) 715-8000
                  Attention: Peter Smith, Esq.

            All such notices and communications shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed;
when receipt acknowledged, if telecopied; and on the next business day, if
timely delivered to an air courier guaranteeing overnight delivery. The address
or Person to whose attention any notice or communication shall be given may be
changed in accordance with the provisions of this Section 10(e).

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

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

<PAGE>
                                       24

            (g) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

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

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

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

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

            (l) Guarantors to Become Parties. The Company shall cause each
Person that becomes a "Guarantor" under the Indenture to execute and deliver a
joinder agreement substantially in the form of Exhibit A attached hereto.

                            SIGNATURE PAGES TO FOLLOW

<PAGE>

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

                                        AUTOTOTE CORPORATION

                                        By:_____________________________________
                                           Name:
                                           Title:

                                        AUTOTOTE MANAGEMENT CORPORATION
                                        AUTOTOTE SYSTEMS, INC.
                                        AUTOTOTE INTERNATIONAL, INC.
                                        AUTOTOTE ENTERPRISES, INC.
                                        AUTOTOTE KENO CORPORATION
                                        AUTOTOTE LOTTERY CORPORATION
                                        ACRA ACQUISITION CORP.
                                        MARVIN H. SUGARMAN PRODUCTIONS, INC.
                                        AUTOTOTE GAMING, INC.
                                        AUTOTOTE DOMINICANA INC.

                                        By:_____________________________________
                                           Name:
                                           Title:

DONALDSON LUFKIN & JENRETTE
  SECURITIES CORPORATION

By:________________________________
   Name:
   Title:

LEHMAN BROTHERS INC.

By:________________________________
   Name:
   Title:
<PAGE>

                                    EXHIBIT A

                            FORM OF JOINDER AGREEMENT

            JOINDER AGREEMENT, dated as of , 2000, by each of the undersigned,
pursuant to Section 10(l) of the Registration Rights Agreement, dated as of
August 14, 2000, among Autotote Corporation, the guarantors party thereto and
Donaldson Lufkin & Jenrette Securities Corporation and Lehman Brothers Inc., as
initial purchasers (as amended from time to time, the "Registration Rights
Agreement"). Terms defined in the Registration Rights Agreement and used herein
without definition have the meanings given to them in the Registration Rights
Agreement.

            Each of the undersigned hereby acknowledges that it has received and
reviewed a copy of the Registration Rights Agreement and acknowledges and agrees
that, pursuant to this Joinder Agreement, it hereby becomes party to the
Registration Rights Agreement as a Guarantor, bound by all the covenants,
agreements, representations, warranties and acknowledgments applicable to a
Guarantor in the Registration Rights Agreement.

            This Joinder Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without regard to the
principles of conflicts of laws thereof.

<PAGE>
                                       2

            IN WITNESS WHEREOF, each of the undersigned has caused this Joinder
Agreement to be duly executed and delivered by its proper and duly authorized
officer as of the date set forth below.

                                        SCIENTIFIC GAMES HOLDINGS CORP.
                                        SCIENTIFIC GAMES FINANCE CORPORATION
                                        SCIENTIFIC GAMES (GREECE), INC.
                                        SCIENTIFIC GAMES ACQUISITION INC.
                                        SCIGAMES FRANCE INC.
                                        SCIENTIFIC GAMES INC.
                                        SCIENTIFIC GAMES ROYALTY CORPORATION

                                        By:_____________________________________
                                           Name:
                                           Title:================================================================================

                                  STOCKHOLDERS'
                                    AGREEMENT

                                  by and among

                             CIRMATICA GAMING, S.A.
                              a Spanish corporation

                                  THE OAK FUND,
                        a Cayman Islands exempted company

                               PECONIC FUND LTD.,
                        a Cayman Islands exempted company

                             RAMIUS SECURITIES, LLC,
                      a Delaware limited liability company

                          OLIVETTI INTERNATIONAL S.A.,
                            a Luxembourg corporation

                                       and

                              AUTOTOTE CORPORATION,
                             a Delaware corporation

                            Dated: September 6, 2000

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

<PAGE>

                             STOCKHOLDERS' AGREEMENT

      This Stockholders' Agreement (this "Agreement") is entered into as of
September 6, 2000 by and among Autotote Corporation, a Delaware corporation (the
"Company"), Olivetti International S.A., a Luxembourg Company ("Olivetti"),
Cirmatica Gaming, S.A., a Spanish corporation ("Cirmatica"), The Oak Fund, a
Cayman Island exempted company ("Oak"), Peconic Fund Ltd., a Cayman Island
exempted company ("Peconic") and Ramius Securities, LLC, a Delaware limited
liability company ("Ramius").

                                    RECITALS

      A. Each of the Stockholders (as defined below) will own shares of
Preferred Stock (as defined below) upon the consummation of the transactions
contemplated by that certain Preferred Stock Purchase Agreement, dated as of the
date hereof, 2000, by and among the Company and the Stockholders.

      B. The Company and the Stockholders desire to enter into this Agreement
to, among other things: (i) impose certain restrictions and obligations on the
ownership, retention and disposition on the Preferred Stock, and (ii) provide
the registration rights set forth herein.

      NOW, THEREFORE, in consideration of the mutual agreements contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

      1. Certain Definitions. In addition to the terms defined elsewhere herein,
the following terms have the following meanings when used herein with initial
capital letters:

      "Affiliate" means, with respect to any Person or entity (the "referent
Person"), any Person or entity that controls the referent Person, any Person or
entity that the referent Person controls, or any Person or entity that is under
common control with the referent Person. For purposes of the preceding sentence,
the term "control" means the power, direct or indirect, to direct or cause the
direction of the management and policies of a Person or entity through voting
securities, by contract or otherwise.

      "Agreement" means this Agreement, as the same may be modified,
supplemented or amended from time to time in accordance with its terms.

      "Assets" means all of the Company's and its Subsidiaries' right, title and
interest in and to all properties, assets and rights of any kind, whether
tangible or intangible, real or personal, owned by the Company or any of its
Subsidiaries.

      "beneficially own" or "beneficial ownership" means, with respect to any
securities, having "beneficial ownership" of such securities (as determined
pursuant to Rule 13d-3 under the Exchange Act), including pursuant to any
agreement, arrangement or understanding, whether or not in writing. Without
duplicative counting of the same securities by the same holder, securities
beneficially owned by a Person shall include securities beneficially owned by
all other Persons

<PAGE>

with whom such Person would constitute a "group" as described
in Section 13(d)(3) of the Exchange Act.

      "Board" has the meaning set forth in Section 4(b) hereof.

      "Bona Fide Third Party" means a third party unrelated to the Stockholders,
Olivetti S.p.A., Lottomatica S.A., Cirsa or their Affiliates.

      "Certificate of Designations" means the Certificate of Designations of the
Company relating to the Preferred Stock.

      "Change of Control" means one or more of the following events: (i) less
than a majority of the members of the Board (excluding any directors nominated
or elected by the Stockholders) shall be persons who either (A) were serving as
directors on the date hereof or (B) were nominated as directors and approved by
the vote of the majority of the directors who are directors referred to in
clause (A) above or this clause (B); (ii) the stockholders of the Company shall
approve any plan or proposal for the liquidation or dissolution of the Company;
(iii) an announcement by any Bona Fide Third Party or group of Bona Fide Third
Parties acting in concert, of a merger with the Company or an acquisition of the
Company's securities or other transaction which will require the filing with the
SEC of a Schedule 13D under the Exchange Act with respect to beneficial
ownership of the Company (other than by a financial entity or other similar
institutional investor holding securities of the Company for investment purposes
that is eligible to file a Schedule 13G under the Exchange Act with respect to
such merger or acquisition in accordance with Rule 13d-1(b)(1) of the Exchange
Act) in which Item 4 thereof will indicate a plan or proposal under subsections
(a)-(j) thereof with respect to either (x) the merger with a Bona Fide Third
Party or acquisition of at least twenty percent (20%) of the Company's voting
securities by a Bona Fide Third Party or (y) the merger or consolidation of the
Company with a Bona Fide Third Party where the stockholders of the Company would
not, immediately after the merger or consolidation, own at least fifty percent
(50%) of the voting securities of the entity (unrelated to the Stockholders,
Olivetti S.p.A., Lottomatica S.A., Cirsa and their respective Affiliates)
issuing the cash or securities in the merger or consolidation, or the sale of
substantially all of the assets of the Company; or (iv) the Company enters into
negotiations that might reasonably be expected to cause any of the events
specified in clauses (i), (ii) or (iii) above to occur.

      "Cirmatica" has the meaning set forth in the preamble to this Agreement.

      "Cirsa" means Cirsa Business Corporation S.A.

      "Common Stock" means the Class A common stock, par value $0.01 per share,
of the Company.

      "Company" has the meaning set forth in the preamble to this Agreement.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended.

                                       2
<PAGE>

      "Form S-3" means such form under the Securities Act as in effect on the
date hereof or any successor form under the Securities Act.

      "Holders" means the Stockholders and any Person owning or having the right
to acquire Registrable Securities.

      "Issuance Notice" has the meaning set forth in Section 3 hereof.

      "Issue Amount" means $110.0 million.

      "Issue Amount Per Share" means the Issue Amount divided by the number of
shares of Common Stock issued and issuable upon conversion of the Preferred
Stock.

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

      "Oak" has the meaning set forth in the preamble to this Agreement.

      "Olivetti" has the meaning set forth in the preamble to this Agreement.

      "Peconic" has the meaning set forth in the preamble to this Agreement.

      "Person" means an individual, corporation, partnership, limited liability
company, association, trust and any other entity or organization.

      "Preferred Stock" means the Series A Convertible Preferred Stock, par
value $1.00 per share, of the Company.

      "Purchase Agreement" means that certain Preferred Stock Purchase
Agreement, dated as of the date hereof, by and among the Company and the
Stockholders, as the same may be amended, supplemented or modified in accordance
with its terms.

      "Ramius" has the meaning set forth in the preamble to this Agreement.

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

      "Registrable Securities" means (i) the shares of Common Stock issuable or
issued upon conversion of the Preferred Stock, and (ii) any other shares of
capital stock of the Company issued as (or issuable upon the conversion or
exercise of any warrant, right or other security which is issued as) a dividend
or other distribution with respect to, or in exchange for or in replacement of,
the shares listed in (i); provided, however, that the foregoing definition shall
exclude in all cases any Registrable Securities sold by a Person in a
transaction in which its rights under this Agreement are not assigned in
accordance with this Agreement. Notwithstanding the foregoing, Common Stock or
other securities shall only be treated as Registrable Securities if and so long
as they have not been sold (i) to or through a broker or dealer or underwriter
in a public distribution or a public securities transaction, or (ii) otherwise
pursuant to an effective registration

                                       3
<PAGE>

statement under the Securities Act or an exemption from registration pursuant to
Rule 144 (or any successor rules of the SEC under the Securities Act).

      "Registrable Securities then outstanding" means the number of shares of
Common Stock outstanding and the number of shares of Common Stock issuable
pursuant to then exercisable or convertible securities that are, in each case,
Registrable Securities.

      "Regulatory Approval" means all regulatory approvals and findings of
suitability or qualification, including any approvals or findings by state
governing commissions and gaming regulators, or temporary permits or
authorizations, or, if applicable, the expiration of any notice periods with
respect thereto, that are necessary for the Stockholders to own and continue to
hold and vote the Preferred Stock or Registrable Securities and elect or
designate for election at least four (or seven, if applicable) directors to the
Board.

      "SEC" means the Securities and Exchange Commission.

      "Securities" has the meaning set forth in Section 3 hereof.

      "Securities Act" means the Securities Act of 1933, as amended.

      "Service Date" has the meaning set forth in Section 3 hereof.

      "Severance Agreement" means any agreement between a Person and such
Person's officers, directors, employees, consultants or agents providing for any
payment or benefit, whether contingent or otherwise, upon the occurrence of any
event, development or transaction or any change in circumstances, relating to
the parties to any such agreement.

      "Stockholders" means Olivetti, Cirmatica, Oak, Peconic, Ramius and any
Person that becomes a party to this Agreement pursuant to Section 7 hereof.

      "Subsidiary" means, with respect to any Person, any other Person, whether
or not incorporated, of which at least 50% of the securities or interests
having, by their terms, ordinary voting power to elect members of the board of
directors, or other persons performing similar functions with respect to such
other Person, are held, directly or indirectly, by such first Person.

      "Termination Event" shall be deemed to have taken place (i) if the Company
fails to (A) cause any of the directors designated or elected by the
Stockholders in accordance with the terms of this Agreement or the Certificate
of Designations to become members of the Board, (B) cause any vacancies created
by the removal or resignation of directors designated or elected by the
Stockholders to be filled by persons selected by the Stockholders in accordance
with the terms of this Agreement or the Certificate of Designations, or (C)
cause at least one director designated or elected by the Stockholders to serve
on each committee of the Board (provided in each case that such director has
received Regulatory Approval for such service), or (ii) in the event of a Change
of Control of the Company.

      2. Regulatory Approval. Each of the parties agrees to use its reasonable
best efforts to take, or cause to be taken, all actions, and to do, or cause to
be done, and to assist and

                                       4
<PAGE>

cooperate with the other parties in doing, all things necessary, proper or
advisable under applicable laws and regulations to obtain Regulatory Approvals
in the most expeditious manner practicable, including, without limitation
cooperating in promptly making any filings, in furnishing information required
in connection therewith and in timely seeking to obtain any consents, approvals,
permits or authorizations in respect of Regulatory Approvals. Notwithstanding
the foregoing, the parties hereto acknowledge and agree that with respect to
Regulatory Approvals, each party shall only be required to cause its officers,
directors and key employees in their capacity as such and any of its Affiliates
that it controls to provide all required information in connection with such
Regulatory Approvals and to use its reasonable efforts to obtain the cooperation
of its stockholders and any other third party in providing all required
information in connection with such Regulatory Approvals.

      3. Preemptive Rights.

      (a) Term and Timing of Notice. For a period commencing on the date of this
Agreement and ending on the earliest to occur of (a) the fourth anniversary of
the date of this Agreement, (b) the date on which all of the shares of Preferred
Stock are redeemed by the Company pursuant to Section 4 of the Certificate of
Designations and (c) the date on which all of the shares of Preferred Stock are
automatically converted into shares of Common Stock pursuant to Section 5(b) of
the Certificate of Designations, and prior to incurring any debt convertible or
exchangeable into equity securities or issuing any equity securities (including
capital stock, rights, options or other equity interests convertible into,
exercisable into or exchangeable for capital stock), whether privately placed or
publicly offered (other than equity securities (a) issued as consideration to
sellers in connection with any merger or to equity holders of a party to a
merger or similar transaction, (b) issued upon exercise of options granted to
officers, directors and employees of the Company pursuant to an option plan
approved by the Board, not to exceed 20% of the fully diluted equity of the
Company on the date of this Agreement, (c) issued upon the conversion of shares
of Preferred Stock into shares of Common Stock pursuant to the Certificate of
Designations or as dividends or distributions in respect of Common Stock of the
Company or (d) issued as contemplated by Section 5(g)(i)(B) of the Certificate
of Designations), the Company shall promptly give written notice (the "Issuance
Notice") to the Stockholders (the date on which the Issuance Notice is delivered
or deemed delivered pursuant to Section 10 of this Agreement is referred to as
the "Service Date") of any of the Company's proposals to incur any such debt or
issue any such equity securities.

      (b) Issuance Notice. The Issuance Notice shall disclose in reasonable
detail the number of shares of stock proposed to be issued or the amount of debt
to be incurred (collectively, the "Securities") and the terms and conditions
upon which the Company proposes to effect the issuance of the Securities and
shall confirm that the offer by the Company to sell the portion of the
Securities specified below, constituted by the service of the Issuance Notice,
is irrevocable until all the Stockholders have either accepted or rejected (or
been deemed to have rejected) the offer as provided below. The Stockholders
shall, collectively, have the right to purchase, in whole or in part, a portion
of such Securities proportionate to the percentage of the fully diluted equity
of the Company represented by the shares of Common Stock issuable and issued
upon conversion of the Preferred Stock then owned by the Stockholders. The
Stockholders may elect to purchase such portion of the Securities, in whole or
in part, upon the

                                       5
<PAGE>

same terms and conditions as those set forth in the Issuance Notice by
delivering a written notice of such election to the Company within 15 days after
the Service Date based on their respective pro rata ownership of the shares of
Common Stock issuable and issued upon conversion of the Preferred Stock in
proportion to the fully diluted equity of the Company. The failure by the
Stockholders to serve notice in accordance with the foregoing provisions shall
be deemed a rejection of the offer constituted by the service of the Issuance
Notice. In addition, each Stockholder shall have a right of over-allotment such
that if any Stockholder fails to exercise its rights hereunder to purchase its
pro rata share of Securities, the other Stockholders may purchase the
non-purchasing Stockholder's portion on a pro rata basis within 10 days from the
date the Company provides written notice to such other Stockholders that such
non-purchasing Stockholder failed to exercise its right hereunder to purchase
its pro rata share of Securities. The Company shall promptly give written notice
to all the other Stockholders of any Stockholder's failure to exercise its right
hereunder to purchase Securities. The failure by any Stockholder to deliver
written notice to the Company of such Stockholder's election to purchase
additional Securities within the above-mentioned 10-day time period shall be
deemed a rejection of the offer to purchase additional Securities pursuant to
the over-allotment right. If the Stockholders elect to purchase any or all of
the Securities, the closing of such purchase shall occur upon the later to occur
of (x) the expiration of 120 days from the Service Date and (y) 5 days following
the satisfaction of any anti-trust governmental authority consents, or other
applicable governmental authority conditions, to the consummation of the
issuance. If the Stockholders elect not to purchase all of the Securities, then
the Company may issue any such Securities not purchased by the Stockholders at a
price and on terms no more favourable to the transferee(s) thereof than
specified in the Issuance Notice during the 120-day period immediately following
the Service Date. Any Securities not issued within such 120-day period shall
thereupon , if still proposed to be issued by the Company, be subject to the
provisions of the preemptive rights set forth in this Section 3.

      4. Standstill, Board of Directors and Voting Matters.

      (a) Standstill. Until the earlier of (i) the occurrence of a Termination
Event or (ii) the date that the current Chief Executive Officer of the Company
ceases to serve in that capacity, Olivetti, Cirsa, Cirmatica and, if applicable,
their permitted assigns will not, directly or indirectly, without the prior
written consent of the Company, (A) for four years from the closing of the
merger of a wholly owned Subsidiary of the Company with and into Scientific
Games Holdings Corp. (the "Merger"), acquire beneficial ownership (as defined in
Rule 13d-3 under the Exchange Act) of any equity interest or any interest
convertible or exchangeable into, or any right to acquire, any equity interest
(including by becoming a member of a "group" as defined in Section 13(d)(3) of
the Exchange Act) which, together with any equity interest and any such other
interest beneficially owned by Olivetti, Cirsa, Cirmatica and, if applicable,
their permitted assigns, would equal more than 45% of the then outstanding
shares of Common Stock of the Company or securities convertible into Common
Stock of the Company (including any paid-in-kind dividends on the Preferred
Stock or any Common Stock into which such paid-in-kind dividends were converted)
on a fully diluted basis or (B) for three years from the closing of the Merger,
solicit proxies with respect to the Company. Notwithstanding the foregoing, no
calculation of beneficial ownership for purposes of this Section 4(a) shall (i)
include any equity securities owned by Oak, Peconic or Ramius or their permitted
assigns or (ii) or be affected by any change in Olivetti's,

                                       6
<PAGE>

Cirmatica's and, if applicable, their permitted assigns, ownership by virtue of
a stock repurchase, stock split, reclassification or similar transaction
effected by the Company.

      (b) Composition of Board. (i) The Stockholders and the Company acknowledge
that, pursuant to the Certificate of Designations, the Stockholders holding
Preferred Stock shall be entitled, as a single class, to elect a number of
directors of the Company upon substantially the same terms, and under the same
circumstances, as set forth below. To preserve the rights of the Stockholders to
have their representatives on the Board in the event that any or all of the
shares of Preferred Stock are converted into Common Stock, the Stockholders and
the Company agree to the following provisions relating to the Board and its
committees. Subject to the Certificate of Designations and Section 4(b)(ii)
hereof, the Board of Directors of the Company (the "Board") shall consist of ten
(10) directors, and the Stockholders shall have the right to designate and have
elected and appointed:

                  (A) that number of directors equal to four (4) minus the
            number of directors the holders of Preferred Stock are entitled to
            elect as a single class pursuant to the Certificate of Designations;
            provided, that the Stockholders beneficially own in the aggregate
            shares of Common Stock plus shares of Preferred Stock having the
            right to convert into a number of shares of Common Stock that equals
            or exceeds twenty-five percent (25%) of the sum of (i) the number of
            shares of Common Stock outstanding plus (ii) the number of shares of
            Common Stock into which or for which all outstanding securities of
            the Company convertible into or exercisable or exchangeable for
            Common Stock (including, without limitation, the Preferred Stock)
            may be converted, exercised or exchanged;

                  (B) that number of directors equal to three (3) minus the
            number of directors the holders of Preferred Stock are entitled to
            elect as a single class pursuant to the Certificate of Designations;
            provided, that the Stockholders beneficially own in the aggregate
            shares of Common Stock plus shares of Preferred Stock having the
            right to convert into a number of shares of Common Stock that equals
            or exceeds twenty percent (20%) of the sum of (i) the number of
            shares of Common Stock outstanding plus (ii) the number of shares of
            Common Stock into which or for which all outstanding securities of
            the Company convertible into or exercisable or exchangeable for
            Common Stock (including, without limitation, the Preferred Stock)
            may be converted, exercised or exchanged;

                  (C) that number of directors equal to two (2) minus the number
            of directors the holders of Preferred Stock are entitled to elect as
            a single class pursuant to the Certificate of Designations;
            provided, that the Stockholders beneficially own in the aggregate
            shares of Common Stock plus shares of Preferred Stock having the
            right to convert into a number of shares of Common Stock that equals
            or exceeds ten percent (10%) of the sum of (i) the number of shares
            of Common Stock outstanding plus (ii) the number of shares of Common
            Stock into which or for which all outstanding securities of the
            Company convertible into or exercisable or exchangeable for Common
            Stock (including, without limitation, the Preferred Stock) may be
            converted, exercised or exchanged; and

                                       7
<PAGE>

                  (D) that number of directors equal to one (1) minus the number
            of directors the holders of Preferred Stock are entitled to elect as
            a single class pursuant to the Certificate of Designations;
            provided, that Stockholders beneficially own in the aggregate shares
            of Common Stock plus shares of Preferred Stock having the right to
            convert into a number of shares of Common Stock that equals or
            exceeds five percent (5%) of the sum of (i) the number of shares of
            Common Stock outstanding plus (ii) the number of shares of Common
            Stock into which or for which all outstanding securities of the
            Company convertible into or exercisable or exchangeable for Common
            Stock (including, without limitation, the Preferred Stock) may be
            converted, exercised or exchanged;

      provided, however, that if the Company shall have failed to comply with
any provision of Section 3 or Section 4(b), (d) or (e) of the this Agreement,
then for as long as such failure continues, the number of directors on the Board
shall be increased to a number that is equal to three (3) more than the then
current number of directors, and the Stockholders shall have a right to
designate and have elected and appointed immediately by the Board by resolution
or, if specified by the Stockholders, at the next annual meeting of the
stockholders or at any special meeting, three (3) additional directors to the
Board, regardless of the number of shares of Common Stock and Preferred Stock
then held by the Stockholders.

            (ii) Whenever such voting rights with respect to three additional
directors pursuant to Section 4(b) shall have vested, such rights may be
exercised by written consent of the Stockholders then holding a majority of the
outstanding shares of Common Stock and shares of Common Stock that would be
issued upon the conversion of the Preferred Stock then held by the Stockholders
or at a special meeting of the Stockholders, called as hereinafter provided, or
at any annual meeting of stockholders held for the purpose of electing
directors. Such right of the Stockholders to designate three additional
directors may be exercised until the Company has cured any such failure, at
which time the right of the Stockholders to elect such number of directors shall
cease, the term of such three additional directors previously elected pursuant
to Section 4(b) shall thereupon terminate, and the authorized number of
directors shall thereupon return to the number of authorized directors otherwise
in effect, but subject always to the same provisions for the renewal and
divestment of such special voting rights as provided in Section 4(b).

            (iii) At any time when such voting rights with respect to the
designation of 3 additional directors shall have vested in the Stockholders
pursuant to Section 4(b) and if such right shall not already have been initially
exercised by written consent or otherwise, a proper officer of the Company
shall, upon the written request of any Stockholder, addressed to the Secretary
of the Company, call a special meeting of Stockholders. Such meeting shall be
held at the earliest practicable date upon the notice required for annual
meetings of stockholders at the place for holding annual meetings of
stockholders of the Company or if none at a place designated by the Secretary of
the Company. If such meeting shall not be called by the proper officers of the
Company within thirty (30) days after the personal service of such written
request upon the Secretary of the Company, or within thirty (30) days after
mailing the same, within the United States, by registered mail, addressed to the
Secretary of the Company at its principal office (such mailing to be evidenced
by the registry receipt issued by the postal authorities), then the

                                       8
<PAGE>

Stockholders of record of ten percent (10%) of the outstanding shares of Common
Stock and shares of Common Stock that would be issued upon conversion of the
Preferred Stock then held by all Stockholders may designate in writing a
Stockholder to call such meeting at the expense of the Company, and such meeting
may be called by such Person so designated upon the notice required for annual
meeting of stockholders and shall be held at the place for holding annual
meetings of the Company or, if none, at a place designated by such Stockholder.
Any Stockholder that would be entitled to vote at such meeting shall have access
to the stock books of the Company for the purpose of causing a meeting of
stockholders to be called pursuant to the provisions of this Section 4(b).
Notwithstanding the provisions of this Section 4(b), no such special meeting
shall be called if any such request is received less than 90 days before the
date fixed for the next ensuing annual or special meeting of stockholders.

            (iv) If a director so elected by the Stockholders shall cease to
serve as a director for any reason before his or her term expires (other than in
the event that the Stockholders are no longer entitled to designate such a
director pursuant to the terms of this Agreement), or shall not receive or
retain Regulatory Approval for service as a director, the Stockholders may by
written consent or at a special meeting of the Stockholders called as provided
above, elect a successor to hold office for the unexpired term of the director
whose place shall be vacant, provided that any successor to Peter Cohen shall be
reasonably satisfactory to the Board as a whole.

            (v) As soon as practicable after the date hereof, the Board shall
adopt resolutions increasing the size of the Board to ten (10) members and
appoint Luciano La Noce, Michael S. Immordino, Robert Sgambati and Peter Cohen
as directors of the Company. In addition, the Company shall at all such times
exercise all authority under applicable law and use its best efforts to cause
the directors designated by the Stockholders for election to the Board to be
nominated as Board members by the nominating committee of the Company as
provided below or otherwise. The Company shall, if necessary to permit the
Stockholders' designees to be elected to the Board, (i) cause the Stockholders'
designees to be included in the slate of designees recommended by the Board to
the Company's stockholders for election as directors at each annual meeting of
the stockholders of the Company (or at any special meeting held for the election
of directors) and (ii) use its best efforts to cause the election of the
Stockholders' designees at such annual or special meeting, including soliciting
proxies in favor of the election of such Persons.

      (c) Nominating Committee. Until the earlier of (i) three years from the
closing of the Merger, (ii) a Termination Event, (iii) the date that the current
Chief Executive Officer of the Company ceases to serve in that capacity or (iv)
a Bona Fide Third Party commences a public solicitation of proxies pursuant to
the Exchange Act seeking to replace a majority of the Board or otherwise seeks
at a meeting of the stockholders to replace a majority of the Board, no member
of the Board or candidate for the Board (except those designated or elected, as
the case may be, by the Stockholders or holders of Preferred Stock in accordance
with the terms of this Agreement or the Certificate of Designations) shall be
proposed, nominated or elected except in accordance with the following
procedures. There shall be a nominating committee of the Board composed of three
directors, of whom (i) one member shall be the current Chief Executive Officer
of the Company, (ii) one member shall be a person who either (A) was serving as
a director on the date

                                       9
<PAGE>

of the Merger or (B) was nominated for such committee and approved by the vote
of the majority of the directors who are directors referred to in clause (A)
above or this clause (B), and (iii) one member shall be a person who was
designated or elected, as the case may be, by the Stockholders in accordance
with the terms of this Agreement or the Certificate of Designations. No member
of the Board or candidate for the Board shall be proposed, nominated or elected
(including filling any vacancy on the Board) (except those designated or
elected, as the case may be, by the Stockholders or holders of Preferred Stock
in accordance with the terms of this Agreement or the Certificate of
Designations), unless first approved by a majority vote of such nominating
committee (which vote, in the case of any person who is not a director at the
time of the Merger, shall include the vote (not to be unreasonably withheld) of
the member of such committee who is a director elected by the Stockholders in
accordance with the terms of this Agreement and the Certificate of Designations)
and thereafter approved by a majority vote of the entire Board. At the time of
any such Board vote, at least two of the members of the Board (not including any
members of the Board designated or elected, as the case may be, by the
Stockholders or the holders of Preferred Stock in accordance with the terms of
this Agreement or the Certificate of Designations) shall qualify as independent
directors for purposes of the applicable rules of the principal securities
exchange on which the Company's Common Stock is then listed. The Stockholders
agree to vote, or cause to be voted, any voting securities of the Company
beneficially owned by them for the election of all members of the Board of
Directors or candidates for the Board of Directors nominated as provided in this
Section 4, and not for any other person (except those designated by the
Stockholders in accordance with the terms of this Agreement); provided that if
the Stockholders are prohibited from agreeing to so vote by the applicable rules
of the principal securities exchange on which the Company's Common Stock is then
listed, then the Stockholders agree not to vote, or cause to be voted, any such
securities against any members or candidates so nominated and if such agreement
as so modified is also prohibited by such rules, then the Stockholders agree to
be subject to such agreement with respect to the foregoing matters, to the
extent not prohibited by the rules of such securities exchange, as shall most
closely achieve the purposes and effects of this Section 4(c). For purposes of
this Section 4(c), the equity interests of a Stockholder and its Affiliates
shall be aggregated. Except as set forth in Section 4(c) with respect to the
election of certain directors, the parties hereto acknowledge that each
Stockholder is free to vote its shares of Preferred Stock or Common Stock into
which such Preferred Stock is converted as it desires (subject to any agreements
among the Stockholders).

      (d) Other Committees. For so long as any director has been designated or
elected by the Stockholders or the holders of Preferred Stock in accordance with
the Certificate of Designations, as the case may be, at least one of the
directors so designated or elected by the Stockholders or the holders of the
Preferred Stock in accordance with the Certificate of Designations, as the case
may be, shall serve on all committees of the Board.

      (e) Voting Rights. For so long as the Stockholders and their Affiliates
collectively have beneficial ownership of a number of shares of Common Stock
plus shares of Preferred Stock having the right to convert into a number of
shares of Common Stock that equals or exceeds 10% of the then outstanding shares
of Common Stock, the affirmative consent of the Stockholders and their
Affiliates that beneficially own more than fifty percent (50%) of the
outstanding shares of Common Stock issuable and issued upon conversion of the
Preferred Stock then owned by all the

                                       10
<PAGE>

Stockholders, given in person or by proxy, either in writing without a meeting
or by vote at any meeting called for that purpose, shall be necessary for
authorizing, effecting or validating:

            (i) any amendment, alteration or repeal of any of the provisions of
      the Certificate of Designations of the Company;

            (ii) any amendment, alteration or repeal of any of the provisions of
      the Certificate of Incorporation of the Company that would adversely
      affect the preferences, rights or powers of the Preferred Stock;

            (iii) any authorization, issuance or creation of (by
      reclassification or otherwise) any class or series (or any security of any
      class or series) of capital stock of the Company;

            (iv) any increase in the size of the Board (except as required
      pursuant to the terms of this Agreement or the Certificate of
      Designations);

            (v) any change in the state of incorporation of the Company;

            (vi) any delisting of the Common Stock from the American Stock
      Exchange or listing of Common Stock on a different exchange or national
      quotation system; and

            (vii) any decision, or the entering into of any agreement,
      commitment or arrangement, to effect any of the foregoing.

      (f) Reservation of Shares. For so long as any of the shares of Preferred
Stock are outstanding, the Company shall keep reserved for issuance a sufficient
number of shares of Common Stock to satisfy its conversion obligations under the
Certificate of Designations.

      (g) Available Financial Information(i) . (i) The Company will deliver, or
will cause to be delivered, the following to each director designated by the
Stockholders: an annual budget, a business plan and financial forecasts for the
Company for the next fiscal year of the Company, no later than thirty (30) days
before the beginning of the Company's next fiscal year, in such manner and form
as approved by the Board, which shall include at least a projection of income
and a projected cash flow statement for each fiscal quarter in such fiscal year
and projected balance sheet as of the end of each fiscal quarter in such fiscal
year. Any material changes in such business plan shall be delivered to the
directors designated by the Stockholders as promptly as practicable after the
Board has approved such changes.

            (ii) Within 20 days after the end of each calendar month, the
Company will provide each director designated by the Stockholders with the
interim financial statements of the Company and its Subsidiaries relating to
such calendar month. Such interim financial statements shall (a) be in
accordance with the books and records of the Company and its Subsidiaries, (b)
be prepared in accordance with U.S. generally accepted accounting principles
consistently applied throughout the periods covered thereby (except for the
absence of footnotes) and present fairly and accurately in accordance with U.S.
generally accepted accounting principles, in all material respects, the Assets,
liabilities (including, without limitation, reserves) and financial condition of

                                       11
<PAGE>

the Company and its Subsidiaries as of the respective dates thereof and the
results of operations, stockholders' equity and cash flows for the periods
covered thereby.

            (iii) The Company will promptly deliver to each director designated
by the Stockholders when available one copy of each annual report on Form 10-K
and quarterly report on Form 10-Q of the Company, as filed with the SEC. In the
event an annual report on Form 10-K or quarterly report on Form 10-Q is
unavailable, the Company may, in lieu of the requirements of the preceding
sentence, deliver, or cause to be delivered, the following to each director
designated by the Stockholders:

                  (A) as soon as practicable after the end of each fiscal year
            of the Company, and in any event within ninety (90) days thereafter,
            a consolidated balance sheet of the Company and its Subsidiaries as
            of the end of such fiscal year, and consolidated statements of
            income and cash flows of the Company and its Subsidiaries for such
            year, prepared in accordance with U.S. generally accepted accounting
            principles and setting forth in each case in comparative form the
            figures for the previous fiscal year, all in reasonable detail and
            followed promptly thereafter by such financial statements
            accompanied by the opinion of independent public accountants of
            recognized national standing selected by the Company, and a
            Company-prepared comparison to the Company's business plan for such
            year as approved by the Board; and

                  (B) as soon as practicable after the end of the first, second
            and third quarterly accounting periods in each fiscal year of the
            Company, and in any event within forty-five (45) days thereafter, a
            consolidated balance sheet of the Company and its Subsidiaries as of
            the end of each such quarterly period, and consolidated statements
            of income and cash flows of the Company and its Subsidiaries for
            such period and for the current fiscal year to dated, prepared in
            accordance with U.S. generally accepted accounting principles and
            setting forth in comparative form the figures for the corresponding
            periods of the previous fiscal year and to the Company's business
            plan then in effect and approved by the Board, subject to changes
            resulting from normal year-end audit adjustments, all in reasonable
            detail and certified by the principal financial or accounting
            officer of the Company, except that such financial statements need
            not contain the notes required by U.S. generally accepted accounting
            principles.

      (h) Tax Matters. (i) The Company and each Stockholder acknowledge and
agree that it is intended that the Preferred Stock not constitute "preferred
stock" within the meaning of Section 305 of the Internal Revenue Code of 1986,
as amended, and the Treasury Regulations promulgated thereunder, and neither the
Company nor the Stockholders shall treat the Preferred Stock as such.
Accordingly, payment of any and all PIK Dividends (as defined in the Certificate
of Designations) to be made under the Certificate of Designations or under any
other transaction document by the Company to or for the benefit of any
Stockholder is intended to be made free and clear of, and without deduction for,
U.S. federal income and withholding taxes ("U.S. Taxes"). If the Company shall
be required by law to deduct any such U.S. Taxes from or in respect of any PIK
Dividends to be paid under the Certificate of Designations by the Company to

                                       12
<PAGE>

or for the benefit of any Stockholder, then (a) the Stockholder shall pay to the
Company the amount of such U.S. Taxes not to exceed ten percent (10%) of the
fair market value of such PIK Dividend on the date such PIK Dividend is
distributed in accordance with the Certificate of Designations (the "Fair Market
Value"), and (b) upon payment by the applicable Stockholder, the Company shall
pay to or for the benefit of the applicable Stockholder, in addition to such PIK
Dividend, an additional amount (the "Tax Gross-Up Amount"), in cash, as
necessary so that after making all required deductions on account of U.S. Taxes
(including deductions applicable to additional sums required to be paid or
deposited under this Section 4(h)) the amount received by such Stockholder
(disregarding the payment made by such Stockholder to the Company pursuant to
this sentence) shall be equal to the sum that would have been so received had no
such deductions been made. If a Stockholder is required to pay any U.S. Taxes
(other than U.S. Taxes determined on a net income basis) with respect to any PIK
Dividends (as a result of the Company's failure to withhold such U.S. Taxes or
otherwise) in excess of ten percent (10%) of the Fair Market Value of such PIK
Dividends, the Company shall indemnify and hold harmless such Stockholder from
any such U.S. Taxes in an amount equal to the Tax Gross-Up Amount, and if the
Company is required to pay any such U.S. Taxes with respect to any PIK
Dividends, the Stockholder shall indemnify and hold harmless the Company from
any such U.S. Taxes in an amount up to ten percent (10%) of the Fair Market
Value of such PIK Dividends.

            (ii) The amount to be paid by the Company under this Section 4(h)
shall be reduced by the amount of any credit, against any other tax due in any
other jurisdiction, available to the Stockholder or its Affiliates by reason of
the payment of U.S. Taxes pursuant to this Section 4(h). In no event shall the
Company be liable for any U.S. Taxes required to be deducted from or in respect
of any PIK Dividends by reason of any change in applicable law after the Initial
Issue Date (as defined in the Certificate of Designations) (which shall be the
responsibility of the Stockholder), or be obligated to make any payment under
this Section 4(h) if, at the time of such payment, such payment (a "Blocked
Payment") would violate, or result in a default or event of default under, the
Indenture relating to the Company's 12 1/2% Senior Subordinated Notes due 2010
or the Company's Senior Credit Agreement dated as of September 6, 2000 (in each
case including any amendments, modifications, extensions, refinancings or
replacements thereof) (collectively, the "Financing Documents"). Notwithstanding
the foregoing, in the event the Company does not make a payment as required by
this Section 4(h) because such payment would be deemed a Blocked Payment, (A)
the Stockholder shall have no obligation to make the payment as described in
clause (a) of Section 4(h)(i), but shall pay the amount otherwise required to be
deducted directly to the U.S. taxing authority, and (B) the Company shall be
obligated to pay an amount equal to any such Blocked Payments plus interest at
an annual rate of 6% starting from the date any such Blocked Payment otherwise
would have been made to the applicable Stockholders promptly following the date
in which any such previously Blocked Payments would no longer violate, or result
in a default or event of default under, the Financing Documents. Each
Stockholder shall, if requested in writing by the Company, promptly provide the
Company with a properly completed Form W-8 BEN or Form W-8 IMY (or successor
forms), as applicable, including, if applicable, the eligibility of such
Stockholder for a reduced rate of withholding pursuant to an applicable treaty.

                                       13
<PAGE>

      5. Registration Rights.

      The Company and the Holders covenant and agree as follows:

      (a) Request for Registration.

            (i) If the Company shall receive at any time, a written request from
any Holder of Registrable Securities then outstanding that the Company file a
registration statement under the Securities Act covering the registration of
Registrable Securities then outstanding then the Company shall, within ten (10)
days of the receipt thereof, give written notice of such request to all Holders
and shall, subject to the limitations of Section 5(b), use its best efforts to
effect as soon as practicable the registration under the Securities Act of all
Registrable Securities which the Holders request to be registered within fifteen
(15) days of the delivery or deemed delivery of such notice by the Company in
accordance with Section 10.

            (ii) If the Holders initiating the registration request hereunder
("Initiating Holders") intend to distribute the Registrable Securities covered
by their request by means of an underwriting, they shall so advise the Company
as a part of their request made pursuant to this Section 5(a) and the Company
shall include such information in the written notice referred to in Subsection
5(a)(i). The underwriter will be selected by a majority in interest of the
Initiating Holders and shall be reasonably acceptable to the Company. In such
event, the right of any Holder to include its Registrable Securities in such
registration shall be conditioned upon such Holder's participation in such
underwriting and the inclusion of such Holder's Registrable Securities in the
underwriting (unless otherwise mutually agreed by a majority in interest of the
Initiating Holders and such Holder) to the extent provided herein. All Holders
proposing to distribute their securities through such underwriting shall
(together with the Company as provided in Subsection 5(d)(v)) enter into an
underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting. Notwithstanding any other provision of this
Section 5(a), if the underwriter advises the Initiating Holders in writing that
marketing factors require a limitation of the number of Registrable Securities
to be underwritten, then the Initiating Holders shall so advise all Holders of
Registrable Securities which would otherwise be underwritten pursuant hereto,
and the number of shares of Registrable Securities that may be included in the
underwriting shall be allocated among all Holders thereof, including the
Initiating Holders, in proportion (as nearly as practicable) to the amount of
Registrable Securities of the Company requested to be included by each Holder;
provided, however, that the number of shares of Registrable Securities to be
included in such underwriting shall not be reduced unless all other securities
are first entirely excluded from the underwriting.

            (iii) Notwithstanding the foregoing, if the Company shall furnish to
Holders requesting a registration statement pursuant to this Section 5(a), a
certificate signed by the President or Chief Executive Officer of the Company
stating that in the good faith judgment of the Board, it would be seriously
detrimental to the Company and its stockholders for such registration statement
to be filed and it is therefore essential to defer the filing of such
registration statement, the Company shall have the right to defer such filing
for a period of not more than 60 days after receipt of the request of the
Initiating Holders; provided, however, that the Company may not utilize this
right more than once in any twelve-month period.

                                       14
<PAGE>

      (b) Company Registration. If (but without any obligation to do so) the
Company proposes to register (including for this purpose a registration effected
by the Company for stockholders other than the Holders) any of its stock under
the Securities Act in connection with the public offering of such securities
solely for cash (other than a registration relating solely to the sale of
securities to participants in a Company stock or similar plan or a transaction
covered by Rule 145 (or any successor rule) under the Securities Act), the
Company shall, at such time, promptly give each Holder written notice of such
registration. Upon the written request of each Holder given within twenty (20)
days after delivery or deemed delivery of such notice by the Company in
accordance with Section 10, the Company shall, subject to the provisions of
Section 5(g), cause to be registered under the Securities Act all of the
Registrable Securities that each such Holder has requested to be registered.

      (c) Form S-3 Registration. In case the Company shall receive from any
Holder or Holders of the Registrable Securities then outstanding a written
request or requests that the Company effect a registration on Form S-3 (or any
comparable or successor form or forms) and any related reasonable qualification
or compliance with respect to all or a part of the Registrable Securities owned
by such Holder or Holders, the Company will:

            (i) promptly give written notice of the proposed registration, and
any related qualification or compliance, to all other Holders; and

            (ii) as soon as practicable, use its best efforts to effect such
registration and all such reasonable qualifications and compliances as may be so
requested and as would permit or facilitate the sale and distribution of all or
such portion of such Holder's or Holders' Registrable Securities as are
specified in such request, together with all or such portion of the Registrable
Securities of any other Holder or Holders joining in such request as are
specified in a written request given within 15 days after receipt of such
written notice from the Company; provided, however, that the Company shall not
be obligated to effect any such registration, qualification or compliance,
pursuant to this Section 5(c): (i) if Form S-3 is not available for such
offering by the Holders; (ii) if the Company shall furnish to the Holders a
certificate signed by the President or Chief Executive Officer of the Company
stating that in the good faith judgment of the Board, it would be seriously
detrimental to the Company and its stockholders for such Form S-3 registration
to be effected at such time, in which event the Company shall have the right to
defer the filing of the Form S-3 registration statement for a period of not more
than 60 days after receipt of the request of the Holder or Holders under this
Section 5(c); provided, however, that the Company shall not utilize this right
more than once in any twelve-month period; or (iii) in any particular
jurisdiction in which the Company would be required to qualify to do business or
to execute a general consent to service of process in effecting such
registration, qualification or compliance.

            (iii) Subject to the foregoing, the Company shall file a
registration statement on Form S-3 (or successor form) covering the Registrable
Securities and other securities so requested to be registered as soon as
practicable after receipt of the request or requests of the Holders.

                                       15
<PAGE>

            (iv) Without limiting the rights of the Holders pursuant to this
Section 5(c), the Company acknowledges and agrees that, if requested in writing
by any Holder or Holders of Registrable Securities then outstanding, the Company
shall effect the Form S-3 (or successor form) registration under the Securities
Act pursuant to this Section 5(c) for an offering on a delayed or continuous
basis pursuant to Rule 415 (or any successor provision then in force) under the
Securities Act (a "Shelf Registration") or maintain the effectiveness of a
registration statement to effect a Shelf Registration at the request of the
Holders or Holders pursuant to this Section 5(c).

      (d) Obligations of the Company. Whenever required under this Section 5 to
effect the registration of any Registrable Securities, the Company shall, as
expeditiously as reasonably possible:

            (i) Prepare and file with the SEC a registration statement with
respect to such Registrable Securities and use its best efforts to cause such
registration statement to become effective, and, upon the request of the Holders
of the Registrable Securities registered thereunder, keep such registration
statement effective for up to one hundred twenty (120) days (except in the case
of a registration statement pursuant to Section 5(c)(iv)) or until the Holders
have completed the distribution relating thereto; provided, however, that such
one hundred twenty (120) day period shall be extended for a period of time equal
to the period the Holder refrains from selling any securities included in such
registration at the request of an underwriter.

            (ii) Prepare and file with the SEC such amendments and supplements
to such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such
registration statement.

            (iii) Furnish to the Holders such numbers of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order
to facilitate the disposition of Registrable Securities owned by them.

            (iv) Use its best efforts to register and qualify the securities
covered by such registration statement under such other securities or Blue Sky
laws of such jurisdictions as shall be reasonably requested by the Holders,
provided that the Company shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions.

            (v) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering. Each Holder participating
in such underwriting shall also enter into and perform its obligations under
such an agreement.

            (vi) Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such

                                       16
<PAGE>

registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the
circumstances then existing.

            (vii) Cause all such Registrable Securities registered hereunder to
be listed on each securities exchange on which securities of the same class
issued by the Company are then listed.

            (viii) Provide a transfer agent and registrar for all Registrable
Securities registered hereunder and a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration.

            (ix) Use its best efforts to furnish, at the request of any Holder
requesting registration of Registrable Securities pursuant to this Section 5, on
the date that such Registrable Securities are delivered to the underwriters for
sale in connection with a registration pursuant to this Section 5, if such
securities are being sold through underwriters, or, if such securities are not
being sold through underwriters, on the date that the registration statement
with respect to such securities becomes effective, (i) an opinion, dated such
date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering, addressed to the underwriters, if any, and to
the Holders requesting registration of Registrable Securities and (ii) a letter
dated such date, from the independent certified public accountants of the
Company, in form and substance as is customarily given by independent certified
public accountants to underwriters in an underwritten public offering, addressed
to the underwriters, if any, and to the Holders requesting registration of
Registrable Securities.

      (e) Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 5 with
respect to the Registrable Securities of any selling Holder that such Holder
shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities
as shall be required to effect the registration of such Holder's Registrable
Securities.

      (f) Expenses of Registration.

            (i) Registration. All expenses (other than underwriting discounts
and commissions) incurred in connection with registrations, filings or
qualifications pursuant to Section 5(a), including, without limitation, all
registration, filing and qualification fees, printers' and accounting fees, fees
and disbursements of counsel for the Company, and the reasonable fees and
disbursements of one counsel for the selling Holders selected by them with the
approval of the Company, which approval shall not be unreasonably withheld,
shall be borne by the Company.

      (g) Underwriting Requirements. In connection with any offering involving
an underwriting, the Company shall not be required under Section 5(b) to include
any of the Holders' securities in such underwriting unless they accept the terms
of the underwriting as agreed upon between the Company and the underwriters
selected by it (or by other persons entitled to select the underwriters), and
then only in such quantity as the underwriters determine in their sole

                                       17
<PAGE>

discretion will not jeopardize the success of the offering by the Company. If
the total amount of securities, including Registrable Securities, requested by
stockholders to be included in such offering exceeds the amount of securities
sold other than by the Company that the underwriters determine in their sole
discretion is compatible with the success of the offering, then the Company
shall be required to include in the offering only that number of such
securities, including Registrable Securities, which the underwriters determine
in their sole discretion will not jeopardize the success of the offering (the
securities so included to be apportioned pro rata among the selling stockholders
according to the total amount of securities entitled to be included therein
owned by each selling stockholder or in such other proportions as shall mutually
be agreed to by such selling stockholders) but in no event shall the amount of
securities of the selling Holders included in the offering be reduced unless all
securities offered by Persons other than the Company are first entirely excluded
from the underwriting. For purposes of the preceding parenthetical concerning
apportionment, for any selling stockholder which is a Holder and which is a
partnership or corporation, the partners, retired partners and stockholders of
such Holder, or the estates and family members of any such partners and retired
partners and any trusts for the benefit of any of the foregoing persons shall be
deemed to be a single "selling stockholder," and any pro-rata reduction with
respect to such "selling stockholder" shall be based upon the aggregate amount
of shares carrying registration rights owned by all entities and individuals
included in such "selling stockholder," as defined in this sentence.

      (h) Delay of Registration. No Holder shall have any right to obtain or
seek an injunction restraining or otherwise delaying any such registration as
the result of any controversy that might arise with respect to the
interpretation or implementation of this Section 5.

            (i) Indemnification. In the event any Registrable Securities are
included in a registration statement under this Section 5:

            (i) To the extent permitted by law, the Company will indemnify and
hold harmless each Holder, any underwriter (as defined in the Securities Act)
for such Holder and each Person, if any, who controls such Holder or underwriter
within the meaning of the Securities Act or the Exchange Act, against any
losses, claims, damages, or liabilities (joint or several) to which they may
become subject under the Securities Act, the Exchange Act or other federal or
state law, insofar as such losses, claims, damages, or liabilities (or actions
in respect thereof) arise out of or are based upon any of the following
statements, omissions or violations (collectively a "Violation"): (i) any untrue
statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto, (ii) 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, or (iii) any
violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities law; and the
Company will pay to each such Holder, underwriter or controlling person, as
incurred, 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 indemnity agreement contained in this
Section 5(i)(i) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability, or action if such settlement is effected without the
consent of the Company (which consent shall not be

                                       18
<PAGE>

unreasonably withheld), nor shall the Company be liable to any Holder,
underwriter or controlling Person for any such loss, claim, damage, liability,
or action to the extent that it arises out of or is based upon a Violation which
occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration by any such Holder,
underwriter or controlling Person.

            (ii) To the extent permitted by law, each selling Holder will
indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the registration statement, each person, if any, who
controls the Company within the meaning of the Securities Act, any underwriter,
any other Holder selling securities in such registration statement and any
controlling person of any such underwriter or other Holder, against any losses,
claims, damages, or liabilities (joint or several) to which any of the foregoing
persons may become subject, under the Securities Act, the Exchange Act or other
federal or state law, insofar as such losses, claims, damages, or liabilities
(or actions in respect thereto) arise out of or are based upon any Violation, in
each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by such
Holder expressly for use in connection with such registration; and each such
Holder will pay, as incurred, any legal or other expenses reasonably incurred by
any person intended to be indemnified pursuant to this Section 5(i)(ii), in
connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the indemnity agreement contained
in this Section 5(i)(ii) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably
withheld; provided, that in no event shall any indemnity under this Section
5(i)(ii) exceed the net proceeds from the offering received by such Holder,
except in the case of willful fraud by such Holder.

            (iii) Promptly after receipt by an indemnified party under this
Section 5(i) of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 5(i), deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel reasonably
satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties which may be represented without
conflict by one counsel) shall have the right to retain one separate counsel,
with the reasonable fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
5(i), but the omission so to deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 5(i).

            (iv) If the indemnification provided for in this Section 5(i) is
held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, liability,

                                       19
<PAGE>

claim, damage or expense referred to therein, then the indemnifying party, in
lieu of indemnifying such indemnified party hereunder, shall contribute to the
amount paid or payable by such indemnified party as a result of such loss,
liability, claim, damage, or expense in such proportion as is appropriate to
reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions
that resulted in such loss, liability, claim, damage or expense as well as any
other relevant equitable considerations; provided, that in no event shall any
contribution by a Holder under this Section 5(i)(iv) exceed the net proceeds
from the offering received by such Holder, except in the case of willful fraud
by such Holder. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information, and opportunity to correct or prevent such
statement or omission.

            (v) Notwithstanding the foregoing, to the extent that the provisions
on indemnification and contribution contained in the underwriting agreement
entered into in connection with the underwritten public offering are in conflict
with the foregoing provisions, the provisions in the underwriting agreement
shall control.

            (vi) The obligations of the Company and Holders under this Section
5(i) shall survive the completion of any offering of Registrable Securities in a
registration statement under this Section 5, and otherwise.

      (j) Reports Under Securities Exchange Act of 1934. With a view to making
available to the Holders the benefits of Rule 144 promulgated under the
Securities Act and any other rule or regulation of the SEC that may at any time
permit a Holder to sell securities of the Company to the public without
registration or pursuant to a registration on Form S-3, the Company agrees to
use its best efforts to:

            (i) make and keep public information available, as those terms are
understood and defined in SEC Rule 144, at all times, so long as the Company
remains subject to the periodic reporting requirements under Sections 13 or
15(d) of the Exchange Act;

            (ii) take such action, including the voluntary registration of its
Common Stock under Section 12 of the Exchange Act, as is necessary to enable the
Holders to utilize Form S-3 for the sale of their Registrable Securities,;

            (iii) file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act;
and

            (iv) furnish to any Holder, so long as the Holder owns any
Registrable Securities, forthwith upon request (i) a written statement by the
Company that it has complied with the reporting requirements of SEC Rule 144,
the Securities Act and the Exchange Act, or that it qualifies as a registrant
whose securities may be resold pursuant to Form S-3 (at any time after it so
qualifies), (ii) a copy of the most recent annual or quarterly report of the
Company and such other reports and documents so filed by the Company, and (iii)
such other information as

                                       20
<PAGE>

may be reasonably requested in availing any Holder of any rule or regulation of
the SEC which permits the selling of any such securities without registration or
pursuant to such form.

      (k) Limitations on Subsequent Registration Rights. From and after the date
of this Agreement, the Company shall not, without the prior written consent of
the Holders of a majority of the outstanding Registrable Securities, enter into
any agreement with any holder or prospective holder of any securities of the
Company which would allow such holder or prospective holder (a) to include such
securities in any registration filed under Section 5(a) hereof, unless under the
terms of such agreement, such holder or prospective holder may include such
securities in any such registration only to the extent that the inclusion of
such Holder's securities will not reduce the amount of the Registrable
Securities of the Holders which is included or (b) to make a demand registration
which could result in such registration statement being declared effective
within one hundred twenty (120) days of the effective date of any registration
effected pursuant to Section 5(a).

      6. Liquidated Damages.

      If any Holder requests that the Company file a registration statement
pursuant to Section 5(a), and such registration statement is not declared
effective by the SEC within 150 days after such Holder's request (the
"Effectiveness Target Date") (such failure to have such registration statement
declared effective, a "Registration Default"), then commencing on the day
following the date on which such Registration Default occurs, the Company agrees
to pay to each such Holder 2% of the Issue Amount Per Share ("Liquidated
Damages"), in respect of the Registrable Securities requested to be included in
such registration statement by such Holder, in cash or, if the Company is not
able to pay cash, in shares of Preferred Stock, each month, or a pro rata amount
for any portion thereof, until the registration statement relating to the
Registrable Securities requested by the Holder(s) has been declared effective by
the SEC.

      7. Binding Effect; Successor and Assigns.

      The provisions of this Agreement shall be binding upon and accrue to the
benefit of the parties hereto and their respective heirs, legal representatives,
successors and, assigns. Each of the Stockholders may transfer or assign, in
whole or in part, any of its rights and obligations hereunder to any Person;
provided that such transferee executes and delivers a counterpart copy of this
Agreement to the Company and each of the Stockholders thereby agreeing to be
bound by the terms and provisions set forth herein.

      8. Amendment.

      This Agreement may be amended only by a written instrument signed by the
parties hereto.

                                       21
<PAGE>

      9. Applicable Law.

      The laws of the State of New York shall govern the interpretation,
validity and performance of the terms of this Agreement.

      10. Notices.

      All notices, requests, demands and other communications which are required
or may be given under this Agreement shall be in writing and shall be deemed to
have been duly given when received, if personally delivered; when transmitted,
if transmitted by telecopy, upon receipt of telephonic or electronic
confirmation; the day after it is sent, if sent for next day delivery to a
domestic address by recognized overnight delivery service (e.g., Federal
Express); and upon receipt, if sent by certified or registered mail, return
receipt requested. In each case notice shall be sent to:

      (a)   If to the Company, addressed to:

            Autotote Corporation
            750 Lexington Avenue
            25th Floor
            New York, NY 10022
            Attn: Secretary and General Counsel
            Telecopy: (212) 754-2372

            with a copy to:

            Kramer Levin Naftalis & Frankel LLP
            919 Third Avenue
            New York, NY  10022
            Attn: Peter Smith, Esq.
            Telecopy: (212) 715-8000

      (b)   If to Cirmatica, addressed to:

            Cirmatica Gaming, S.A.
            Rambla De Catalunya 16, 4(degrees), 2a
            Barcelona, Spain
            Attention: Jaime Hernandez Guillem
            Telecopy: (01139) 02 621 3241

            With a copy to:

                                       22
<PAGE>

            Lottomatica S.p.A.
            via di Porta Latina, 8
            00179 Rome, Italy
            Attention: Roberto Sgambati
            Telecopy: (01139) 0670453122

            Latham & Watkins
            99 Bishopsgate
            London EC2M 3XF
            Attention: Michael S. Immordino, Esq.
            Telecopy: (01144) 2073744460

            Latham & Watkins
            885 Third Avenue
            New York, NY 10022
            Attention: Samuel A. Fishman, Esq.
                       David S. Allinson, Esq.
            Telecopy: (212) 751-4864

      (c)   If to Olivetti, addressed to

            Olivetti International S.A.
            125 Avenue du X Septembre
            Luxemborg
            Attention: Luciano La Noce

            With a copy to:

            Olivetti S.p.A.
            P.zza Einaudi 8
            20121 Milan, Italy
            Attention: Lucian La Noce
            Telecopy: (01139) 026213241

            Latham & Watkins
            99 Bishopsgate
            London EC2M 3XF
            Attention: Michael S. Immordino, Esq.
            Telecopy: (01144) 2073744460

            Latham & Watkins
            885 Third Avenue
            New York, NY 10022
            Attention: Samuel A. Fishman, Esq.
                       David S. Allinson, Esq.
            Telecopy: (212) 751-4864

                                       23
<PAGE>

      (d)   If to Oak, addressed to

            The Oak Fund
            PO Box 31106 SMB, Corporate Center
            West Bay Road
            Grand Cayman, Cayman Islands
            Attention: Niels Heck
            Telecopy: (1345) 949-3877

      (e)   If to Peconic, addressed to

            Peconic Fund Ltd.
            c/o Ramius Capital Group, LLC
            666 Third Avenue
            New York, New York 10017
            Attention: Peter A. Cohen
            Telecopy: (212) 845-7999

      (f)   If to Ramius, addressed to

            Ramius Securities, LLC
            666 Third Avenue
            New York, New York 10017
            Attention: Peter A. Cohen
            Telecopy: (212) 845-7999

or at such other address as the party shall have specified by notice in writing
to the other parties in accordance with this Section 9.

      11. Headings.

      The headings in this Agreement are for convenience of reference only and
will not control or affect the meaning or construction of any provisions hereof.

      12. Entire Agreement.

      This Agreement, the Purchase Agreement and Certificate of Designations
constitute the entire agreement among the parties with respect to the subject
matter hereof and thereof. This Agreement, the Purchase Agreement and
Certificate of Designations supersede all prior agreements and understandings,
both oral and written, among the parties with respect to the subject matter
hereof and thereof. This Agreement, the Purchase Agreement and Certificate of
Designations is not intended to confer upon any Person other than the parties
hereto and thereto and their respective permitted assigns any rights or remedies
hereunder or thereunder, except as expressly provided herein and therein.

                                       24
<PAGE>

      13. Severability.

      The invalidity or unenforceability of any provisions of this Agreement in
any jurisdiction will not affect the validity, legality or enforceability of the
remainder of this Agreement in such jurisdiction or the validity, legality or
enforceability of this Agreement, including any such provision, in any other
jurisdiction, it being intended that all rights and obligations of the parties
hereunder will be enforceable to the fullest extent permitted by law.

      14. Counterparts.

      This Agreement may be executed in one or more counterparts, each of which
shall an original, but all of which together shall constitute one and the same
instrument.

      15. Remedies.

      The parties hereby acknowledge and agree that money damages would not be
adequate compensation for the damages that a party would suffer by reason of a
breach of this Agreement or a failure of any other party to perform any of its
obligations under this Agreement. Therefore, each party hereto agrees that in
addition to and without limiting any other remedy or right it may have, the
non-breaching part will have the right to an injunction, temporary restraining
order or other equitable relief in any court of competent jurisdiction enjoining
any such breach and enforcing specifically the terms and provisions hereof.

                            [Signature Page Follows]

                                       25
<PAGE>

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

AUTOTOTE CORPORATION                      OLIVETTI INTERNATIONAL S.A.

By:___________________________________    By:___________________________________
   Name:                                     Name:
   Title:                                    Title:

                                          CIRMATICA GAMING, S.A.

                                          By:___________________________________
                                             Name:
                                             Title:

                                          THE OAK FUND

                                          By:___________________________________
                                             Name:
                                             Title:

                                          PECONIC FUND LTD.

                                          By:___________________________________
                                             Name:
                                             Title:

                                          RAMIUS SECURITIES, LLC

                                          By:___________________________________
                                             Name:
                                             Title:

                                       26

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